Need more private sector participation in power distribution, says Piyush Goyal

Union Minister of State for Power (Independent Charge) Piyush Goyal on Monday said there is a need for a greater private sector participation in electricity distribution.

"We need to have more private sector participation in power distribution. We have to make this sector self-sustaining and get the support of states for this," said Goyal after meeting bankers.

He also said that the bankers and the banking community had raised several problems relating to power sector.

"They are concerned about fuel issue and power purchase issues. They are also concerned about long term roadmap for this sector," he added.

He said that he received several suggestions from bankers of both the public and the private sector, which can turnaround the power sector into a vibrant and profitable investment for the banking sector and the nation.

"This could actually start delivering good services to the consumer with enhanced generation of power with faster distribution and transmission of power to remote areas. The process brings down the cost finally to the consumers," he said.

He informed that most of issues were resolved and work will be done in cooperation between the ministerial and banking level.

"We have resolved that we shall work in tandem as a team to bring about synergy and sort the problems faced by the sector, parallelly with ministry working audits obligation, government working to address structural issues and bankers working with a practical approach on a three-four year roadmap. So instead of banded solutions we will work out a more sustainable and long term solution," he added.

He said that in the foreseeable future he is confident expected results will be delivered.