Shri Piyush Goyal Meets Leading Japanese Financial Institutions and Business Houses

Shri Piyush Goyal Meets Leading Japanese Financial Institutions and Business Houses; Appreciates Role Played by Various Japanese Financial Institutions in India’s Infrastructure Sector 

Shri Piyush Goyal Union Minister of State (IC) for Power, Coal and New & Renewable Energy had a series of meetings with leading Japanese financial institutions and business houses, after the roundtable sessions, in the Tokyo , Japan today . Some of the leading financial institutions which the Minister interacted were Sumitomo Mitsui Banking Corporation, Mizuho Bank, Bank of Tokyo Mitsubishi UGF, Japan International Cooperation Agency, Nippon Export & Insurance Investment and Japan Bank of International Cooperation. During the interactions, Shri Goyal appreciated the role played by the various Japanese financial institutions in India’s infrastructure sector such as Delhi Mumbai Industrial Corridor (DMIC), support to the power generation and transmission sector in India and in the renewable energy sphere. Leading Japanese companies associated with the energy sector in India, Sumitomo Corporation, Mitsubishi Hitachi Power Systems, Hitachi, JPOWER and Toshiba also met the Minister. The Minister apprised the companies of the vast opportunities in the energy sector, which could be harnessed by the Japanese companies. Further, he also elaborated the steps taken by the Government of India to improve the ease of doing business. He emphasized upon creation of win-win partnership through a collaboration of Japanese technologies and low cost long tenure finance with India’s high skilled manpower and huge potential market as a future game changer.

Shri Goyal also met Chief Cabinet Secretary Mr. Yoshihide Suga, wherein both the leaders recalled with fondness the successful visit of the H.E. Prime Minister Shinzo Abe to India in December 2015.In the field of energy, the collaboration between high efficiency coal fired thermal power generation technologies of Japan with the thermal power plants was discussed. The leaders also underlined the special and strategic bonds between the two countries. Minister also met with Mr. Naokazu Takemoto and Mr. Toshiro Nikai, Members of the House of Representatives from the ruling Liberal Democratic Party.

Earlier in the forenoon, under the leadership Shri Piyush Goyal, an Indo-Japan Collaboration Dialogue session, in the realm of the needed adoption of Energy Storage batteries for RE integration, was held. From the Japanese side, there was active participation from NEC, Toshiba, Hitachi, Sumitomo and NGK representatives, manufacturing and providing solutions across all the 3 energy storage technologies – namely Sodium Sulphur, Lithium-Ion & Flow Batteries. Japanese companies have large experience in integrating RE into grids with energy storage technologies and have expressed interest in working in India.

Indian side, apart from the government delegation, was represented by Indian business houses such as IL&FS Energy, ACME & C-STEP. Discussions were held to jump start the Indian energy storage industry across R&D (in collaboration with various Indian IITs and CSIR labs) and partnership for manufacturing in India.

An India energy storage market in excess of 30GW (in lieu of 160 GW of variable RE projects coming up by 2022), presents an unparalleled opportunity to the world to invest in India. Indian market presents a unique opportunity to scaling of energy storage manufacturing; with a very large Indian market spanning across roof-top/off-grid applications and in the grid-connected RE project integration sector.

The immediate opportunities lie in integration with solar roof-tops which have a target capacity addition of 40 GW by 2022, solar streetlights in all villages of the country, and diesel replacement in all use cases. An immediate opportunity is presented by the replacement of diesel based generation through renewable energy generation.

Shri Goyal emphasized the importance of the roundtable on smart grid/smart meters as the most important session amongst all for its potential wide ranging impact on the transmission and distribution sector in India. The DISCOM reform scheme, UDAY, has the potential to transform the power scenario in India and the smart meters are expected to play a pivotal role in it. The companies such as Omron, Toshiba, Hitachi, NEDO, Fuji, Sumitomo Electric and Mitsubishi Electric apart from the industry bodies such as IEEMA participated in this session. 

