(MENAFN- KNN India) New Delhi, Feb 12 (KNN) India has witnessed a remarkable 60 per cent surge in electricity generation since the 2014-15 period, as highlighted by Union Minister of Power and New & Renewable Energy, R. K. Singh.
Speaking at the ET Now Global Business Summit, Singh emphasised the power sector's substantial growth, contributing significantly to the nation's economy, with an 8 per cent increase over the past year alone.
This surge signals lucrative opportunities for investors amidst India's economic acceleration.
Addressing the summit on "The Global Energy Agenda: A look ahead in Shaping Tomorrow's Energy Landscape," Singh noted the transformation in the power sector, making it more attractive to investors by transitioning from long-term Power Purchase Agreements to a market-driven approach.
He also highlighted government efforts to ensure transparency and efficiency, such as introducing an automatic payment mechanism for power suppliers, significantly reducing financial stress in the sector.
Singh detailed that daily power availability has substantially improved, with rural areas receiving around 22.5 hours of electricity daily and urban areas approximately 23.8 hours.
The minister discussed India's strategic push towards renewable energy, with non-fossil-fuel capacity now standing at 44 per cent of total power capacity, surpassing its Nationally Determined Contributions (NDC) commitments.
With 27 GW of thermal power capacity under construction and significant advancements in renewable and hydro power, India is on track to achieve its ambitious energy goals.
Singh emphasised the government's focus on streamlining decision-making processes, including instituting dispute resolution mechanisms, which has been instrumental in the sector's turnaround.
He highlighted the talent and autonomy given to officers in power sector PSUs, resulting in a positive impact on the sector's performance and investment attractiveness.
With peak electricity demand increasing from 136 GW in 2014 to over 240 GW today, India's proactive measures in the power sector reaffirm its commitment to meeting the energy needs of its growing economy and population.
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