Piyush Goyal expects $1 trillion investments in the power sector by 2030

Union Power Minister Piyush Goyal expects nearly about $1 trillion investments in the power sector including coal renewables by 2030 and added that the Asian Development Bank (ADB) has calculated a $ 2.3 trillion opportunity by 2035 in the sector. Goyal said that the efforts taken by the government have ushered the power sector in a new level of growth altogether and said that in the  short term for the next five years till 2020, the sector is likely to attract nearly $250 billion.

Further he 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. He is confident that initiatives such as UDAY, the tariff policy, efforts for bringing transparency in coal auction, the coal-swapping policy, and the one nation one grid initiative will help to achieve the target.

He further said that his Ministry’s focus is on energy efficiency by increasing the use of LED which will attract an investment of $5-7 billion. The ministry has taken a huge step by replacing street lights with LED bulbs and this initiative will help to save nearly 100 billion units of electricity and ensure nearly Rs. 40,000 crore of savings annually.

However he said that the transmission and distribution sector would see an investment of $50 billion by 2020. Additionally, on the industrial equipment front, he expects an investment of $25 billion. He  also said that Power Ministry will soon come up with a new set of norms and documents for ultra mega power projects.