Undeniably, Union Power Minister Piyush Goyal has scripted a turnaround of the Indian power sector from the times of the UPA government. As things stand currently, MNCs are already apprehensive of investing in the domestic power sector given the history of red-tapism and snail-like pace of project approvals. Chinese companies, which have been looking to leave an imprint on India’s power transmission sector, will be particularly hurt by this decision. China does not allow foreign investment in its power grid, but India has an avowed policy of 100 per cent FDI in the power sector (because India needs the money). Pushing away foreign investments will send a wrong signal that will not find any empathy from the global business community.

Source: dna May 24, 2017 02:35 UTC