NEW DELHI, Jan 23: Power Minister R K Singh on Thursday urged Brazilian investors to invest in the Indian energy sector, saying it is the fastest growing energy market and its consumption will treble in coming days.
Singh also assured investors that India will provide stable policy and regulatory regime to facilitate them.
“Meeting our aspirations require us to go on higher energy consumption pedestal.. With our low base (per capita) energy consumption, our energy consumption is going to double or treble in short while.
“We want more and more companies to come here and invest here. We can promise of stable policy regime. We can promise a regulatory regime which is fair and decides and totally at arms length from the government. All of you are welcome to invest here,” Singh said while addressing a seminar — India-Brazil Opportunities in Energy and Mining — here.
As far as energy is concerned, no other country will grow as fast as India, the minister added.
“We have to treble our energy consumption to catch with the world…I will hold your hand and see that you dont face any difficulty,” he said.
The minister also elaborated on the scope of investment in power distribution as well as renewable energy segment where the nation is seeing huge expansion and entry of new players.
“You will see many large distribution companies emerging in India,” he noted.
India has set a target of adding 175 GW of renewable power in the energy mix by 2022. It has already added 86 GW. Besides, around 36 GW is under installation and about 35 GW is under bidding stage.
The minister exuded confidence that India will have around 50 per cent renewables in its energy mix by 2030.
India has established power generation capacity of about 360 GW, which is expected to be trebled by 2030.
Singh also drew attention toward India’s efforts for shifting to electricity based mobility and cooking which would also push power demand up.
He also said India’s hydro power companies will be bidding for projects in Brazil whenever auction would be announced.
“We have huge companies in energy sector. We have companies in all segment like transmission, generation.. (like) Sterlite, Power Grid,” the minister said.
Brazilian Minister of Mines and Energy Bento Albuquerque said, “India imports about 80 per cent of its needs of (crude oil) while Brazil became the net oil exporter. Currently, exports of oil represent the major share in our bilateral trade. I believe that there is room for much more”.
The Brazilian minister also suggested that the two nations should join efforts and forces to make ethanol a global commodity.
He also said that Brazil is expanding its power generation capacity and transmission lines, and the highest share of direct investment from India in Brazil is in electricity.
“We welcome Indian capital and technology in the Brazilian power sector,” he added.
Brazilian Minister for Agriculture Tereza Cristina noted that Brazil and India together account for approximately 55 per cent of world sugarcane production and just over 35 per cent of sugar output.
However, she said, “As far as ethanol is concerned, there is a big disparity: while Brazil is the world’s second largest producer with over 30 billion liters, India produced only 1.5 billion liters in 2018. In this context, there is a huge potential for cooperation between our nations”.
She was of the view that an increase in ethanol production in India will provide, in addition to the socio-economic benefits already observed, great environmental gains. (PTI)
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