Indian American community leaders Tuesday wholeheartedly welcomed the news of the Manmohan Singh government winning the parliamentary confidence motion, terming it as an endorsement for the India-US nuclear deal.
'It is a mandate of the people of India for the nuclear deal. Ordinary people want energy, electricity,' Surinder Malhotra, president of the Indian National Overseas Congress, told IANS. The executive committee of the Overseas Congress was meeting later Tuesday evening to celebrate the Congress-led United Progressive Alliance government's victory in the trial of strength, he added.
It is a welcome news for the Indian Americans, said Thomas Abraham, chairman of the Global Organisation of People of Indian Origin (Gopio) International, because the community had worked hard to change the minds of many US lawmakers to vote for the nuclear deal and would have been disappointed if the government had fallen.
He added: 'India not only needs more energy, the nuclear deal will also pave way for advanced countries to bring cutting edge technology into India, which it badly needs to be able to step ahead of rival China.'
Abraham felt that the go-ahead on the deal will also show to the world that India follows through its agreements and deals with others.
Yash Pal Soi, president of the Federation of Indian Associations (Tristate), said, 'With stability of the Indian government, progress in the country will continue.'
Sanku Rao, new president of the Association of American Physicians of Indian Origin (AAPI), said, 'It is good that Manmohan Singh continues as prime minister. He as finance minister laid down the financial structure that we have in India now, and he is a man of integrity. Also, now, hopefully, the nuclear deal, for which we worked hard, will not get delayed any further - it is a top priority to move with for India.'
Business leaders from the community also welcomed the development in India.
Tejinder Pal Singh Bindra, senior vice-president of the Jeetish group of companies in New York, who is also prominent in Sikh affairs, said: 'It is good that the Manmohan Singh government took a stand and succeeded. It will send a message that others cannot hijack its agenda.'
He added, 'It is good for business. Now more business and investment can flow into India. As an Indian and a Sikh, I welcome the news
Tuesday, July 22, 2008
US-India chamber to support next steps in securing n-deal
The US-India Business Council (USIBC) has pledged to energise its US Chamber-sponsored 'Coalition for Partnership with India' following Indian parliament's vote of confidence in favour of the next steps in securing the civilian nuclear deal with the US.
Referring to the news from India, USIBC president Ron Somers said, 'This marks a historic victory for India and for the globe. India's responsible record in developing its existing civilian nuclear power programme will bring much-needed talent and innovation to the 'nuclear renaissance' underway, necessary to stem global warming.'
USIBC had spearheaded legislation in 2006 to change the US Atomic Energy Act of 1954, enabling civilian nuclear cooperation with India.
The next step in the India-US nuclear deal is to reach a safeguards agreement with the International Atomic Energy Agency (IAEA) on India's atomic power plants, setting the stage for consideration by the 45-nation Nuclear Suppliers Group (NSG) to waive conditions relative to New Delhi.
That will enable civilian nuclear trade in technology and fuel by the Group member countries ending the 35-year technology denial regime that has been imposed against India.
The US, Britain, France, Russia, Japan, China, and most recently Australia - all key members of the NSG - have already voiced their support for ending the embargo against civilian nuclear trade with India, a USIBC press release said.
After NSG makes its rule changes, the US Congress must ratify the so-called 123 Agreement between the US and India, which will open the way for US companies to participate in civilian nuclear cooperation with India.
'US companies look forward to cooperating with Indian companies to achieve this important energy security infrastructure build-out,' Somers said.
He conceded that 'time is tight' because of the busy US Congressional calendar till the presidential election in November, but added: 'We are encouraged by recent statements made by Senate Foreign Relations Committee chairman Senator Joe Biden, who says he will find time to press for ratification of the 123 Agreement so long as India is able to complete its steps.
'USIBC and the Coalition for Partnership with India will be front and centre in this debate to ensure US Congressional passage,' Somers added.
The USIBC, formed in 1975 under the aegis of the US Chamber of Commerce, is the premier business advocacy organisation representing 280 of the largest US companies investing in India, joined by two dozen of India's largest global companies. It is mandated to deepen US-India commercial ties.
