Piyush Goyal expects $1 trillion investment in power sector

March 29, 2016 5:24 pm

Union Power Minister Piyush Goyal expects nearly $1 trillion investment in the power sector, which includes coal renewables, by 2030.
  “The efforts of government have ushered the power sector in a new level of growth altogether which provides for the sector a possible investment opportunity, between 2015 and 2020, a five year period, of about $ 250 billion. 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 has calculated a $ 2.3 trillion opportunity by 2035,” said Piyush Goyal while speaking at seminar on power and coal during Make in India Week in Mumbai.
He further added, “when I talk about $1trillion investment by 2030, it’s a well defined area wise plan- what will go into transmission, what will opening of new mines, how will we bring technology into the coal sector, what will be our push towards energy efficiency, how are we going to bring in new coal generating plants which will be environmentally superior plants, what will we going to do about our gas based plants, how are we going to ensure the distribution sector works as a vibrant profitable business for the state discoms- all of these have been drawn out in great details. It provides great opportunity for the investors both in India and International.” The Minister reiterated that UDAY is not designed on the back of subsidies or government intervention; it is a bottom up programme, its being conceptualise by the joint endeavours of all stakeholders of the power sector. Through UDAY as a fulcrum of the next generation of growth in the power sector, Goyal said “We do see going forward, a paradigm shift, a transformational change in the investment climate in the power sector.”
Devendra Fadnavis pushes Make in Mumbai plansTo attract additional investment in the state and boost its ambitious ‘Make in Mumbai’ plans, Maharashtra Chief Minister Devendra Fadnavis announced a list of measures at the Make in India Week in Mumbai.
Mumbai’s dream of becoming an international financial centre may soon be a reality with the chief minister announcing the International Financial Services Centre at the Make in India grounds. The minister added that they have already had takers for the ambitious project.
The chief minister observed that infrastructure is the key to growth for Mumbai’s economy and infrastructure will not only create an ecosystem for a good life but will also add to Make in Mumbai and create jobs. He said, “All services can create business opportunity. Ease of doing business and simplification of procedures is of utmost importance and both the government of India and the government of Maharashtra are working on a war-footing.”
New business districts similar to the Bandra-Kurla Complex, besides new highways and railways and elevated corridors that cut through congestion may breathe new life into making Mumbai, a global centre for financial services. “In India, only Mumbai can possibly be such a base, but physical infrastructure and the regulatory structure have a long way to go.”
The chief minister wanted to speed up approvals for the industry. “The financial services will benefit if we give a single-window clearance for all the permissions they need from the state government in MMR region,” Fadnavis said. “This will be another priority area for the government.” Fadnavis also promised to transform ease of doing business by granting of construction permissions in a week, if the designs have been submitted in the standard format.
Citing infrastructure as the only hindrance in its dream of becoming a global financial hub, the chief minister said, “The pace of growth should match pace of infrastructure. We need a comprehensive mobility plan to transform Mumbai into economic commercial region.”
The chief minister mooted a comprehensive plan for mobility within Mumbai and Navi Mumbai. “Staggered investment of ` 4 lakh crore is what is required for development of infrastructure. With clear and transparent proposals we have to achieve this.”