Hi-tech Indo-US ties will change 21st century: USIBC

Sunday, 10 December 2006, 18:30 IST
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Washington: The US-India Business Council (USIBC) says high technology cooperation permitted by the India-US civil nuclear deal will transform the economic and geopolitical destiny of the 21st century. "This legislation marks the most significant foreign policy advancement in the history of our two democracies," Ron Somers, president of the premier industry advocacy group for companies with business interests in India, said Saturday. USIBC, comprising 230 of the largest US companies investing in India and India's major global players, has devoted its resources and acumen advocating passage of this legislation ever since the visit of Prime Minister Manmohan Singh here in July 2005, he said. Considered the "father of India's economic reforms", Singh is credited with boosting India's economic growth rate to current levels exceeding 8 percent. Massive augmentation of India's energy capacity for years to come will be needed to maintain this economic pace, Somers said. According to India's Atomic Energy Commission, with India's existing nuclear power program presently at 3,500 MW, New Delhi's expansion plans require a scaling-up to 60,000 MW of installed nuclear capacity by 2030. The global environmental benefit and energy security imperative for India of this landmark legislation are compelling. Hailing US Congressional approval of the deal, he said the legislation "will engender an atmosphere of mutual respect, goodwill and trust that will yield a bounty of opportunity for both countries. High technology cooperation permitted by this legislation will transform the economic and geopolitical destiny of the 21st Century. "When you consider India's wealth of human resources, its educational institutions, and its youthful demographic, history will rank this initiative as a tectonic shift equivalent to Nixon's opening to China. "This is one of those defining moments when two of the world's most powerful and open economies will now accelerate convergence, triggering the alignment of two great democracies for the 21st century," Somers added. "The people of India and the US, together with the leadership that forged this result, deserve all credit and congratulations," the USIBC president said.
Source: IANS