Govt considering amendments to Atomic Energy Act, nuclear liability law
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
Government is considering amendments to the laws governing the nuclear power domain, including the sectoral regulator, to allow participation of private sector as India eyes to produce 100 GW atomic energy by 2047. Government sources said amendments were being considered to the Atomic Energy Act to allow private sector participation and the Civil Liability for Nuclear Damage Act to limit the liability on suppliers of equipment to build atomic energy plants.The government is also considering regulatory reforms and is evaluating the model of Indian National Space Promotion and Authorization Center (INSPACe) which acts as the promoter and regulator for the space sector that was opened up for private participation in 2020.Finance Minister Nirmala Sitharaman announced opening up of the nuclear power sector which has been restricted to public sector companies. The Nuclear Power Corporation of India Limited operates atomic power plants across the country that contribute 8.7 GWe to the country's energy mix.Sitharaman also announced the Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore and to operationalise five indigenously developed SMRs by 2033.The Department of Atomic Energy officials has recently said that the Nuclear Energy Mission aims to leverage private sector participation, streamline regulatory frameworks, and scale up nuclear power production to meet India's increasing energy demands.Foreign nuclear power firms had evinced interest in setting up atomic power plants in India after it secured a waiver from the Nuclear Suppliers Group to engage in global nuclear trade. The NSG waiver came after the landmark India-US civil nuclear deal of 2008.However, the Civil Liability for Nuclear Damage Act of 2010 proved to be an impediment for private sector participation. The private sector termed certain provisions of the law were unacceptable and contradicted the international Convention for Supplementary Compensation for Nuclear Damage (CSC).The government expects the private sector to pitch in with investments to achieve the target of producing 100 GWe nuclear power by 2047.The officials said that around 50 per cent of the 100 GW target is expected to come from Public-Private Partnerships (PPP).A parliamentary panel has also recommended establishing a robust financial model that includes government incentives, Viability Gap Funding (VGF), and sovereign guarantees to attract both domestic and foreign investments.The Committee had suggested that expediting legislative amendments to the Atomic Energy Act and Civil Liability for Nuclear Damage Act to encourage private investment in nuclear power generation.India plans to set up private sector SMRs of 220 MW Bharat Small Reactors (BSR) for captive use. NPCIL had recently invited Request for Proposals from Indian industries for setting up 220 MW BSRs for captive use.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
38 minutes ago
- Time of India
Bag with Rs 20 lakh cash in it lifted from accountant's SUV parked outside mall in Chhatrapati Sambhajinagar
Chhatrapati Sambhajinagar: Unidentified motorcycle-borne thieves stole a cash-filled bag containing Rs 20 lakh from an SUV parked outside a mall in Chhatrapati Sambhajinagar on Thursday, between 6pm and 6.15pm, police said. Tired of too many ads? go ad free now The incident was officially reported to the City Chowk police on Saturday evening, two days after it occurred. Varhalbabu Kurpurole, a 27-year-old accountant with an engineering firm, filed the police complaint. He said the cash was intended for delivery to the company's Jalna office based on instructions from their Hyderabad-based project coordinator. Kurpurole, a native of Anakapalli district in Andhra Pradesh, was residing at the company's guest house in Sawangi at the time. The FIR says the stolen bag contained Rs 15.5 lakh in Rs 500 denomination notes (3,100 notes), Rs 4 lakh in Rs 100 notes (4,000 notes), and Rs 50,000 in Rs 50 notes (1,000 notes). Additionally, the bag held crucial documents, including Kurpurole's Aadhaar card, PAN card, debit and credit cards from three different banks, two pen drives, the company's ID card, and keys to the office locker. Kurpurole told the police that he placed the bag inside the company's SUV before leaving for Jalna. On the way, he stopped near the mall for snacks with a colleague. They parked the vehicle but left the door unlocked. Upon returning, they discovered the bag was missing. A local street vendor later informed them that two men on a motorcycle had come near the vehicle in their absence. Following the complaint and a preliminary inquiry, City Chowk police registered a case under sections 303(2) and 3(5) of the Bharatiya Nyaya Sanhita against unidentified accused. Tired of too many ads? go ad free now Senior inspector Nirmala Pardeshi is investigating the case. Chhatrapati Sambhajinagar: Unidentified motorcycle-borne thieves stole a cash-filled bag containing Rs 20 lakh from an SUV parked outside a mall in Chhatrapati Sambhajinagar on Thursday, between 6pm and 6.15pm, police said. The incident was officially reported to the City Chowk police on Saturday evening, two days after it occurred. Varhalbabu Kurpurole, a 27-year-old accountant with an engineering firm, filed the police complaint. He said the cash was intended for delivery to the company's Jalna office based on instructions from their Hyderabad-based project coordinator. Kurpurole, a native of Anakapalli district in Andhra Pradesh, was residing at the company's guest house in Sawangi at the time. The FIR says the stolen bag contained Rs 15.5 lakh in Rs 500 denomination notes (3,100 notes), Rs 4 lakh in Rs 100 notes (4,000 notes), and Rs 50,000 in Rs 50 notes (1,000 notes). Additionally, the bag held crucial documents, including Kurpurole's Aadhaar card, PAN card, debit and credit cards from three different banks, two pen drives, the company's ID card, and keys to the office locker. Kurpurole told the police that he placed the bag inside the company's SUV before leaving for Jalna. On the way, he stopped near the mall for snacks with a colleague. They parked the vehicle but left the door unlocked. Upon returning, they discovered the bag was missing. A local street vendor later informed them that two men on a motorcycle had come near the vehicle in their absence. Following the complaint and a preliminary inquiry, City Chowk police registered a case under sections 303(2) and 3(5) of the Bharatiya Nyaya Sanhita against unidentified accused. Senior inspector Nirmala Pardeshi is investigating the case.
