Get Annual plan at only Rs 289. He also added that those making things such as transformers and conductors got the fillip and are growing at 6.9 percent.
Amid a deepening slowdown in the economy, power demand has stood out, growing almost 7 percent on the back of the world's largest new consumer addition programme that has taken electricity to almost every doorstep.
In an interview with PTI, Power Minister R K Singh on Thursday said, "Now, we are at a stage where there is universal access to electricity in India. We have left some houses in Chhattisgarh and some hamlets in Rajasthan and Uttar Pradesh. That has led to this growth in electrical industry sector (manufacturing of equipment)."
He also added that those making things such as transformers and conductors got the fillip and are growing at 6.9 percent. "Our power demand has also grown at 6.7 percent in the last quarter (April-June) compared to previous quarter."
The minister was hopeful that the power demand growth would further rise as the government is in the process of taking steps to boost demand, which include bringing new tariff policy and second version of UDAY scheme for revival of debt-laden power distribution company.
The minister also said, "(Under the Saubhagya scheme), there is a huge expansion of access in the power sector. In the past 17-18 months, we undertook the largest-ever expansion of access in the world. The International Energy Agency is saying this. We added 26.4 million new electricity consumers in one go."
India's economic growth dipped to over six-year low of 5 percent in the April-June quarter. However, the electricity sector showed robust growth. According to the latest data from the Index of Industrial Production (IIP), electricity output grew 8.2 percent in June compared. The power generation growth was 7.2 percent in the April-June period in the same period a year ago.
According to the IIP data, the overall industrial production growth was just two percent in June, while it was 3.6 percent in April-June. Besides, other sectors such as manufacturing and mining grew at a meagre rate of 3.1 and 3 percent in the first quarter of this fiscal.
The minister stressed that '24X7 Power for All' is possible as the government is working in that direction and taking necessary steps.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
