India's Bold Leap: Opening the Gates to Private Uranium Mining

India plans to invite private firms to mine, import, and process uranium to break the state monopoly in the nuclear sector. This move aims to significantly boost nuclear power capacity by 2047. However, legislative changes will be necessary to facilitate private sector engagement in this initiative.

The Indian government is set to break its decades-old monopoly in the nuclear sector by allowing private firms to mine, import, and process uranium, according to two government sources. This ambitious move is part of Prime Minister Narendra Modi's plan to expand nuclear power production by 12 times come 2047.

Currently, India's nuclear sector is tightly regulated due to strategic security and safety concerns. Nevertheless, the proposed policy aims to involve private players by outlining a regulatory framework that will enable them to supply critical control systems for nuclear power plants. This initiative, which sources say may become public in the current fiscal year, hopes to accommodate a projected surge in nuclear fuel demand.

India's uranium reserves, estimated at 76,000 tonnes, can support 10,000 megawatts of nuclear power for 30 years. However, to meet anticipated demand, the nation will need to bolster its import and processing capacity. The government also intends to amend existing regulations, including those related to mining and foreign investment, to facilitate this transition.

(With inputs from agencies.)