Indian Prime Minister Stands by Global Trade Deal on Nuclear Energy
Indian Prime Minister Manmohan Singh firmly said that his country would not consent to any pressure from the United States to add changes to their global trade deal on nuclear energy. Mr. Singh made the statement during a heated discussion regarding the US-India nuclear agreement. The global trade deal was signed by both parties when US President George W. Bush visited India last March.
However, many Indians have feared that the US government was attempting to modify the policies included in the global trade deal on nuclear energy. The agreement entitles India to access civilian nuclear technology in the United States in exchange for opening its nuclear facilities for inspection. During the heated discussion, the Indian prime minister firmly defended the agreement, which he closed with the US president a year ago.
But Mr. Singh stated that his country would not consent to any attempt from the United States government to hinder its nuclear weapons project. Moreover, it would not allow international inspection to any of its military nuclear facilities. The official said that the global trade agreement on nuclear energy was vital to India's economy. According to him, poverty in India could only be eliminated by a rapidly growing economy that must be fed by more energy supplies.
During the recent years, India has recorded a remarkably fast economic growth due to the increase of foreign investments in various industries. Particularly, investments on real estate, telecommunications, and outsourcing businesses have significantly increased and continued to expand rapidly. But as India's economy booms, the energy needs of both its citizens and industries have also soared to new heights. Since India's resources are falling short before the rising energy demands, the country has sought for foreign supplies. At present, a large percentage of India's energy needs is fed by supplies from other countries through a global trade deal on energy.
But there's a growing need in India to develop its nuclear resources as an alternative since the prices of energy continue to rise in the global markets. During the past months, oil has climbed to record high prices due to political conflicts in various parts of the world. Despite the assurance and efforts of the members of the Organization of Petroleum Exporting Countries (OPEC), traders still have fears on the possible shortage of supplies. The global trade agreement on nuclear energy, then, is important for the economic improvement of India.
According to Mr. Singh, nuclear energy was a good and cheaper alternative in order to cope with the rising demand from the people and industries. However, the prime minister has faced oppositions from all sides for firmly supporting the global trade deal with the United States. On one hand, the Bharatiya Janata Party has feared that the US government was attempting to add some changes to the deal. On the other hand, the government's communist party has argued that the global trade deal would force India to agree on certain policies of the US such as those concerning Iran and Iraq. Meanwhile, the US House of Representatives has already approved the bill, which is also due for senate approval.
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