India and World Bank Sign $310 Million Agreement for Jharkhand Power Project
The Government of India and the World Bank have signed a $310 million loan agreement to improve the power system in Jharkhand. This project aims to provide reliable, quality, and affordable electricity to the people of Jharkhand 24/7.
Project Details
The Jharkhand Power System Improvement Project will focus on building new power transmission infrastructure and enhancing the technical and commercial performance of the state’s power sector. It will introduce modern technology solutions like automated substations and network analysis tools to ensure a reliable power supply and improve customer satisfaction.
Institutional Development
Besides infrastructure improvements, the project will also work on developing the institutional capacities of state-owned power transmission and distribution companies to enhance their operational performance.
Power for All Program
This project is part of India’s Power for All program, launched in 2014, which aims to add over 4.5 GW of generation capacity by 2022, including 1.5 GW from solar energy. The agreement was signed by Sameer Kumar Khare from the Government of India, Vandana Dadel from the Government of Jharkhand, and Junaid Ahmad from the World Bank.
Statements from Officials
Sameer Kumar Khare highlighted Jharkhand’s early adoption of the Power for All plan and its efforts to improve power access through reforms. Junaid Ahmad emphasized the project’s role in providing quality power to support Jharkhand’s economic development and contribute to poverty alleviation and inclusive growth.
Doubts Revealed
World Bank -: The World Bank is an international organization that provides financial and technical assistance to countries around the world to help them improve their economies and reduce poverty.
Jharkhand -: Jharkhand is a state in eastern India known for its rich mineral resources and forests. It is one of the newer states in India, formed in the year 2000.
Power for All program -: The Power for All program is an initiative by the Indian government to ensure that every household in India has access to electricity. It aims to provide reliable and affordable power to all citizens.
4.5 GW -: GW stands for gigawatt, which is a unit of power. 4.5 GW means 4.5 billion watts, which is a large amount of electricity that can power many homes and industries.
Economic growth -: Economic growth refers to an increase in the production of goods and services in a country over time. It usually leads to better living standards and more job opportunities for people.
Poverty alleviation -: Poverty alleviation means reducing the number of people living in poverty. It involves improving access to basic needs like food, shelter, education, and healthcare.