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DATE=4/17/99 TYPE=CORRESPONDENT REPORT NUMBER=2-248238 TITLE=INDIA / POLITICS (L-UPDATE) BYLINE=JIM TEEPLE DATELINE=NEW DELHI CONTENT= VOICED AT: INTRO: INDIA'S PRIME MINISTER RESIGNED ON SATURDAY AFTER LOSING A VOTE OF CONFIDENCE IN PARLIAMENT BY ONE VOTE. THERE WERE 269 VOTES IN FAVOR OF THE PRIME MINISTER'S MOTION OF CONFIDENCE AND 270 AGAINST. V-O-A'S JIM TEEPLE REPORTS SATURDAY'S DRAMATIC POLITICAL DEVELOPMENTS IN NEW DELHI HAVE OPENED A NEW CHAPTER IN INDIAN POLITICS. TEXT: PREDICTIONS HAD THE PRIME MINISTER WINNING THE VOTE OF CONFIDENCE BY ONE VOTE. INSTEAD, HE LOST BY THE SAME MARGIN. LATE SATURDAY, A CALM AND COLLECTED MR. VAJPAYEE SUBMITTED HIS RESIGNATION TO INDIA'S PRESIDENT, K.R. NARAYANAN, SAYING HE WILL STAY ON UNTIL A NEW GOVERNMENT IS FORMED. // INSERT VAJPAYEE ACTUALITY // THE PRESIDENT ACCEPTED THE RESIGNATION AND ASKED ME TO CONTINUE UNTIL ALTERNATIVE ARRANGEMENTS ARE MADE. // END ACTUALITY // SATURDAY'S RESULTS HAD AN IMMEDIATE IMPACT ON FINANCIAL MARKETS. THE BOMBAY STOCK MARKET -- INDIA'S OLDEST AND LARGEST STOCK EXCHANGE -- PLUNGED SEVEN PERCENT. IT IS NOW UP TO THE CONGRESS PARTY -- LED BY SONIA GANDHI, THE ITALIAN-BORN WIDOW OF FORMER PRIME MINISTER RAJIV GANDHI -- TO FORM A NEW GOVERNMENT. SHARAD PAWAR -- THE PARLIAMENTARY LEADER OF THE CONGRESS PARTY -- SAYS A CONGRESS-LED GOVERNMENT CAN BE FORMED. // PAWAR ACTUALITY // I'M CONFIDENT THE SECURE FORCES WILL COME TOGETHER AND WILL PROVIDE A VIABLE ALTERNATIVE AS SOON AS POSSIBLE. // END ACTUALITY // MR. VAJPAYEE AND HIS ALLIES SAY THEY WERE DEFEATED BECAUSE SOME OF THEIR SMALL PARTY ALLIES DESERTED THEM AT THE LAST MINUTE. THE VOTE OF CONFIDENCE WAS BROUGHT ON EARLIER THIS WEEK, AFTER A COALITION PARTNER IN THE VAJPAYEE GOVERNMENT WITHDREW FROM THE GOVERNING COALITION. RITA VARMA -- A MEMBER OF PARLIAMENT FROM MR. VAJPAYEE'S BHARATIYA JANATA PARTY -- SAYS THE CONGRESS PARTY WILL NOT HAVE A POLITICAL HONEYMOON. // VARMA ACTUALITY // WE WILL SEE THIS WITH DELIGHT -- WE WILL WATCH THIS WITH DELIGHT. I CAN FORESEE ELECTIONS IN THE NEXT SIX MONTHS AND THEN THE PEOPLE WILL GIVE THEM A GOOD AND PROPER LESSON. // END ACTUALITY // MOST EXPERTS SAY IT WILL TAKE DAYS AND PERHAPS WEEKS TO FORM A NEW GOVERNMENT -- IF ONE CAN BE FORMED AT ALL. // REST OPT // MEANWHILE, PAKISTAN SAYS IT REMAINS COMMITTED TO NEGOTIATIONS WITH INDIA NO MATTER WHO IS IN POWER IN NEW DELHI. THE TWO COUNTRIES HAVE FOUGHT THREE WARS, AND LAST YEAR PAKISTAN AND INDIA CONDUCTED A SERIES OF NUCLEAR TESTS. OVER THE PAST SEVEN DAYS, PAKISTAN AND INDIA HAVE EACH CONDUCTED A SERIES OF HIGHLY PUBLICIZED TESTS OF MISSILES CAPABLE OF CARRYING NUCLEAR WARHEADS. IN HIS SPEECH BEFORE PARLIAMENT ON SATURDAY -- AND JUST PRIOR TO VOTING ON THE CONFIDENCE MEASURE, PRIME MINISTER VAJPAYEE SINGLED OUT LAST YEAR'S NUCLEAR TESTS, AND HIS BUS TRIP TO PAKISTAN EARLIER THIS YEAR -- WHICH LED TO AN EASING OF TENSIONS WITH PAKISTAN -- AS THE MOST NOTABLE ACHIEVEMENTS OF HIS GOVERNMENT'S 13-MONTHS IN OFFICE. (SIGNED) NEB/JLT/GE 17-Apr-99 9:47 AM EDT (1347 UTC) NNNN Source: Voice of America .