India has announced a massive commitment of $214 billion (approximately 19.3 trillion rupees) toward new nuclear energy projects, signaling a transformative shift in its energy policy aimed at achieving sustainable economic growth. This move is set to introduce significant changes to the country’s energy laws and the role of its private sector.
According to a report by US broadcaster Bloomberg, Indian Minister of Atomic Energy Jitendra Singh confirmed that a new nuclear bill will be introduced to the cabinet this week and is expected to be tabled for approval during the current parliamentary session. The primary goal of this legislation is to allow the private sector to directly invest in nuclear energy generation for the first time and simplify the regulatory process for businesses.
Prime Minister Narendra Modi’s administration has set an ambitious target: generating 100 gigawatts of nuclear energy by 2047 as part of its goal to transform India into a developed economy. Under current laws, private companies are largely restricted to supplying equipment for nuclear plants; the new legislation will allow them to participate directly in power generation.
The government also intends to amend the nuclear liability law, a controversial regulation that has historically deterred foreign companies from investing in Indian nuclear projects. Currently, India’s only operational foreign-technology-based plant is the Kudankulam Nuclear Power Plant, which is supported by Russia. Under the new policy, another project with Russia is likely to be initiated soon, adding to the four nuclear reactors already under construction.
