"This (waiver from NSG) will go a long way in resolving India's massive need for power for its growth and development. It will open the doors for foreign investment in the nuclear power generation," FICCI said in a statement.

The Confederation of Indian Industry said the waiver would help India add capacity to fulfill its nuclear power generation target of 63,000 mw by 2030.

"India needs enormous electrical energy for GDP growth and the nuclear power would be an important constituent. The best way would be to open nuclear market to private and foreign players," it said.

CII said the NSG waiver enlarges the scope of Indian manufacturing capacity and would help project the country as a global manufacturing hub.