Addressing the US Investment Summit on the theme `The Dynamic South', he said the Cabinet was meeting in New Delhi and a decision on the corporatisation of three airports was imminent.

The three airports which have been slated for conversion into corporate entities are Mumbai, Bangalore and Delhi. Further additions to corporatise airports will cover Chennai and Calcutta, reports indicate.

On telecom, Singh said the special group given the mandate to draft a new telecom policy will meet in New Delhi on January 23 and review the first draft of the new telecom policy. Describing the new policy as the "first forward looking and first conscious policy" to take into account internationaldevelopments like "convergence between telecommunication, television and computers". The new policy will move to reconcile divergent viewpoints of the licensor, the regulator, the operator and the consumer. It is to be finalised by March 31 this year, he said.

Jaswant Singh appreciated the contribution made by the southern states in the information technology (IT) revolution. He said the task force on IT has made its first set of recommendations which have found shape in providing additional tax concessions and offering attractive financing packages.

A second report on hardware has been submitted and a final and concluding report is due within 60 days.

The prime minister has set up two advisory bodies -- The Economic Advisory Council and the Trade and Industry Advisory Council. Their recommendations are under review by the government. These should provide valuable strategy options to promote exports, revive industrial growth, reduce fiscal deficit and to steer the country towards a sustainable growthtrajectory of over seven to eight per cent in the new millennium.

The minister noted that southern states provided huge opportunity for investments in sectors like power, transport, telecommunications, environment and transportation.

He said bilateral trade between the US and India exceeded $ 10 billion in 1997-98 and the trend is positive. He hoped that in the coming year this will reach the $ 11 billion mark.

"Our US investment partners have contributed to a quarter of the total foreign direct investment that has flown into India since 1991. It will remain our endeavour to continue to work closely together with business communities both in India and the US to reach greater heights of economic cooperation," he said.

In an indirect reference to the US imposed sanctions on India after the Indian nuclear blasts in May, the external affairs minister said limiting interactions through other measures between two nations is counterproductive, besides dampening the spirit of economic entreprenuership andadversely affecting bilateral trade. He said the joint business council had a key role to play in resolving these issues. u