NEW DELHI, December 9: The standing committee on energy is understood to have submitted its report on the Transmission Bill to the Lok Sabha secretariat. This means that the report on the Bill will now come up before the first post-election session of the Parliament and will be accepted irrespective of which government comes.

This was hinted by the minister for power, Y K Alagh while addressing the gathering of industrialists at the India economic summit on Tuesday.

"There has never been a situation where a report from the respectable members of the standing committee has faced any problems on its acceptance and that it has to again go back to the Parliament. So I am happy at least some progress has been made here though I will not hide my disappointment also on the delay as the bill would have otherwise come in November this year", added Alagh.

Alagh stressed that the process of reforms would continue especially in the power sector and the foreign investors should have no doubt over the fate of the investments they have made or are planning to make in this country.

Alagh also informed that India will have a national grid within five years and all necessary policy decisions are under process in this regard.

The Power Grid Corporation of India Ltd (PGCIL) is working on it to take up critical transmission links that would facilitate in taking up huge transmission projects to match the generation capacity, he added.

Setting up of a national grid will involve investments to the tune of Rs 18,000 crore and for this the equity and loan structure of PGCIL which has drawn up a plan for the national grid, will have to be re-looked at.

The power minister said that power was the fastest growing sector in the Indian economy during last six months with about 20 projects already achieving Financial closures. These 20 projects, worth seven billion dollars, would add another 7500 MW capacity, he said. Indian financial institutions have also committed an assistance of over three billion dollars.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.