Government may hike share in nuclear insurance pool

MUMBAI: The central government may hike its contribution to the nuclear insurance pool, Union Minister Jitendra Singh today said.

Earlier the government had promised to contribute Rs 750 crore to the Rs 1,500 crore nuclear insurance pool, which was officially launched on April 1.

"We are reasonably self sufficient when it comes to the nuclear insurance pool. However, let me add here that with the passage of time, government's input will also increase," said Minister of State for Atomic Energy (Independent Charge) Jitendra Singh said.

While all the four state-owned non-life insurers and the country's sole reinsurer GIC Re have committed to contributing Rs 750 crore to the pool, private sector non-life insurers have so far committed to contribute Rs 100 crore to the pool.

Besides, GIC Re has appointed a consultant for its plans to issue bonds for the same and the consultant is likely to submit its report within a couple of months from now.

Replying to a query, Singh said, "We are now progressing like any other developed country in the world when it comes to setting up nuclear plants since we get young researchers from outside the country to learn from our experience".

The country is in talks with a number of other nations to set up nuclear plants, though no agreement has been reached so far, he said.

"We have already exchanged technical notes with a number of countries to set nuclear plants. However, we are yet to sign any such agreement," he said.