STOP NATO: �NO PASARAN! - HTTP://WWW.STOPNATO.ORG.UK --------------------------- ListBot Sponsor -------------------------- Get a low APR NextCard Visa in 30 seconds! 1. Fill in the brief application 2. Receive approval decision within 30 seconds 3. Get rates as low as 2.99% Intro or 9.99% Ongoing APR and no annual fee! Apply NOW! http://www.bcentral.com/listbot/NextCard ---------------------------------------------------------------------- US talks tough on Enron debacle Times of India, June 21 WASHINGTON: US on Thursday warned that the Enron debacle would dampen flow of foreign investments into India and asked New Delhi to find a prompt resolution to the issue. "While it is not my intention to make specific suggestions for resolving this dispute, I do want to underscore that it will be hard for foreign investors to look seriously at India until this dispute is resolved in a satisfactory way," US undersecretary of state for economic, business and agricultural affairs, Alan Larson said at the US-India business council meet. "I encourage the Central Government and the Indian business community to do everything they can to bring about a prompt resolution," Larson said. "Speaking frankly, the investment dispute between the Dabhol Power Company and Maharashtra state is now casting a cloud over India's investment climate," he added. Summarising two days of intensive discussions and debates, the council said, "The dispute over the Dabhol power project erodes the credibility of the Indian Government, may soften India's credit rating, and deter all other kinds of investment." "This issue needs to be resolved, and it needs to be resolved quickly," Frank Wisner, chairman of the council and a former Ambassador to India, said. In the review of overall economic conditions, the 400 business and government leaders attending the council's annual meeting also expressed serious concern about several aspects of India's business climate. The inadequacy of infrastructure and the fiscal deficit was singled out by many companies as the critical impediment to investment in India. The council also pointed out that restrictions on foreign ownership in some business activities, especially equity caps on foreign participation in insurance, had no economic or commercial rationale and impeded competition and growth in the industry. The council, however, welcomed the Bush administration's efforts to reach out to India, to recognise it as a major power, and to involve it more closely in the rethinking of a range of vital issues in the fields of international security and nuclear non-proliferation. Business and government leaders from both sides also noted several positive signals on sanctions. "We anticipate that the administration's engagement with India will continue to deepen, and we are pleased by the prospect that president Bush may make a visit to India." Wisener said. "We find major opportunities for expanding business and increasing bilateral cooperation in several vital and dynamic areas of the knowledge-based industries, especially IT-services, biotechnology and e-entertainment," Wisner added. (PTI) ______________________________________________________________________ To unsubscribe, write to [EMAIL PROTECTED]
