An Indian-American entrepreneur has pitched for fast track mini nuclear reactors, saying they are economical and could be constructed within two years. Negotiations on mega nuclear power plants with US companies Westinghouse and General Electric are either in doldrums or moving at snail`s pace. The new generation Small Nuclear Reactor uses light water technology to produce 160 MW and is the future of nuclear energy reactor because of its unconditional safety and economy, according to Kris Singh, founder and CEO of New Jersey-based SMR LLC and Holtec International. New Jersey Governor Chris Christies inaugurated a multi million dollar manufacturing facility last month in Camden. The state government had awarded a $260 million and land to develop an SMR construction facility.Singh, who came to the United States more than four decades ago and has multiple patents to his name, said the new SMR reactors require only few acres of land. And because it is air cooled, it can be put in a desert, unlike the traditional reactors which requires huge amount of water for cooling purposes. Constructing each of these small nuclear reactors costs $1 billion. But if made in India, the cost could be far less, he said. The Indian labour is cheaper...so the construction cost would be less. You should reasonably expect between 20 to 30 per cent reduction in cost as we go forward.