New Delhi, Sept. 21: Piyush Goyal, Minister of State, Power, Coal and Renewable Energy, addressed the CII-ACORE organized gathering in Washington, D.C raising the concerns and challenges faced by investors in India.
In particular, Piyush Goyal addressed concerns relating to the fiscal health of distribution companies in India and mentioned that the government was looking for a long term and sustainable solution to the issue. He also laid out the Modi government’s vision for getting to the ambitious target of 175 GW of clean energy by 2022.
In addition to this, he also talked about tackling the issue of the rupee’s stability by pointing out that the Indian rupee has never depreciated more than 3.5% CAGR in 25 years.
While acknowledging constraining factors, he also urged the US and it’s constituent companies to be a partner in this process and to help come up with innovative solutions so as to not miss out on the tremendous opportunity in India, which is set to become the largest clean energy market in the next 10 years.
The event also saw Chandrajit Banerjee, Director General, CII who praised the Modi government’s efforts in scaling up the clean energy sector. He said “Indian industry stands ready to partner and work with the government to achieve the ambitious target set by PM Modi”.
The US companies that attended the meeting included SunEdison, Bank of America, First Solar, Credit Suisse, Apex clean energy, Sun Power, Deutsche Bank and others.
A high powered CII CEOs delegation also participated with big faces such as Dr Preetha Reddy (Apollo Hospitals), Kiran Mazumdar Shah (Biocon), Shiv Khemka (Sun Group), Rajan Navani (Jetline Group), Pranav Tanti (Suzlon), Rahul Munjal (Hero Future Energies), Kishore Nair (Welspun Energy).
The meeting came just before the US-India Energy Dialogue and the US-India Strategic and Commercial Dialogue, which are further expected to help boost the bilateral partnership days before PM Modi’s much anticipated second visit to the US at the end of the week.