Time for India to face facts

Follow the money, CleanBiz.Asia August 2, 2012

To paraphrase wit and playwright Oscar Wilde: “To lose one grid, Mr Singh, may be regarded as a misfortune; to lose both looks like carelessness”.

For India’s Prime Minister, Manmohan Singh, the power collapse of, eventually, three power grids over two days leaving more than 600 million people without electricity, should be the starkest message yet that India and its politicians need to stop pandering to populism, bite-the-bullet on economic reforms and clean up its legal and regulatory act.

And, should there be action, the cleantech sector should see the greatest business benefit.

India’s power network is a fair reflection of the problems facing the country: state-owned companies with a stranglehold over smaller-scale, more agile competitors; an unattractive value proposition to investors on critical infrastructure projects; a political and legal knot of red tape and the haunting but prevalent hand of corruption.

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