The Union Minister for Power and New & Renewable Energy, Shri R. K. Singh, emphasized the pivotal role of electricity as an essential infrastructure for development during his address at Moneycontrol’s Policy Next Summit in New Delhi. He highlighted that a major differentiator between developing and developed countries is the absence of load shedding in the latter.
Shri Singh provided an overview of India’s achievements in the power sector, stating that the power shortage in the country has reduced from approximately 4.5% in 2014 to less than 1% today. The Minister commended the universal electricity access, connecting 29 million homes in 19 months, recognized by the International Energy Agency as the largest and fastest expansion of energy access in the history of the power sector.
He outlined key accomplishments, including the addition of 194 GW of power capacity, with 107 GW attributed to renewables. The transmission network was expanded, resulting in the establishment of the largest integrated grid globally, with increased power transfer capacity from 36 GW to 117 GW. Rural power availability rose from 12.5 hours in 2015 to around 21 hours today.
Shri Singh highlighted India’s leadership in the energy transition, achieving 44% of its capacity from non-fossil-fuel sources against the 2030 target of 40%. The new goal is to have 50% capacity from non-fossil-fuel sources by 2030, with a projected 65% capacity by the same year. The Minister underlined the nation’s commitment to renewable energy, with 187 GW of renewable capacity.
He shared insights into the power sector’s financials, noting total investments of about 17 lakh crores in the last nine years and an additional 17.5 lakh crores for capacity under construction. India is making substantial progress in renewable energy, with 99 GW under construction and around 32 GW under bidding.
Shri Singh emphasized the government’s efforts to transform the power sector, reducing Aggregate Technical and Commercial (AT&C) losses from 27% to 15.41%. Rules have been implemented to ensure 24*7 power as a right, with penalties for gratuitous load shedding.
Discussing rising power demand, the Minister projected a peak demand of over 400 GW by 2030. The country aims to exceed 500 GW of renewable capacity by 2030. Shri Singh highlighted India’s competitiveness in renewable energy, with the lowest cost globally.
He concluded by outlining plans for energy storage, including 35 GW of Pumped Storage Projects, battery storage capacity, and a Production Linked Incentive Scheme for grid-scale storage. Shri Singh encouraged domestic manufacturing of wind turbines and called for increased capacity in thermal equipment manufacturing.
The Minister underscored India’s commitment to environmental goals, achieving both Nationally Determined Contributions (NDCs), and leading energy-saving programs with notable reductions in carbon emissions.
Shri Singh emphasized the government’s business-friendly regulations, facilitating connectivity and open access in the power sector, driving India’s leadership in the energy transition.
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