India Today
40 minutes ago
- India Today
Court restores Rs 952 crore Vadraj Cement assets in money laundering case
A Special Court under the Prevention of Money Laundering Act (PMLA), Mumbai, has allowed the restoration of immovable properties worth Rs 952 crore belonging to Vadraj Cement Limited (formerly ABG Cement Ltd.) to its rightful claimants in the IL&FS money laundering properties, including the company's Surat Cement Plant, had been provisionally attached by the Directorate of Enforcement (ED) on January 21, 2020, after an investigation revealed fraudulent loans worth Rs 952 crore availed from IL&FS Financial Services Ltd. (IFIN). The Adjudicating Authority confirmed the attachment on August 5, National Bank led the list of lenders to Vadraj Cement, with an admitted claim of Rs 2,122 crore. Other major creditors included Union Bank (Rs 1,620 crore), Indian Overseas Bank (Rs 1,419 crore), Central Bank of India (Rs 1,391 crore), and JC Flower ARC (Rs 677 crore). The ED had initiated an investigation under PMLA against IL&FS and its group companies for generating and laundering proceeds of crime (POC). During the probe, authorities found that Vadraj Cement fraudulently obtained loans and classified them as Special Court passed the restoration order on June 25, 2025, after Nuvoco Vistas Corporation Ltd.—a Nirma Group subsidiary and the successful resolution applicant under the Insolvency and Bankruptcy Code (IBC)—sought restoration of the property. The National Company Law Tribunal (NCLT), Mumbai, approved Nuvoco's resolution plan on April 1, 2025. As part of the plan, Nuvoco will pay Rs 1,706 crore to Vadraj's financial continuation of the Directorate of Enforcement's (ED) ongoing efforts for restitution of properties to their rightful owners and in order to put the productive assets to use, enabling financial institutions to monetise the assets attached or seized/secured by ED, a concerted effort was put by ED in the IL&FS case,' the agency said in a statement. 'Assets worth Rs 952 Crore were restituted / restored to the rightful claimant, by the Hon'ble Special Court (PMLA), Mumbai vide order dated 25.06.2025, after the NOC issued by the ED in this regard.'Considering PMLA's objective to return the POC to legitimate claimants, the ED submitted a no-objection before the court. The Hon'ble Additional Session Judge passed the restoration order in PMLA Special Case No. 6/2019 under Sections 8(8) and 8(7) of PMLA and Rule 3A of the PML (Restoration of Property) Rules, court directed the applicant to provide an undertaking to return or restore the property or its value as may be ordered in future. It also instructed the ED to prepare a detailed inventory of the property before handing over possession.- Ends IN THIS STORY#Mumbai
Time of India
an hour ago
- Time of India
Kochi's IT future brightens with mulitple infra projects
Kochi: With several major IT infrastructure projects in the pipeline — including a new project by a private group in Infopark Phase II and the newly inaugurated IT Twin Towers in SmartCity — hopes for Kochi's IT sector are being rekindled. Chief minister Pinarayi Vijayan, while inaugurating the Lulu IT Twin Towers on the SmartCity campus on Saturday, announced that the Lulu Group will also set up a new IT tower in Infopark Phase II, Kakkanad. The Rs 500-crore project will come up on 3.5 acres near the Brahmapuram bridge and offer 9.5 lakh square feet of built-up space. The tower is expected to generate at least 7,500 jobs, and the state govt has pledged full support for the venture. Recently, UST Global has started construction of its new campus on 8.5 acres in Infopark Phase II, which is projected to provide direct employment to around 5,000 IT and ITeS professionals. The Lulu Twin Towers itself is expected to create approximately 30,000 jobs. Following the state cabinet's approval of TECOM's exit from the SmartCity project in Dec 2024, there are renewed hopes of integrating the 246-acre SmartCity campus with Infopark Phase I. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo A special committee submitted its recommendations in Dec, but a final govt decision is still awaited. The launch of the Twin Towers is expected to give a revitalize the long-stalled SmartCity development. Further boosting the region's IT ecosystem, industries minister P Rajeeve recently laid the foundation stone for Geojit's IT park in Infopark Phase II. The 16-storey, 1.3 lakh square foot building is scheduled for completion within two years. Additional projects include the World Trade Centre Tower III in Infopark Phase I, a 37-acre TCS campus in Kinfra Park and V-Guard's upcoming IT park, which is nearing completion. Prestige Group's Phase II project is also under consideration in SmartCity, and Infopark's extension campus at the South Metro station is expected to begin operations soon. These developments are set to increase the current IT workforce in Infopark, SmartCity, and nearby campuses from 1 lakh to an estimated 1.5 lakh. Meanwhile, Infopark authorities are awaiting final govt clearance for a proposed third campus spanning 500 acres in Kunnathunadu panchayat. The plan, jointly initiated by Infopark and the GCDA using a land pooling model, is pending approval.
