Renewable energy stocks gain as Sitharaman proposes to expand ‘PM Kusum Scheme’ to 20 lakh farmers
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 .
