- This strategic shift aims to make nuclear energy a substantial component
- It’s a departure from traditional large-scale nuclear plants
- It is aimed at offering more flexible and cost-effective nuclear power solutions
In a significant move to diversify India’s energy portfolio, Finance Minister Nirmala Sitharaman unveiled major initiatives for nuclear energy development in the Union Budget 2024. The government plans to collaborate with the private sector to establish Bharat Small Reactors and advance research on small modular reactors and innovative nuclear technologies.
Strategic Shift in Nuclear Energy
This strategic initiative aims to integrate nuclear energy as a substantial component of India’s power generation. The emphasis on small and modular reactors represents a shift from traditional large-scale nuclear plants, offering more flexible and cost-effective nuclear power solutions. These reactors are expected to enhance the country’s energy security and reduce dependence on fossil fuels.
Advancement in Thermal Power
Sitharaman also announced the completion of advanced ultra-supercritical thermal power plant development. This milestone results from a joint venture between NTPC (National Thermal Power Corporation) and BHEL (Bharat Heavy Electricals Limited). The government will provide financial support for establishing an 800 MW commercial plant based on this advanced technology, marking a significant improvement in thermal power efficiency.
Emission Targets and Carbon Market
In line with India’s commitment to sustainable development, the finance minister outlined plans to transition from energy efficiency targets to emission targets. This move signals a shift towards direct control of greenhouse gas emissions across various industries. Additionally, Sitharaman detailed the government’s intention to transition industries to the Indian carbon market model. This step aims to create a robust domestic carbon trading system, incentivizing businesses to reduce their carbon footprint and invest in cleaner technologies.
Commitment to Sustainable Energy
These announcements reflect India’s dedication to balancing its growing energy needs with environmental responsibilities. By embracing nuclear energy, enhancing thermal power efficiency, and establishing a carbon market, India is positioning itself at the forefront of clean energy innovation. The budget’s focus on research and development in the nuclear sector, coupled with private sector involvement, is poised to accelerate India’s progress towards a more diverse and sustainable energy future.
(With inputs from agencies)
