This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise.

India and France on Wednesday expressed an intent to jointly develop modern nuclear reactors, emphasising that nuclear power was crucial for energy security and transition to a low-carbon economy.

India and France plan to work together on developing small modular nuclear reactors, India's foreign ministry said after Prime Minister Narendra Modi's visit to the country. Modi and French President Emmanuel Macron emphasised the importance of nuclear energy for "strengthening energy security" and transitioning towards a "low-carbon economy".

In a significant decision concerning civil nuclear energy cooperation, India and France have concluded a declaration of intent on collaboration in co-designing, co-developing and co-producing small modular reactors (SMRs) and Advanced Modular Reactors (AMRs).