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This is an archive article published on August 16, 1998

Sanctions may hit Boeing deal

WASHINGTON, Aug 15: India has warned United States that denial of export import bank credit to Indian companies to buy US-built aircraft ...

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WASHINGTON, Aug 15: India has warned United States that denial of export import bank credit to Indian companies to buy US-built aircraft may prove to be Boeing’s loss as these Indian companies may have to turn elsewhere for their needs.

"India’s aircraft business is significant and it has already sanctioned about 30 aircraft for various companies worth $ 1.5 billion over the next two years," Union civil aviation minister R Ananth Kumar told a news conference here last night.

He said, Boeing’s representatives had already met him and as per their estimates India could buy aircraft worth more than $ 20 billion over the next ten years.

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Kumar, here to attend Independence day celebrations organised by Indian American Associations, said international participation for improvement of the various Indian airports on the Singapore and Amsterdam models is being encouraged.

Earlier Indian ambassador the US Naresh chandra expressed confidence that the present sanctions phase of the US India relations will come toan end.

Chandra, has attended all the high level Indo-American meetings since nuclear tests and will also be at the Jaswant Singh-strobe talbott meeting on August 24. "These meetings have been going very well. We have been talking very frankly. It is not so much bargaining going on as understanding each other’s positions and it is no secret that we have been able to outline a whole lot of common ground where India and US can work together.

I think, in the months to come, we will be able, with your help and our working together, to bring things back on track very soon and get relations back on an even keel, " he said.

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Kumar said, he looked forward to the resurgence of Indo-American relations despite current controversies over CTBT, NPT or nuclear testing.

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