Union Minister of State (IC) for Power and New & Renewable Energy, Shri R. K. Singh addressed the 3rd Global Investors’ India Forum in New Delhi. Speaking further on his vision for revamping of Power sector in India, the Minister said that his Ministry is in the final stages of codifying laws on a number of fronts including State Governments/DISCOMs honouring of Power Purchase Agreements (PPAs) and penalties for delinquencies; all DISCOMs to have tied up PPAs to cover 100% power requirements including peak loads before licenses are renewed; the Renewable Purchase Obligations to be made statutory; making Smart Meters mandatory and penalties to be imposed for non-payment of electricity bills, inter alia.
India is constantly focusing on Improving ease of doing business, industrial dynamics & innovations. Institutional reforms that improve regulation, delivery of public goods and services, technological readiness and competitive functioning of markets, which are strongly required in india”. Said Shantanu Chakraborty. The Service Sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign investment flows, contributed around 66.1 percent of its Gross Value added growth in 2015-2016, thereby becoming an important net exchange earner and the most attractive sector for FDI (Foreign Direct Investment) Inflows.
The theme of the event was ‘Ideate, Innovate, Implement and Invest in India’ and it was attended by global industry stalwarts. In the forum, major focus was given on generation of electricity and its distribution across the country. The event was organized by the ASSOCHAM.