Power demand outlook

  

3-4% CAGR
1600 9.0%
8.0%
1200
4.0%
-1.0%
400
1375,
1450-1500
oO ~6.0%
Fy15 FY16 FY17 FY18 FY19 FY20 FY21E FY22P FY24P
mmm Energy Requirement —®—y-o-y growth
Source: CRISIL Research
Factors impacting power demand
GDP
growth Govt. push to
manufacturing (Make

Transformation in India) and large

cal e scale infra (Smart

s omens re ca cities, DFCs, etc)

& ra

 

Ea T&D loss reduction Reduced S
3 Captive and off-grid Electricity So
FI RE generation Intensity Fy

Energy efficiency

Source: CRISIL Research

Gradual pick-up in GDP growth and infrastructure development to support power demand

India’s economy is expected to recover slowly post fiscal 2021, with a gradual pick-up in industrial growth over
the subsequent four years. Trickle-down effect of the Aatma Nirbhar Bharat relief package, government spending
on infrastructure through the National Infrastructure Pipeline (NIP), dedicated freight corridor (DFC)
infrastructure, service industry expansion, rapid urbanisation, and increased farm income from agri-related
reforms are key macroeconomic factors, which will aid a pickup.

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