Budget 2015: Interesting proposals for power sector expected, says Piyush Goyal

BENGALURU: Stating that "some interesting" proposals for infrastructure development can be expected in the Union Budget, Coal and power Minister Piyush Goyal today hoped for an innovative financing model to help revive power sector and investments.

"Well the Finance Minister is on record it is going to be a growth oriented budget. It is going to encourage investment. In terms of the Power sector, I'm a very fairly satisfied for the department. We have got all that we wanted in the first budget itself," Goyal told reporters here. 

Speaking on the sidelines of the "Bangalore India Bio 2015", an annual biotech event, here, he said "but, we are looking for innovative financing model which will help us to revive the power sector and investments in the power sector."

"I'm sure that the Finance Minister is seized of the problems that the infrastructure investments are facing and you will see some very interesting proposals coming out of this budget," he added. 

The General Budget will be presented on February 28 in Parliament.

On the Electricity amendment Bill, Goyal said it had already been placed before the Lok Sabha with "important elements" -- strengthening the regulatory mechanism and giving a great thrust to the renewable energy, both in terms of renewable power obligation for consumer as well as the renewable generation obligation.

He said "there is going to be stricter compliance of the obligation on companies to purchase renewable power, as our humble contribution to climate change."

"Third and most important element is that the people will have the choice just like a mobile phone to choose who their supplier will be, and if they are not happy with the supplier's service or pricing or quality of power they will have the ability to port out or to change their supplier," Goyal said. 

This type of competition in the power distribution would be a game changer in India and would give consumers sustainable affordable power at more reasonable prices besides bringing in better service standards and quality of power, Goyal said.

Earlier speaking at the event, Goyal said Indian Biotech story has not been appreciated by policy makers over the years.

Highlighting the advantages of LED lighting drive initiated by his ministry, he urged Karnataka state government to consider taking up Bengaluru for LED street light programme.

Speaking at the event, Environment Minister Prakash Javadekar emphasized the importance of innovation in creating prosperity.

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