India Inc on Thursday welcomed US President George W Bush's visit to this country, saying it will boost economic ties between the two giant democracies, and hailed the civilian nuclear deal for providing critical energy inputs to the Indian industry.
The energy-starved industry will get a booster as a consequence of the India-US nuclear deal thus reducing the country's dependence on fossil fuels and lowering the mounting oil import bill.
FICCI president Saroj Kumar Poddar described the agreement as a 'watershed' and 'landmark' deal and one which will serve the economic interest of the two giant nations.
Describing Prime Minister Singh and President Bush as statesmen and leaders of vision and foresight, Poddar said the agreement reflects the transformation and upgradation of the Indo-US business relation, the process of which started with the visit of the Indian prime minister to Washington in July 2005.
The FICCI chief appreciated the US President's resolve to open US market for India's exports and hoped that India-US trade would double to reach the targeted $40 billion in three years.
Assocham president Anil K Aggarwal reiterated similar sentiments, but said that all precautions should be observed by India to safeguard its nuclear interest.
Aggarwal said India was in dire need of nuclear energy and the understanding between India and US for civil nuclear cooperation will pave the way for meeting India's nuclear requirement so that nuclear energy significantly contributes to the growth of the country's power sector.