Private companies may soon join India's nuclear sector, govt working on special code, may bring changes in key laws to...
The Indian government is thinking about allowing private companies to take part in the nuclear energy sector. Right now, only government-owned companies are allowed to work in this field. To make this possible, the government may change some existing laws or bring in a new law. According to various media reports, the government wants to give a chance to private companies that are already established and have experience in handling big projects. They will also check if these companies are financially strong and stable before allowing them to enter the nuclear energy sector. Government may change the law in nuclear energy sector
To allow private companies to actively take part in the nuclear energy sector, the government had proposed changes to two important laws in the Budget: Atomic Energy Act
Civil Liability for Nuclear Damage Act
The Civil Liability Act was made to ensure there is protection and proper compensation in case of a nuclear accident. Earlier, private companies were worried about having to pay compensation if any accident happened. Because of this fear, they stayed away from investing in nuclear projects.
Now, as per reports, the government is planning to change both these laws so that private companies feel safe and confident to invest and work in the nuclear energy field. Steps being taken under 'Viksit Bharat 2047'
The government will evaluate private companies before allowing them to work in the nuclear energy sector. This evaluation will be done either by the government itself or by an agency appointed by the government.
The evaluation will check things like: The company's financial strength
Technical ability
Work experience
Past performance and safety records
This step is part of India's larger vision under the 'Viksit Bharat 2047' (Developed India 2047) mission.
Currently, India has 23 nuclear power plants that produce about 8.8 gigawatts of electricity. These are all owned and run by the Nuclear Power Corporation of India Limited (NPCIL). The government aims to increase this to 22 gigawatts by 2032, and further to 100 gigawatts by 2047.
Bringing in private companies is seen as a way to help speed up growth and meet these big targets on time.
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