19 April 2024 : PIB Summary for UPSC
PIB Summary for UPSC
19-April-2024
1. IREDA’s GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing Projects
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Topic: GS3 – Infrastructure – Energy This topic is crucial for UPSC as it addresses India’s renewable energy financing strategies and goals, vital for sustainable development. |
| Context |
| ● IREDA opens a foreign currency debt office in GIFT City, Gandhinagar, to reduce financing costs for green hydrogen and renewable energy projects, aiding India’s transition to a greener future. |
Additional information on this news:
- Indian Renewable Energy Development Agency Ltd. (IREDA) has inaugurated an office in GIFT City, Gandhinagar, focusing on foreign currency-denominated debt options.
- This move aims to reduce financing costs for Green Hydrogen and Renewable Energy Manufacturing projects by facilitating natural hedging.
- Chairperson & Managing Director of IREDA, Shri Pradip Kumar Das, highlighted this strategic initiative at the World Future Energy Summit 2024 in Abu Dhabi.
- He emphasised the crucial role of energy storage in achieving India’s ambitious target of over 5 million metric tons per annum (MTPA) Hydrogen production by 2030.
- Key priorities outlined include enhancing R&D efforts to reduce costs and improve performance, strengthening the supply chain network, and providing competitive financial solutions.
- India has taken proactive measures such as formulating a storage requirement roadmap, technology-agnostic tenders, and supportive government interventions.
- The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with significant investment estimated at over Rs. 3.5 lakh crores.
- IREDA remains committed to supporting the deployment of energy storage technologies in India through innovative financing solutions.
| What is GIFT City, Gujrat? |
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● Gujarat International Finance Tec-City (GIFT City) is a global financial and technology hub located in Gujarat, India. ● It is India’s first operational smart city and International Financial Services Centre (IFSC). ● GIFT City aims to provide a world-class infrastructure for finance and technology-related businesses. ● The city is strategically located between Ahmedabad and Gandhinagar, with close proximity to major ports and airports. ● GIFT City offers state-of-the-art infrastructure, including office spaces, residential complexes, commercial buildings, and social amenities. ● It operates under a special regulatory framework designed to attract international financial services firms. ● GIFT City facilitates offshore banking, insurance, capital markets, and other financial services activities. ● The city is equipped with modern amenities such as 24/7 power supply, reliable connectivity, and advanced security systems. ● It serves as a platform for fostering innovation, collaboration, and growth in the financial and technology sectors. ● GIFT City plays a key role in India’s ambition to become a global financial hub and contributes to the country’s economic development and international competitiveness. |
| Practice Question: Discuss the significance of Indian Renewable Energy Development Agency Ltd.’s initiative in establishing a foreign currency debt office for renewable energy projects in the context of India’s green energy transition. (150 Words /10 marks) |
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