Power sector has investment potential of Rs 15 trillion in 4-5 years: Piyush Goyal

Gandhinagar: The Indian power sector has an investment potential of $250 billion or about Rs.15 trillion in the next 4-5 years, providing immense opportunities in power generation, distribution, transmission and equipment, said Piyush Goyal, Union minister of coal, power and renewable energy.

Addressing a seminar at the Vibrant Gujarat summit on Monday, the minister said the immediate goal of the government is to produce two trillion units (kilowatt hours) of energy by 2019. This will mean doubling the current production capacity in order to achieve provide 24x7 electricity for residential, industrial, commercial and agriculture use.

“It will take three to four years to achieve this target and entail large investments. It would require about $250 billion in the next 4-5 years. This is going to define India’s target of doubling the power production, getting more gas into the system, expanding renewable capacity, looking at energy efficiency and implementing transmission and distribution network in a more focused way,” said Goyal.

He added that his government had rewritten the National Solar Mission with target of 100,000MW capacity by 2022. The government has also sought to restart stalled hydro power projects and increased the wind energy target from 20GW to 60GW by 2022, Goyal added.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.