Indian Renewable Energy Development Agency (IREDA)

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Overview:

IREDA is planning to establish an office in Gujarat's GIFT City to finance Renewable Energy projects in foreign currency.

About Indian Renewable Energy Development Agency (IREDA):

  • Nodal Ministry: The Ministry of New and Renewable Energy (MNRE).
  • It was set up as a specialized non-banking finance agency for the renewable energy sector.
  • IREDA plays a key role in renewable energy project financing which gives confidence to the financial institutions/banks to lend in the sector.

Key facts about the GIFT City

  • The Gujarat International Finance Tec-City (GIFT City) is India’s first and only International Financial Services Centre (IFSC) where banks, stock exchanges and financial services firms have set up their global operations.
  • It consists of a multi-service Special Economic Zone (SEZ), which houses India’s first International Financial Services Centre (IFSC) and an exclusive Domestic Tariff Area (DTA).

What is IFSCA?

  • It is a statutory authority established under the International Financial Services Centres Authority Act, 2019.
  • Mandate: To develop and regulate the financial products, financial services, and financial institutions in the International Financial Services Centres (‘IFSC’).
  • Before the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
  • GIFT-IFSC is the maiden IFSC in India.
  • The International Financial Services Centres Authority consists of nine members, appointed by the central government.
  • Term: All members of the IFSC Authority will have a term of three years, subject to reappointment 

 

 


Q1) What is Renewable energy?

Renewable energy is energy derived from natural sources that are replenished at a higher rate than they are consumed. Example Sunlight and wind,

 Source: IREDA to establish an office in Gujarat’s GIFT city to finance Renewable Energy projects in foreign currency