Growing India needs nuclear power: PM

DO THE DEAL: Manmohan Singh wants a new strategy to deal with India's energy demand.

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New Delhi: India can’t do without nuclear power, Prime Minister Manmohan Singh has said.

The cost of importing oil will put an “unbearable burden” on the Indian economy and nuclear energy would play an important role in addressing the country's energy needs.

"Currently, the total domestic production of oil by Indian companies is less than one-third of the consumption. As we know, oil and gas reserves in India are quite limited," Singh said at a function of the Oil and Natural Gas Commission in Delhi.

"These facts compel us to think of a new strategy to deal with the rising energy demand," the PM said, adding that nuclear and solar sources can play an important role in addressing energy security needs.

"Our government is committed to the development of nuclear energy," he said.

The Prime Minister called for economic pricing of energy. "In our country, we have excessively interfered with energy pricing. Each time our utilities have to raise rates, extraneous considerations come in."

"By energy security, we refer not merely to the assurance of the supply of energy. Real energy security implies assured supply of good quality energy at a reasonable price.

"India's energy needs, which will increase the pace of economic development, cannot be met with oil and gas for long," Singh said.

India's total oil production was less than one-third of current domestic consumption. "As we grow, our growing import bill for imported crude oil will put unbearable burden on our economy."

"These facts compel us to think of a new strategy to deal with the rising energy demand," he said calling for exploring new technology options, new financing means, identifying new sources and building bridges with new partners.

All energy resources need to be developed, Singh said. "There are many options of using alternative fuels and technologies."