Monday 26 January 2015

'We have a deal': insurance may unlock India-U.S. atomic trade

By Frank Jack Daniel and Douglas Busvine NEW DELHI (Reuters) - Prime Minister Narendra Modi and U.S. President Barack Obama unveiled a plan centered on insurance on Sunday that they hope will convince U.S. companies to build nuclear power stations in India, but stopped short of demands to soften a liability law. With the 1984 Bhopal gas tragedy still fresh in India's mind, parliament five years ago passed a law that makes equipment suppliers ultimately responsible for an accident, a deviation from international norms that the companies found hard to swallow. India's top diplomat, Foreign Secretary Sujatha Singh, said the new plan was "squarely within our law". "The India nuclear insurance pool is a risk transfer mechanism which is being formed by GIC Re and four other public sector undertakings in the general insurance business in India," foreign ministry joint secretary Amandeep Singh said. via Health News Headlines - Yahoo News Read More Here..

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