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Confident about foreign and domestic investors participating in a big way in the Indian growth story, Union Minister Piyush Goyal on Wednesday said the country’s power sector was set for $250 billion investment across segments.
Speaking at Davos 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. Investments are expected across diverse areas of the energy sector, including in renewables, transmission and distribution segments, he added.
Giving a break-up of the investments, Goyal said renewables are set to get $100 billion, while the transmission and distribution segment will get $50 billion, each. Another $60-70 billion will be for power generation, including for restarting stalled projects and for new ones while $5-6 billion is set aside for energy efficiency projects, said Goyal.
Besides, $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.
