Goyal said the Modi government through its efforts and vision brought down the losses and now it targets to make profit in discoms by the next year.
The Goods and Services Tax (GST), which is set for July 1 kick-off, will usher in a new system under which there will be one tax on commodities and services across the country.
The minister stressed that the economies of scale like in the case of LED bulb distribution programme, would help the nation to adopt better technologies at competitive rates without any subsidy.
While the power sector has been battling debt, banks and government have been hard at work on a bailout mechanism. But with many challenges facing the sector, it may not work.
The power ministry, which is also working on reviving stalled hydro projects, already had extensive discussions with bankers and stakeholders. According to sources, the ministry has firmed up a policy for stalled hydro projects to revive 11,639 mw by dispensing Rs 16,709 crore till 2024-25.
Bad loans in the power sector continue to weigh on India's banks, and the government has been looking for ways to help ease the pain for companies struggling to service their debts.
Before the Indo-German Summit 2017 is inaugurated today, PM Narendra Modi and German Chancellor meet informally in Berlin to chat about global issues and trade relations with India.
Cut to 2017. Markets are booming on the back of a string of state election wins for (the business-friendly) Modi, continued good luck on global oil prices and a paucity of emerging market alternatives for investors. There continues to be a business-like air in Delhi’s stately halls of power; Modi has won a reputation as a workaholic obsessed with results; and there has been no talk of corruption on his watch. Tick the boxes that the smart money follows, and tick again.
Union Minister Piyush Goyal rejected Chidambaram's charge that he was being targeted for his columns critical of the government and claimed that the issue was why beneficiaries of the Foreign Investment Promotion Board (FIPB) gave "money to firms owned by his son".
"So, India is a fastest growing economy in G-20, growing at 7 per cent a year. There is huge demand for infrastructure investment in India, and it is going global and looking for global investors and London is proving to be natural place for it," Rathi said.
The minister of state for power, coal and renewable energy is in London for the India-UK Roundtable on Energy. He said he has taken a "personal pledge" to work towards energy access for every household in India by 2019.
The plan follows announcement of a safety audit of all the 418 mines in the country in the aftermath of one of the worst disasters in Jharkhand that claimed at least 18 lives.
Around five lakh coal workers from different subsidiaries of Coal India Ltd and Singareni Collieries Company Ltd have decided to go on a three-day nation-wide atrike from June 19- 21.
In an exclusive conversation with CNBC-TV18, Power Minister Piyush Goyal spoke about the government's solar mission.
The government, he said, wants to encourage research and development in the electric mobility sector and aspires to be a leader in the world.
Goyal, who is leading a high-level business delegation on a two-day visit to Vienna, was addressing India-Austria Business Forum, organised by industry body FICCI in collaboration with the Embassy of India in Vienna and Austrian Economic Chambers.
Power Minister Piyush Goyal said that there has to be a give and take mechanism between countries for the industry to flourish.
"Bhadla Ph-IV Solar Park results in a historic lowering of tariffs. Phelan Energy (50MW) and Avaada Power (100 MW) have bagged projects at Rs 2.62/unit. Softbank Cleantech has won 100 MW capacity at Rs 2.63/unit," a senior official said.
The government's next target is to supply superior quality of coal to power producers to improve electricity generation and reduce pollution, Union minister Piyush Goyal said today.
India has made little progress in electric mobility since the announcement of the National Electric Mobility Mission Plan in 2013 aiming for over 6 million electric/hybrid vehicles by 2020, a report by market research firm Bridge to India states.
The government's aim is to ensure power at Rs 3 per unit irrespective of source in the medium term, Power Minister Piyush Goyal said at the annual session of the Confederation of Indian Industry (CII).
Citing the example of Maruti, which has logged over 30 per cent profit this time, he explained that the government had supported India's largest car maker initially, which eventually led to development of the big automotive industry in the country.
Built at a cost of Rs 1350 crore, the plants, unveiled at a function here, are located in Rajasthan (two plants), Maharashtra and Andhra Pradesh, while the company plans more wind power plants of 120 MW besides installing solar units.