The Indian nuclear liability law differs from the laws in other countries because it was drawn much later. After India evaluated its very first atomic weapon in 1974, the US produced nuclear technology/materials control programs to lock India out of nuclear commerce. Countries such as Japan and Germany constructed their reactors because period, at a time when risks of nuclear disasters were not so well comprehended. India was never ever a part of this commerce and had no requirement for such a law. This control routine changed after the 2005 India-US Civil Nuclear Agreement which opened worldwide nuclear commerce to India.
Post this contract, the Indian government offered an in-principle approval for setting up six nuclear reactors each at 2 websites in cooperation with United States firms Westinghouse and GE-Hitachi. At this phase, India needed a law governing nuclear commerce which was prepared remembering India s experience, consisting of Bhopal, and for this reason the liability stipulation.
While the US remains to speak up against the Indian law on nuclear liability, it remains to put companies with multibillion dollar fines. British Petroleum has actually paid penalties of over $20 billion following the oil spill in Gulf of Mexico in 2010. Bank of America has paid charges of $16.65 billion for its function in the sub-prime crisis. HSBC paid a charge of $1.9 billion for handling Iran, Sudan, Libya, Cuba and Burma countries under US sanctions. Indian drug maker Ranbaxy paid a fine of $500 million for falsifying information and not following appropriate manufacturing practices.
Westinghouse is currently constructing its brand-new design the AP1000, which it also desires to sell to India at a location in the United States at an expense of $7.43 million (Rs 49 crore) per megawatt. Against this, the cost of the Russian developed reactors presently under construction at Kudankulam in India is Rs 20 crore per megawatt.