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Sanctions not implemented: Hegde

Commerce Minister Ramakrishna Hegde today told the Lok Sabha that the US had not implemented its threat to impose economic sanctions on India following the pokhran nuclear tests.

Responding to members during Question Hour, he said the sanctions were confined to defence matters. They were not related to trade.

He agreed that the present atmosphere of uncertainty will continue for some time. But there is nothing to fear. ''We have taken steps to control the downfall of the rupee and ensure that the export targets are reached,'' he added.

Hegde asserted that "India is no less important to the United States than China. India is going to be the biggest market. Therefore the US cannot ignore us."

Referring to the outcome of the G-8 meeting held last month, the commerce minister said Germany had not announced any sanctions against India. (Japan had also not spelt out any adverse trade-related steps.)

He said India's credit-worthiness was never questioned. ''If one bank closes its door, 10 banks are willing to open their doors for us,'' he added.

UNI