Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Piyush Goyal has said that India's power demand is going to expand four fold in the next 15 years to become one of the largest energy markets globally.
It would open immense business opportunities for Japan in the sector in India, hence making this bilateral engagement mutually beneficial for both countries, he said.
Goyal also said that India and Japan should cooperate on long term contracts for LNG with a defined cost of energy which would provide a stabilizing factor for the Renewable Energy thrust that India is currently giving. India being a price sensitive market cannot afford costly power and hence needs Japanese cooperation in maintaining a balance between renewable energy and conventional coal based power.
Goyal was presiding over a bilateral meeting with the Japanese delegation led by Hiroshige Seko, Minister for Economy, Trade and Industry, Government of Japan. The meeting took place on the side-lines of the 7th India-Japan Energy Forum, 2017 being held in New Delhi.
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