Ending six years of a festering impasse, India and the US have ended their long-standing logjam by sealing administrative arrangements for implementing their pathbreaking nuclear deal, with the two sides agreeing on an insurance pool to address the liability issues.
The negotiations went down the wire, but were successfully concluded with a joint push from Prime Minister Narendra Modi and US President Barack Obama.
At a joint media interaction, both Mr Modi and Mr Obama looked upbeat as they declared to scale up the India-US relations to new heights in days to come and also announced a breakthrough in the nuclear deal negotiations.
In the last few months, I see new excitement and confidence in this relationship. I see renewed energy in our engagement,” an upbeat Modi said, while underlining personal chemistry and bonding he has developed with President Obama since he met him first in September 2014 in the White House.
Mr Obama also spoke about a breakthrough in the nuclear deal.
The setting up of an insurance pool proved to be a game-changing moment to address the US’ concerns over India’s nuclear liability. After tortuous negotiations, the two sides agreed on the Rs 750 (around $130 million) insurance poll as part of risk management strategy for both suppliers and operators.