Finance Minister Nirmala Sitharaman also pledged in her budget address to change the Atomic Energy Act and the Civil Liability for Nuclear Damage Act to expedite the private sector's involvement in the construction and operation of nuclear power facilities.

 

Although Sitharaman had stated this goal in the budget for the previous year, she had not disclosed the specifics of the government's nuclear power generation strategy. This year, she has made more significant and tangible announcements.

 

She stated that at least five of these domestically built SMRs will be operationalized by 2033 and stated that the government would establish a Nuclear Energy Mission for the study and development of SMRs at a cost of ₹20,000 crore. SMRs are tiny nuclear reactors that normally generate less than 300 MW of power, as the name implies. Conventional nuclear reactors, such as those that are presently in use in India and other countries, can typically generate 500 MW or more of power.

 

However, SMRs have become a far more appealing option in recent years because to their comparatively simpler and modular architecture, which allows its components to be produced in a factory rather than being built on-site, cheaper prices, and flexible deployment.

 

The majority of MRs are still in the development stage and have not yet been used for commercial purposes anywhere in the globe. Currently, just a few experimental SMRs are in use. The International Atomic Energy Agency (IAEA) reports that over 80 distinct designs are being developed, and several of these reactors are now being built in nations like South Korea, China, Russia, and the United States.

 

The new ₹20,000 crore mission is intended to help fulfil the government's desire for the indigenous development of SMRs, which it often refers to as Bharat SMRs.

 

Sitharaman reaffirmed the Department of Atomic Energy's high goal from last year, stating that India's energy transition would require at least 100 GW of nuclear energy by 2047. India currently has 23 nuclear reactors with a combined installed nuclear generating capacity of 7,480 MW. Once the 10 new domestically constructed reactors that were approved in 2017 and are presently being built are operational, the government intends to quadruple this capacity to 22,800 MW by 2031–2022.

 

Nuclear energy provides a dependable source of on-demand electricity generation that is not impacted by weather-related disruptions, in contrast to renewable energy sources like solar or wind.

However, in the 15 years between 2032 and 2047, the expansion must be five times greater in order to reach the 100 GW target. That amounts to an annual increase of roughly 5–6 GW of nuclear energy.

 

The business sector must be involved for this to occur. Up to now, the Nuclear Energy Power Corporation of India Limited (NPCIL) and its wholly-owned subsidiary Bharatiya Nabhikiya Vidyut Nigam (BHAVINI) have owned and run nuclear power stations. Recent regulatory changes have made it possible for public sector organizations, like as the NTPC or NHPC, to own and run nuclear reactors through joint ventures with NPCIL.

 

According to Sitharaman, the government would change the 1962 Atomic Energy Act to make it easier for the private sector to get involved in nuclear energy. To make sure that private businesses are not completely discouraged from entering the nuclear industry, the requirements of the Civil Liability for Nuclear Damages Act, which holds plant operators accountable for paying any damages resulting from a nuclear catastrophe, would also be modified.