Union Power Minister Piyush Goyal on Monday 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' in Mumbai on Monday.
He said that in the short term for next five years till 2020, the sector is likely to attract nearly $250 billion.
"Considering the initiatives taken by the government to enhance its renewable capacity, we estimate that the renewable sector alone will attract investment to the tune of $1 billion in the next 5 years," he said.
The transmission and distribution sector would see an investment of $50 billion by 2020, the minister said.
"Our focus on energy efficiency by increasing the use of LED will attract an investment of $5-7 billion.
“We have taken a huge step in replacing the street lights with LED bulbs.
“This initiative will help us save nearly 100 billion units of electricity and ensure nearly Rs 40,000-crore (Rs 400-billion) savings annually," Goyal said.
Additionally, on the industrial equipment front, he expects an investment of $25 billion.
"We are confident that the initiatives like UDAY, the tariff policy, efforts for bringing transparency in coal auction, the coal-swapping policy, the one nation one grid initiative will help us achieve this target," he added.
The image is used for representational purpose only. Photograph: Reuters