New Delhi: Union Minister Piyush Goyal has invited US businesses to invest in India saying that the government is creating framework for greater private participation across sectors, with the power sector alone offering a huge USD 250 billion opportunity. "He (Goyal) urged the US businesses to invest in India which is a large and dynamic market of 1.25 billion aspirational upwardly mobile people and to enable transfer of technology within arrangements that are mutually beneficial," an official press release said.
Goyal was speaking at the US-India Business Council investment round table conference in Washington DC yesterday. The Minister for Power, Coal and Renewable Energy met prominent members of the US administration including Energy Secretary Ernest Moniz and Commerce Secretary Penny Pritzker. He also had a telephonic conversation with the US Trade Representative (USTR) Ambassador Michael Froman.
Goyal chaired the conference after attending the United Nations Sustainable Energy for all (SE4ALL) conference in New York. During his interactions at various levels, Goyal talked about the significant steps taken by India's one year old government for accelerating growth, reviving the investment cycle, creating better business environment and empowering the citizens through financial inclusion.
Goyal briefed stakeholders about various initiatives taken by his ministries like enhancing the target for production from renewable sources 5-fold to 175 GW over the next seven years and doubling the total electricity production over the next seven years. He also said the government is creating a framework for private sector participation in coal mining and production, enabling investments worth USD 250 billion in the power sector among the world’s largest investment opportunities in any country - and moving towards the ultimate target of 24x7 electricity for all by the year 2019.
