India’s power minister R.K. Singh has offered Brazilian investors support to invest in India’s energy sector, one of the world’s fastest-growing.
Speaking at a seminar in Delhi this morning, Singh said that India’s current per-capita energy consumption is low but is set to triple in the near future to meet India’s aspirations on the world stage.
India aims to add 175GW of renewable power by 2022 and has already added 86GW with a further 36GW under installation. Power generation capacity is at roughly 360GW and is expected to treble by 2030.
At the India-Brazil Opportunities in Energy and Mining seminar, Singh told investors: “We want more and more companies to come and invest here. We can promise a stable policy regime. We can promise a regulatory regime which is fair and decides totally at arms-length from the government. All of you are welcome to invest here. We have to treble our energy consumption to catch up with the world. I will hold your hand and see that you don’t face any difficulty.”
The minister also said that India is set to see large investment in power distribution and renewable energy segment and that these industries are seeing a huge expansion of companies emerging. India’s effort to shift to electricity-based mobility and cooking will also factor into the demand for power.
Brazilian minister of mines and energy Bento Albuquerque said: “India imports about 80% of its need for crude oil while Brazil became the net oil exporter. Currently, exports of oil represent the major share in our bilateral trade. I believe that there is room for much more”. Albuquerque also suggested joining efforts with India to make ethanol a global commodity.
Brazilian minister for agriculture Tereza Cristina said: “As far as ethanol is concerned, there is a big disparity: while Brazil is the world’s second-largest producer with over 30 billion litres, India produced only 1.5 billion litres in 2018. In this context, there is a huge potential for cooperation between our nations.” Cristina noted that an increase in ethanol production in India will provide both socio-economic and environmental gains.