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India Inc ready to meet global obligations: Ficci on NSG

Industry body also hailed initiation of preparatory work on six nuclear reactors in India between NPCIL and Westinghouse

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Press Trust of India  |  New Delhi 

India Inc ready to meet global obligations: Ficci on NSG

The industry is ready to meet global obligations to ensure that manufacture and trade of dual use items are not diverted or re-exported for unauthorised use, Federation of Indian Chambers of Commerce & Industry (Ficci) said hoping that the US will push for India's membership at the Nuclear Suppliers Group (NSG).

The industry body welcomed the operationalisation of India-US Civil Nuclear Deal.

It also hailed the initiation of preparatory work on six nuclear reactors in India between Nuclear Power Corporation of India Limited (NPCIL) and Westinghouse, saying it is expected to unleash a "$150 billion nuclear industry in India thereby creating jobs and ensuring access to clean energy and ensuring our energy security".

The NPCIL and US firm Westinghouse have agreed to begin engineering and site design work immediately for the six nuclear power plant reactors and conclude contractual arrangements by June 2017.

"Indian industry welcomes the country's entry to the Missile Technology Control Regime (MTCR) regime and hopes the US will do the heavy lifting to push for India's membership at the NSG to be decided later this month.

"It will help the India-US collaboration in high technology in critical areas and will enable high value technology embedded trade for Make in India projects. This also opens up opportunities for similar cooperation with countries like the UK and France," Ficci said in a statement on Thursday.

Earlier this week, India cleared all hurdles in getting membership of the MTCR, a key anti-proliferation grouping, as no member country opposed its entry into it.

Membership of the group will help India access high-end missile technology.

Ficci said the step further cements the strategic relationship between the two nations reaffirming the "trusted partner" status that has been accorded to India in Defence & Aerospace.

The NSG had granted an exclusive waiver for India in 2008 to access civil nuclear technology after China reluctantly backed India's case based on the Indo-US nuclear deal.

"Indian industry is ready to meet international obligations and licensing norms to ensure that technology acquisition, manufacture and trade of dual use items will not be diverted or re-exported for unauthorised use.

"Indian industry is ready to work on Internal Compliance Programs and international best practices to ensure the country's non-proliferation records," Ficci Secretary General A Didar Singh said.

The industry body said these positive developments in civil nuclear energy sector will send the right signals for the reoperationalisation of the domestic nuclear programme which has been stalled for last two years on the nuclear liability issue.

"The finalisation of the Indian Nuclear Insurance Pool (INIP) policy for the operator augurs well in this positive environment, Ficci now hopes that the INIP for the supplier gets Insurance Regulatory and Development Authority (IRDA) approval at the earliest, so that the domestic program can be reinitiated," it said.

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First Published: Thu, June 09 2016. 19:29 IST