Modi to brainstorm with India Inc

Modi to brainstorm with India Inc

Prime Minister Narendra Modi will hold a high-level consultative meeting with top industrialists, economists, bankers and key policymakers on Tuesday to explore opportunities for India against the backdrop of global events.

Agovernment statement said the meeting will be attended by over 40 delegates, including Cabinet ministers, top officials of the government and the Reserve Bank of India (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, econo mic affairs secretary Shaktikanta Das, among others, will listen to the views of India Inc to prepare a road map on how India could take advantage from the events in China, sources said. Representatives from all leading industry chambers have been invited for the brainstorming session along with top industrialists, bankers and economists.

“A wide-ranging discussion is expected on the impact of recent economic events, and how best India can take advantage of them,” the statement said.

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.

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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