India is presently the fourth largest consumer of energy globally, only behind US, China and Russia. Being the second most populous country in the world, the demand for energy continues to witness a sharp growth. With the people becoming more and more aware of their dependence on crunched energy resources, there have been a lot of Foreign Direct Investments and funding by the government in the Energy and Utilities sector. There are many untapped sources of energy like geothermal energy which have been unexplored. The Energy and Utility sector of any country forms the backbone of the nation and directly impacts the Human Development Index. It is a crucial factor for economic growth, improving the quality of life and enhancing the opportunities for development. A continuous supply of clean energy is a precursor to holistic development and inclusive growth of any economy. The data released by the Central Statistics Office shows that the Indian economy grew by 7.3% in the financial year 2014-15. The sectors which mainly contributed to the growth include utilities (Electricity, gas, and water supply), manufacturing, construction and real estate. This year India made significant progress in its Nuclear Power programme with the Indo-US Civil Nuclear Agreement. The country is likely to triple it nuclear power generation capacity by 2024. By 2050, 25% of our electricity demands are expected to be met by nuclear power.
Business Challenges facing the Energy & Utility Sector
India’s primary aim is to be self-sufficient in energy generation in the future. At present the country is still heavily dependent of imported fossil fuels. It is among the largest importers of crude oil and petroleum products. There are also a lot of infrastructure issues in terms of connectivity to these natural sources of fuels.
The need of the hour is to secure supplies of raw materials at an adequate price to sustain ourselves and overcome production shortages and infrastructure issues.
The Indian economy, like most others is influenced by global mega trends which are directly impacting the top-line and bottom-line of most of the companies in this sector and compelling them to resort to tighter cost controls. Initiatives for reducing operational costs, investing in process improvement, optimally utilizing existing capacity and increasing efficiency have taken a front-seat and need to be addressed on a priority basis.
How C1 India adds value?
C1 India helps several large scale businesses in the Energy and Utility sector to procure equipments, raw materials, plant machinery and services through our e-Procurement suite which includes e-Tendering, e-Auction and Vendor Management. Our e-procurement suite is PKI enabled, SSL enabled, and has strong encryption, time stamping and audit logging.
We have assisted some of the biggest companies in the Energy and Utility sector. Our clients include ONGC MRPL, BPCL, Central Coal Fields Limited, BHEL and Mahanagar Gas. Our project with Central Coal Fields Ltd needs a special mention here. Central Coal Fields Limited had a clear objective when they entrusted C1 India for automating their e-Procurement process and engaged with us to develop a system that went on to win the eIndia Award in 2013. Transparency, fairness, reduction in procurement cycle time, confidential and robust eco-system are some of the benefits that CCL experienced.
Reach us today to find out how our solutions & services can add value to your business.