India, Australia Seal Landmark Uranium Deal, Boost Defence and Strategic Ties

Melbourne: Prime Minister Narendra Modi, who arrived in Australia after his visit to Indonesia, received a warm welcome. During his visit, he signed a significant agreement with Australia regarding uranium supplies. This agreement is being considered a major victory for India. 

What is the deal?

India and Australia signed an energy security agreement on Thursday. This paves the way for the import of Australian uranium into India for peaceful purposes. 

Prime Minister Narendra Modi said this important agreement will strengthen India's clean energy goals and deepen mutual cooperation in the energy sector. Announcing the agreement with Australian Prime Minister Anthony Albanese at the Annual Leaders Summit, PM Modi said the two countries have concluded a significant agreement in the nuclear field.

This is being hailed as a major step forward for India's energy ambitions. India has a huge demand for electricity due to its population. Australia, meanwhile, has known uranium reserves that it doesn't utilize. However, numerous legal hurdles and political sensitivities have prevented the business from taking off. 

What the PM Modi say?

The two countries also issued a joint statement, stating that under this system, uranium can be exported for long-term use only for peaceful purposes, within the safety standards set by the International Atomic Energy Agency (IAEA). 

“Through the India-Australia defence innovation corridor, we will work to connect defence startups and industries,” PM Modi said. 

“Our maritime security collaboration roadmap will give new impetus to our shared efforts in the Indo-Pacific. We will also move forward together in shipbuilding, ship repair and maintenance.”

What about Australia's uranium reserves?

Australia has 28 per cent of the world's uranium reserves. It neither uses nuclear power nor produces weapons. It exports all of its uranium. India, with a population of 1.4 billion, aims to install 100 gigawatts of nuclear power capacity by 2047, enough to power 60 million Indian homes. India has doubled its nuclear power capacity over the past decade, but its share of total electricity production is only 3 per cent, due to uranium shortages. 

What did Anthony Albanese say?

Speaking to the media, Australian PM Albanese said that this arrangement facilitates the export of Australian uranium to India, so that non-fossil fuel power capacity can be developed. 

"We have signed a significant agreement on nuclear energy today," Prime Minister Modi said after talks with his Australian counterpart, Anthony Albanese. "This will pave the way for Australia's uranium supply to India. This will accelerate our clean energy goals."