Sanctions Will Delay, Not Stop Investments: Celeste

US investment in India will be delayed by sanctions, but will not be stalled, said US ambassador to India Richard Celeste. Addressing a press conference in Mumbai yesterday, Celeste said American business has its own priorities and can still find a way to invest in India despite the sanctions.

"Some projects which require Exim Bank assistance may be delayed or deferred. But major investments in India will still be moving ahead. We have already seen Amoco signing an MoU with the ministry of petroleum and natural gas recently," Celeste said. On a one-day trip to Mumbai, Celeste stressed that Indo-US relations are passing through a difficult period resulting in decisions like denial of visas to Bhabha Atomic Research Centre (BARC) chairman R Chidambaram. "Our action was not uncivilised. We clearly felt that this was not right time for Chidambaram to visit the US given the feelings towards prevailing there," he explained.

American concerns over the May nuclear blasts stemmed from fears of a sudden nuclear accident and lack of knowledge over safety measures in place to prevent such events. "We do not want accidents or sudden nuclear strikes through miscalculation by someone. When you talk about nuclear weapons there are a number of issues you have to deal with. Like who will be in control, who will have the launch authority, how does one prevent misuse etc," he added. Celeste's schedule in Mumbai included addressing the annual general meeting of the Indo-American Chambers of Commerce yesterday afternoon.