IAS Gyan

Daily News Analysis


3rd July, 2023 Environment

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  • 36th Annual General Meeting Indian Renewable Energy Development Agency Ltd. (IREDA) was held in New Delhi at India Habitat Centre.
  • Annual accounts for the financial year 2022-23, which demonstrated remarkable achievements, were adopted.

Other Details

  • Figures and facts related to progress and achievement of IRDEA were presented to shareholders by CMD of IREDA Pradip Kumar Das.
  • Every parameter given below showed a significant improvement over last fiscal year.
  • Details/overview of company shared with shareholders is given below -
    • It achieved the highest-ever annual loan sanction amounting to ₹ 32,586.60 crore.
    • Loan Disbursements showed an annual growth of 35% compared to last year which is ₹ 21,639.21 crore.
    • ₹ 47,076 crore Loan Book
    • ₹ 1,139.25 crore Profit Before Tax and ₹ 63 crore Profit After Tax
    • ₹ 5,935.17 crore Net Worth

Highlights of the Overview

  • It reiterated its aim to facilitate efficient and ethical business practices without compromising on the values of corporate governance, transparency and business ethics.
  • It reiterated its commitment to maintain strong asset quality.
  • Structured recovery, monitoring mechanism, quarterly and monthly review helped in improving performance related to NPA ratios in time bound manner.
    • Gross NPA - 3.21% (in FY 22 it was 5.21%)
    • Net NPA - 1.66% (in FY 22 it was 3.12%)

Other Initiatives

  • Partnerships with green energy developers
  • raise awareness of new products like E-mobility, Green Hydrogen, and Green Transmission
  • eggs


  • It is a Mini Ratna company of category 1, established in the year 1987 as a Non-Banking Financial Institution.
  • Ministry of New and Renewable Energy has administrative control of IREDA.
  • Vision of IREDA is to expand and promote sustainability and affordability in the renewable energy sector in the country.
  • In fiscal year 2023 IREDA published Annual Audited results within 25 days after the financial year ended (against the allowed period of 60 days); hence it became the first Central Public Sector Enterprise to do so.
  • Also within 90 days after the conclusion of the financial year, it holds the AGM. It is a testimony of sound business practices and efficient management of IREDA.

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Consider the following statements about IREDA:

1. It comes under the administrative control of Ministry of Power.

2. It is a Non-Banking Financial Institution with an objective to support clean energy generation.

Which of the statements given above is/are correct?

A. 1 only

B. 2 only

C. Both 1 and 2

D. Neither 1 nor 2

Answer: (B)