DATE=6/3/98
TYPE=CORRESPONDENT REPORT
NUMBER=2-233252
TITLE=INDIA / SANCTIONS (S)
BYLINE=JIM TEEPLE
DATELINE=NEW DELHI
CONTENT=
VOICED AT:
*INTRO: INDIA IS INCREASING ITS DEFENSE BUDGET BY 14 PERCENT,
AND MINIMIZING THE EFFECT OF SANCTIONS IMPOSED AFTER THE
COUNTRY'S RECENT ROUND OF NUCLEAR TESTS. FROM NEW DELHI, V-O-A'S
JIM TEEPLE REPORTS THE WORLD BANK HAS POSTPONED TWO MORE LOANS TO
INDIA.
TEXT: ON THE EVE OF U-N SECURITY COUNCIL TALKS TO ADDRESS THE
RECENT NUCLEAR TESTS IN INDIA AND PAKISTAN, INDIA'S FINANCE
MINISTER YASHWANT SINHA IS STRONGLY DEFENDING A 14-PERCENT
INCREASE IN DEFENSE SPENDING.
INDIA'S BUDGET, PRESENTED EARLIER THIS WEEK, ALSO SHOWS A
68-PERCENT INCREASE FOR SPENDING ON NUCLEAR ENERGY, AND A
62-PERCENT INCREASE IN SPENDING FOR THE COUNTRY'S SPACE PROGRAM,
WHICH DEVELOPS MISSILE TECHNOLOGY.
MR. SINHA SAYS THE INCREASED DEFENSE SPENDING IS JUSTIFIED,
BECAUSE INDIA'S NEIGHBORS SPEND FAR MORE.
/// SINHA ACT ///
IF YOU TAKE THE DEFENSE EXPENDITURES OF EITHER CHINA OR
PAKISTAN YOU WILL FIND THEY ARE MUCH HIGHER IN TERMS OF
G-D-P (GROSS DOMESTIC PRODUCT) THAN WHAT WE SPEND IN
INDIA.
/// END ACT ///
MR. SINHA SAYS INTERNATIONAL SANCTIONS IMPOSED AFTER THE NUCLEAR
TESTS HAVE HAD NO EFFECT ON FOREIGN INVESTMENT IN INDIA.
WEDNESDAY, THE WORLD BANK PUT ON HOLD MORE THAN 200-MILLION
DOLLARS IN LOANS TO INDIA, BRINGING TO MORE THAN ONE-BILLION
DOLLARS THE AMOUNT HELD UP BECAUSE OF INDIA'S NUCLEAR TESTS.
(SIGNED)
NEB/JLT/WTW
03-Jun-98 6:42 AM EDT (1042 UTC)
NNNN
Source: Voice of America
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