Union Minister R.K. Singh Inaugurates ‘BID 2024’ Exhibition in Mumbai
A three-day exhibition and conference organized by Indian Electrical and Electronics Manufacturers’ Association (IEEMA), titled ‘BID 2024’, which stands for ‘BuildELEC, IntelELECT & DistribuELEC-2024’ was inaugurated by Union Power and New and Renewable Energy Minister R.K. Singh at Bombay Exhibition Centre in Mumbai today.
Speaking on the occasion, Union Minister R.K. Singh stated, India is the largest economy which is growing at the fastest rate in the world, and that has been possible because of the electricity sector. He said that the demand for electricity is growing in the country, adding there is a huge market for manufacturers in the electricity sector.
He further stated that the shares of all power sector companies have gone up. Stating these, the Power Minister urged the stakeholders of the electricity sector to lead and grow. He further said that there has been a 65% increase in the transmission network in the last nine years.
Mr Singh said that losses of discoms have also come down from around 27% in 2014 to about 15% in 2023 and it will further come down to around 12%. He added that the country is headed in the direction of smart prepaid meters for all customers. Speaking about distribution companies, the Union Power Minister said, the present policy has given every distribution licensee a responsibility to tie up different installed capacities to have power adequacy so that they can meet the demand of the areas under them.