Ok. So I got the Netgear 814v2 talking to MT882 for BSNL DataOne .
I followed the various hints and techniques on this forum and got it working.(Thanks all !)

The only problem know remains is that the "wireless" part is not working , but I can access the net when I physically connect the Lan port to the PC.
My setup : Modem 882 connected to WAN port of Netgear Router .
Router configured for static IP.
Appropriate settings done on the Modem.

Have not really changed anything in Router ( except using the static IP address ) and for wireless , I have enabled WEP.

The PC "sees" the SSID and the connection status is "11 mbps" and connected.

Does anything else need to be changed in the router ? I read about changing the MTU settings but dont think that will change anything.DHCP is on.

Please help me complete the last step and make the setup wireless !!