Budget 2024: India prioritizes nuclear power with Bharat Small Reactors
Finance Minister Nirmala Sitharaman has announced major initiatives for nuclear energy development in the Union Budget 2024, in a bit to diversify India's energy mix. The government plans to partner with the private sector to establish Bharat Small Reactors and develop small modular reactors as well as newer nuclear technologies. "Nuclear energy is expected to form a significant part of the energy mix for Viksit Bharat," Sitharaman said during her budget presentation.
Government allocates ₹1 trillion for nuclear energy development
The government has allocated ₹1 trillion from the Interim Budget 2024-25 for the development of nuclear energy. This funding will be used to set up Bharat Small Reactors in the country. Bharat Small Reactors will be small modular reactors (SMRs) that are factory-built, unlike conventional nuclear reactors that are built on-site, and have a power capacity of up to 300 MW per unit.
Advanced ultra-supercritical thermal power plants completed
Finance Minister Nirmala Sitharaman also revealed that the development of advanced ultra-supercritical thermal power plants has been completed. This achievement is a result of a joint venture between the National Thermal Power Corporation (NTPC) and Bharat Heavy Electricals Limited (BHEL). The government will provide fiscal support for setting up an 800 MW commercial plant based on this technology.
India shifts focus from energy efficiency to emission targets
In line with India's commitment to sustainable development, Sitharaman announced plans to formulate rules for transitioning from energy efficiency targets to emission targets. This move signals a shift toward more direct control of greenhouse gas emissions across industries. Furthermore, Sitharaman outlined the government's intention to facilitate the transition of industries to the Indian carbon market model.
India's nuclear power capacity expected to triple by 2031
Currently, India's installed nuclear power capacity is 7.48 gigawatts (GW) and is expected to reach 22.28 GW by 2031. The government's focus on research and development in the nuclear sector, coupled with private sector involvement, is likely to accelerate India's progress toward a more diverse and sustainable energy future. Union Minister of State for Atomic Energy and Space Jitendra Singh told Parliament in 2023 that the government is exploring options for collaborating with other countries on SMRs.
NTPC plans major nuclear foray with ₹1.5 trillion investment
India's state-run power generation company, NTPC Ltd, has formed a joint venture with another government-owned company, Nuclear Power Corp. of India Ltd (NCPIL), to set up two nuclear power generation projects in the country. NTPC is now planning a major nuclear foray by setting up 10GW capacity with an investment of ₹1.5 trillion over a period of 10 years. Provisions of the Atomic Energy Act, 1962, are being examined to allow the participation of the private sector in these initiatives.
