Union Budget 2024 Highlights: FM Nirmala Sitharaman On development Of Nuclear Reactors

Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 today, following the release of the Economic Survey. The budget is unveiled in Parliament at 11 a.m., marking the first budget of Prime Minister Narendra Modi’s third term.

Focus on Nuclear Energy Development

Sitharaman announces a new initiative for the development of small and modular nuclear reactors in India. The government will collaborate with the private sector to establish Bharat Small Reactors and advance research on new nuclear technologies. This partnership aims to enhance the country’s nuclear energy capabilities.

Strengthening Insolvency and Bankruptcy Code

To improve outcomes under the Insolvency and Bankruptcy Code, an integrated technology platform will be established. Additionally, debt recovery tribunals will be fortified, and new tribunals will be set up to expedite the recovery process.

Major Investment in Infrastructure

The Finance Minister reveals a significant allocation of over ₹11 lakh crore for capital expenditure on infrastructure projects. This investment, representing 3.4% of the GDP, is set to bolster infrastructure development. The government plans to encourage private sector investment through viability gap funding and supportive policies.

New Thermal Power Plant Project

A joint venture between NTPC and BHEL will establish a 100 MW commercial thermal power plant utilizing advanced ultra-supercritical (AUSC) technology. This initiative aims to enhance energy efficiency and support the country’s power needs.

The budget outlines a comprehensive strategy for advancing nuclear energy, improving debt recovery processes, and significantly investing in infrastructure, reflecting a commitment to sustainable and robust economic development.

Also read: Budget 2024 Live Updates: Nirmala Sitharaman Set to Present Budget with Focus on Job Creation and Tax Rate Cuts