Atomic energy dept sees marginal dip in budget allocation; customs duty cut on nuclear fuel
Pic Credit: BYJUS
New Delhi: The Department of Atomic Energy has seen a dip of Rs 40 crore in its monetary allocation in the annual Budget presented on Friday.
Finance Minister Nirmala Sitharaman on Friday also announced waving the custom duty for nuclear power and parts required for building eight indigenous atomic power plants.
In 2018-19, the DAE was allocated Rs 16,965.25 crore, which has come down to Rs 16,925.51 crore in 2019-20.
The allocation for Nuclear Power Corporation of India (NPCIL) has gone down drastically from Rs 4,665 crore in 2018-19 to Rs 3,000 crore in 2019-20. The NPCIL operates 22 nuclear power plants in the country.
To further promote domestic production, customs duty reductions have also been proposed on fuels for nuclear power plants.
Customs duty, which is presently 2.5 per cent, for all forms of uranium ores and concentrates for generation of nuclear power will be nil.
The customs duty for uranium enriched in U-235 or its compounds, plutonium and its compounds, mixtures for generation of nuclear power will also be nil. Currently, it is at 7.5 per cent.
There will be no custom duty on import of all goods required for setting up of the 10 indigenous nuclear power plants — Mahi Banswara Atomic Power project – 1 to 4, Kaiga Atomic Power project 5 and 6, Gorakhpur Atomic Power project – 3 and 4, and Chutka Atomic Power project – 1 and 2.