India invites US investors to improve energy

The Dollar Business Bureau

India’s Power Minister Piyush Goyal, on his three-day (20th to 22nd April) visit to New York, invited American companies to invest in Indian energy sector as he wants to enhance bilateral trade with the US.

During his visit, Goyal updated the American investors about various steps to improve energy access, enhancing grid reliability, rapid scale-up of renewable energy, integration of renewable in the grid and the massive opportunity presented by the untapped demand in the Indian market.

On the last day, Goyal participated in the launch of programmes under International Solar Alliance, at the United Nations Headquarters, in New York. The minister was accompanied by an official delegation, comprising secretary, the ministry of new & renewable and joint secretary, and ministry of new & renewable energy.

Goyal met several senior officials including Stephen Schwarzian, Chairman, CEO & Co-Founder Blackstone Group Jack Kutner, CEO Big Belly Richard Kauffman, Chairman of Energy and Finance, Office of the Governor of New York, Saurabh Agarwal of Warburg Pincus and Alfred Griffin, and President of the New York Green Bank to discuss trade areas where the two countries could cooperate to enhance bilateral trade and investments.

“The government is taking necessary actions to sustain the current economic growth of India and continue with major initiatives that are taken by the government to make India more business friendly,” Goyal said in an official statement.

Speaking of the two countries’ future investment opportunities, Goyal mentioned the need for India to have a low cost and long tenor finance for its ambitious renewable energy scale. He also requested the investors to look at India as an option for investment and take advantage of three Ds – democracy, demography and demand, which India provides.

The business meeting was organised in New York by the US-India Business Council (USIBC) and Confederation of Indian Industry (CII).