As India pushes for its energy future, unlocking the potential of critical minerals will be vital not only for clean energy but also for India’s ambition of self-reliance, with uranium emerging as a key focus. At the Indo-American Chamber of Commerce (IACC) 3rd Energy Summit, R. Srikanth, Dean of the School of Natural Sciences & Engineering, explained that nuclear power holds a unique place in this mission.
Private Sector Needs New Laws for Nuclear
“For the private sector to come in, we need actually the two acts to be totally recast into a new act which permits the private sector to mine uranium, to process uranium, to set up nuclear power plants, and operate nuclear power plants,” he said in an interview with ANI. Srikanth stressed that current laws, particularly the Atomic Energy Act and the Liability Act, prevent such participation.
He pointed out that India, now the third largest emitter of carbon dioxide globally, must quickly ramp up nuclear power capacity, something not possible without private sector involvement.
“Nuclear power is basically very critical to counter climate change. Really speaking, there is no other source of power which can supply electricity on a 24/7 basis and is also basically free from CO2 emissions,” he said.
Recognize Uranium as a Critical Mineral Now
He urged that uranium be recognized as a critical mineral, similar to how it is treated in the United States. “We are highly import dependent on that. And this is going to continue for a long time in the future,” Srikanth observed.
According to him, India has reserves, but manufacturing has deteriorated due to monopoly and misapprehensions. He claimed that Indo-U.S. partnership and private sector entry into uranium mining would support unlock reserves and attract technology required for better recovery of critical minerals like uranium, lithium, and cobalt.
Transformations and partnerships are crucial for India’s energy security. Nuclear energy can help India address the energy challenges it will face as it progresses toward becoming a developed nation. (Inputs from ANI)
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Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
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