Turbulence in global markets: PM Modi to meet industry leaders

New Delhi, Sep 8: Prime Minister Narendra Modi on Tuesday will meet business leaders including Reliance Industries head Mukesh Ambani, Tata Group Chairman Cyrus Mistry as well as bankers and economists to discuss global economic scenario.

The meeting is being held amid turbulence in global markets caused by a slowing Chinese economy and concerns as the US prepares to raise interest rates. As many has 27 business leaders, bankers and economists have been invited for the meeting to deliberate on the recent developments in the global economy and the opportunities they present for India, sources said.

RBI Governor Raghuram Rajan and Niti Aayog vice chairman Arvind Panagariya will also attend the meeting to which other invitees include Bharti Airtel chief Sunil Bharti Mittal, Essar Group head Shashi Ruia, Reliance Group Chairman Anil Ambani, Adani Group head Gautam Adani, ICICI Bank CEO Chanda Kochhar and SBI Chairperson Arundhati Bhattacharya.

Mahindra Group Chairman and Managing Director Anand Mahindra and Aditya Birla Group head Kumar Mangalam Birla are said to be among the other invitees for the meeting for which industry chambers' heads -- Sumit Mazumder of CII, Jyotsna Suri of FICCI and Rana Kapoor of Assocham have also been called.

Finance Secretary Ratan P Watal, Commerce Secretary Rita Teaotia, Economic Affairs Secretary Shaktikanta Das and Chief Economic Advisor Arvind Subramanian will be present at the meeting. Sources said the agenda for the meeting is 'Recent Global Events - Opportunities for India', but other issues plaguing the Indian industry may also come up for discussion.

Each speaker will be given three minutes to make initial remarks. Modi had in his first interaction with industry chambers on June 30 met business leaders to hear their grievances on issues ranging from high capital cost to ease of doing business to certainty on taxation matters.

Sources said other issues that could crop up during the meeting tomorrow may include government allowing an ordinance that eased land acquisition rules to lapse, deadlock on the GST Bill in Parliament and the ease of doing business.

Last time, the Prime Minister had separate meetings with the delegations of Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry which raised issues like investments not picking up due to high cost of capital, poor credit growth and difficulties faced by small and medium enterprises in doing business.

PTI