Showcasing India's power sector as a major FDI destination, the government on Friday said the country offers opportunity for $160 billion investment for doubling generation capacity to 200,000 MW in 10 years.
"There is an opportunity for $160 billion investment in 10 years for improving the power sector," R V Shahi, power secretary, said at the India-ASEAN business summit in New Delhi on Friday.
Referring to a slew of reforms and creation of a congenial environment for foreign investment, he said "India now offers 100 per cent FDI in all the segments of power sector."
He also assured foreign delegates that the government's "approach" to address power reforms has improved and there would be no problem in servicing the capital requirement.
Shahi said the country plans to add 100,000 MW of power for an investment of $80 billion in the next 10 years, while another $80 billion would be required in the area of transmission and distribution.
"Our target is to double capacity to 200,000 MW in 10 years for an investment of $80 billion," Shahi said, adding the country was facing a 13 per cent shortage in power generation at present.
Pointing to the low 400 KW per capita power consumption in the country, he said, "We need to increase it substantially. The government is now stressing on distribution and transmission, where investments worth $80 billion would be required in the next 10 years."
At least 50,000 MW capacity in hydro-power is expected to come up in the next 10 years and 160 projects have been shortlisted for it, Shahi added.
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