New Delhi [India], May 3 (ANI): India's plan to reach an ambitious 100 gigawatts (GW) nuclear power capacity by 2047 may require a concerted effort to overcome existing challenges and implement strategic reforms in the nuclear sector, says a report by SBICAPS.

India's plan to produce 100GW of nuclear power capacity by 2047 aligns with the target to achieve a net-zero emissions target by 2070.

The report outlines several key strategies and reforms that are crucial for India to successfully expand its nuclear power capacity.

One of the critical areas being, reducing the time taken for nuclear plant construction.

It also notes that Indian projects currently take around 10 years to complete, significantly longer than the global best of approximately 6 years.

The report suggests attracting greater foreign investment which would include allowing 49 per cent Foreign Direct Investment (FDI) in nuclear power generation sector to facilitate increased capital inflows.

Additionally 'diversifying fuel sources via international agreements and accelerating the transition to Stages 2 and 3 of India's nuclear program are essential to address the nation's limited uranium reserves,' the report said.

The report, highlights that the India's installed nuclear capacity is around 8 GW, with an additional 7 GW under construction and target is to achieve the 100GW in the next two decades. The report emphasizes the need for a significant acceleration in the pace of nuclear development.

Achieving the 100 GW target within the next two decades will overcoming potential hurdles and for that 'the Government has initiated the Nuclear Energy Mission, allocating Rs 200 billion towards R&D and the deployment of at least five Bharat Small Modular Reactors (BSMRs) as announced in the Union Budget.'

The BSR program will enable private sector development of Pressurized Heavy Water Reactor (PHWR) reactors for dedicated captive utilisation.

The report from the Indian bank points towards China as leading this revival, with a substantial 30 GW of nuclear reactor capacity under development. While India and Turkey are also showing increasing interest in expanding their nuclear capabilities, Europe maintains a more cautious stance.

Meanwhile, SBICAPS's report underscores the significant financial and strategic implications of India's ambitious nuclear energy goals.

Earlier in March, Indian Union minister Jitendra Singh also emphasized that Nuclear Energy is critical for India's net zero goal. With a roadmap now being formulated in consultation with stakeholders, the Minister affirmed that while challenges exist, achieving the 100 GW target by 2047 is both ambitious and achievable. (ANI)