Prime Minister Narendra Modi met the country’s top industrialists, CEOs, bankers, economists and ministers to discuss ways to bolster the economy amid a global slowdown.
The meeting took place on Tuesday morning, where PM Modi told the industry leaders to take more risks and invest more money in the economy, said CII president Sumit Mazumder after the meeting.
“Prime Minister, India Inc, economists analysed impact of global events that present an opportunity for India,” said Finance Minister Arun Jaitley who was also present at the meet.
In the meet, PM asked the industry leaders to encash the opportunity of global slowdown and leverage the infrastructure system. On the other hand, India Inc complained that not enough measures are in place to do business easily. The industry leaders then suggested a string of steps to improve those measures.
“We have requested that cost of capital be reduced, infrastructure development be expedited and tax incentives be provided to budding entrepreneurs,” said FICCI’s Jyotsna Suri after the meet.
Many industrialists pitched for an easing monetary policy by the RBI, confirmed Jaitley at a press conference in Delhi.
The agenda of the meet was labelled ‘Recent Global Events: Opportunities for India’. Of late the world economy and global markets have been in a state of turmoil caused by a slowing Chinese economy. Concern over a possible US rate hike has also made global markets jittery.
“Steps to strengthen the economy include stepping up investment in infrastructure, agriculture and public investment,” said the Finance Minister.
Apart from Jaitley, RBI Governor Raghuram Rajan, Road Transport and Highway Minister Nitin Gadkari, Power Minister Piyush Goyal, Oil Minister Dharmendra Pradhan were also present at the brainstorming session at Prime Minister’s house.
Among the top industrialists, Reliance Industries Chairman Mukesh Ambani, Tata Group head Cyrus P Mistry, Aditya Birla Group head Kumar Mangalam Birla, Bharti Airtel’s Sunil Bharti Mittal and ITC’s YC Deveshwar attended the meet.
State-owned gas utility GAIL India Chairman B C Tripathi, BHEL chief B Prasad Rao, ICICI Bank CEO Chanda Kochhar and SBI Chairman Arundhati Bhattacharya were also present.
Ajit Ranade, the Chief Economist of Aditya Birla Group, Jahangir Aziz the Chief Economist of JP Morgan and Subir Gokaran of Brookings Institute were among the economic experts were present at the meeting.
Sumit Mazumder of CII and Rana Kapoor of Assocham were also part of the crucial meet.
Several government officials were also called for the meet. Finance Secretary Ratan P Watal, Commerce Secretary Rita Teaotia, Economic Affairs Secretary Shaktikanta Das, Chief Economic Advisor Arvind Subramanian and Niti Aayog Vice Chairman Arvind Panagriya met the PM today.
(With inputs from PTI)