Business associations cheer Indo-US nuclear deal

03 October 2008

Mumbai: Business associations, including the US-India Business Council, the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry and the associated Chambers of Commerce, have greeted the Indo-US nuclear deal, which will open the investment tap for private business.

The US-India Business Council (USIBC) hailed the passing of the India-US civil nuclear deal, saying the ''historic vote'' would open an ''opportunity'' worth over $150 billion.

With a potential top add 60,000 MW of nuclear power over the next 25 years, India would need investments of over $100 billion, said FICCI secretary general Amit Mitra.

This, Mitra said, would help around 200 medium and small companies who will act as ancillary producers for bigger companies but, for this, the government will have to amend laws for private entry in the nuclear power sector. 

Asscochm expects investments in excess of 200,000 crore in the nuclear power generation sector over the next 15 years.

The Indo-US nuclear deal will not only help the country in generating nuclear power but also give a technological edge to Indian industry  in manufacturing of medicine, textiles and other high-tech sectors.