On 24th February 2023, Pradip Kumar Das, the Managing Director and Chairman of the Indian Renewable Energy Development Agency (IREDA), announced to open an overseas office in the new emerging financial hub, Gujarat’s GIFT City, to fund upcoming renewable energy projects in foreign currencies.

The chairman and MD also stated that the decision to open an overseas office at GIFT City is to avoid cost evasion while exchanging foreign currencies. The chairperson made the statement during a panel discussion at one of the G20 events held at the Ministry of New and Renewable Energy (MNRE) on the 23rd of February 2023, called “Scaling up Clean Energy Investment in Emerging Economies.”

Pradip Kumar Das also added a statement explaining the importance of “Green Taxonomy” and raising an estimated amount of ₹25 lakh crores to finance green/renewable energy projects by 2030.

The IREDA chairman and MD also suggested an initiatory point to this revolutionary green taxonomy that insurance and superannuation funds should mandate an investment of 2% of their firm assets under the green bonds and help finance renewable energy projects.

As a result of this foresighted initiative with proper monitoring, IREDA was able to reduce its NPAs from 7.18% to 2.03% during the time span of the past three years.

Read more at https://www.resmanagement.in/ireda-to-open-overseas-office-in-gift-city

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Very good development