New Delhi, India, 6 November 2014 – Union power Minister Piyush Goyal is aiming to double coal production in the next five years to meet India’s burgeoning energy demands, set to hit 2 trillion units by 2019. Goyal called for an increasing private sector role in coal production and expressed interest in new gas discoveries and ways to get gas plants back onstream.

Referring to coal as “an essential input for power,” Piyush Goyal, Minister of State for Power, Coal, New and Renewable Energy of India, said: “I see Coal India production doubling in the next five years. It makes about 500 million tonnes hopefully this year. We [will] do a billion tonnes in 2019.”

Turning to renewable energy, Goyal announced a target of 100 gigawatts of solar power generation by 2022, multiplying the previous government’s target fivefold. However, the minister sounded a cautious note on nuclear power. Noting that the US and many European countries have discontinued installation of nuclear plants, he said: “This government would like to be cautious that we are not being saddled with something only under the garb of clean energy or alternate energy; something which the West has discarded and is sought to be brought to India.” He added that he has yet to determine the life-cycle costs of nuclear power right through to decommissioning.

Minister Goyal, speaking at the India Economic Summit, predicted a “huge investment opportunity” of nearly $250 billion in the energy sector over the next four to five years, including $100 billion in renewables and $50 billion in transmission and distribution. “This government is sincere in giving power to all and this government will protect investments as we go forward,” he said.

Speaking on the same panel, Dong-Kwan Kim, Managing Director, Hanwha Group, Republic of Korea, flagged the advantages of solar power, saying that, if the government can provide a stable regulatory environment, “investors are ready to flock to India.” Kim raised the issue of air quality and questioned coal’s role as a sustainable energy option. Referring to China’s experience, he said that air pollution has become “a driving force to pressure the government,” adding that “people don’t complain about climate change on a daily basis. Air pollution, once it gets past a certain threshold, becomes a daily issue and a health issue for everyone.” Kim predicted that, “As India doubles capacity in power generation I think [air pollution] is going to become a more and more politically salient issue.”

Tejpreet Singh Chopra, President and Chief Executive Officer, Bharat Light and Power, India, noted that the cost of solar power production has fallen in recent years from $6 to $0.55 per watt, but the “Holy Grail” for solar power is to reduce the cost of storage technologies.

Ashvin Dayal, Associate Vice-President and Managing Director, Asia, Rockefeller Foundation, Thailand, announced his foundation’s intention to invest in 1,000 mini-grids across India as one way of starting to reach the 53 million households still without electricity.

Following almost three decades of collaboration, the World Economic Forum and the Confederation of Indian Industry (CII) are hosting the India Economic Summit in New Delhi from 4 to 6 November 2014. Over 700 participants have convened under the theme, Redefining Public-Private Cooperation for a New Beginning.

The Co-Chairs of this year’s summit are: Shobhana Bhartia, Chairperson and Editorial Director, HT Media, India; James Hogan, President and Chief Executive Officer, Etihad Airways, United Arab Emirates; Yorihiko Kojima, Chairman of the Board, Mitsubishi Corporation, Japan; Anand Mahindra, Chairman and Managing Director, Mahindra & Mahindra, India; and Sharmeen Obaid Chinoy, Documentary Filmmaker, SOC Films, Pakistan.

Karuna Trust is transforming dysfunctional government primary healthcare centres (PHCs) into professional hubs of “last-mile” healthcare service delivery. It works through a public-private partnership model: the government invests in upgrading infrastructure and improving the efficiency of the PHCs; Karuna Trust brings healthcare management systems and disruptive health innovations; and village health councils hold PHCs accountable for reporting higher health outcomes and functioning as zero-corruption zones. Karuna Trust has served more than 1 million patients and reported health outcomes that are among the highest in the country.

More than 180 applicants entered the 10th annual India Social Entrepreneur of the Year selection process, and three finalists emerged after several stages of rigorous assessment. The two other finalists were Yogendra Bhushan from Bodh Shiksha Samiti and Matthew Spacie from Magic Bus.

An independent panel of pre-eminent judges met on 4 November to select the winner. This year’s judges included Shobhana Bhartia, Chairperson and Editorial Director, HT Media, India, and a Co-Chair of the 2014 India Economic Summit; Neelam Chhiber, Managing Director, Indus Tree Crafts Foundation (ICF), India; Harish Hande, Managing Director, SELCO Solar Light, India;Sunil K. Munjal, Joint Managing Director, Hero MotoCorp, India; Rohini Nilekani, Chairperson, Arghyam Foundation, India; Sudha Pillai, Member Secretary, Planning Commission, India; Hilde Schwab, Chairperson and Co-Founder, Schwab Foundation for Social Entrepreneurship; Ronnie Screwvala, Chief Executive Officer, UTV Software Communications, India; and Chetna Vijay Sinha, Founder, Mann Deshi Foundation, India, and winner of the India Social Entrepreneur of the Year 2013.

