Industry today lauded Prime Minister Manmohan Singh's Government on securing IAEA approval for a safeguard agreement for implementing the India-US nuclear deal.
While the apex industry chambers hailed the milestone, they asked the government to move quickly to reap the opportunities coming with recognition of India's nuclear capabilities.
"To reap the benefits of opportunities which are in the offing, India will have to move very quickly and start working in earnest as even absorption of technology requires significant capabilities," industry body Ficci Secretary General Amit Mitra said.
Assocham went to the extent of saying that with the signing of the deal, India can anticipate minimum $40 billion of investment from nuclear power countries, including France. However, the chamber did not elaborate on that.
After the approval, it would be possible for Indian companies to have tie-ups with international technology leaders, acquire technology and develop expertise in the critical area of nuclear power generation, Mitra said.
Given the size and opportunity of nuclear power generation in the country, over the time domestic companies should be able to develop themselves to a level where these firms in turn would be able to leave international footprints, he said adding the private sector would have to be involved for nuclear power generation to be undertaken in a major way, Mitra added.
"To meet its growing energy needs, the deal is crucial for India and this deal will enable partnerships with countries with nuclear power generation capabilities such as Russia, France, etc with India," CII Director General Chandrajit Banerjee said.
