IREDA: A Brief History and Background

• IREDA was officially notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956. It is also registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI).
• In 2015, the Ministry of New and Renewable Energy (MNRE) conferred the status of “Mini Ratna” (Category-I) on IREDA.
• The organization is dedicated to offering innovative financing solutions in Renewable Energy & Energy Efficiency/Conservation and Environmental Technologies.
• IREDA's headquarters are situated in New Delhi. The current Chairman and Managing Director (as of May 2021) is Pradip Kumar Das.

The Indian Renewable Energy Development Agency was notified under the Companies Act, 1956, which was later revised in 2013.

Objectives of IREDA

The following are the key roles and objectives of IREDA:

• Providing financial support for schemes and projects that generate energy or electricity through renewable sources and promote energy conservation through efficient usage.
• Maintaining its position as the leading organization for efficient and effective financing of renewable energy conservation projects.
• Promoting innovative financing methods to increase IREDA's share in the energy sector.
• Enhancing the system, process and resources to increase the efficiency of services.
• Striving to be a competitive institution through customer satisfaction.

Candidates preparing for the upcoming Civil Services Exam can refer to the detailed subject-wise UPSC syllabus at the linked article and accordingly start their administrative exam preparation.

Also, get previous year UPSC Prelims Topic-wise Questions [2013-2020] along with their solutions at the linked article and comprehend the type of questions asked in prelims and the standard of the examination.

For the latest exam updates, study material and preparation tips, stay tuned.