Jaitley briefs about PM's meet with India Inc
In a meeting that lasted about 3 hours with the participation of 27 stakeholders, key global events and their impact on India was discussed. Finance Minister Arun Jaitley said that India will be among the lesser impacted economies of global economic turmoil, owing to its strong fundamentals. PM concluded the discussion with various strengths India has and emphasized on job creating sectors like SMEs.
What's the meeting about?
The high-level meeting of business leaders chaired by PM would discuss the global economic scenario to bolster India's economy by taking advantage of them. This is Modi's second high-level interaction with industry captains since he assumed office. The brainstorming session may discuss stepping up the reform impetus, GST bill, talk about ease of doing business, investment bottlenecks and poor credit growth.
Circumstances of the meeting
The meeting comes amid turbulence in global markets due to a slowing Chinese economy. It also comes at a time when the US prepares to raise interest rates. A rate hike in the US could trigger capital outflows from emerging markets like India. The government is of the view that India should take advantage of the global crisis and convert it into an opportunity.
Sensex down to a 15-month low
On Monday (7 Sep), the benchmark equity index Sensex closed at a 15-month low of 24,893.81 points, down 308 points or about 1.2%. This is indicative of the economic sentiment across country. The meeting intended to allay the fears of the industry.
The last meeting of PM and industry leaders
The last meeting between PM and India Inc. on 30 June 2015 was called on by the CII - Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry – FICCI. The delegation members praised government initiatives such as Ease of Doing Business, Make in India, etc. PM exhorted the industry to work towards technological self-reliance in key identifiable sectors.
PM Modi meets with India Inc
PM Narendra Modi met with industry leaders and leading economists at his residence in Race Course. The agenda for the meeting is 'Recent Global Events - Opportunities for India.' The meeting has in attendance the likes of RBI governor Raghuram Rajan, Niti Aayog vice-chairman Arvind Panagariya, business leaders including the Ambani brothers, Anand Mahindra, Sunil Bharti Mittal, TATA group's Cyrus Mistry etc.
