India exultant over nuclear trade waiver

INDIA: The Indian government exulted over a decision by nuclear supplier nations to end the decades-old ban on trading with the country, and open up a reactor market worth billions of dollars.

The government called the nuclear trade waiver a "momentous" milestone in its quest to achieve energy security and meet the challenge of global warming.

The statement came after the United States finally won approval in Vienna on Saturday for the one-off waiver for India by the Nuclear Suppliers Group, which controls the export and sale of nuclear technology. The waiver - a vital step in securing a controversial 2005 India-US civilian technology nuclear accord - marked the end of India's "decades-long isolation from the nuclear mainstream," Premier Manmohan Singh said.

"The opening of full civil nuclear cooperation between India and the international community will be good for India and for the world," he said. For global nuclear energy companies, the decision opens the door to an atomic reactor market worth billions of dollars with India aiming to double its share of nuclear power to five to seven percent by 2030. The Confederation of Indian Industry forecast business opportunities worth around 30 billion dollars over the next 15 years with India needing about 18 to 20 more nuclear reactors. It now has 22 reactors.

"The development is a major confidence-building move for the international community to engage with India especially in high technology trade," said the group's director general Chandrajit Banerjee.

New Delhi, Sunday,

AFP