9JUNE 2024SBI & MUTHOOT MICROFIN TO FINANCIALLY SUPPORT WOMEN ENTREPRENEURSINDIA TO INVEST $385 BILLION IN RENEWABLE SOURCES BY 2030: MOODY'SMuthoot Microfin announced a strategic co-lending partnership with the State Bank of India on June 6th to extend its financial services to women in the economically weaker segment in rural and semi-urban regions across India.Muthoot Microfin and SBI will co-lend to members of joint liability groups engaged in agricultural and allied activities and other income-generating enterprises. Muthoot said the loan amounts will range from Rs 10,000 to Rs 3 lakh."To take financial inclusion to the next level, we have collaborated with the largest bank, i.e. SBI. I am convinced that with this partnership, we will be able to offer a wide range of products and services to our clients, most importantly it will help us in meeting the growing demand of our women entrepreneur clients cost-effectively," Muthoot Microfin's chief executive Sadaf Sayeed said.The Kochi-headquartered micro lender serves about 3.35 million active customers through 1,508 branches across the country. At the end of March, its gross loan portfolio stood at Rs 12,193.50 crore. According to Moody's Ratings, India is poised to invest up to $385 billion to achieve its ambitious target of 500 gigawatts (GW) of renewable energy by 2030. Despite this significant investment in renewable energy, coal will continue to play a crucial role in the country's electricity generation for at least the next decade.India, one of the world's largest greenhouse gas emitters, has committed to increasing its non-fossil fuel capacity by 50 GW annually to reach the 500 GW goal. However, the country fell short of its earlier target of 175 GW by 2022. Moody's estimates that an annual addition of approximately 44 GW is required to meet the 2030 target.India's strong policy support has significantly boosted the share of renewable energy in its power capacity mix, which reached approximately 43 percent in the fiscal year 2023-24. This supportive policy environment has attracted substantial private sector investment, with notable commitments from companies like the Adani Group. Adani Green Energy aims to generate 45 GW of renewable power by 2030, positioning itself as India's first integrated renewable energy player.Moody's emphasized that ongoing policy support will be critical for India to make significant strides toward its 2030 energy transition goals and its 2070 net-zero targets.
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