“Government’s Primary Objective is to Provide Energy access at Affordable Prices to the People of India”- Shri Piyush Goyal 
Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal and New & Renewable Energy has said that that the primary objective of the Government’s thrust on energy efficiency investments is to promote sustainable development and to improve energy access at affordable prices to the people of India. Shri Goyal is on a visit to Tokyo to attend the 8th India-Japan Energy Dialogue. The Joint Statement issued following the conclusion of the Energy Dialogue chalked out a clear roadmap for further collaboration in the fields of electricity, renewable energy, energy efficiency and conservation, coal and petroleum and natural gas.

While on visit Shri Goyal informed that the use of energy efficiency measures as well as promotion of cleaner and renewable sources of energy in India is a step forward. He also underlined the fact that as Nation, we are is trying to reduce dependence on imported fossil fuels while simultaneously adopting advanced technologies to address its developmental priorities. Shri Goyal urged the Japanese and Indian industry to come out with innovative technologies that could serve the needs of the common man - particularly for unserved sections of India where electricity grid is yet to reach. The Minister stressed on the importance of promoting energy efficiency in agriculture sector where more efficient pumps could replace the existing inefficient ones leading to savings on energy, better technology to the farmers and benefit of financial saving to the states of India. Shri Goyal invited the industry to implement energy efficiency projects in a manner where a comprehensive package is provided to the consumer, starting from the energy audit to the implementation.

Shri Goyal attended three roundtable conferences on Wednesday morning on Clean Coal Technologies and Efficient Coal Based Power Generation, Super-Efficient Appliances & LEDs and Energy Efficient Petroleum Refining- Energy Audit in Refineries. He also participated in two roundtable conferences held on the theme of Energy Storage Technologies and Smart Grids/Smart Meters today morning . It was decided to carry out a study to ensure cost competitiveness of technology by working out incremental cost vis-a-vis reductions in pollution emissions to ensure power generation at affordable rates. Detailed discussions were held on Kobe Steel’s engagement in taking up Upgraded Brown Coal Technology (UBC) for upgrading lignite from Neyveli.

A delegation of about 30 top Indian businesspersons is accompanying the Minister. This is in addition to PSUs like Indian Oil, Hindustan Petroleum, IREDA, NTPC and others. Japanese companies participating in the meetings include Toshiba, Hitachi, Sumitomo, NEC, NGK, Omron, Mitshubishi, Fuji,Yokogawa, Toyo, Panasonic and others. Besides their participation in sessions dedicated to priority energy areas, an Investors’ Roundtable Dinner was also held. The Minister also participated in a roundtable seminar at the Institute of Energy Economics of Japan (IEEJ). 

Shri Piyush Goyal reiterates need to deepen India Japan Cooperation in Energy Sector 
Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal and New & Renewable Energy reiterated the need to deepen the cooperation in the energy sector between India and Japan. Shri Goyal was speaking at his second bilateral meeting with Mr. Motoo Hayashi, Minister of Ministry of Economy, Trade and Industry (METI) in Tokyo , Japan today morning. The Minister said that the cooperation in energy sector should be such that Japanese technology and capital can be dovetailed with Indian high skilled human resources and “Make in India” to create partnerships not only for the mutual benefit but also for benefit to the world. He further added this resonates with the Prime Minister Shri Narendra Modi’s vision and to make India the manufacturing hub of the world. Shri Piyush Goyal is on a visit to Tokyo to attend the 8th India-Japan Energy Dialogue on 12-14 January 2016.

Shri Goyal and Mr Hayashi reaffirmed their desire to significantly increase the engagement between the two countries in the areas of energy, including renewable energy and energy efficient technologies. They agreed to have frequent discussions between the Working Groups set up, through video conferences and bilateral visits so that issues related to mutual business opportunities could be taken forward expeditiously. The two Ministers agreed that such mutual engagement must result in concrete outcomes that can be showcased during the annual summit meeting between the two Prime Ministers.

Shri Goyal, referring to the ambitious 175 GW renewable energy programme and the largest LED programme in the world, underlined the fact that energy efficiency and renewable energy are two key thrust areas and the potential for use of Japanese technologies is significant. India presents one of the large and fastest growing markets for Japanese cutting edge technologies and India will be keen to promote such technologies that could be of mutual benefit to both sides.

Shri Piyush Goyal also extended his personal invitation to Minister Hayashi to lead a high level METI delegation to the upcoming ‘Make in India’ week between 13-18 February, 2016 in Mumbai 

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