New Delhi: India is considering overturning ban on foreign investment in its nuclear power industry and allowing greater participation by domestic private firms, two government sources told Reuters, as part of push for cleaner energy.

Measures have been recommended by government panel, set up by think-tank Niti Aayog which is headed by Prime Minister Narendra Modi. Under India’s Atomic Energy Act 1962, government plays central role in developing and running nuclear power stations. Domestic private companies are allowed to participate as “Junior equity partners” by supplying components and helping build them.

Panel has recommended changes to act and to India’s foreign investment policies so that both domestic and foreign private companies can complement nuclear power generation by public companies. Aim is to reduce carbon emissions and nuclear is in focus because it can supply energy 24/7, unlike solar energy, said officials, who declined to be named as they were not authorised to talk to media. Department of Atomic Energy has said previously that several foreign companies including Westinghouse Electric, GE-Hitachi, Electricite de France and Rosatom were interested in participating in country’s nuclear power projects as technology partners, suppliers, contractors and service providers.

Published in The Daily National Courier, May, 06 2023

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