Union Power and Coal Minister Piyush Goyal on Monday said he expected an investment of $1 trillion in the sector by 2030. Goyal was speaking during the Make in India week which is currently being held in Mumbai.
A statement from the Ministry of Power quoted Goyal as saying the sector is likely to draw investments to the tune of $250 billion in the next five years.
"Considering the initiatives taken by the government in the last few years in the power sector to improve efficiency, at a conservative level, we expect to attract investment of $1 trillion by 2030. The power sector, including the coal renewable sector, has the potential to attract a trillion dollar investment," Goyal was quoted as saying by the Press Trust of India.
Additionally, the transmission and distribution sector would see investment worth $50 billion in the next five years, the minister said. Industrial equipment would see an investment of $25 billion over the same period.
"Our focus on energy efficiency by increasing the use of LED will attract an investment of $5-7 billion. We have taken a huge step in replacing the street lights with LED bulbs. This initiative will help us save nearly 100 billion units of electricity and ensure nearly Rs 40,000 crore savings annually," Goyal was quoted as saying by PTI.
Goyal said he believed the ministry's initiatives, such as tariff policy, coal auction transparency and one-nation-one-grid policy, would help achieve the target. Talking about rural electrification, Goyal said the prime minister had taken up the task of providing electricity access to all villages.
"By March 31, 2016, we expect over 6,500 villages to be electrified and by March 31, 2017, our efforts will be to almost to electrify 80-90% unelectrified of villages across the country," the minister said.
[1 lakh = 100,000 | 1 crore = 10 million | 100 crore = 1 billion]