Commenting on the finalists, Hilde Schwab, Chairperson and Co-Founder of the Schwab Foundation for Social Entrepreneurship, said: “We are inspired by the three finalists of the India Social Entrepreneur of the Year 2014 award – all three entrepreneurs are leading initiatives that seek fundamental changes in delivery systems and demonstrate a strong commitment to collaboration and co-creation with the community and other stakeholders. We hope these entrepreneurs and their work will serve as an inspiration to many more social innovators, especially among the country’s youth.”

The winner will be invited to join the Schwab Foundation’s global community of more than 250 social innovators. Social Entrepreneurs are driven by their mission to create substantial social change and promote inclusive growth, developing new products and service models that benefit underserved communities.

More information about the finalists:

Yogendra Bhushan, Bodh Shiksha Samiti, India

Bodh works with ultra-poor communities to transform their villages and slums into centres of education excellence. It pioneered the common schools movement, where schools (calledbodhshalas) are built, managed and co-owned by mostly below-the-poverty-line communities in areas untouched by the government education system. Bodh has made an impact on more than 2 million students and 80,000 teachers in the state of Rajasthan. Bodh’s best practices in improving education quality have been adopted in 20,500 government schools in Rajasthan, Himachal Pradesh and Jharkhand, and 100 social ventures have partnered with Bodh to scale up the common school model to 13 states.

Matthew Spacie, Magic Bus, India

Magic Bus delivers a “Sport for Development” curriculum that harnesses the transformative power of sport to enable children from impoverished communities to tap into their potential, reflect on their life choices and take positive development decisions with regard to their education, health, livelihood and leadership – factors that are critical for their growth as active citizens. To date, the curriculum has helped up to 500,000 children, aged between 7 and 18 years across 19 Indian states, through a trained network of 8,000 community youth leaders. Half of all Magic Bus participants are girls from disadvantaged families.

To nominate a social entrepreneur or apply for the 2015 award, visit www.schwabfound.org.

Under the theme, Redefining Public-Private Cooperation for a New Beginning, the summit convenes against a backdrop of significant economic growth and progress in reducing poverty in most parts of India, but also persistent inequality. The programme is built on three pillars: Boosting Global Competitiveness; Launching a Domestic Systems Reset; and Scaling Local and Social Innovation. More than 700 leaders from business, government, civil society and academia from 45 countries will take part.

“India’s progress depends fundamentally on the ability of its leaders to take the bold decisions necessary to transform the country’s economy and society. By bringing together leaders from politics, business and across society, we hope the summit will offer an environment where such decisions can be catalysed, and where commitment and creativity can be drawn on to build a future fit for all Indians,” said Viraj Mehta, Director, Head of India and South Asia, World Economic Forum.

“The meeting comes as the new government completes six months in office,” said Chandrajit Banerjee, Director-General, Confederation of Indian Industry (CII). “Business leaders are keen to engage with the government and see how it plans to restart the investment cycle, revive demand and convert the first signs of revival into a full-fledged recovery.”

Led by Finance, Corporate Affairs and Defence Minister Arun Jaitley, key public figures from India who will participate are: Nitin Jairam Gadkari, Minister of Road Transport, Highways and Shipping; Piyush Goyal, Minister of State for Power, Coal, New and Renewable Energy; Smriti Zubin Irani, Minister of Human Resource Development; Ravi Shankar Prasad, Minister of Communications and Information Technology; and Nirmala Sitharaman, Minister of State for Commerce and Industry. They will be addressing thematic sessions on the most pressing issues for the country and the administration, such as infrastructure, energy, skills and education, and telecommunications.

Heads of state/government and international public figures who will participate include: Daniel Kablan Duncan, Prime Minister of Côte d’Ivoire; Paul Kagame, President of Rwanda; Shimon Peres, President of Israel (2007-2014); Kwesi Amissah-Arthur, Vice-President of Ghana;William Danvers, Deputy Secretary-General, Organisation for Economic Co-operation and Development (OECD); and Rajiv Shah, Administrator, US Agency for International Development (USAID).

The Co-Chairs of the summit are: Shobhana Bhartia, Chairperson and Editorial Director, HT Media, India; James Hogan, President and Chief Executive Officer, Etihad Airways, United Arab Emirates; Yorihiko Kojima, Chairman of the Board, Mitsubishi Corporation, Japan; Anand Mahindra, Chairman and Managing Director, Mahindra & Mahindra, India; and Sharmeen Obaid Chinoy, Documentary Filmmaker, SOC Films, Pakistan.