The Indian Renewable Energy Development Agency (IREDA) has achieved a significant milestone in the fiscal year 2023-24, with record-high annual loan sanctions and disbursements. The state-owned firm announced that it sanctioned loans worth Rs 37,354 crore and distributed loans worth Rs 25,089 crore, resulting in a remarkable 26.71 per cent growth in its loan book. The firm’s loan book now stands at Rs 56,650 crore, compared to Rs 47,076 crore in the previous year.
In another positive development, India’s manufacturing sector has reached new heights, with the Purchasing Managers’ Index (PMI) hitting 59.1 in March, the highest level in 16 years. The surge in PMI was driven by significant growth in both output and new orders since October 2020, indicating robust activity in the sector.
However, the stock market experienced a downturn on Tuesday, with the Sensex dropping nearly 150 points and the Nifty testing 22,400. The market exhibited volatility and traded in the red, reversing the gains made in the previous trading session. As of 10:47 AM, the BSE Sensex was at 73,876.03, down by almost 140 points, while the NSE Nifty50 dipped by 30 points to reach 22,432.
Overall, while IREDA celebrates its financial achievements, the manufacturing sector shows resilience, and the stock market faces fluctuations, the economic landscape in India continues to evolve with a mix of challenges and opportunities. Stay tuned for more updates on the business and financial front.