India's Nuclear Power Ambitions: A 100 GW Target by 2047

India plans to boost its nuclear power capacity to 100 GW by 2047, requiring strategic reforms and overcoming hurdles. The initiative aligns with India's net-zero emissions goal by 2070, emphasizing foreign investments and international fuel agreements while accelerating nuclear projects to meet the ambitious target.

India has set a formidable target of achieving 100 gigawatts (GW) of nuclear power capacity by 2047. However, a report by SBICAPS warns that reaching this ambitious goal will necessitate serious reforms and strategies in the nuclear sector to address existing challenges.

Currently, the construction of nuclear plants in India takes approximately 10 years, a timeframe significantly longer than the global average of six years. The report suggests fostering foreign investment by allowing up to 49% Foreign Direct Investment (FDI) in nuclear power, facilitating increased capital inflows.

Additionally, international agreements to diversify fuel sources and expedite transitions in India's nuclear program stages are deemed essential, given the nation's limited uranium reserves. India's current nuclear capacity stands at 8 GW, with an additional 7 GW under construction, indicating the urgency for rapid development to achieve the 100 GW target in two decades.

The Government has launched the Nuclear Energy Mission, with Rs 200 billion allocated towards research, development, and the deployment of Bharat Small Modular Reactors (BSMRs), as outlined in the Union Budget. This initiative aims to encourage private sector involvement in the development of Pressurized Heavy Water Reactor (PHWR) reactors.

While China leads in nuclear development with 30 GW under construction, India, alongside Turkey, is also actively expanding its nuclear capabilities. In contrast, Europe exhibits a more reserved approach. SBICAPS's report emphasizes the significant financial and strategic stakes in India's nuclear energy aspirations.

Union Minister Jitendra Singh reiterated in March that nuclear energy is vital to achieving India's net-zero emissions by 2070. Amid the complexities, Singh remains optimistic that with a collaborative roadmap, the 100 GW target by 2047 is achievable, despite any challenges.

(With inputs from agencies.)