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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (1255)	3/18/2000 1:11:00 PM
From: Mohan Marette	Respond to of 1471

OT US Cos Pressure Govt To Lift India Sanctions Saturday, March 18 7:05 PM SGT NEW DELHI (AP)--American companies hit by trade sanctions imposed on India are hoping President Bill Clinton's visit to India this week will see them lifted soon, business leaders said Saturday. "I hope the time will come soon when sanctions ... will be rolled back," Richard Celeste, American ambassador to India told a news conference, the day before Clinton's jet was to touch down in New Delhi. The talks between Clinton and Indian Prime Minister Atal Bihari Vajpayee next week would draw the road map that could "see a high-level dialogue on trade as we have done on security issues," Celeste said. The United States slapped economic and military sanctions on India following the nuclear tests India conducted two years ago, prompting Pakistan to carry out similar tests. Clinton is bringing a 150-member trade delegation with him on his five-day visit to India, the first in 22 years by an American president. Following the sanctions, Indian companies turned to Europe and Asia. U.S. companies doing business in India have since then joined trade bodies and lawmakers in lobbying for lifting of the sanctions, said Sanjay Bhatnagar, president of the American Chamber of Commerce in India. The chamber - which represents 300 U.S. companies operating in India - has given Vajpayee a proposal to increase U.S. investment in India. The United States is India's main trading partner. The sanctions hit a number of areas, including attempts by the Indian Meteorological Department to upgrade its supercomputer for forecasting, the Indian Express newspaper reported. The Indian government has ordered a review of the $2 million deal to buy a supercomputer from Silicon Graphics Incorporated, the report said. The U.S. government has refused to give export clearance for the sale of the equipment to India, which was to have been done two months ago, it said. U.S. embassy officials said they were not immediately aware of the details. Although Washington lifted many of the military and economic sanctions, it still has banned the sale of equipment or technology to 55 companies and government departments in India. U.S. Commerce Secretary William Daley is expected to discuss recommendations of trade groups to improve trade between the two countries, Bhatnagar said. Since 1991, when India began a series of economic reforms, U.S. direct investment in India has reached nearly $29 billion, about six times the figure over the previous four decades. In the last four years, the United States accounted for nearly half of all the foreign investment in India, much of it being in power, information technology and manufacturing.