Kakodkar has correctly said "If we dont take this opportunity now, history won't forgive us". Of course, nuclear technology comes with its own risks...but nuclear accidents have been under control (except for Chernobyl, coming from a failed state USSR).
People should realize that India (and Pak and israel) are the only three conutries who havent signed NPT (non-proliferation treaty). According to that international treaty, only the 5 recognized countries have Nuclear Weapons. Although India and (maybe Pak, via proxy China) are well known to have nuclear weapons, both countries have been denied Uranium and key technologies now.
The problem is, chainging NPT is not possible, unless India becomes a solo superpower...which is unlikely in next 100 years. But, Bush, although ususally perceived as a Moron, is quite street smart. He is giving India a way (around NPT), by using his muscle with IAEA and NSG. Do not expect, the next president Obama or McCain to go to such lengths to lobby for india's case.