Powering Progress: Landmark Judgments Shaping India’s Electricity Sector
-Avadhi Jain, Kaanksha Shah and Anushree Saxena
Abstract
This study explores the power industry’s role in India’s economic growth examining economic principles, supply limitations, and regulatory structures. A steady and dependable electricity supply plays a key part in India’s economic progress, as it gives energy to homes, companies, and cutting-edge tech like green energy and electric vehicles. The research delves into how power outages and rising electricity prices can significantly dent the economy in growing nations such as India.
First, the research looks at domestic factors that impact the availability of energy. It uses statistics from the Ministry of Power, which states that as of 2023, India had 417,668 MW of installed generation capacity. The initiative assesses the economic impact of important legislation, such as the National Electricity Policy and the Electricity Act of 2003.
This research revolves around two seminal cases: Jaipur Vidyut Vitran Nigam Ltd. & Ors. v. MB Power (Madhya Pradesh) Ltd. & Ors and Reliance Infrastructure Ltd. v. State of Maharashtra & Ors. In the former, the equilibrium between justice and efficiency in the purchase of electricity is investigated, while in the latter, the function of regulatory agencies such as the Maharashtra Electricity Regulatory Commission (MERC) in enforcing efficiency standards is explored.
By applying economic principles like incentives and trade-offs, the study illustrates how corporate conduct is influenced by regulatory decisions, which in turn promote sustainability and fairness. It also covers the need for government action to guarantee resource efficiency and correct market imperfections.
To sum up, this initiative emphasizes how crucial it is to apply economic principles and efficient regulation to maximize the potential of India’s electrical sector. The results underscore the necessity of ongoing endeavours to improve supply and regulatory frameworks since they are pivotal in maintaining the nation’s economic expansion.
Keywords: Electrical sector, economic principles, supply, and regulatory framework
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The authors are students of Gujarat National Law University.