Building on SHANTI Act, govt powers nuclear sector with zero customs duty, Pg6

Key Highlights:

• The government has exempted customs duty on imports for Nuclear Power Projects until 2035.
• The exemption expands to all nuclear plants, regardless of capacity, following the SHANTI Act.
• India aims to increase its nuclear capacity to 100 GW by 2047, a significant rise from the current 8.8 GW.
• Customs duty on monazite has been reduced to nil from 2.5%.

Detailed Insights:

• The SHANTI Act facilitates private sector involvement in India's nuclear energy sector by removing legal and regulatory obstacles.
• The National Electricity Policy indicates a shift towards nuclear power as a substitute for thermal power.
• The custom duty exemption may encourage more Light Water Reactor projects, such as those in Kudankulam.
• Monazite, found in beach sand, contains rare earth elements and thorium, and its duty reduction aims to boost related industries.

Key Concepts Involved:

• SHANTI Act: Legislation promoting private participation in India's nuclear sector.
• Nuclear Power: Electricity generated from nuclear reactions, offering a low-carbon energy source.
• Monazite: A phosphate mineral containing rare earth elements and thorium.