US lifts sanctions on India, Pakistan
New Delhi: President George Bush today lifted sanctions imposed on India and Pakistan in the interest of national security of the US.

While Pakistan stands to gain more by the lifting of economic sanctions, finance minister Yashwant Sinha said the lifting of sanctions would have a marginal effect on the Indian economy.

Except for certain defence supplies, sanctions have no meaning. I dont think this is a development of earth-shaking importance, he said.

For India, lifting of sanctions would largely mean an end to a US ban on the export of technology which could have nuclear applications and lending by international financial institutions.

In 1999, then President Bill Clinton waived other sanctions on India pertaining to a broad range of US government programmes and commercial transactions.

In July 1998, the US department of agriculture had reinstated credit guarantees for export of agricultural commodities to India and Pakistan.

Soon after, Export-Import Bank (EXIM), Overseas Private Investment Corporation (OPIC) and Trade Development Agency (TDA) programmes in India were restored.
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Software exports slow down
New Delhi: Software export growth rate is likely to decline to from the present 50 per cent to 20 per cent in the current fiscal as a fallout of the recent air strikes in the US, according to Boston Consulting Group(BCG).

"Indian software exports growth rate may fall to 15-20 per cent range during the current fiscal following the attack in the US last week," said James Abraham, vice-president and director, BCG.

The US accounts for 60 per cent of India's software exports.

India's IT software and services exports had witnessed 52 per cent growth at Rs 8,600 crore in the first quarter of 2001-02, according to Nasscom. Nasscom is yet to give its projections on the impact following the attack.

Indian software exports stood at Rs 28,350 crore ($6.2 billion) for the fiscal 2000-01, registering a growth of 65 per cent in rupee terms and 55 per cent in dollar terms, Nasscom said.
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Osama bin Laden missing
Islamabad: Taliban today said Osama bin Laden, wanted by the US for masterminding the attacks on World Trade Center and Pentagon, has gone missing and therefore cannot force him to leave Afghanistan,

Taliban spokesman Abul Hai Mutmaen said the Talibans spiritual leader, Mullah Mohammad Omar, had given his seal of approval to a fatwa issued by a council of 1,000 senior Islamic clerics last week in the capital, Kabul, requesting bin Laden to leave.

We are trying to find him and when he is found we will place the ulemas (clerics) decision before him, Mutmaen said.
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US offers $15bn aid to airlines
Washington: The US administration has decided to give $15bn aid for the country's airlines industry to save it from financial crisis.

US airlines have slashed more 100,000 jobs and grounded several flights since the terrorists attacks. The airlines travel has also witnessed sharp decline ever since.

The package includes $5bn in direct grants to the airlines to compensate them for the losses suffered after the attack and $10bn in loan guarantees.

The House of Representatives and the Congress are expected to approve the package.
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