Nitin Gadkari encourages use of solar energy, says it can help reduce electricity costs

In a bid to highlight opportunities in solar energy sector, Union Minister Nitin Gkari held a meeting via video conferencing with members of Maha Solar Sangathan on Saturday. Highlighting importance of solar energy, Gkari said sector has huge potential and can help in reducing electricity cost significantly.

He furr stated that sectors such as agriculture and warehousing are energy-intensive sectors and efficient commercial use of solar energy can help in reducing power cost. Nitin Gkari emphasized need of enhancing export and import substitution to replace foreign imports with domestic production. He encourd manufacturers to contribute to making India self-reliant through Make in India products.

Union Minister mentioned Centre has anunced several measures under Aatmanirbhar Bharat Abhiyan for providing impetus to MSME sector and to deal with current ecomic instability. se include collateral free automatic loan, which will allow MSMEs to enhance working capital by 20 percent without providing ditional collateral.

RE | RBI Slashes Repo Rate By 40 Basis Points From 4.4% To 4%; Follows Up Aatmanirbhar Pack

RE | se Are All 5 Tranches And 50 Measures Of India's 'Aatmanirbhar Bharat' Ecomic Pack

Aatmanirbhar Bharat Pack

financial pack of Rs 20 lakh crore was anunced by PM Modi in his dress to nation on May 12 and included previous monetary pack and liquidity measures anunced by RBI to date to kick-start Indian ecomy's growth.

FM Sitharaman has anunced a slew of reforms in five parts to strengn MSMEs, migrants, street vendors, urban poor, agriculture, animal husbandry, and fishing.  She has also anunced sectoral reforms in Coal, defence production, minerals, civil aviation (Airports, Air Mgmt & MRO), power distribution in UTs, , atomic energy and reformed MGNREGA, education and a new PSE policy. 

RE | 'Edu Institutes Need To Reduce Operating Cost Without Compromising On Quality': Gkari

RBI Slashes Repo Rate

Reserve Bank of India (RBI) Goverr Shaktikanta Das while dressing media on Friday, May 22, anunced that Repo rate has been slashed by 40 basis points from 4.4 % to 4%. Reverse repo rate has been reduced to 3.35%: and MSF and Bank rate has been cut down to 4.25%. In his last dress on April 17, RBI goverr h slashed reverse repo rate under liquidity justment facility (LAF) from 4% to 3.75%.

consecutive cut in Repo rate - rate at which central bank lends money to banks - takes it to its lowest point ever, in an effort to get banks to pass on benefit to consumers and spur investment cycle. 

RE | Many MSMEs' Resumption Of Operations Hamstrung After Mass Migration Of Skilled Workers