US clean energy and financing companies must capitalize on the enormous opportunity in India, said Piyush Goyal, the minister of state for power, coal and renewable energy at CII-Acore meeting in Washington DC on Monday.
Addressing the concerns and challenges faced by investors in India, Goyal laid out the NDA government's vision for getting to the ambitious target of 175 GW of clean energy by 2022.
Goyal addressed concerns relating to the fiscal health of distribution companies in India and mentioned that the government was looking for a long term and sustainable solution to the issue which will be implemented soon. He also tackled the issue of the rupee's stability by pointing out that the Indian rupee has never depreciated more than 3.5 per cent CAGR in 25 years. In addition he mentioned that a number of stalled projects are being cleared.
While acknowledging constraining factors, the Minister urged the United States and it's constituent companies to be a partner in this process and to help come up with innovative solutions so as to not miss out on the tremendous opportunity in India which is set to become the largest clean energy market in the next 10 years.
The meeting came just before the US-India Energy Dialogue and the US-India Strategic and Commercial Dialogue which are further expected to help boost the bilateral partnership days before the Prime Minister's much anticipated second visit to the US at the end of the week.
To mark the occasion, CII and ACORE signed a Memorandum of Understanding to help solidify and bolster cooperation in the clean energy sector through facilitation of dialogues between industry experts, the development of platforms to deepen cooperation as well as platforms to exchange policy recommendations and best practices.