Nuclear Power Sector to Remain Closed to Investment
Mar. 19 – India’s Minister of State for Science and Technology confirmed on Wednesday that no foreign or local investment will be allowed in the nuclear power sector because of its extremely sensitive nature.
“The government has no proposal to allow FDIs and domestic private sector participation in generation of nuclear energy, given the sensitivity of the sector. The first challenge would be to pass the Nuclear Civil Liability Bill with a collaborative approach,” Prithviraj Chavan said during an event organized by the Associated Chambers of Commerce and Industry of India.
India relies on thermal, hydraulic power, renewable sources and nuclear power to meet its electricity needs. As its economy expands, the need for stable, reliable sources of energy is fast becoming urgent. According to the World Nuclear Association, India’s indigenous nuclear power program is forecast to have a nuclear capacity of 20,000 megawatts online by 2020 and 63,000 megawatts by 2032 with the goal of supplying 25 percent of electricity from nuclear power by 2050.
According to Chavan the government has plans to import equipment to develop its nuclear generation power program.”The imports will be subject to conditions that suppliers would have to take the entire risk for meeting emergency requirements which can be possible provided the Nuclear Civil Liability Bill has a smooth passage in parliament,” Chavan was quoted by The Economic Times as saying. India will be adopting foreign technology and fuel but will utilize local engineering content to run the plants.
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