Pranab calls for greater investment in power sector

Pranab calls for greater investment in power sector
PTI
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First Published: Sun, Mar 01 2009. 10 23 AM IST
Updated: Sun, Mar 01 2009. 10 23 AM IST
Tuticorin: With the country’s power requirement expected to touch 8,00,000 MW by 2031-32, India would need an investment of Rs6,00,000 crore, finance minister Pranab Mukherjee said today.
This investment is possible only by attracting foreign direct investment and public-private participation in the power sector, Mukherjee said at a function to lay the foundation stone for the 1,000 MW Tuticorin power project of NLC Tamilnadu Power Ltd, a joint venture of the Neyveli Lignite Corporation and Tamil Nadu Electricity Board.
Claiming that despite odds, the power sector in the country had made a turnaround, he said “It is time we move ahead and improve our performance by joining together. We should ensure the power shortage is the story of the past and the people got quality power at a competitive price,” he said.
The government should make efforts to generate power through various sources by fixing targets, he added.
At present, the energy shortage in the country was estimated at 10% and it touches 13% during peak seasons. There are states, where the energy shortage is 25%.
“This is a serious impediment in the way of industrial development and economic process. So we need a crash project for capacity building and eliminate power shortage by 2012,” he said.
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First Published: Sun, Mar 01 2009. 10 23 AM IST