India’s power ministry has outlined an aggressive plan to increase nuclear energy capacity more than tenfold to 100 gigawatts by 2047, as the country races to reduce its dependence on coal and meet climate commitments, three officials with direct knowledge told Reuters.
A consultative committee meeting chaired by Power Minister Manohar Lal Khattar on April 28 established key measures to accelerate nuclear project execution, including streamlining regulatory approvals and facilitating faster land acquisition.
The government intends to amend nuclear legislation in the July parliamentary session, primarily focusing on the Atomic Energy Act of 1962 and the Civil Liability for Nuclear Damage Act of 2010.
Sponsored · Antimony Resources
Nuclear power currently accounts for just 3% of India’s electricity from 25 operational reactors with 8.8 gigawatts capacity. The country has another eight reactors under construction and ten in pre-project stages.
Among the most significant policy shifts under consideration is allowing foreign companies to hold up to 49% stakes in nuclear power projects, Reuters reported last week, potentially ending the government’s six-decade monopoly on the sector.
The planned amendments to the nuclear liability law could address concerns that have previously deterred international investment. Several global nuclear companies have shown interest, though none would comment when contacted by Reuters.
State-run National Thermal Power Corporation has already taken steps toward expansion, recently floating an international tender for partners to build reactors with 15 gigawatts of combined capacity.
The accelerated nuclear push comes as India works toward its 2070 net-zero emissions target while grappling with a power mix that remains approximately 75% dependent on coal.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
