Shinde calls on US corporates to invest in energy sector

Washington: Indian Power Minister Sushil Kumar Shinde has called on US corporate leaders to invest in India saying the country is moving on the path of massive investment in the energy sector.

Shinde, Monday, also met the US Energy Secretary, Steven Chu, during which the two leaders discussed ways and means to enhance bilateral cooperation in the energy sector, in particular the alternate sources of energy and energy conservation.

In his address to a meeting of US private sector organised by US India Business Council Monday, Shinde said India is moving on the path of massive investment in the energy sector, especially electricity generation and transmission. "Energy security is of vital economic and strategic significance for us. A number of financial, technological and exploratory initiatives already exist with the US in clean and renewable energy and energy conservation and efficiency and we now need to explore economic partnerships between the Indian and US companies in this shift to clean energy," he said.

"There are excellent opportunities in India to examine the feasibility of clean energy technologies, which will be a win-win situation for India and the United States," Shinde said.

No doubt India`s power sector presents a massive opportunity to the American companies, Shinde acknowledged the concerns of the investors from the US. "I am also aware of the concerns of investors with respect to land acquisition, coal sourcing, financial health of discoms, pricing reforms, payment security and contract sanctity," he said.

"Recognising the need for an overall and comprehensive legal architecture and a policy framework conducive to larger and more sustained investment in the power sector, the Government of India took numerous steps to facilitate reforms in the sector," he said.

Shinde said the Indian government has proposed various proposals in the Budget 2012 to stimulate investments. A crucial Land Acquisition and Rehabilitation and Resettlement Bill is under the consideration of the Parliament, he said.