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US companies investing in the country's green energy market will have good prospects and it will be a “win-win” situation for both the countries, the Power Minister, Mr Sushilkumar Shinde, said.
In his address to a meeting of US private sector organised by the US India Business Council yesterday, Mr Shinde said, “There are excellent opportunities in India to examine the feasibility of clean energy technologies, which will be a win-win situation for India and the United States.”
The Minister said that energy security is of vital economic and strategic significance for the country.
India has a number of financial, technological and exploratory initiatives with the US in clean and renewable energy and energy conservation, he said.
“We now need to explore economic partnerships between the Indian and US companies in this shift to clean energy,” the Minister said.
Healso met the US Energy Secretary, Mr Steven Chu, yesterday where the two leaders discussed ways and means to enhance bilateral cooperation in the energy sector, in particular alternate sources of energy and energy conservation.
Mr Shinde also invited US corporate leaders to invest in India saying the country is moving on the path of massive investment in the energy sector, especially electricity generation and transmission.
No doubt the country's power sector presents a massive opportunity for American companies, Mr Shinde acknowledged the concerns of the investors from the US.
“I am also aware of the concerns of investors with respect to land acquisition, coal sourcing, financial health of discoms, pricing reforms, payment security and contract sanctity,” he said.
“Recognising the need for an overall and comprehensive legal architecture and a policy framework conducive to larger and more sustained investment in the power sector, the Government of India took numerous steps to facilitate reforms in the sector,” he said.
Mr Shinde said the Union Government has proposed various proposals in the Budget 2012 to stimulate investments.
A crucial Land Acquisition and Rehabilitation and Resettlement Bill is under the consideration of the Parliament, he said.
The current installed capacity of the country stands at over 1,90,000 MW of which renewables (wind and solar) contribute over 22,000 MW.
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