Scindia encourages investment in India’s power sector

Lays down Govt. initiatives in talks in DC, NYC

By American Bazaar Staff

Scindia at Brookings
Jyotiraditya M. Scindia, India’s Minister of State for Power, speaking at the Brookings Institution in Washington, DC.

WASHINGTON, DC/NEW YORK: India has made rapid strides in power generation and access to electricity for the masses, but there is tremendous potential for investors to reap handsome rewards in the sector in India as it continues to grow and diversify, said Jyotiraditya M. Scindia, India’s Minister of State for Power, speaking at the Brookings Institution in Washington, DC and at a roundtable sponsored by USIBC at the Harvard Club in Manhattan.

Scindia’s visit was to evince greater cooperation from the US in the power sector in India, and he did a neat job of putting forth the expansion projects initiated by the government, as well as laying down the strategy and challenges for low carbon growth and clean energy policies.

At Brookings, Scindia stressed upon the fact that in India, the power sector also drove capital investment and was critical for the country’s growth story. India is firm on its strategy of availability, accessibility and affordability, in the Power sector.

Since independence, more than 65 years ago, India’s capacity generation has increased from 1342 MW to 230 GW. Scindia informed that India has added about 50 GW over the period 2007-2012, and expected to add another 118 GW over the next five years, of which renewable capacity would be 30 GW, according to a press release issued by the Indian Embassy.

Scindia said that the addition of 200GW of total transmission capacity including 66GW in inter-regional capacity and the crucial integration of the Southern grid with the rest of the country by January 2014, will make it the largest integrated transmission network globally.  This will also ensure secure operation of the grid.

The minister explained that India had also been doing remarkably well of late in its goal of reducing the Aggregate Technical and Commercial (AT&C) losses which had come down significantly owing to federal support through the Restructured Accelerated Power Development and Reform Project (APDRP) and ensuring access to the people in the villages through the flag ship program – Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY).

In New York, Scindia pointed out that with more than $100 billion trade, with a healthy growth of 9%, the US is India’s largest trading partner, apart from being the 5th largest FDI investing source in India. He encouraged investors to step forward into the power sector in India as there was a great degree of transparency in doing business.

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