In what could be described in cricket analogy as a reverse sweep, India is taking its poster boy Energy Efficiency Services limited (EESL) to the US to share innovative ways of mainstreaming energy efficiency primarily on the back of economies of scale and transparent procurement.
Capitalising on the tag line, I led the way, that EESL stands for, this government owned company is now gearing up to set up its 21st overseas office in New York in the near future.
“We will go back by the weekend and my office will get cracking with the EESL on Monday to set the ball rolling on EESL’s US chapter. There was huge enthusiasm shown by the Green Bank and the Energy Council of the US earlier in the day during my meetings with them,” said Piyush Goyal, Minister of State for Power, Coal and New and Renewable Energy, Government of India.
The minister while speaking at the Renewable Energy Investor Roundtable co-hosted by the Confederation of Indian Industry and the US India Business Council in New York on Thursday said the pricing of LED bulbs in India has been a game change with prices falling by over 83 per cent in one year.”
EESL has already completed distribution of 5 crore LED bulbs under its Domestic Efficient Lighting Program.
Responding to investors queries on the volatility of the exchange rate and the need to address the hedging issue, Goyal said, “I am open to an earlier proposal of linking the debt to a basket of currencies including the USD, the JPY or even options like inflation linked tariffs to cover hedging risk.”
He, however, pointed out that the Indian Rupee has been relatively strong over a long term and will be one of the stronger currencies given India’s growth potential.
In addition to the need to address hedging currency volatility in tariffs, Minister Goyal further said, the other important issues that were discussed during the course of his visit to the UK and US included the need for a stable and simplified policy and regulatory regime; standardized PPAs and equipment standardization.
Striking an optimistic note, Goyal also projected India’s growth to be in double digits by next year if not this fiscal itself. The caveat being that India needs to get a strong monsoon.