Coalition for Partnership with India comprises American businesses, academic institutions, associations, think tanks, and like-minded individuals supporting a deeper strategic partnership with India
Referring to the news from India, USIBC president Ron Somers said, 'This marks a historic victory for India and for the globe. India's responsible record in developing its existing civilian nuclear power programme will bring much-needed talent and innovation to the 'nuclear renaissance' underway, necessary to stem global warming.'
USIBC had spearheaded legislation in 2006 to change the US Atomic Energy Act of 1954, enabling civilian nuclear cooperation with India.
The next step in the India-US nuclear deal is to reach a safeguards agreement with the International Atomic Energy Agency (IAEA) on India's atomic power plants, setting the stage for consideration by the 45-nation Nuclear Suppliers Group (NSG) to waive conditions relative to New Delhi.
That will enable civilian nuclear trade in technology and fuel by the Group member countries ending the 35-year technology denial regime that has been imposed against India.
The US, Britain, France, Russia, Japan, China, and most recently Australia - all key members of the NSG - have already voiced their support for ending the embargo against civilian nuclear trade with India, a USIBC press release said.
After NSG makes its rule changes, the US Congress must ratify the so-called 123 Agreement between the US and India, which will open the way for US companies to participate in civilian nuclear cooperation with India.
'US companies look forward to cooperating with Indian companies to achieve this important energy security infrastructure build-out,' Somers said.
He conceded that 'time is tight' because of the busy US Congressional calendar till the presidential election in November, but added: 'We are encouraged by recent statements made by Senate Foreign Relations Committee chairman Senator Joe Biden, who says he will find time to press for ratification of the 123 Agreement so long as India is able to complete its steps.
'USIBC and the Coalition for Partnership with India will be front and centre in this debate to ensure US Congressional passage,' Somers added.
The USIBC, formed in 1975 under the aegis of the US Chamber of Commerce, is the premier business advocacy organisation representing 280 of the largest US companies investing in India, joined by two dozen of India's largest global companies. It is mandated to deepen US-India commercial ties.
Coalition for Partnership with India comprises American businesses, academic institutions, associations, think tanks, and like-minded individuals supporting a deeper strategic partnership with India
Indian government survives vote
Congress supporters were jubilant after the vote
India's Congress party-led government has survived a vote of confidence over a civilian nuclear deal with the US.
The government motion received 275 votes with 256 against, Speaker Somnath Chatterjee said, hours after adjourning the debate amid claims of vote buying.
The vote came after the government's left-wing allies withdrew their support in protest at the controversial accord.
If the government had lost the vote, India would have faced early elections, casting the nuclear deal in doubt.
The lower house was packed to capacity, with MPs summoned from their sick beds and even from prison cells to take part in the vote.
After it was held there was brief confusion over the counting process. Most voting was electronic, but about 50 votes were cast on paper which delayed the result.
At least four MPs were too ill to vote from the chamber of the 543-seat house itself, but it is still not clear why so many MPs cast paper ballots.
A number of MPs also abstained.
TIMETABLE FOR NUCLEAR ACCORD
Approval needed from IAEA, expected to meet on 1 August
Consent also required from 45-member Nuclear Suppliers Group
Congress to approve deal before President Bush signs it into law
All this to happen before Mr Bush's tenure expires on 19 January 2009
Q&A: India confidence vote
There were Congress celebrations when victory became clear, with dancing supporters cheering, clapping and letting off firecrackers in front of party leader Sonia Gandhi's house in Delhi.
Prime Minister Manmohan Singh thanked MPs for "such a convincing victory".
"This will send a message to the world at large... India is prepared to take its rightful place in the comity of nations," he told reporters.
The BBC's Sanjoy Majumder in Delhi says the vote had looked too close to call.
But the government managed to scrape through with the support of smaller parties and independent members.
India faces a general election next year and many political parties have used the debate over the nuclear deal to stake out their positions ahead of the polls, our correspondent says.
