With India aspiring to be a $5 trillion economy by 2024, there are short- and long-term structural reforms that the government has initiated to achieve the target. One such key reform, which is still in the works, relates to electricity. An energetic and sustainable power sector is needed to stimulate an economy badgered with the woes and adverse impact of covid-19. Having uninterrupted power supply is a key requirement for all sectors of the economy to function smoothly, be it industry, agriculture or services.
The Electricity Act, 2003 and the Amendment Bill, 2020 seek to resuscitate investments and promote growth in tandem with the vision of the Prime Minister Narendra Modi. Statistics for FY 2019-20 is indicative of the fact that India in today’s date still suffers from a power supply deficit. Though the deficit has considerably narrowed in the past decade but the country still has some way to go to achieve the status of an economy with ‘power for all’.
