There has to be a discussion on Nuclear demands of India and its consequences, before actually the day comes when India’s PM signs Nuclear deal with G8 nations.
India is not as rich / developed nation when compared to the US, and we all know US always had an upper hand when it comes to decision in various International conferences, let it be G8, G5 or any other summit. For India, Nuclear deal is very important at this stage (my personal opinion) -
- India is the second fastest growing economy in the region after China, and we all know China has recently enhanced its Navy depolyment in Arabian Sea and its Nuclear weapon expenditure / depolyment. Not signing nuclear deal will not help India, since India falls far behind China on Nuclear weapon technology / volume front. It is strategically important for India to get a bigger shoulder from someone like the US.
- India’s GDP is little less tha $1,000 billion and we are growing at 7-8% YoY, given the Crude is heated to $140 levels, it is difficult for small companies in India to compete with their Chinese and Asian counterparts. Crude will certainly show its impact on private Oil companies and energy companies and growth will be hampered to a good extend in coming quarters. Nuclear energy will help India to maintain 8% growth rate, and will also help Crude to cool off in India (which happens to be among the biggest consumer market in South Asia) and in the region.
- States like Orrisa, eastern Maharashtra, Eastern MP need more power plants, and growing population should correlate to that. However, our country does not have a better mechanism, other than nuclear energy. It is high time for India, which is among the fastest grwoing nation to replace coal plants to nuclear power plants as soon as possible.
- In a sea, a small fish cannot survive unless it has big crocodiles its friends, India cannot survive, if sanctions are imposed like US has done to Iran.
US being an international leader - given it always had a big say when in all major world issues. When it comes to Global warming and pollution US has been a bigger fish polluting the pond. The G8 meeting, however, will only end up with nations shouting against US, but nothing will happen eventually (US emits 4 times more harmful gases than China, on a per capita basis).
India, presently, is not in a condition to bear sanctions from US and UN-bodies, given we are heavily dependent on them.
- US has the biggest stake {~27%} in Indian exports.
- US ’s FII has biggest stake in Indian capital markets {~16%)
Nuclear deal in its present form will hamper India’s Nuclear weapon program, but that can be scarificed, given we will get shoulder of a bigger nation, which could help, India strategically in the region.
Global warming and pollution is bigger issue, but unfortunately double standards by developed nations dosent help India, lets take it this way, India has to choose between bad and worse, I believe I would go for bad than worse (A personal opinion).
Vivek Misra