Tight vote
Two days of debate on the nuclear accord ended in uproar amid opposition allegations of vote buying.
Opposition Bharatiya Janata Party (BJP) members waved fistfuls of money in the air, alleging that they had been offered bribes to abstain.
Advertisement
Opposition MPs wave 30 million rupees allegedly paid to buy their votes
Mr Chatterjee adjourned proceedings for several hours. He called it a "very sad day" for the Indian parliament, adding: "Nobody will be spared if found guilty."
The prime minister has promised his party will co-operate in an inquiry into the claims.
With the left withdrawing support, the government could rely on only 226 members in the 543-seat parliament, and needed 46 more to be absolutely sure of a majority.
India's media was awash with reports of alleged defections and desertions among MPs ahead of the vote.
Under the accord, India, which has not signed the nuclear Non-Proliferation Treaty, would gain access to US civilian nuclear technology and fuel.
Mr Singh called the victory "impressive"
In return its civilian nuclear facilities would be opened to inspection. Nuclear weapons sites would remain off-limits.
The communists fear the accord could give the US too much influence over Indian foreign and nuclear policy.
The main opposition Hindu nationalist BJP fears that the deal could compromise India's ability to test nuclear weapons in the future.
India is under pressure from Washington to sign the accord before the US presidential election in November.
Last week, Indian officials met members of the International Atomic Energy Agency (IAEA), the world nuclear regulatory body, in Vienna to discuss plans to safeguard India's civilian nuclear facilities.
The IAEA's approval of the plan is a key condition for enacting the deal.
HAVE YOUR SAY Whether the government stays in power or not, it has lost the credibility and confidence of people at large
Rakesh Punia, Delhi
Send us your commentsIf the IAEA signs the agreement, the deal will go to the 45-nation Nuclear Suppliers Group, which regulates global civilian nuclear trade, for approval.
It must then be approved by the US Congress before President Bush can sign it into law.
Critics of the deal fear assistance to India's civil programme could free-up additional radioactive material for bomb-making purposes.
India's Congress party-led government has survived a vote of confidence over a civilian nuclear deal with the US.
The government motion received 275 votes with 256 against, Speaker Somnath Chatterjee said, hours after adjourning the debate amid claims of vote buying.
The vote came after the government's left-wing allies withdrew their support in protest at the controversial accord.
If the government had lost the vote, India would have faced early elections, casting the nuclear deal in doubt.
The lower house was packed to capacity, with MPs summoned from their sick beds and even from prison cells to take part in the vote.
After it was held there was brief confusion over the counting process. Most voting was electronic, but about 50 votes were cast on paper which delayed the result.
At least four MPs were too ill to vote from the chamber of the 543-seat house itself, but it is still not clear why so many MPs cast paper ballots.
A number of MPs also abstained.
TIMETABLE FOR NUCLEAR ACCORD
Approval needed from IAEA, expected to meet on 1 August
Consent also required from 45-member Nuclear Suppliers Group
Congress to approve deal before President Bush signs it into law
All this to happen before Mr Bush's tenure expires on 19 January 2009
Q&A: India confidence vote
There were Congress celebrations when victory became clear, with dancing supporters cheering, clapping and letting off firecrackers in front of party leader Sonia Gandhi's house in Delhi.
Prime Minister Manmohan Singh thanked MPs for "such a convincing victory".
"This will send a message to the world at large... India is prepared to take its rightful place in the comity of nations," he told reporters.
The BBC's Sanjoy Majumder in Delhi says the vote had looked too close to call.
But the government managed to scrape through with the support of smaller parties and independent members.
India faces a general election next year and many political parties have used the debate over the nuclear deal to stake out their positions ahead of the polls, our correspondent says.
Tight vote
Two days of debate on the nuclear accord ended in uproar amid opposition allegations of vote buying.
Opposition Bharatiya Janata Party (BJP) members waved fistfuls of money in the air, alleging that they had been offered bribes to abstain.
