Prime Minister Narendra Modi and Finance Minister Arun Jaitley will meet top bankers, industrialists, and economists on Tuesday to discuss the state of 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 current 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 amongst 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 the meeting. Officials from the Finance Ministry, including the Chief Economic Advisor Arvind Subramanian, are expected to make a presentation.
The meeting also comes against the back drop 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 of the yuan. Last week, the S&P BSE Sensex had the biggest weekly loss since 2011 and closed at the lowest level since July 2014 at 25,201.90. The fall in the markets continued on Monday as the S&P BSE Sensex closed 1.22 per cent or 308.09 points down at 24,893.81.
All eyes are now on whether there will be an increase in interest rates by the US Federal Reserve next week.