India’s electricity consumption is going to quadruple from about 1.1 trillion units to about 4 trillion units by 2030, according to India’s Union minister for power, coal and renewable energy Piyush Goyal.
Interestingly, when seen in the backdrop of more and more energy efficiency coming to the fore and when the demand curve of electricity in most of the developed world is either flat or showing a downward trajectory, this growth in demand is a significant indicator for investors from within the country and rest of the world.
“Despite the massive roll out of energy efficient schemes, we still see a possible 10% jump in the electricity growth annually for the next 15 or 16 years..Indian Electricity sector, to my mind, is possibly the biggest business opportunity the world has to offer today. So India is a bright spot offering a huge trajectory of growth in the electricity consumption going forward”, the minister said.
While talking about the fresh demand for power in India, Goyal said. “The fresh demand for power will come from the 230 million people who will get electricity for the first time, the elimination of diesel generation sets because of access to power and from increased economic activity coming from the Make in India campaign,” .
The Minister said that power consumption is expected to grow at 10% annually over the next 10-15 years and added that higher personal incomes and the emphasis given to domestic manufacturing activities will significantly increase power consumption despite the improvements in energy efficiency.
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