From: ksherwood@uschamber.com
Date: 2000-10-17 14:57:00+00:00
Subject: USIBC Daily News Update for October 17, 2000

+ Finance Minister Yashwant Sinha outlined a program to stimulate growth 
during the current fiscal year.
+ The World Bank is likely to increase funding in India to over $3 billion.
+ NIIT Ltd. stated that it has allocated $100 million for its acquisition 
program, primarily focused on US targets.  

USIBC Daily News
October 17, 2000

Agro/Patents/Pharma
October 17: The government has assured farmers in the northern state of 
Haryana that it will consider giving them a relief package for damaged rice 
similar to the one announced earlier for the farmers of Punjab. Business 
Standard?
<http://www.business-standard.com/today/markets2.asp?Menu=1? 
http://www.hindustantimes.com 

Broadcasting/Entertainment
October 17: The Information and Broadcasting Ministry is evaluating two 
alternative models for the introduction of direct-to-home television 
broadcasting in the country: free-for-all and restricted competition.? The 
Hindustan Times? (Print edition only)

Communications
October 17:The Indian government has framed detailed rules and appointed an 
official structure under its e-commerce law to enable digital signatures and 
transactions from Wednesday, officials said. Reuters 
http://www.siliconindia.com/shownewsdata.asp?newsno=5525&newscat=Technology

October 17: Telecom Venture Group (TVG) of Hong Kong and its associates are 
planning to sell their 11% equity stake in BPL Communications, the holding 
company for the BPL group cellular phone companies, BPL Mobile and BPL 
Cellular. Business Standard 
http://www.business-standard.com/today/corp9.asp?Menu=2

October 17: Hughes Tele.com India Ltd (HTIL), a unit of Hughes Network 
Systems, became the first private telecommunications company to complete 
initial public offering (IPO), becoming the first private telecommunication 
company in India to go public. The total equity raised approximately $193 
million. siliconindia 
http://www.siliconindia.com/shownewsdata.asp?newsno=5515&newscat=Technology

Economic/General News
October 17: Finance Minister Yashwant Sinha has outlined a program to ensure 
7% growth during the current fiscal year. This includes pushing through 
pipeline power sector projects, expediting the prime minister's north-south 
national highway program and imparting momentum to the economic reforms by 
taking up important legislations during the forthcoming winter session of 
Parliament.?? The Financial Express 
http://www.expressindia.com/fe/daily/20001017/fec17064.html

Energy
October 17: BP Amoco will join a consortium led by Indian Oil to promote a 
venture that will import liquefied natural gas in Kakinada, in the southern 
state of Andhra Pradesh.? The Financial Express.? (Print edition only)

October 17: The Indian government will continue to own 51% of the equity in 
Indian Oil Corporation, Oil and Natural Gas Commission and Gas Authority of 
India Ltd.? The Financial Express.? Rediff 
<http://www.rediff.com/money/2000/oct/16rupee.htm>

Financial: Trade & Investment
October 17: The Ministry of Finance has cleared the Finance Companies 
Regulation Bill. The proposed legislation, which will bring all non-banking 
finance companies under a separate act, has been referred to the Cabinet 
Committee on Economic Affairs.? The Economic Times? (Print edition only)

October 17: Industry chambers have urged SEBI to review provisions in the 
takeover code to discourage hostile takeovers. They have independently urged 
that the regulations on creeping acquisitions be relaxed further so that 
promoters can counter takeover bids effectively.? The Times Of India 
http://www.timesofindia.com/today/17busi2.htm

October 17: The World Bank is likely to increase its funding in India to over 
$3 billion during the current financial year, significantly higher than the 
$1.8 billion sanctioned during the 1999-2000 fiscal year. Business Standard
? http://www.business-standard.com/today/economy1.asp?Menu=3

Information Technology
October 17: NIIT Ltd. stated that it has allocated $100 million for its 
acquisition program.? NIIT is primarily looking at acquisitions in the US, 
which it has identified as a key market. The Hindu Business Line (Print 
edition only)

October 17: Convergent Communications India Pvt.Ltd. has entered into a 
strategic alliance with U.S.-based Smart Modular Technologies for marketing 
its memory modules, memory cards, and communication products. The Financial 
Express (Print edition only)

Insurance and Finance
October 17: The Securities & Exchange Board of India made it compulsory for 
asset management companies to disclose their balance sheets every year. 
Business Standard http://www.business-standard.com/today/markets2.asp?Menu=1

Political/International
October 17: A senior BJP leader stated that Mr. Advani is will be the choice 
for the job of Prime Minister, if the need arises," The Hindu 
http://www.hinduonline.com/today/stories/01170004.htm

Sanctions
October 16: Republican presidential candidate George Bush has said that if 
elected he would not press India to sign the CTBT and favored immediate 
lifting of all US sanctions against New Delhi. The Times of India 
http://www.timesofindia.com/today/16worl3.htm

Transportation/Infrastructure
October 17: Surface Transport Minister Rajnath Singh has announced that the 
golden quadrilateral project is on schedule. He said that the government has 
begun implementing construction on 911 km of road and is preparing 
implementation for the remaining 4,397 km of roads.? The Economic Times 
http://www.economictimes.com/today/17infr06.htm

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