The Hindu : Front Page : India Inc. gives thumbs up to the deal, feels it is an achievement for Manmohan

Online edition of India's National Newspaper
Wednesday, Aug 15, 2007
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India Inc. gives thumbs up to the deal, feels it is an achievement for Manmohan

Special Correspondent

NEW DELHI: An impressing 79 per cent CEOs of top-of-the-line companies in India have given the thumbs up to the India-U.S. civil nuclear deal which they consider will go down in history as one of the most important achievements of Prime Minister Manmohan Singh.

An ASSOCHAM Business Barometer (ABB) quick survey of 389 corporate heads revealed that a vast majority of the CEOs polled lent a strong support to Dr. Singh who, they said, had shown “extraordinary resolve” to take India to the front-ranking nations by ensuring that the country got its fast growing energy requirements met from various sources.

“We cannot have a situation where we aspire to become a global economic powerhouse but get bogged down in political ideologies,” ASSOCHAM president Venugopal Dhoot said.

Access to technology

As many as 72 per cent of the ABB respondents agreed with the assessment of the country’s top scientists that India needed access to international technology which was possible if the Nuclear Suppliers Group agreed to India’s commerce in civil nuclear energy.

Many of scientists said it was time nuclear power generation was stepped up substantially to India’s energy generation, using Fast Breeder Reactors.

Estimates suggest that the 123 Agreement will open up investment opportunities worth $ 40 billion over the next 15 years to step up nuclear power generation, with leading U.S. firms willing to forge joint ventures with the Indian firms — both in the private and public sectors.

However, after the agreement is operationalised, India would need to amend its Atomic Energy Act, which limited nuclear energy within the domain of the Nuclear Power Corporation.

The company heads felt that once India was able to do global nuclear commerce it would not only enhance the country’s indigenous programme with imported fuel but also help accelerate nuclear power with the best of the imported power plants.

As many as 86 per cent of the CEOs, polled by the ABB across different segments, believe that India-U.S. relations have been scaling a new high. They also feel that better economic relations will lead to improved political ties.

‘Strong leader’

To a question whether the Prime Minister should compromise on the civil nuclear energy deal with the U.S. under political pressure, 68 per cent of the CEOs wanted Dr. Singh to show the resolve of a strong leader.

They wanted the Prime Minister to remain firm and were confident that those opposing it in the U.S. would also come round to the mutual benefit that the deal offered.

“We agree with the Prime Minister that it was important to maintain the current GDP growth rate of 8 to 10 per cent per annum if we have to eradicate poverty,” the ASSOCHAM chief said.

As many 83 per cent ABB respondents said the country should not be seen as divided when it came to foreign policy issues. The government of the day deserves full support on this key agreement from different sectors of society — politics, academia, intellectuals, scientific community and the business houses.

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