Budget 2024: Emphasis on self-reliance for energy security, small and modular nuclear power plants will be installed in the country

One big requirement for developed India is energy security, but energy security does not want to be dependent on conventional sources of energy. It has already done much about solar, and wind energy; now the focus comes back to areas like nuclear energy and pumped storage where India is seeing a lot of potential. While presenting the General Budget 2024-25, the Union Finance Minister, Smt. Nirmala Sitharaman placed energy security at the top of the nine important priorities of this Budget.

He has announced his intention to prepare a policy document regarding energy transition in the country, elaborating how the importance of non-conventional energy sources is ultimately going to replace conventional energy in the Indian economy. This document will also offer ways to resolve difficulties regarding jobs, development, and environmental problems in the energy sector. The Finance Minister has reduced import duty on several products like nickel, cobalt, copper, and lithium in the budget proposal. These products basically go into equipment used under nuclear energy, solar energy, and other connected sectors.

With imports becoming cheaper, it will be easier to manufacture them in India. The Finance Minister said that customs duty on 25 essential metals used in sectors like nuclear energy, renewable energy, space, and defense has been completely abolished. While basic import duty (BCD) has been reduced on two products. However, this step will also benefit electric vehicle manufacturing companies and the battery manufacturing sector. In recent years, some countries have succeeded in setting up small nuclear power plants. The Finance Minister has talked about establishing Bharat Small Reactor in the country and partnering with the private sector for research.

The Centre will provide funds for research in this sector. The Finance Minister has said that India has developed indigenous technology for building a very efficient ultra-supercritical thermal power plant. For the first time, under this, a plant of 800 MW capacity will be set up jointly by the government sector NTPC and BHEL. The necessary funds for this will be arranged by the government. These will be power plants made entirely from Indian products and technology, which despite being coal-based, cause very little damage to the environment.