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Power Minister highlights sector reforms, challenges at CII Annual Session
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IANS | 25 May, 2023
The Centre on Thursday said that significant improvements have been made
in the power sector, and efforts made to address the viability concerns
faced by power distribution companies (discoms) and the broader
industry issues.
Speaking at the CII Annual Session 2023
being held here, Raj Kumar Singh, the Union Minister of Power, New and
Renewable Energy stated, "We have taken on challenges that would have
deterred you, one of them being viability. We have effectively taken
care of this issue by not only addressing current dues but also clearing
legacy dues. Current dues are being paid promptly, ensuring the
viability problems have been tackled."
He went on to highlight
the transformative measures undertaken in the sector, resulting in a
significant reduction in discom losses from 22 per cent to 17 per cent.
Furthermore, Singh revealed the government's ambitious plan to further
bring down losses to less than 15 per cent by the next year,
demonstrating a commitment to achieving greater efficiency and financial
stability within the power sector.
Addressing the issue of
politicization in the power sector over the years, Singh expressed
concern over "short-sighted politicians who promise free electricity to
gain votes". He emphasized that there is no such thing as free power, as
it ultimately burdens taxpayers who pay the bill.
He said the practice of offering freebies and free power increases the vulnerability of the sector.
Singh
stressed the importance of timely payments, as failure to do so not
only affects power supply but also puts pressure on coal supplies,
illustrating the challenges inherent in a democratic system.
The
minister, however, assured investors that the power sector is now a
favourable investment opportunity. He highlighted that several firms
which faced financial difficulties and underwent insolvency proceedings
in the National Company Law Tribunal (NCLT) have seen positive outcomes.
He also expressed India's commitment to both thermal and hydro
capacity expansion, despite calls to reduce fossil fuel usage following
the Russia-Ukraine war and disruptions in the global supply chain. Singh
emphasized the need to provide energy in a safe and clean manner, in
line with global demands.
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