WASHINGTON: Conventional -- and Leftist -- wisdom is that western corporations, especially American multinationals, will reap a bonanza from the l

ifting of the ban on nuclear trade between New Delhi and rest of the world, milking India of both money and indigenous enterprise.

Wrong on two counts, say experts. One, Indian businesses and even state enterprises stand to gain as much if not more from the breakthrough in trade. And two, traditional American powerhouses are way behind the curve, having forfeited their lead in nuclear technology to Europe, Russia, and Japan.

In fact, one of the first reactions to the landmark deal came from the little-known Thorium Power Ltd, a McLean, Virginia-based company which recognizes India’s leadership in the use of thorium in the nuclear fuel cycle and which claims to have engaged various entities in India's private and governmental sectors for many years.

"India is in the forefront of the world in recognizing the distinct advantages of using thorium in the nuclear fuel cycle while Thorium Power is the world leader in developing non-proliferative, low waste thorium nuclear fuels. There is much we can learn from each other and much we can do together,'' the company said in a statement following the passage of the nuclear legislation. "This agreement allows us to hold advanced discussions with some of the leading entities and we anticipate that these business opportunities will move forward."

Thorium Power Ltd President and CEO Seth Crae reckons that India will become a "significant player" on the international nuclear market "given the nation’s great number of highly skilled nuclear engineers and scientists, and successful and far reaching multinational corporations." The 123 Agreement, he says, "affords a unique opportunity to combine India's great strengths with innovative American technology to significantly advance the world-wide nuclear renaissance."