India has announced major initiatives for the development of nuclear energy including plans to bring in the private sector to help major state corporations develop indigenous small modular reactor technology.

Finance minister Nirmala Sitharaman said the SMR initiative would involve a joint venture between state power company National Thermal Power Corporation and state power generation equipment manufacturer Bharat Heavy Electricals Limited.

Sitharaman said the government plans to partner with the private sector to establish a company called Bharat Small Reactors and conduct research and development on SMRs and newer nuclear technologies.

Sitharaman announced the plans as part of the 2024 union budget on 23 July.