CorporateObama-Singh to run last mile on nuclear deal
Trying to resolve sticking points on the India-US civil nuclear cooperation agreement on the one hand, and narrow differences on their approach to climate change on the other, India and the US are likely to sign a joint Memorandum on Energy Security, Clean Energy and Climate Change during Prime Minister Manmohan Singh’s visit to the United States this week.
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Top officials told Business Standard that the PM personally intervened to push for the finalisation of this remaining part of the Indo-US nuclear agreement, committing to introduce the Nuclear Liability Bill in the coming session of Parliament by having it cleared by the Cabinet. Officials from both sides were engaged in last-mile negotiations through the weekend and are expected to meet again tomorrow, even as the Prime Minister arrives in Washington DC.
On the eve of the visit, India also gave assurances to the US, called the P-810 assurances, guaranteeing that all US-origin spent fuel would be committed to a specially dedicated and fully safeguarded reprocessing facility. The assurances were necessary in the light of the fact that while India has allocated two sites for the US to set up nuclear reactors, these assurances were needed before US nuclear companies could start work in India.
But it also seems that the PM could push for an agreement on climate change and clean energy to argue that one way for India to reduce its high carbon emissions would be to move to clean energy, that is, energy from nuclear reactors.
Clearly, the Obama administration would need to clear the final stages of the nuclear reprocessing agreement before US companies could set up these reactors in India.
A commitment on India’s part to accept some controls and verification on its carbon emissions is likely to be considerably nuanced in the light of the huge debate on carbon emissions at home, the sources said.
Moreover, the Obama administration has still not been able to push a clean energy bill at home and has failed on every count to keep its Kyoto Protocol commitments. But with the Copenhagen summit on climate change looming large in December, both countries could use the expected deal to sell their respective priorities at home, the sources said.
For example, Obama could use the agreement on climate change to tell his own audience that he had been able to persuade India to accept emission curbs, while Manmohan Singh could return home triumphant after untying the final knots on the nuclear fuel reprocessing pact.
‘Analjit, Bhatt replace Nilekani, Parekh on CEOs Forum’
The India-US CEOs Forum is being reconstituted with Ratan Tata likely to remain co-chair from the Indian side, while David Cote, chairman & CEO of Honeywell International, comes in as US co-chair.
From the Indian side, OP Bhatt, SBI, Chanda Kochhar, ICICI and Analjit Singh, Max, are to replace Nandan Nilekani, Tarun Das and Deepak Parekh.
Prime Minister Manmohan Singh is expected to outline his vision for renewed India-US economic engagement in the aftermath of the global economic slowdown in his address to the US India Business Council. Keenly aware that economic reforms need to be given a new boost at home, the Prime Minister is expected to outline opportunities for “joint growth” and for massive foreign investment in the infrastructure sector.