Foreign Direct Investment in Power Sector of India
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概要
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India launched a new economic policy since 1991 under the structural adjustment programs negotiated with the IMF and the World Bank. The main thrust of the new economic policy is to deregulate import restrictions and to open up India to foreign capital. The power sector is no exception. The Government of India gave the "fast track projects" status to the first eight FDI power projects and decided to give them "counter-guarantee". In spite of this special measure, even today not a single electricity has been generated by foreign capital mainly because of the political turmoil which occurred in Maharashtra in 1994 on Enron project, one of the most promising fast track projects.Japanese government (MITI) as well as some private business groups are also eager to invest in India's power sector, considering India's vast potential market. However, there are two main reasons why Japanese investment in India's power sector seems to be very difficult to realize.One reason lies on the Indian side. The problems of India's power sector cannot be solved solely by the power sector reform. Backed by the World Bank Government of India is recommending to State governments to launch the power sector reforms. But these efforts are just not enough to solve the problem. Indian chronic power shortage and chronic financial deficit of the SEBs come from a structural low-level equilibrium; a sort of vicious circle of insufficient related infrastructures, not only power but also roads, ports, railways, fuels and so on. This type of problem cannot be solved merely by privatization of the power sector suggested by the World Bank.Another reason lies on the Japanese side. Not only Japanese power companies have little experience to do jobs abroad, but Japanese power development has never been executed in a competitive environment. If the cooperation for India's power development presupposes the execution of the power sector reform, then it would be a contradiction for Japanese to demand India to execute reform. After all, the possibility of Japanese investment in India's power sector depends on the possibility of power sector reform in Japan itself in order to upgrade international competitiveness of Japanese power companies.
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