-Caveat Lector- India Businessmen Fears Instability By RAMOLA TALWAR BADAM .c The Associated Press BOMBAY, India (AP) -- The defeat of India's federal government in a confidence vote Saturday alarmed business and industry leaders who fear long-term political instability, postponed economic reforms and worsening investor confidence. Minutes after the vote, the Bombay Stock Exchange index dropped 7 percent to 3,318 from Friday's close of 3,572.91. Stocks had surged 3.8 percent when the market opened Saturday on expectations the government would win the vote. ``The market was desperately hoping for the government to scrape through,'' said K.R. Bharat, country manager of Credit Suisse First Boston, an American investment unit. ``There will be huge uncertainty because the budget, seen as investor-friendly, will not be passed. We will have to wait for the new government to pass it.'' But Arjun Singh, a senior leader of the Congress Party -- which is poised to form the next government -- said his party does not want to hold up the finance bill. ``Congress is not interested in creating'' a financial mess, Singh told Press Trust of India. Prime Minister Atal Bihari Vajpayee's government lost a confidence vote by one ballot Saturday, and he submitted his resignation. If the Congress Party fails to form a new government, new elections will be called, four years ahead of schedule. Industry leaders fear a minority government led by the Congress Party won't bring stability. Business leaders also fear that reforms of insurance and patent laws and urban land rent ceilings will be sidelined with the possibility of the country facing its fourth general election since 1991. DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
