NABARD Sanctions a Loan of USD31.27 Million for Haryana

India: The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of USD31.27 million for Haryana. Out of this, USD22.48 million has been sanctioned for the construction of 3 rural bridges, construction, and upgradation of 26 rural roads in 10 districts and remaining USD8.78 million for setting up 10MW solar plant at Panipat thermal power station. Installation of 10MW Solar Power Plant is expected to help the state fulfil its renewable energy obligation.

TechSci Research depicts that with the addition in the generation capacity, government plans to meet the rising demand of electricity in India. The upgradation of existing infrastructure results in replacement of ageing transformers with new ones which is a big boost for power and distribution transformers market. The enhancement in the power transmission capacity requires installation of higher capacity transformers in the network to meet the requirements of power transmission.

According to a released report of TechSci Research “India Power and Distribution Transformers Market Forecast & Opportunities, 2020”, India is the second-largest power transformers market in APAC and was valued at USD1.81 billion in 2014 and is projected to grow at a CAGR of over 10% till 2020. Under the 12^th five-year plan (2012-2017), Indian government allocated USD200 billion for strengthening the country’s power generation, transmission, and distribution sector. Government is focusing on adding power generation capacity from conventional and renewables sources which would increase the orders for power related companies like ABB, Siemens, BHEL & Alstom T&D.