Private sector to play important role in coal production, says Piyush Goyal

Providing 24X7 power will be one of the most pressing challenges for the new government, Piyush Goyal, Minister of State for Power, Coal, New and Renewable Energy, said on Thursday.

Speaking at the India Economic Summit in the national capital, Goyal said that the slogan "power for all" has seen many milestones over the years, and it's time that it finally culminates into action and performance.

He said that the government is committed to provide power for all businesses and homes across the country by 2019.

India has 53 million homes that do not have access to electricity, and many businesses depend on generator sets. "This latent demand of 53 million homes and businesses put together, along with growing industrialisation, will double the requirement of power in the next five years. To meet that kind of demand, we have to increase the utilisation of existing assets, sort fuel supply problems and improve the electricity mix by adding alternate energy sources," Goyal said.

The government has a multi-pronged approach to deal with the issue, Goyal said, adding that boosting Coal India's output, increasing private sector engagement and gas pricing will be cardinal in the government's agenda. "In the years to come, the private sector will be playing a very important role in the production of coal. Also, we are not leaving Coal India to its problems. We are addressing the issues and I see the production of Coal India doubling in the next five years," he said.