India Inc welcomed the news of a breakthrough, after six years of impasse, in the Indo-US civilian nuclear deal on Sunday, saying the final agreement promised enormous opportunity of business for both countries.
“We are happy to know that an agreement has been announced between the Indian and US Governments on the contentious issue of the civil nuclear liability,” said MV Kotwal, Whole-time Director and President-Heavy Engineering, Larsen & Toubro.
“Although (the deal’s) details will need to be studied, I feel confident that, given the strong emphasis placed by our Government on ‘Make in India’, the interests of all stakeholders, will be adequately addressed.”
India and the US had signed the deal on nuclear co-operation for peaceful purposes in 2008 by former President George Bush and former Prime Minister Manmohan Singh. The deal was, however, held up over disputes on the liability clause.
Anand Mahindra, CMD, Mahindra Group, told a TV news channel: “The agreement is key as nuclear power can be cheaper than thermal power for India. (This) presents an enormous opportunity for US businesses. For India Inc, though, it is the access to technology from the US that will be a key thrust area.”
On the investment front, Ajay Bodke, Head - Investment Strategy and Advisory, Prabhudas Lilladher, said: “The Indian investment community and markets have pinned high hopes on the Obama visit.
“Many companies in sectors as diverse as defence, pharmaceuticals, software, nuclear energy and infrastructure are expecting a solid push from the deliberations between him and Modi.”