RBI cuts rate to spur growth -- GDP forecast lowered to 5-6 per cent
DR Bimal Jalan, RBI Governor, addressed Mint Street today with cuts in Bank Rate and cash reserve ratio (CRR) to prop up an economy which may now grow at five to six per cent against the earlier estimate of 6-6.5 per cent. Bank Rate has been dropped from seven per cent to 6.5 per cent while the CRR has been pegged at 5.5 per cent against 7.5 per cent to release around Rs 8,000 crore to ease further the price of money for business. At 6.5 per cent, the Bank Rate is the lowest since May 1973.

A stimulant to growth: Sinha
THE Finance Minister, Mr Yashwant Sinha, has said that the RBI's Monetary and Credit Policy would stimulate growth by infusing greater liquidity in the market.

SEBI order against Sterlite set aside
THE Securities Appellate Tribunal (SAT) today set aside the Securities and Exchange Board of India's (SEBI) order prohibiting Sterlite Industries (India) Ltd (SIL) from accessing the capital market for two years.

Multinationals beefing up security
EVEN as Coca-Cola India's site at Guntur is cordoned off by police following the attack yesterday by the People's War Group (PWG), other American multinationals in India are ``taking precautions,'' in case the attack sets a precedent.

AES complains to PM about Orissa Govt
AES Corporation, the US-based power company, has sent an SOS to the Prime Minister, Mr A.B. Vajpayee, seeking his intervention to settle its grievances with the Orissa Government saying that its determination to continue in India was being tested by the ``strong-arm tactics'' of the State Government.

Selling soaps with a Midas touch
WANT some free gold? Try buying a fairness cream, some tea, a dishwasher, a television or a car. Even a non-descript car security system would do.

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