TFP Bureau, New Delhi; February 12, 2024: Union Minister for Power and New & Renewable Energy, Shri R. K. Singh, emphasized the promising prospects of India’s power sector, urging investors to capitalize on the rapid growth trajectory of the sector.
Addressing the inaugural session on “The Global Energy Agenda: A look ahead in Shaping Tomorrow’s Energy Landscape” at the ET Now Global Business Summit, organized by The Times Group, Minister Singh underscored India’s unprecedented economic expansion and the critical role of the power sector in supporting this growth. He highlighted that India stands as the world’s largest and most significant economy, requiring substantial power to sustain its development trajectory.
Minister Singh noted a substantial surge in electricity generation and consumption, with a 60% increase compared to 2014-15. Additionally, per capita consumption has witnessed a similar uptick. He stressed that the power sector presents lucrative opportunities for investment, as the demand is poised to continue its upward trajectory.
Speaking about the transformation in the power sector, Minister Singh highlighted the government’s efforts to enhance transparency and attract investments. He emphasized that the power sector’s growth has facilitated overall economic development. The government’s initiatives, including ensuring automatic payment mechanisms for power suppliers, have significantly contributed to streamlining operations and reducing financial stress.
Minister Singh also commended the performance of power sector PSUs, noting a substantial increase in their share prices in recent years. He reiterated the government’s commitment to fostering a conducive environment for growth and innovation in the power sector.
Responding to questions about the sector’s turnaround, Minister Singh attributed the success to the talent within the industry and the institution of dispute resolution mechanisms. He emphasized the importance of empowering officers to make decisions and fostering a culture of accountability and confidence.
Regarding capacity expansion, Minister Singh highlighted the government’s ambitious plans to add additional power capacity across various sectors, including thermal, renewable, and hydro power. He emphasized the rapid growth of renewable energy capacity addition in India, positioning the country as a global leader in clean energy adoption.
Minister Singh concluded by highlighting India’s exceptional power transmission system, which boasts advanced rules, procedures, connectivity, and speed. He underscored India’s pioneering initiative of General Network Access, which simplifies connectivity and sets a benchmark for transmission systems worldwide.
The session at the ET Now Global Business Summit showcased India’s robust power sector growth and its potential to attract investments, setting the stage for a dynamic and sustainable energy landscape.
