Fusion Has Become an Investment Class : India Now Has to Decide What Part It Wants to Play!

Private fusion drew $4.5 billion in the last twelve months alone — more than any government’s fusion budget over the same period. India has the scientific base and now the legal opening. What it does not have is the capital.

For most of my working life, fusion was something that happened inside national laboratories. It was funded by governments, measured in decades, and defended — when it needed defending — on the grounds that the physics was worth knowing. I spent those years on ADITYA and on SST-1 at the Institute for Plasma Research, and before that at Saha Institute, on India’s first tokamak. Nobody in that world used the word “market.”

That world has changed, and the Fusion Industry Association’s 2026 survey documents the change with unusual clarity. It is worth reading carefully, and it is worth reading in India.

The FIA’s 2026 report counts 56 private fusion companies worldwide and $14.24 billion in cumulative declared funding. Of that, $4.48 billion arrived in the last twelve months alone — more than any single government’s fusion budget over the same period.

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Building on What We Have: How India’s Atomic Energy Establishment Can Launch a Private Fusion Industry

In his previous blog, Prof. Ranjan argued that America’s new fusion roadmap marks a change of posture — the state stepping back from building the first power plant and instead building the shared infrastructure that lets private companies build it. Here he asks the natural follow-up for India: not what our public institutions should build, but what they should open. A surprising share of what a private fusion industry needs already sits inside the Department of Atomic Energy.

Building on What We Have — Prof. Prabhat Ranjan

A companion essay. This piece continues an argument begun in “Build, Innovate, Grow: What America’s New Fusion Roadmap Means for India.”

In my last essay I argued that the deepest lesson of America’s new fusion roadmap is a change of posture — the state stepping back from building the first power plant, and instead building the shared infrastructure that lets private companies build it. That argument invites an obvious question for India: if our public institutions are to enable a private fusion industry, what exactly should they build?

After some months of looking closely, I think the more urgent question is what they should open. A great deal of what India needs already exists, scattered across the units of the Department of Atomic Energy. The fastest and cheapest way to accelerate fusion here is not a greenfield campaign of new institutes; it is to upgrade, repurpose, and — above all — open a defined slice of the capability the DAE has spent six decades building.

I do not write this from the outside. I carried out my own doctoral fusion research at Berkeley; spent nine years as a scientist at the Saha Institute of Nuclear Physics, where I worked on India’s first tokamak, commissioned in 1987; and later led the ADITYA tokamak at the Institute for Plasma Research, along with the operation and control group of its SST-1 superconducting tokamak. Several of the units I describe below I have worked inside, and I have watched this establishment’s plasma capability grow from a single small tokamak into a national programme. What follows is, in part, an argument that India underestimates what it already owns.

A platform, not a building

The American roadmap calls its shared infrastructure the Tritium-Blanket Development Platform — a distributed network of test stands and loops, public and private, that any developer can draw on because no single company can justify building them alone. India can assemble an equivalent almost entirely from assets it already holds. The right unit of thinking is not a new national laboratory but a platform — a coordinated set of shared user facilities, each anchored in an existing DAE unit and opened, under clear rules, to vetted private developers. Let me walk through fusion’s hardest gaps and where, in the DAE, each could be addressed.

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Mystery of Error Fields in ADITYA Tokamak(Nuclear Fusion Reactor)!

This blog talks about how in rush to complete the project, a major deviation during manufacturing of Magnet Coils was accepted that impacted the performance of the Machine throughout its life.

This blog talks about how in rush to complete the project, a major deviation during manufacturing of Magnet Coils was accepted that impacted the performance of the Machine throughout its life.

Continue reading “Mystery of Error Fields in ADITYA Tokamak(Nuclear Fusion Reactor)!”