Prime Minister Narendra Modi, in his Independence Day address from the Red Fort, urged India to become self-reliant in energy and critical minerals, citing the high opportunity cost of petroleum imports. He also announced plans to increase nuclear generation capacity tenfold by 2047 and opened the nuclear sector to private participation.

Modi stressed the heavy burden of energy imports, noting that India spent Rs 11.4 trillion ($137 billion) on crude oil in 2024-25, Rs 2 trillion ($24 billion) on petroleum products, and Rs 1.2 trillion ($15 billion) on liquefied natural gas. Together, these accounted for 22.3 per cent of India’s total imports, only slightly lower than 23 per cent the previous year. “If we weren’t dependent, that money could have been used for India’s future, its farmers, and to fight poverty,” he said.

The Prime Minister highlighted the strategic importance of critical minerals, underpinning technologies across energy, industry, and defence. He pointed to the National Critical Mineral Mission (NCMM), with exploration underway at more than 1,200 sites. The Ministry of Mines has auctioned 24 critical mineral blocks so far and aims to auction 100 by 2030, supported by a new Project Monitoring Unit to expedite clearances. India is also acquiring mineral blocks overseas, with recent amendments to the Mines and Minerals Act allowing the National Mineral Exploration Trust to fund foreign exploration.

On nuclear energy, Modi said 10 reactors are currently in operation and reiterated the government’s plan to expand installed nuclear capacity tenfold by 2047. India’s current nuclear capacity stands at about 8.8 GW, just under 2 per cent of its total electricity capacity. He emphasised reforms to bring in private players, including a Budget proposal for Bharat Small Reactors (BSRs) to be built with private financing and operated by the Nuclear Power Corporation of India (NPCIL). Full-scale private participation, however, will require amendments to the Atomic Energy Act and Civil Liability for Nuclear Damage Act, which are under review.

Modi also highlighted India’s progress on clean energy, noting that non-fossil fuel sources now account for 50 per cent of installed power capacity — a milestone achieved five years ahead of target, compared to just 30 per cent in 2015. Nuclear, hydro, solar, and wind projects have driven this growth, placing India firmly on track to meet its climate goals.