Centre sets up Rs 1,500 crore nuclear insurance pool
Modi’s vision of tripling energy generation from the nuclear sector in next five yrs
By : DC Correspondent
Update: 2015-06-14 02:22 GMT
New Delhi: In a bid to give a fillip to Prime Minister Narendra Modi’s vision of tripling energy generation from the nuclear sector in the next five years, the government has launched an insurance pool of Rs 1,500 crore, which is mandatory under the Civil Liability for Nuclear Damage Act (CLND).
Noting that several projects, such as the long-pending Gorakhpur Haryana Anu Vidyut Pariyojna (GHAVP), held up in the absence of the insurance pool, are now expected to move forward after the setting up of the pool, minister of state in the department of atomic energy Jitendra Singh said announcing the scheme, which is expected to offset the financial burden of foreign nuclear suppliers.
R.K. Sinha, secretary in the department of atomic energy, said this would be a solution for suppliers’ concerns about liability arising from nuclear risk. Under the Rs 1,500-crore pool the policies offered will be a nuclear operators’ liability insurance policy and a nuclear suppliers’ special contingency insurance policy.