CNBC's Inside India newsletter: How Modi's trip to the U.S. and France could help India grow its nuclear ambitions

India set aside $2.3 billion in the federal budget to promote nuclear power generation in India .

The government says it will build five modular reactors in under a decade using the funds, helping it reach its self-imposed 100 -gigawatt nuclear energy target by 2047 .

Small modular reactors, that produce under 300 megawatts of electricity, have been touted as the answer to several challenges the nuclear industry faces.

India has about 6.5 gigawatts worth of reactors currently under construction that are extensions to existing nuclear power plants, which require fewer permissions.

Nuclear scares of the past, including the Fukushima nuclear disaster of 2011 , have repeatedly been used by locals to protest against having plants built in their backyard.

India has previously built reactors within five years simply by replicating known technologies on existing plant sizes.

Budget freed up savings in India for investing in equities, says Feroze Azeez , deputy CIO of Anand Rathi Wealth .

Around 90% of savings in a year go into non-equity assets like debt, insurance or real estate, says Azeez.