Washington/Hyderabad, Feb 14 (Maxim News): Prime Minister Narendra Modi and US President Donald Trump have agreed to move forward on building US-designed nuclear reactors in India as part of the India-US civil nuclear deal signed 16 years ago.
During their meeting at the White House on Thursday, both leaders discussed ways to boost energy cooperation between the two countries. The civil nuclear agreement has played an important role in strengthening India’s relationship with the US, especially in the high technology and defense sectors.
“Both leaders are committed to fully implementing the US-India 123 Civil Nuclear Agreement by working together to build US-designed nuclear reactors in India, focusing on local production and possible technology transfer,” said a joint statement.
India to Change Nuclear Laws for Easier Collaboration
To move this project forward, Finance Minister Nirmala Sitharaman announced in the Union Budget (Feb 1) that the government will amend India’s nuclear liability law and the Atomic Energy Act.
Right now, India’s Civil Liability for Nuclear Damage Act (CLNDA), 2010 has certain rules that make it difficult for foreign companies to invest in nuclear projects. Both India and the US welcomed the decision to amend these laws, as it will help clear hurdles in nuclear cooperation.
The statement also mentioned that India and the US will create a framework to resolve liability issues and encourage collaboration between Indian and American companies in nuclear power projects.
Currently, India’s Atomic Energy Act of 1962 does not allow private companies to invest in nuclear power plants. The proposed amendment aims to remove this restriction, allowing more private investment in the sector.
This agreement is a major step forward for India-US energy cooperation, paving the way for advanced nuclear technology and stronger business ties between the two nations. (Maxim News)
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