'We have gone some way in responding to US firms concerns on nuclear liability law,' says PM

Bali (Indonesia), Nov.18 (ANI): Indian Prime Minister Dr. Manmohan Singh on Friday said that New Delhi has gone some way in responding to US firms concerns on the country's nuclear liability law and rules. Interacting with media at a press conference here after a bilateral meeting with U.S.President Barack Obama, Dr. Singh, when asked whether the issue of nuclear liability was discussed with President Obama, said: "I explained to him that we have a law in place and rules have been formulated ... These will lie in parliament for 30 says . Therefore we have gone some way to respond to concerns of American companies and within the four corners of the law of the land, we are willing to address any specific grievances" Dr. Singh's statement assumes significance in the wake of recent reports suggesting that ever since the Indo-US civil nuclear agreement was signed in 2008, American nuclear giants like GE and Westinghouse are desperate to tap the Indian nuclear market, which has potential of 150 billion dollars and is so far dominated by state run companies like Russia's Rasotom and France's Areva. US companies have so far said that the liabilty laws in India are tough on suppliers and are also apprehensive about the right to recourse. According to reports, the Rules of the Civil Liability for Nuclear Damages Act notified Thursday, states that the suppliers of nuclear material would be allowed to specify a "product liability period" beyond which they would not be held liable for any accident. The operator of the nuclear power plant concerned would, therefore, have no "right of recourse" against the suppliers after this period is over, whereas the operator is liable for the lifetime. The Civil Liability for Nuclear Damages Act was passed by Parliament in August last year,The notification of the rules made public today would clear the decks to make the law operational The US administration and companies have been urging New Delhi to frame the liability law in accordance with international conventions. When the Liability Act is in place, American nuclear companies are likely to enter India. Prime Minister Singh's meeting with President Obama on Friday took place after a gap of nearly a year. The last meeting took place when President Obama visited India in November 2010. By Smita Prakash (ANI)