What's the meeting about?
7 Sep 2015
- 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
7 Sep 2015
- 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
8 Sep 2015
- 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.
Jaitley briefs about PM's meet with India Inc
8 Sep 2015
- 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.
Confederation of Indian Industry delegation calls on PM Narendra Modi | Latest News & Updates at Daily News & Analysis
PC: 'Arun Jaitley at the India Economic Summit 2010 cropped' by World Economic Forum from Cologny, Switzerland - Arun Jaitley. Licensed under CC BY-SA 2.0 via Wikimedia Commons
PC: 'Narendra Modi at the finale of Manthan' by Narendra Modi - Flickr: Shri Narendra Modi at the finale of Manthan, organized by CAG in Delhi. Licensed under CC BY-SA 2.0 via Wikimedia Commons
PC: 'Narendra Modi launches Make in India' by Narendra Modi - PM launches “Make in India” global initiative. Licensed under CC BY-SA 2.0 via Wikimedia Commons