In a landmark event during Narendra Modi’s recent visit to Russia, the Eurasian powerhouse has agreed to help India build six more nuclear power plants. This is a significant development, especially considering that India could secure a supply of uranium from Russia to support its ambitious nuclear power energy plans.
India and Russia are exploring substantial growth in their nuclear power partnership. Rosatom, the Russian state nuclear corporation, announced ongoing discussions with India regarding the construction of these six new high-powered nuclear reactors.
This collaboration extends beyond just high-power plants. Rosatom is also looking into developing lower-power nuclear facilities within India. In addition, in April ’24, India received information on floating nuclear power plant solutions from Rosatom.
The potential expansion in nuclear power signifies a strategic move for both nations. It could provide India with a substantial boost to its energy security and economic development. According to Union Minister Dr. Jitendra Singh, India's installed nuclear power capacity is set to grow by around 70% in the next five years, from the current 7.48 GW to 13.08 GW by 2029. India plans to build close to 18 new reactors.
Moreover, by 2047, India aims to increase its nuclear power generation capacity to about 100 GW.
This expansion is part of India's broader strategy to diversify its energy mix and reduce its reliance on fossil fuels.
INDIA’S NUCLEAR ASPIRATIONS
India has set ambitious clean energy targets, aiming to increase the share of non-fossil fuel sources in its electricity generation mix to 40% by 2030, and to achieve a net-zero emissions target by 2070.
Nuclear power plays a crucial role in diversifying India’s energy mix away from fossil fuels such as coal and natural gas, which currently dominate the electricity sector.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
IMPORTANT JARGON
SEBI Allows Mutual Funds To Invest In Foreign Funds With Exposure To Indian Securities
NO SHORTCUTS, JUST HARD TRUTHS
Riding the economic rollercoaster, Howard Marks reveals the hard truths about why adhering to fundamental principles is critical for long-term stability
SOW TODAY, REAP TOMORROW
Invest for your child's retirement from day one - because why wait for adulthood to plan for golden years?
BORROWING BOLDLY, SAVING SPARINGLY
Post-pandemic, India's tech-savvy middle class is leveraging bold borrowing trends, balancing premium spending with smarter investments for a bright future
EASING THE PREMIUM PRESSURE
The GST council's upcoming meeting hopes to address potential tax reductions on health and life insurance to improve affordability and insurance penetration while balancing fiscal priorities
PIRACY: STEALING THE SHOW!
Piracy is where blockbuster hits go cheap because the prices are steep
TEMPERED BY FIRE
India's steel sector faces the heat from cheap Chinese imports but holds strong long-term growth prospects driven by rising domestic demand and capacity expansion
TAKING A FIRM STANCE
RBI's action against select NBFCs aims to curb the risks of growth at any cost before it jeopardizes the entire system
STEADY BUT SHAKY
IMF's latest World Economic Outlook forecasts modest 3.2% global growth, with the US thriving while Europe grapples with inflation
THE TRUMP CARD
While the return of Donald Trump as US President may create new challenges, it could also present opportunities, particularly as the US seeks alternatives to China
