India launches Rs 1,500 crore insurance pool for nuclear liability
The government has finally launched an insurance pool of Rs. 1,500 crore, a mandatory requirement under the Civil Liability for Nuclear Damage Act by filling in the gap of Rs 500 crore through the British Nuclear Insurance Pool.
Several held up projects such as the long-pending Gorakhpur Haryana Anu Vidyut Pariyojna (GHAVP) are now expected to move forward after setting up of the insurance pool.
Clauses in the CLND Act, which give the operator the Right to Recourse and allow it to sue the suppliers in case of any accident, were seen as being a major hindrance to the growth of the nuclear industry. These concerns led to the formation of the Indian nuclear insurance pool.
RK Sinha, Secretary in the Department of Atomic Energy, said this would be a solution for suppliers’ concerns about liability from nuclear risks.
India’s stated requirement that no inspector will be allowed to inspect our plants will be fully met, said union minister of state (Independent Charge) Atomic Energy and Space, Dr Jitendra Singh.
He assured that the government is not contemplating any alterations in the Nuclear Liability Act (passed in 2010 during UPA-II tenure) in any manner.