OPEC cuts production by 6.5%
Cairo: OPEC has finalised an agreement to cut back oil production by 6.5 per cent or 1.5 million barrels starting 1 January.

The decision was taken at an emergency meeting of the OPEC after non OPEC oil producers like Mexico, Norway and Russia decided to reduce their exports by about 462,000 barrels a day.

OPEC's total daily production is now scheduled to reach its lowest level in 10 years.
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India's GDP growth rate pegged at 5%
New Delhi: The Confederation of Indian Industry (CII) has projected a GDP growth rate of 5.0 per cent while pegging centre's fiscal deficit at a higher 5.1 per cent during 2001-02.

CII, in its corporate outlook for 2002, said that fiscal 2001-02 would see a real GDP growth of not more than 5.0 per cent while it was expected to improve to 5.5-6 per cent in the next fiscal.

"While this (5.0 per cent growth rate) still makes India one of the fastest growing countries of the world, it will be insufficient to create the demand stimulus needed for eliminating surplus capacities, raising corporate profits, generating higher tax revenues and giving a much needed impetus to fresh private investments," it said in a release.
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