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Prime Minister Narendra Modi and Finance Minister Arun Jaitley will meet top bankers, industrialists, and economists on Tuesday to discuss the state of the economy.
The meet will set the tone for the Prime Minister’s visit to the G20 leaders’ summit in November. The Finance Minister, who has just returned from a G20 meeting, will brief the gathering on the economic situation and the impact of the recent global developments on the economy.
Top industrialists, including Reliance Industries Chairman Mukesh Ambani and Tata Group Chairman Cyrus P Mistry, are among those expected to attend the meeting. Representatives from industry chambers — Federation of Indian Chambers of Commerce and Industry, Confederation of Indian Industry and Assocham — are also expected to attend. From the banking sector, Rana Kapoor, Founder, Managing Director & Chief Executive Officer of YES Bank, is expected to attend.
Officials from the Finance Ministry, including the Chief Economic Advisor Arvind Subramanian, are expected to make a presentation.
The meeting comes against the backdrop of the stock market and the rupee taking a hit due to global events, particularly the crash in the Chinese stock markets and Beijing’s decision to devalue the yuan.
Last week, the S&P BSE Sensex posted its biggest weekly loss since 2011 and closed at the lowest level since July 2014, at 25,201.90.
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