PM Modi meets industry leaders to assess global meltdown

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Prime Minister Narendra Modi on Tuesday held a high-level consultative meeting with top industrialists, economists, bankers and key policymakers to explore opportunities for India against the backdrop of global events. The meeting was attended by over 40 delegates, including Cabinet ministers, top officials of the government and RBI, industry representatives, top bankers and leading economists and sectoral experts. Finance minister Arun Jaitley, RBI governor Raghuram Rajan, Niti Aayog vice-chairman Arvind Panagariya, finance secretary R P Watal, economic affairs secretary Shaktikanta Das were also present in the meeting.

TOI had reported on August 26 about the PM’s meeting with India Inc. Modi had swung into action and discussed the issue with his top economic team as the financial markets in India were battered by the storm in China and the Sensex witnessed its worst single-day fall. Modi had asked Jaitley to calm nerves and send the message that India was better prepared to deal with any eventuality. Jaitley had said the crisis should be converted into an “opportunity” to grow by speeding up reforms.

PM chairing high-level meeting on global economic scenario pic.twitter.com/uGhfIUeN3M

— PIB India (@PIB_India) September 8, 2015

PM chairing high-level meeting on global economic scenario pic.twitter.com/w6othpWQTF

— PIB India (@PIB_India) September 8, 2015

Policymakers have said the economy is better placed to withstand any challenge. Multilateral agencies including International Monetary Fund (IMF) have said India remains a bright spot against the sluggish global economy . Macroeconomic fundamentals remain sound and there are signs of a rebound in several sectors of the economy . Growth is expected to be around, 7-7.5% while the government is confident that it could comfortably reach 8%. The nervousness in the market has worried some policymakers and the government is keen to send out a message that there is nothing to panic and India could, in fact, gain from the events in China.

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