statesman news service
New Delhi 8 July:
In view of the dipping rupee and industrial slowdown, the Prime Minister, Mr Manmohan Singh, has called leading industrialists to discuss proactive steps required to revive the economy from the prevailing severe slowdown.
The meeting, to be chaired by the Prime Minister, would take place on 29 July and discuss key issues such as correcting the current account deficit and measures to revive industrial growth.
“The Prime Minister will meet the captains of industry on 29 July 29 to review steps to revive the economy,” said a senior officer of the Prime Minister’s Office here today.
The Prime Minister would take up the depreciation of the rupee and its impact on trade and industry and skill development and ways of accelerating it.
Development of industrial corridors between Delhi and Mumbai, Chennai and Bangalore and Amritsar-Delhi-Kolkata would also be on the agenda.
The meeting takes place at a difficult time with growth slumping to five per cent, the lowest in a decade. Sluggish investments and industrial growth have been big drags on Asia’s third largest economy.
The manufacturing sector expanded by a meagre 2.6 per cent in the financial year 2012-13, according to the Central Statistical Office data.
The Indian rupee has weakened by almost 10 per cent this year and hit a record low of 61.21 against the dollar today.
The current account deficit has hit a record 4.8 per cent of gross domestic product in the fiscal year that ended 31 March.