Power sector to get $1 trillion investment by 2030: Piyush Goyal

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 USD 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’ here 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 USD 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.”