India plans to add 20,359 megawatts of power to its present capacity in the financial year 2011, a top adviser said on Monday, helping ease a big electricity shortfall.Montek Singh Ahluwalia, deputy chairman of Planning Commission, told a news conference that the private sector would fund 40% of the 2007-12 infrastructure funding.
India aims to spend $500 billion in the five years to end-March 2012, to overhaul its creaky infrastructure that is a drag on plans for Asia’s third largest economy to grow at double-digit rates and catch up with peer China.India has an installed power capacity of about 160,000 megawatts. China adds about 100,000 MW of power every year.
It is considering doubling the investment figure in the five years from 2012 onwards, and expects much of the funding in both periods to come from private sources.But the country has consistently missed its targets for building roads, ports and power plants and private interest has been lukewarm, with bureaucratic red tape and difficulties in acquiring land holding up projects.Neither will India achieve a road building target of 20 kilometres (12 miles) a day, nor add 78,700 megawatts of power generation capacity in the five years to 2012, targets set and then slashed by the government
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