Union Minister Narayan Tatu Rane of the Ministry of Micro, Small and Medium Enterprises (MoMSME) launched ‘Repos Pay’—a ‘Mobile Electric Charging’ platform and ‘Phy-gital’—a Fintech (financial technology) platform at the ‘Fueling India 2022’ event in Mumbai, Maharashtra.
Repos Pay
“Repos Pay” is a platform through which a person can order a Mobile Electric Charging Vehicle on application (app) and charge their vehicles.
- It is a cutting-edge financial platform that gives users new opportunities to participate in bringing clean energy/renewable energy to their homes and benefit from the technologically advanced payment method.
Phy-gital
‘Phy-gital’ is a Fintech Platform that will bring credit to fuel customers (Buy Now, Pay Later) through Technology. The energy fintech platform will enable bulk consumers to obtain fuel on credit.
Scope of MSME Sector in India
i.Micro, Small, and Medium Enterprises (MSME) in India generate around 29% of India’s Gross Domestic Product (GDP) and 50% of India’s exports.
ii.The Banking sector in India has offered financial support to emerging businesses to aid in their expansion. Majority of start-ups in India are in IT (Information Technology) and Digital Industries.
iii. The National Small Industries Corporation (NSIC) and MoMSME both significantly contribute to the development of a robust MSME ecosystem and startups in India, which even managed to survive the effects of COVID-19 pandemic.
- The MoMSME’s “Seed-fund” initiative set a record by enrolling 24 daughter enterprises in 6 months, resulting in a considerably more robust eco-system.
- Furthermore, NSIC has encouraged eligible enterprises to contact it in order to receive assistance with venture capital, working capital funds, and equity inclusion.
About Repos Energy India Pvt Ltd (Repos):
i.Aditi Bhosale Walunj and Chetan Walunj started Repos in 2017 in Pune, Maharashtra.
ii.Its objective is to consolidate all fuels, whether liquid, gas, or electric, and make them available through Mobile Energy Distribution in order to guide India toward a carbon-neutral future.
Recent Related News:
In April 2022, India’s first EV (electric vehicle) charging station powered by bio-gas was inaugurated in Mumbai, Maharashtra. It was inaugurated by Maharashtra Environment Minister Aaditya Uddhav Thackeray.
- This station is expected to generate 220 units of electricity from food waste collected from its nearby areas, mostly from bulk generators like hotels and offices.
- This energy plant will be utilized to power street lights and also to charge electric vehicles.
New EV Charging Station in Mumbai
India’s first organic waste-powered EV charging station at Keshavrao Khadye road near Haji Ali in Mumbai.
- The project is a joint venture between the Brihanmumbai Municipal Corporation and AeroCare Clean Energy.
- This EV Charging Plant is connected with the Waste-Energy Unit at Minatai Thackeray Park.
About Ministry of Micro, Small and Medium Enterprises (MoMSME):
Union Minister – Narayan Tatu Rane (Rajya Sabha – Maharashtra)
Minister of State (MoS) – Bhanu Pratap Singh Verma (Jalaun Constituency, Uttar Pradesh)
