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India: To catch the Nuclear Bus

The Prime Minister of India, Manmohan Singh, is being very smart regarding his country's nuclear power program.

India Being Very Smart About Nuclear Power

Today he said:

'There is today talk ... of a nuclear renaissance. We cannot afford to miss the bus or lag behind these global developments. India is now too important a country to remain outside the mainstream in nuclear power growth,'

The Prime Minister also added that India would be capable of doubling its nuclear power generation target with co-operation from other nations. He did not say that India could double its nuclear power generation, but double the target which is already an ambitious one, which aims to increase generation to 40,000MW by 2030. So if the target is 40,000MW, then the PM is saying that nuclear generation could reach 80,000MW. Currently, nuclear power plants in India can produce 3779 Mwe, this is a massive increase in nuclear power, and therefore demand for uranium.

Prime Minister Manmohan Singh has hit the nail on the head when he talks of “missing the bus”. The world is moving towards nuclear power, and India wants to be ahead of the game. If they fall behind and miss the bus, they might not be able to find the uranium to fuel new nuclear power plants or may see the construction of nuclear power plants severely delayed if large nuclear contractors such as Areva are busy building plants for other countries. By signing deals with Westinghouse Electric and getting the ball rolling in the Indian nuclear industry, India will reap huge benefits in years to come. Whilst everyone else is scrambling over the last drop of oil, or frantically rushing to build nuclear power plants, India will already be well on the way with their nuclear program, reducing reliance on foreign fossil fuels and allowing the economy to grow unhampered. Manmohan Singh knows that power is essential to keep the Indian economy growing and he knows nuclear power is the way to secure the economic future of India.

There are currently 439 nuclear reactors operating in the world, using up 66,529 tonnes of uranium a year. Add to that the 34 nuclear reactors that are under construction and the 81 reactors that are on order or planned, plus the many hundreds of nuclear plants that are needed and not yet announced, and the fundamentals for uranium are superb. Do not be deterred by this recent correction in the uranium price and stocks. The uranium bull market is far from over and this correction is a great time to buy some more uranium stocks. Stay updated on which uranium stocks could be good buys and what is happening in the uranium market by subscribing to the FREE Uranium Stocks Newsletter.

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