Advertisement
Opposition MPs wave 30 million rupees allegedly paid to buy their votes
Mr Chatterjee adjourned proceedings for several hours. He called it a "very sad day" for the Indian parliament, adding: "Nobody will be spared if found guilty."
The prime minister has promised his party will co-operate in an inquiry into the claims.
With the left withdrawing support, the government could rely on only 226 members in the 543-seat parliament, and needed 46 more to be absolutely sure of a majority.
India's media was awash with reports of alleged defections and desertions among MPs ahead of the vote.
Under the accord, India, which has not signed the nuclear Non-Proliferation Treaty, would gain access to US civilian nuclear technology and fuel.
Mr Singh called the victory "impressive"
In return its civilian nuclear facilities would be opened to inspection. Nuclear weapons sites would remain off-limits.
The communists fear the accord could give the US too much influence over Indian foreign and nuclear policy.
The main opposition Hindu nationalist BJP fears that the deal could compromise India's ability to test nuclear weapons in the future.
India is under pressure from Washington to sign the accord before the US presidential election in November.
Last week, Indian officials met members of the International Atomic Energy Agency (IAEA), the world nuclear regulatory body, in Vienna to discuss plans to safeguard India's civilian nuclear facilities.
The IAEA's approval of the plan is a key condition for enacting the deal.
HAVE YOUR SAY Whether the government stays in power or not, it has lost the credibility and confidence of people at large
Rakesh Punia, Delhi
Send us your commentsIf the IAEA signs the agreement, the deal will go to the 45-nation Nuclear Suppliers Group, which regulates global civilian nuclear trade, for approval.
It must then be approved by the US Congress before President Bush can sign it into law.
Critics of the deal fear assistance to India's civil programme could free-up additional radioactive material for bomb-making purposes.
Oil plummets $5 a barrel
-- Oil prices fell Tuesday as a perceived decline in U.S. demand took hold again after worries subsided about disruption of production in the Gulf of Mexico.
Light, sweet crude for August delivery fell $5.09 to $125.95 a barrel at 11:35 a.m. ET. Trading of the August contract was set to conclude with the close of the market in New York.
Economy: Analysts said remarks by Treasury Secretary Henry Paulson and a huge loss posted by banking company Wachovia Corp. contributed to the perception that demand for oil will drop in a weakened economy.
"Reduced economic activity translates into reduced energy demand," said John Kilduff, energy analyst with MF Global.
Paulson, speaking in New York, called for Congress to pass a bill to shore up mortgage lenders Fannie Mae and Freddie Mac, saying they were the key to repairing the battered financial markets.
Wachovia (WB, Fortune 500) reported a net loss of $9 billion on losses related to home mortgages and the bank's declining market value.
As financial activity declines, consumers have less money to spend and businesses cut back on transportation, shipping and manufacturing activities, Kilduff said.
Others viewed Paulson's statement, along a speech from Philadelphia Fed governor Charles Plosser supporting a potential rate hike, as a sign that the United States is on the right track to fixing its financial problems, which also would cause investors to pull money out of oil.
"People aren't going to need to buy oil as a hedge against the dollar or systemic risk in the economy," said Phil Flynn, senior market analyst with Alaron Trading in Chicago.
Gasoline: High fuel prices, spurred on by oil's rise, have also done much to reduce demand, causing oil prices to shed more than $16 a barrel last week.
The average price of a gallon of gasoline fell 1.4 cents Tuesday to $4.055 a gallon Tuesday, according to a daily survey from motorist group AAA.
It was the fifth straight decline in the daily average, which has tumbled nearly 6 cents a gallon from the record high of $4.114 set last Wednesday.
Dolly: Oil producers Royal Dutch Shell and Exxon Mobil said Monday that while they were evacuating oil workers from the western part of the Gulf of Mexico, they expected Tropical Storm Dolly to have only a small effect on production.
The National Hurricane Center issued hurricane and tropical storm warnings Tuesday. It said Dolly - with heavy rains and winds up to 60 miles per hour, could touch the Gulf Coast Wednesday somewhere between Texas and northern Mexico.
