During the last five years, production of coal has increased from 566 MT in 2013-14 to 612 MT in 2014-15 and grown at compounded annual growth rate (CAGR) 8.25% from 1.7%.
Union Power Minister Piyush Goyal said he expects nearly $1 trillion investment in the power sector, which includes coal renewables, by 2030. "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 said at the 'Make in India Week'.
Not one plant in India is facing a shortage of coal, said Piyush Goyal.
The Minister of Power, Coal and Renewable Energy lauded the Modi government during a seminar on Power and Coal at the 'Make in India Week' event in Mumbai. During the last five years, production of coal has increased from 566 million tonnes (MT) in 2013-14 to 612 MT in 2014-15 and grown at compounded annual growth rate (CAGR) 8.25% from 1.7%.
With an ambition to provide power to all farmers and to make India energy secure, Goyal lauded Modi government and said when Prime Minister Narendra Modi came into power, India had the acute shortage of power, coal. "There was a huge disparity in cost of power. There were issues like no power supply and there was a delay in most of the projects," he added. Goyal said, "I am delighted to say that with the commitment, the entire coal industry particularly the Coal India Ltd, we have been able to expand product base and increase the output."
"Not one plant in India is facing a shortage of coal today. In fact, the bigger problem is a problem of plenty," he further added. Talking further about power sector, he urged investors not to miss the opportunity to invest in India. "We have to be cautious and pay more attention to power theft, loss in energy and energy efficiency," he said.
Goyal said that the government by 2020 is expecting an investment of about $250 million in the power sector. He further said that India can take its growth to 7-8% with the help of UDAY scheme, which will act as fulcan to bring transformational change in the power sector.
Moving further, he spoke about the LED bulbs programme where India's share has gone up from 0.2% to 12%. "In next three years, entire India will have LED bulbs, all the streetlights will be converted to LEDs. And through this, the government have saved up to Rs 40,000 crore." Goyal further spoke about rural electrification where around 18,482 villages didn't have electricity.They never saw a bulb even after 68 years of independence.
"PM Modi in March had said that in 1000 days, there will be no village in this country without electricity access." He said by March 31 over 6,500 villages will be electrified which comprises of around 80-90% villages across India. "By 2019, every home will have electricity connection."
With agency inputs
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 "Piyush Goyal, Minister of Power, Coal and Renewable Energy")
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