Shri Dinesh D Jagdale, Joint Secretary, Ministry of New and Renewable Energy (MNRE), delivered the Welcome address
On May 14, 2024, the Ministry of New and Renewable Energy (MNRE), Government of India, hosted the pivotal Bankers Conclave 2024 at ITC Maratha, Mumbai. This landmark event, focused on “Financing under all three Components of PM KUSUM,” was organised in collaboration with the Indian Renewable Energy Development Agency (IREDA), the National Solar Energy Federation of India (NSEFI), the Indian Banks Association, and Shakti Sustainable Energy Foundation as the knowledge partner to MNRE.
The PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahaabhiyaan) scheme aims to solarise India’s agricultural sector, enhance farmers’ energy security, and boost the nation’s renewable energy targets. The conclave gathered stakeholders including financial institutions, government officials, state implementing agencies, industry experts, and representatives from Farmer Producer Organisations (FPOs), Self-Help Groups (SHGs), and Water Users Associations (WUAs).
Panel Discussion on the ‘Financing Landscape and Role of Financial Institutions in PM KUSUM’
(The panel, included Shri K R Meena (Director, Ministry of Agriculture & Farmers Welfare, Government of India), Shri Jigar Bhatt(Senior Project Officer (Energy) Asian Development Bank (ADB), Shri Narendra Nath Veluri(CEO, ANERT, Kerala), Shri Nitesh Ranjan(Executive Director, Union Bank of India), Shri Shantanu Pendsey (Chief General Manager, State Bank of India), and moderated by Shri Subrahmanyam Pulipaka, CEO, NSEFI – National Solar Energy Federation of India)
The event was aimed to raise awareness about PM-KUSUM, identify financing challenges and opportunities, explore innovative solutions, and unlock the scheme’s potential for agricultural solarisation. It fostered collaboration and knowledge-sharing to drive sustainable energy adoption and empower farmers.
In his special address, Shri MP Tangirala, Additional Secretary, Department of Financial Services, Ministry of Finance, emphasised the importance of spreading awareness among farmers. He highlighted the need for collaboration between governments, banking institutions, and the solar industry to ensure PM-KUSUM benefits reach all parts of the agricultural sector.
The session on ‘De-Risking Lending in all components of PM KUSUM,’ included a diverse range of Panelists – Shri Shaji K V, Chairman, NABARD – National Bank for Agriculture and Rural Development, Dr B K Mohanty, Director (Finance) IREDA Ltd., Shri R K Singh, Chief General Manager, NABARD – National Bank for Agriculture and Rural Development, Mr Rajesh Gupta, Head (Agri Banking), AU SMALL FINANCE BANK, Shri M P Panda, DGM, Canara Bank, and Shri Sanjeev Kumar Gupta, DGM, Reserve Bank of India (RBI) the session was moderated by Amit Kumar Singh Parihar, Director, Shakti Sustainable Energy Foundation.
The conclave featured panel discussion moderated by Amit Kumar Singh Parihar, Director, Clean Power, Shakti, on ‘de-risking lending and the role of financial institutions in PM-KUSUM,’ with notable panelists such as Shri Shaji K V, Chairman of NABARD, and Dr B K Mohanty, Director (Finance) at IREDA. The discussions explored trends, challenges, and opportunities in financing for PM-KUSUM.
Shrimati Abha Shukla, ACS (Energy), Maharashtra.
Shri Gaurav Gupta, ACS (Energy),
In another session, State energy secretary Shri Gaurav Gupta from Karnataka and Shrimati Abha Shukla from Maharashtra shared their experiences in implementing the KUSUM scheme, providing a blueprint for scaling it up across other states. Shri K R Meena from the Ministry of Agriculture & Farmers Welfare and Shri Jigar Bhatt from the Asian Development Bank (ADB) discussed financing options and strategies to enhance affordability and support for farmers.
Key takeaways of the event included the need for innovative financing solutions and the importance of de-risking strategies and collaboration among stakeholders. The conclave successfully laid the groundwork for accelerating sustainable energy adoption in agriculture, with insights and strategies discussed playing a pivotal role in achieving a solarised, energy-secure agricultural landscape in India.