Indian nuclear business to be worth US$100 by 2014
The Indian nuclear business will touch commercial activities worth US$100 billion by 2014 according to Dr Amit Mitra, secretary general, Federation of Indian Chambers of Commerce & Industry (FICCI). Dr Mitra expressed this view while releasing the first part of a report of the utilities sub group, which is part of FICCI’s working group on civil nuclear energy.
The report suggests amendments to the Atomic Energy Act 1962 for meaningful participation of the private sector in the nuclear power generation amongst other things. “We believe it is necessary to extract the opportunities available within the existing Act’s framework while amending it on a parallel level for increased private participation,” Dr Mitra said.
Dr SK Jain, CMD, Nuclear Power Corporation of India Ltd (NPCIL) & chairman of the FICCI working group on civil nuclear energy added that India is ready to play an important role as the world is all set to enter the era of nuclear renaissance.
“It is essential to seriously look at the nuclear sector as a new avenue for meeting the country’s growing energy requirements particularly when the indigenous nuclear capability is on a sound footing,” Dr Jain said.
He also cautioned that given the peculiar nature of this sector, it has no exit route unlike other power sectors. “Most importantly, safety is the overriding priority in this business,” he stated.
While reiterating the utmost value accorded to safety, GR Srinivasan, advisor (nuclear power business), GMR Energy Ltd & chairman, utilities sub group, underlined the importance of reliability as well as viability. “The time element is equally significant in this context,” he said.
The report also emphasises on gradual development of indigenous core competencies in this sector alongside significant technological inputs from foreign players. “While we have suggested opening up of FDI within the policy framework of the Department of the Industrial Policy & Promotion, we strongly believe that the supply chain will have to be localised,” said Dr Jain.