Piyush Goyal addresses USIBC investment round-table; highlights government's ease of doing business steps

NEW DELHI: Highlighting the steps taken by Prime Minister Narendra Modi-led NDA government during its one year in office, Power minister Piyush Giyal told US India Business Council (USIBC), that India is working on enhancing the target for production from renewable sources.
In his business and official interactions, Goyal talked about the significant steps taken by one year old 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, Goyal briefed USIBC about various initiatives taken by his ministry 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 $250 billion in the power sector – among the world's largest investment opportunities in any country - and moving towards the ultimate target of 24x7 electricity for all by the year 2019.

He urged the US businesses to invest in India. Goyal pitched India as a large market of 1.25 billion aspirational upwardly mobile people.

According to the ministry's release, "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.

Goyal chaired the US India Business Council (USIBC) investment round-table conference yesterday in Washington DC. During the conference Goyal met prominent members of the US administration, namely, US Energy Secretary Dr Ernest Moniz and the US Commerce Secretary Penny Pritzker.

He also had a telephonic conversation with the US Trade Representative (USTR), Ambassador Michael Froman. Goyal chaired the conference after attending the United Nations Sustainable Energy for all (SE4ALL) conference in New York.