India is currently poised to become one of the world’s fastest growing major economies. With a projected growth rate of 7.5 % in 2015-16, it surely stands as a role model when other advanced economies are slowing down.
Advancements in the Power Industry in terms of capacity and availability has been one of the major factors which has enabled this meteoric rise of India in the world scenario. The Power Industry has been a major catalyst in the process of transition from labor to machine intensive production and keeping up continuously with the increasing demands of all industries. Power is a critical part of India’s well-known infrastructure.
The Indian Power sector is one of the most diversified in the world. Power is generated from various sources like coal, natural gas, oil, lignite, water, the wind etc. In the year 2013 India became the world’s third-largest producer of electricity leaving Japan and Russia, behind. It’s global share of generating electricity was 4.8%.
With the sustained economic growth of the country, the demands on the Power Industry have also increased. Government’s focus to attain ‘Power For All’ has put extra pressure on the generated current capacity and fuelled demands for more.
The Government of India under the new Prime Minister Mr. Narendra Modi, recognizing the new demands and scope of growth for the Power sector has brought in lot of positive changes and policies to ease both production and increase in usage.
Mega power projects have been set up and joint ventures through the PPP route to encourage private sector participation are some of the measures that have been taken. The private sector is projected to contribute nearly 60% of the total capacity that is planned in the duration of 2012-17. The government has also cleared the way for foreign investment up to a limit of 49% in power trading to keep up with the rapid development.
A major effect that will happen along with incentives and subsequent increase in power generation is the demand for electricity & electrical machinery.
Both Copper & Aluminium plays an important role in the power & electrical machinery industry. Electrical and power sectors account for nearly one-third of the refined Copper usage where Aluminium takes the second spot after Copper. This is followed by transport sectors like auto and railways.
In the current scenario with India on the threshold of major growth in Power Industry, there is definite indication that manufacture and production of excellent quality Copper & Aluminium products will be, a much-needed requisite for Power Industry.