WEF 2015: India's power sector set for $250 bn investment, says Goyal

Speaking on the sidelines of the World Economic Forum (WEF) meeting, Goyal said his message to foreign investors is that India story is getting stronger and back to its high growth phase.

Davos: Confident about foreign and domestic investors participating in a big way in the Indian growth story, Union Minister Piyush Goyal Wednesday said the country's power sector is set for USD 250 billion investment across different segments.

Speaking on the sidelines of the World Economic Forum (WEF) meeting, Goyal said his message to foreign investors is that India story is getting stronger and back to its high growth phase.

"There is a lot of excitement among investors here about the ambitious target that Prime Minister Narendra Modi and the Government of India have set to ensure 24x7 power for all households as also for the industry and the farmers," Goyal said in an interview.

Investments are expected across diverse areas of the energy sector including in renewables as well as transmission and distribution segments, he added.

"Overall, the power sector is set for an estimated investment of USD 250 billion," the Power and Coal Minister said.

Giving a break-up of the investments, Goyal said renewables is set for USD 100 billion, while transmission and distribution segment is to get USD 50 billion.

Another USD 60-70 billion will be for power generation including for restarting stalled projects and for new ones while USD 5-6 billion is set for energy efficiency projects, said Goyal, who also holds the portfolio of new and renewable energy ministry.

Besides, USD 20-25 billion investments would come for associated infrastructure required in replacement of old and out-dated equipments, among others, the Minister said.

Asked whether the government is confident about getting such massive funds, Goyal said: "Money is the least of our concerns. Money will flow in automatically as people are getting confident in this decisive and honest government."

"Prime Minister Modi is focussed on scale and money will come from investors within India and outside India," Goyal said.

"We will not have any difficulty in realising the target of power to all by 2019," Goyal added.

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