Outlines Government’s Initiatives to accelerate Growth, Revive Investment Cycle and create better Business Environment in the Country Shri Piyush Goyal, Union Minister of State (I/c) for Power, Coal and New & Renewable Energy chaired U.S. India Business Council (USIBC) investment round-table conference yesterday in Washington DC. During the conference Shri Goyal met prominent members of the U.S. administration, namely, US Energy Secretary Dr Ernest Moniz and the US Commerce Secretary, Ms Penny Pritzker. He also had a telephonic conversation with the US Trade Representative (USTR), Ambassador Mr. Michael Froman. Shri Goyal chaired the conference after attending the United Nations Sustainable Energy for all (SE4ALL) conference in New York.
In his business and official interactions, Shri Goyal talked about the significant steps taken by one year old Union government for accelerating growth, reviving the investment cycle, creating better business environment and empowering the citizens of the country through financial inclusion. Speaking on the energy sector scenario in India, Shri Goyal briefed about various initiatives taken by his Ministries like enhancing the target for production from renewable sources fivefold to 175 GW over the next seven years, doubling the total electricity production over the next seven years, creating a framework for private sector participation in coal mining and production, enabling investments worth US $ 250 billion in the power sector – among the world’s largest investment opportunities in any country – and moving towards the ultimate target of 24×7 electricity for all by the year 2019. He urged the U.S. businesses to invest in India which is a large and dynamic market of 1.25 billion aspirational upwardly mobile people and to enable transfer of technology within arrangements that are mutually beneficial.
The business interactions elicited positive reviews from entities with investments in India, who acknowledge tangible improvement in the business environment in the country. The senior administration officials also recognized a major positive shift in the trajectory of US-India relations and committed to explore new opportunities for co-operation. Shri Arun Singh, Ambassador of India to the US and other members of the delegation, comprising of senior officials of the Ministries of Power and New & Renewable Energy accompanied the Minister on meetings.