Exclusive: India considering allowing foreign investment in nuclear power
By Sarita Chaganti Singh
NEW DELHI (Reuters) – India is considering overturning a 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 a push for cleaner energy.
The measures have been recommended by a government panel, set up by think-tank Niti Aayog which is headed by Prime Minister Narendra Modi.
Under India’s Atomic Energy Act 1962, the government plays a 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. The panel has recommended changes to the act and to India’s foreign investment policies so that both domestic and foreign private companies can complement nuclear power generation by public companies.
The aim is to reduce carbon emissions and nuclear is in focus because it can supply energy 24/7, unlike solar energy, said the officials, who declined to be named as they were not authorised to talk to the media.