hi Anand.

i am working at a site where they use a large old fox2.5 app. they run it on win98 - winXP. no problem with print speed. if i understand you correctly there could be 2 issues.
1st. maybe the query is slow. if for example you write

report form MyReport.frx for/where (expr) to print

the report will go through all of the table records, which can be quit slow on large dbf's.
2nd. how you address the printer. if you

set printer to lpt1:

for a local or

set printer to //ServerName/SharedPrinter

that should be fast.
what i actualy do (and that old app), i print to an asci file and then copy this asci file to the port needed, nice and fast and opens up some more additional options.

hope this helps you and i didden't miss the point :-)