India’s efforts to provide electricity to all in a once energy-starved nation provides investors a mammoth $1 trillion opportunity up to 2030, the power minister said.
Piyush Goyal told a seminar on coal and power during the Make in India week being held in Mumbai that large-scale investments are needed in areas such as power transmission, coal mines, renewable energy and technology.
“The efforts of the oovernment have ushered the power sector in a new level of growth altogether, which provides for the sector a possible investment opportunity between 2015 & 2020, a five-year period, of about $ 250 billion,” he said.
“When I extrapolate that to a 15-year programme until 2030, the coal, power and renewable sector alone provides $1 trillion opportunity. In fact, the ADB (Asian Development Bank) has calculated a $ 2.3 trillion opportunity by 2035,” he said.
The minister said there was a well-defined, are-wise plan to bring in the $1 trillion investment, which includes transmission, new coal mines, new technology in the coal sector for push towards energy efficiency, environmentally sound coal-fired power plants, gas-based generation and the distribution sector.
A programme to bring electricity to India’s more than 18,000 villages was on track, Goyal said, adding that about 5279 villages have already being electrified in last 10 months.
“By 31 March 2016, we expect over 6500 villages to be electrified and by 31st March 2017, our efforts will be to almost to electrify 80 to 90% un-electrified of villages across the country. By 2019, the effort is to ensure that every home gets electricity connection, most of them through the grid, some of them through distributed energy and micro grids.”