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$150 Billion Of New Investment And 2.5 Lakh Hi-Tech Jobs On Anvil In India-US Civil Nuclear DealBy yogisharma, Section Jobs Wanted/Available  Amid the uncertainty over timely passage of the India-US civil nuclear deal, the US Chamber of Commerce has made a strong pitch for its quick approval by writing to all lawmakers on the deal's extraordinary business and employment potential for America: A potential of $150 billion of new investment and 2,50,000 high-tech American jobs. "With India's 34-year nuclear isolation now history, the opportunity for US companies today is tremendous, with a potential $150 billion of new investment. If US companies are allowed to compete, a modest share of that business could support 2,50,000 high-tech American jobs," Chamber Chairman R Bruce Josten said in a letter to all Senators and Representatives. In the Chamber's estimation, US companies could greatly benefit from India's expected 30,000 to 60,000 MW of new nuclear generating capacity by 2030. "Moreover, the nuclear business would be a fraction of the broader commercial gain across all sectors after this foundation, established of mutual trust and respect, is laid," Josten said and referred to the fact that it was the General Electric which made the first reactor for India's civil nuclear programme back in 1961. The US Chamber, which happens to be the world's largest business federation representing more than three million businesses, sought to allay fear among lawmakers over any undue delay in passage, saying: "It is crucial that Congress act. French and Russian firms are already working in India, yet US firms cannot engage until Congressional approval of the 123 Agreement." Click On "Full Story" for More...
Putting at rest the non-proliferation concerns, the Chamber said the "sensitive issues relating to nonproliferation have been carefully considered and unanimously resolved by the 35 Governors of the IAEA and the 45 member nations of the Nuclear Suppliers Group".
The Bush administration for its part has also been touting the economic benefits to the US as part of its all-out bid to secure the passage of the deal before Congress adjourns this week. At the Senate panel hearing on Friday, Undersecretary of State William Burns disclosed that India has provided the US with "a strong Letter of Intent" for the purchase of reactors with at least 10,000 Mega Watts (MWe) worth of new power generation capacity from American firms. He further informed that India has also committed to devote at least two sites to US firms. "India also has committed to adhere to the Convention on Supplementary Compensation for Nuclear Damage. Adherence to this international liability regime by the Indian government is an important step in ensuring US nuclear firms are competing on a level playing field with other international competitors," Burns had told the panel. Source: S Rajagopalan From The Pioneer 24/Sep/2008
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