Facts for Prelims (FFP)
Source: BS
Context: Recently, IREDA (Indian Renewable Energy Development Agency), the financing agency for Renewable projects in India, was conferred with ‘Navratna status’ by the Department of Public Enterprises (Ministry of Finance)
IREDA is under the administrative control of the Ministry of New and Renewable Energy. It was established as a Non-Banking Financial Institution in 1987.
This status grants greater autonomy and facilitates quicker decision-making, attracting more investments and skilled talent. As a Navratna PSU, IREDA can operate more efficiently, compete effectively, and achieve sustainable growth.
