World Economic Forum 2023: India better placed in energy availability, affordability than developed economies, says Union Minister RK Singh

World Economic Forum 2023: India enjoys an enviable position when it comes to energy security, which goes along with affordability, unlike many developed nations who are grappling with power/energy shortages along with cost escalations, Union Power Minister RK Singh said onthe sidelines of World Economic Forum 2023.

The developed nations are facing a situation where energy availability has become a problem with upto 4-5 times higher cost, the union minister said. And added that in India, there is no problem of availability of energy with balanced prices.

India has become a global leader in energy transmission and renewable energy and country is at the third position in term of capacity, the minister said.

The minister said that India is also the fastest in building renewable energy capacity in the world.

What India set out to achieve on non-fossil front 9 years ago has been accomplished, he claimed. India’s renewable energy targets of 40 per cent by 2020 have been surpassed, and we are at 42 per cent power generation capacity from renewables in the overall pool, the minister said.

As per many surveys, India is the only country among large economies to have done enough to keep the global rise in temperature below 2 per cent, the minister opined.

He said India did not invest a single rupee on capacity expansion, and companies make a beeline to develop capacities because India is such an attractive investment destination.

All major global funds are invested in the power sector, the minister said, adding that in FY21-22, total Foreign Direct Investments (FDI) in the country was around USD 83 billion and a significant share of that investment went to the renewable sector.

The government has created environment where bids are completely transparent, he informed, adding that there is also payment security mechanism and all problems have been resolved.

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He stated that the transmission and distribution systems are robust now and the ministry still has very high ambitions after making India a power surplus nation.

According to him, the focus now is on improving services for the end users. The losses of distribution companies have been reduced by 5 to 17 per cent in one year, and he stated that the target is to lower it further.  

The 5-day-long World Economic Forum 2023, which is being held in Davos, ends today.