Page 29 - NIS English 16-28 Feb 2022

CABINET DECISIONS

INVESTMENT IN IREDA, NCSK TERM EXTENDED

India has been promoting renewable energy as a way to safeguard the environment

while also addressing the country's electricity needs. The Union Cabinet recently
approved a Rs. 1500 crore equity investment in IREDA, a body that finances renewable
energy. It also made significant decisions for the betterment of Safai Karamcharis by
extending the commission's term for another three years.

DECISION: Cabinet approves the equity
infusion of Rs.1500 crore in the Indian
Renewable Energy Development Agency
Limited (IREDA). IREDA was set up to work as
a specialized non-banking finance agency for
the Renewable Energy (RE) sector.
IMPACT: This equity infusion will enable
IREDA to lend approximately Rs 12,000 crore
to the Renewable Energy (RE) sector, thus
facilitating the debt requirement of RE for
additional capacity of approximately 3500–
4000 MW. Furthermore, it will contribute to
the creation of approximately 10200 jobs per
year and the reduction of carbon emissions.
Since Prime Minister Narendra Modi has
advocated promoting renewable energy on a
global scale, this is seen as a significant step
in combatting climate change. Prime Minister Narendra Modi is passionate
about this issue. As a result, the government
DECISION: Tenure of the 'National has launched a number of initiatives in this
Commission for Safai Karamcharis' extended direction.
for another three years starting in April 2022.
Its tenure will now last until 31 March 2025. DECISION: Cabinet has approved the
IMPACT: The major beneficiaries would be payment of ex-gratia amount of Rs. 973.74
the Safai Karamcharis and identified manual crore pertaining to remaining claims
scavengers in the country. The number of submitted by Lending Institutions (LIs) under
Manual Scavengers identified under the MS Scheme for grant of ex-gratia payment of the
Act Survey as on 31.12.2021 is 58,098. The difference between compound interest and
overall cost of this expansion is expected simple interest for six months to borrowers
to be roughly Rs 43.68 crore. The National in specified loan accounts (1.3.2020 to
Commission for Safai Karamcharis (NCSK) 31.8.2020).
was constituted on 12th August 1994 as IMPACT: This scheme would equitably
a statutory body by an Act of Parliament. provide ex-gratia payments to distressed and
Its mission is to recommend to the Central vulnerable categories of borrowers during the
Government specific programmes of action six-month moratorium period, regardless of
to eliminate inequalities in status, facilities, whether or not they used the moratorium or
and opportunities for Safai Karamcharis. not, to help them cope with a pandemic.

New India Samachar February 16-28, 2022 27