Roadmap for Answer Writing Introduction Definition of Capital Formation Explain capital formation and its significance in economic development. Role of Savings Introduce the concept of savings as a crucial driver of investment and economic growth in India. Body The Importance of Savings Contribution to Economic Development Discuss how India’s ...
Model Answer Introduction Since the 1950s, nuclear power has emerged as a substantial source of low-carbon energy, contributing to 10% of global electricity through approximately 440 reactors. India, as the world's second-most populous nation and third-largest energy consumer, faces increasing energRead more
Model Answer
Introduction
Since the 1950s, nuclear power has emerged as a substantial source of low-carbon energy, contributing to 10% of global electricity through approximately 440 reactors. India, as the world’s second-most populous nation and third-largest energy consumer, faces increasing energy demands driven by rapid economic growth and urbanization. A diverse energy mix that includes nuclear power is essential for sustaining this growth.
Benefits of Expanding Nuclear Energy
High Energy Potential
Nuclear power plants, such as the Kudankulam Nuclear Power Plant (KNPP), can generate significant energy from relatively small infrastructure. Currently, KNPP has two operational units with a total capacity of 2,000 MW. The expansion plans include units three and four, expected to be operational by 2024, eventually increasing the total capacity to 6,000 MW by 2027, making it India’s largest nuclear facility.
Low Greenhouse Gas Emissions
Nuclear energy is a low-carbon technology, contributing only 5% to India’s total greenhouse gas emissions in 2019 while generating 3.1% of the country’s electricity. This positions nuclear power as a crucial player in climate change mitigation.
Energy Security
India’s nuclear program, particularly its focus on utilizing domestic thorium reserves, enhances energy security. The three-stage nuclear power program is designed to leverage these resources effectively.
Concerns Associated with Nuclear Energy
Regulatory and Policy Hurdles
The Atomic Energy Regulatory Board (AERB) has faced criticism for its limited autonomy, raising concerns about safety and oversight in the nuclear sector.
Risk of Nuclear Accidents
Historical disasters, such as Chernobyl and Fukushima, highlight the catastrophic risks associated with nuclear energy, contributing to public fear and resistance.
High Initial Costs
The substantial investment required for nuclear projects, along with lengthy construction timelines, can deter development, as seen with the Kakrapar Atomic Power Station unit-3.
Nuclear Waste Management
The long-term management of radioactive waste remains unresolved, posing a significant challenge to the nuclear energy agenda.
Public Acceptance
Widespread apprehension regarding nuclear safety and waste disposal complicates efforts to gain public support for new projects.
Conclusion
While expanding nuclear energy presents significant opportunities for India to meet its energy needs and climate objectives, it also involves considerable risks and challenges. A balanced approach that emphasizes safety, regulatory diligence, and public engagement is essential for the sustainable development of nuclear energy in India.
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Model Answer Introduction Capital formation, which encompasses the accumulation of physical assets like buildings and machinery, is crucial for driving economic development. A significant aspect of capital formation is investment, which can originate from domestic savings or foreign funding. In IndiRead more
Model Answer
Introduction
Capital formation, which encompasses the accumulation of physical assets like buildings and machinery, is crucial for driving economic development. A significant aspect of capital formation is investment, which can originate from domestic savings or foreign funding. In India, the savings rate plays a vital role in facilitating investment and economic growth.
The Importance of Savings
India’s savings rate has contributed substantially to its economic development since the 1960s and 70s, typically hovering around 33% of GDP. This high savings rate enables the transfer of funds from households to businesses, fostering increased output and expansion. However, while savings are essential, they alone do not ensure capital formation or growth.
Other Factors Influencing Growth Potential
Conclusion
While India’s savings rate is a vital component of its growth potential, it is not the sole factor. To fully harness its demographic dividend, India must focus on improving infrastructure, facilitating business operations, enhancing human resources, embracing technology, and fostering stable social and political environments. These combined efforts will create a conducive atmosphere for sustainable economic growth.
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