Economy News

Union Minister announces government encouragement towards renewable energy distinctly in the MSME sector

Union Minister Nitin Gadkari emphasized the development of electric vehicles by engaging more in promoting renewable energy.

The attention is mostly towards the micro, small and medium enterprises (MSMEs) sector.

In the announcement, he asserted that India will be a top manufacturing hub for automobiles in the world. The production of electric vehicles will increase using solar energy.

He summoned investors from abroad to invest in the MSME by anticipating the development of MSME.

It will also increase the employment opportunity. As a result, the sector will gain top position in the world with the highest number of production.

The betterment of infrastructure, roads, availability of resources like water and labor will be profitable.

In this project, if investors incline their interest to invest in this sector it will result in the overall development of the economy.

India has huge potential to generate electricity with great capacity. The target set is 450 GW installation of renewable energy by the year 2030.

The MSME sector comprises 30% of India’s GDP and is a source of employment for a huge number of people that amounts to approximately 10 Crore.

MSME is the backbone of the Indian economy and the government aims to raise the contribution to 50%.

The rate of solar power in India is Rs 2.40 per unit and the commercial rate of power is Rs 11 per unit.

The energy derived from solar power is beneficial in use to produce electric vehicles and other developmental works.

Apart from the use of solar energy, research is in the process of the usage of hydrogen fuel cells as an alternative.

The webinar focused on representing the strength and advantageous factors that aid in developing the business.

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