Included in Finance Minister Nirmala Sitharaman’s plan to help farmers double their income by 2022, was a plan to set up solar pumps on barren lands owned by farmers. This announcement by the finance minister was enough for renewable energy stocks to gain during the day’s trade. Stocks like Adani Green Energy Limited shot up by 2.43 per cent to trade at Rs 194.05 while Orient Green Power gained 2.63 per cent.
The government proposed to expand ‘PM Kusum Scheme’ to 20 lakh farmers to set up solar pumps. Presenting the Union Budget 2020, the finance minister said that the government has a sharp focus on the agriculture sector and 6.11 crore farmers insured under ‘Farmers Fasal Bima Yojana’ have benefited from the government scheme.
Among other gainers on the markets post finance minister’s push for solar plants were, Websol Energy Limited which was up by 1.05 per cent while Welspun Corporation Limited gained 0.84 percent .
Markets remain optimistic about renewable stocks. “The plan of enabling farmers to set up 20 lakh solar pumps is a step in the right direction to infuse self-sufficiency in meeting energy needs in farming,” said Manoj Jain, Director & Head of Commodities, IndiaNivesh.
While presenting the Union Budget 2020, she said that the government has a sharp focus on the Agri sector and 6.11 crore farmers insured under ‘Farmers Fasal Bima Yojana’ have benefited from the government scheme.
Meanwhile, the Economic Survey on Friday projected revival of economic growth to 6-6.5 per cent next fiscal and suggested that the government should relax the budget deficit target to boost growth from a decade low of 5 per cent this year. Facing the worst economic slowdown since the global financial crisis of 2008-09 that worsened job prospects, the Survey said businessmen should be respected as they create wealth and jobs.