Daily Current Affairs : 22-November-2024

The Solar Energy Corporation of India (SECI) is a key player in India’s renewable energy sector. Established in 2011 under the Ministry of New and Renewable Energy (MNRE), SECI has been instrumental in supporting the country’s ambitious solar energy goals. However, recent allegations linking SECI to bribery involving the Adani Group have raised concerns about governance in public sector operations.

Background and Establishment

SECI was founded on 20th September 2011 with the primary objective of facilitating the implementation of the National Solar Mission (NSM) and other renewable energy targets. As a Central Public Sector Undertaking (CPSU), it focuses exclusively on renewable energy, making it the only CPSU dedicated to this sector.

Mission and Objectives

SECI plays a crucial role in India’s transition to renewable energy. Some of its core objectives include:

  • Leading large-scale solar installations, plants, and solar parks.
  • Promoting the use of solar energy in remote areas.
  • Deploying innovative technologies to harness solar power more efficiently.

These objectives align with India’s broader goal of expanding its renewable energy capacity and reducing dependence on fossil fuels.

Evolution and Organizational Structure

Initially set up as a not-for-profit entity under the Companies Act, 1956, SECI underwent restructuring in 2015 to become a Section-3 company under the Companies Act, 2013. This change enabled SECI to broaden its mandate, allowing it to handle a wider range of renewable energy projects beyond just solar power. Today, SECI’s responsibilities include:

  • Project development: Initiating and executing renewable energy projects across the country.
  • Power trading: Trading solar power generated under various MNRE schemes.

Recent Governance Challenges

On 30th August 2024, SECI was granted Navratna status by the Ministry of Finance, a recognition of its importance and performance in the renewable energy sector. However, the company’s reputation has been recently tainted by allegations of bribery involving the Adani Group. These allegations highlight the ongoing challenges in maintaining transparency and good governance in public sector undertakings.

Important Points:

SECI Overview:

  • Founded on 20th September 2011 under the Ministry of New and Renewable Energy (MNRE).
  • Dedicated to promoting renewable energy, with a special focus on solar power.

Key Objectives:

  • Lead large-scale solar installations and solar parks.
  • Promote solar energy use in remote areas.
  • Deploy innovative technologies for efficient solar energy generation.

Organizational Structure:

  • Initially set up as a not-for-profit Section-25 company under the Companies Act, 1956.
  • Restructured in 2015 into a Section-3 company under the Companies Act, 2013, expanding its mandate to cover all renewable energy sectors.

Role in Renewable Energy:

  • SECI is the only Central Public Sector Undertaking (CPSU) focused exclusively on renewable energy.
  • Handles project development and power trading, especially for solar energy under MNRE schemes.

Navratna Status:

  • Granted Navratna status on 30th August 2024 by the Ministry of Finance, recognizing SECI’s performance and importance.

Recent Governance Challenges:

  • Allegations of bribery involving the Adani Group have raised concerns about governance issues in public sector undertakings like SECI.

Why In News

Recently, SECI has been linked to allegations of bribery involving the Adani Group, highlighting significant governance challenges in public sector operations. These allegations raise concerns about transparency, accountability, and the need for stronger oversight to prevent corruption within public sector undertakings.

MCQs about Solar Energy Corporation of India (SECI)

  1. When was the Solar Energy Corporation of India (SECI) founded?
    A. 20th September 2010
    B. 20th September 2011
    C. 1st August 2012
    D. 15th December 2013
    Correct Answer: B. 20th September 2011
    Explanation: SECI was founded on 20th September 2011 under the Ministry of New and Renewable Energy (MNRE) to promote renewable energy, specifically solar power.
  2. What is the primary objective of SECI?
    A. To manage fossil fuel resources in India
    B. To promote renewable energy, especially solar power
    C. To develop nuclear power plants
    D. To oversee electricity distribution in India
    Correct Answer: B. To promote renewable energy, especially solar power
    Explanation: SECI’s primary objective is to facilitate the implementation of the National Solar Mission (NSM) and other renewable energy targets, with a specific focus on solar energy.
  3. What was SECI’s organizational structure before it was restructured in 2015?
    A. Section-3 company under the Companies Act, 2013
    B. Government-owned corporation
    C. Not-for-profit Section-25 company under the Companies Act, 1956
    D. Private limited company
    Correct Answer: C. Not-for-profit Section-25 company under the Companies Act, 1956
    Explanation: SECI was initially set up as a not-for-profit Section-25 company under the Companies Act, 1956, before being restructured in 2015 into a Section-3 company under the Companies Act, 2013.
  4. What recent issue has raised concerns about SECI’s governance?
    A. Lack of funding for renewable energy projects
    B. Allegations of bribery involving the Adani Group
    C. Delays in the construction of solar parks
    D. Inadequate power trading regulations
    Correct Answer: B. Allegations of bribery involving the Adani Group
    Explanation: SECI has recently been linked to allegations of bribery involving the Adani Group, raising concerns about governance challenges in public sector operations.

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