New Delhi: With India and the United States managing to break the gridlock at the Nuclear Suppliers Group (NSG) meeting at Vienna and securing the critical exemption from NSG guidelines that allows the Indo-US nuclear accord to move to its last stop at the US Congress for final ratification a feeling of elation is evident across industry and government circles at the historic achievement.

The achievement may be all the more remarkable if reports suggesting that the approved draft has no reference to testing, enrichment ban and pre-processing technology ban is indeed true.

Meanwhile, two leaders who have been running a marathon race with the deal, US president George W Bush and prime minister Manmohan Singh, congratulated each other on the development. The Indian prime minister has described it as a historic moment for India.

US under secretary, arms and control, John Roods, senior member of the US delegation at Vienna, echoed the Indian prime minister's sentiment and said that the outcome would only improve ties between the two countries.

In New Delhi, a statement issued today by the government warmly welcomed the outcome and hailed it as a ''recognition of India's impeccable non-proliferation credentials and its status as a state with advanced nuclear technology''.

External affairs minister Pranab Mukherjee, in a statement said that this waiver will prove important for ''both global energy security as well as to meet the challenge of climate change''.

''This is a forward-looking and momentous decision. It marks the end of India's decades long isolation from the nuclear mainstream and of the technology denial regime. It is a recognition of India's impeccable non-proliferation credentials and its status as a state with advanced nuclear technology'', said Mukherjee.

Unlocking potential
The momentous outcome has energised Indian trade and industry bodies as an eventual ratification of the deal by the US Congress could see the country attracting as much as $40 billion in foreign investment over the next 10-15 years. This, primarily because the private sector may be allowed to enter the nuclear power sector in a big way by the government.

Hitherto, this has been a state-run sector, with state-owned monopolies involved in the construction and operation of the nuclear power industry.

"The go-ahead to the nuclear deal will signal the building of scores of nuclear plants in India on assured fuel supply," said Amit Mitra, secretary general of the Federation of Indian Chambers of Commerce and Industry (Ficci). "This will trigger the participation of 200 firms with capabilities to operate, and maintain nuclear plants, but put on the Entities List by the US in 2005 for perceived possession of technologies for nuclear plants or dual-use technology."

Mitra also said that trade bodies expect another 200 medium and small firms to get involved as ancillary producers to big companies.

According to officials of another trade body, CII,  today's development will provide opportunity for Indian manufacturers to supply spares and components to the global manufacturers of nuclear power plants besides providing business opportunities for Indian power plant construction companies.

"Today's development is a major confidence-building move for the international community to engage with India especially in high technology trade," said Chandrajit Banerjee, director general of the Confederation of Indian Industry (CII).

A recent survey of 300 chief executives by the Associated Chambers of Commerce and Industry (Assocham) had found that an overwhelming 85 per cent held the view that modifications to India's Atomic Energy Act of 1962 could help the country to generate some 20,000 MWe (unit of nuclear power) by 2020.

Provisions of the Act coupled with decades of nuclear isolation have ensured that nuclear power generation capacities in the country have expanded to just 3,900 MWe in 60 years. Out of a total installed generation capacity of about 145,000 MW of electricity, 70 per cent is accounted for through thermal fuel and 20 per cent by hydro. Nuclear energy contributes just two per cent.