FM backs energy transition via EVs, nuclear mission & critical minerals

Finance Minister Nirmala Sitharaman on Saturday announced a Rs 20,000-crore nuclear mission and duty exemptions for crucial minerals and capital goods for electric vehicles to step up energy transition.

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NEW DELHI:

Boosting nuclear energy at this time is important as it can replace coal as the base load for the power sector in India.

Presenting her eighth straight budget in the Lok Sabha on Saturday, the minister announced the Nuclear Energy Mission for Viksit Bharat for development of at least 100 GW of nuclear energy by 2047.

She said that the mission is essential for energy transition efforts. For an active partnership with the private sector towards this goal, amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act will be taken up, she informed the House.

A Nuclear Energy Mission for research & development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore will be set up.

At least five indigenously developed SMRs will be operationalized by 2033.

About the critical minerals, Sitharaman said in the July 2024 Budget, she had fully exempted Basic Customs Duty on 25 critical minerals that are not domestically available.