Very difficult to raise electricity prices in retail areas in INdia. Political protests follow quickly. Also IIRC 30-40% waste in some places is almost always politically sanctioned theft. This is in addition to a lot more money lost as some entities that are politically controlled (e.g. Sugar factories in my state) purposely do not pay or delay. It is a miracle that the DISCOMs do not end up like neighboring Pakistan. It is like an invisible bargain with a lot of voting population and especially farmers (where no distinction is made between large land holding 1% vs others) who are routinely given free electricity. Cross subsidy is in the DNA of India.