The effort was to make power affordable, through reduced costs from higher plant utilisation. Currently, state governments encourage investment by giving subsidy and tax waivers but Goyal made a case for trying out a new model of giving low-cost power to attract industry. "Give land and a 10-year power at fixed rate to industry." There was, however, merit in continuing with subsidy to farmers.
Goyal said private investment in the energy sector would come in transmission, mining development and operations in coal and in renewables. The government expects Rs 10 lakh crore investment by 2022 in renewable energy alone.
He said the time was not opportune for commercial coal mining, since international prices were low. There was sufficient coal. "I will be considered an irresponsible minister who gave out natural resources when I could have held back."