"By tomorrow [Wednesday], assuming there has been no lasting damage, the attention will focus on the weekly [supply] report," said Peter Beutel, oil analyst at Cameron Hanover.
The Energy Department's weekly supply report was scheduled for release at 10:35 a.m. ET Wednesday.
The threat of Dolly to Gulf production had previously eclipsed concern about decreasing U.S. demand.
Iran: Beutel also said Iran remained a factor in the market, although not nearly as much of one as it has been in recent weeks.
Last weekend, at a meeting in Geneva, Iran rejected calls from the United States and five other world powers to freeze its nuclear program. The United States and its allies gave Iran two weeks to respond or face further United Nations sanctions.
Iran, the second-largest oil-producing member of the Organization of Petroleum Exporting Countries, has been in the process of developing nuclear technology, and said it could respond to military threats by blockading the nearby Strait of Hormuz, which carries about 40% of the world's tanker traffic.
Light, sweet crude for August delivery fell $5.09 to $125.95 a barrel at 11:35 a.m. ET. Trading of the August contract was set to conclude with the close of the market in New York.
Economy: Analysts said remarks by Treasury Secretary Henry Paulson and a huge loss posted by banking company Wachovia Corp. contributed to the perception that demand for oil will drop in a weakened economy.
"Reduced economic activity translates into reduced energy demand," said John Kilduff, energy analyst with MF Global.
Paulson, speaking in New York, called for Congress to pass a bill to shore up mortgage lenders Fannie Mae and Freddie Mac, saying they were the key to repairing the battered financial markets.
Wachovia (WB, Fortune 500) reported a net loss of $9 billion on losses related to home mortgages and the bank's declining market value.
As financial activity declines, consumers have less money to spend and businesses cut back on transportation, shipping and manufacturing activities, Kilduff said.
Others viewed Paulson's statement, along a speech from Philadelphia Fed governor Charles Plosser supporting a potential rate hike, as a sign that the United States is on the right track to fixing its financial problems, which also would cause investors to pull money out of oil.
"People aren't going to need to buy oil as a hedge against the dollar or systemic risk in the economy," said Phil Flynn, senior market analyst with Alaron Trading in Chicago.
Gasoline: High fuel prices, spurred on by oil's rise, have also done much to reduce demand, causing oil prices to shed more than $16 a barrel last week.
The average price of a gallon of gasoline fell 1.4 cents Tuesday to $4.055 a gallon Tuesday, according to a daily survey from motorist group AAA.
It was the fifth straight decline in the daily average, which has tumbled nearly 6 cents a gallon from the record high of $4.114 set last Wednesday.
Dolly: Oil producers Royal Dutch Shell and Exxon Mobil said Monday that while they were evacuating oil workers from the western part of the Gulf of Mexico, they expected Tropical Storm Dolly to have only a small effect on production.
The National Hurricane Center issued hurricane and tropical storm warnings Tuesday. It said Dolly - with heavy rains and winds up to 60 miles per hour, could touch the Gulf Coast Wednesday somewhere between Texas and northern Mexico.
"By tomorrow [Wednesday], assuming there has been no lasting damage, the attention will focus on the weekly [supply] report," said Peter Beutel, oil analyst at Cameron Hanover.
The Energy Department's weekly supply report was scheduled for release at 10:35 a.m. ET Wednesday.
The threat of Dolly to Gulf production had previously eclipsed concern about decreasing U.S. demand.
Iran: Beutel also said Iran remained a factor in the market, although not nearly as much of one as it has been in recent weeks.
Last weekend, at a meeting in Geneva, Iran rejected calls from the United States and five other world powers to freeze its nuclear program. The United States and its allies gave Iran two weeks to respond or face further United Nations sanctions.
Iran, the second-largest oil-producing member of the Organization of Petroleum Exporting Countries, has been in the process of developing nuclear technology, and said it could respond to military threats by blockading the nearby Strait of Hormuz, which carries about 40% of the world's tanker traffic.
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