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PM to talk strategy with top honchos

delhi Updated: Nov 01, 2008 00:50 IST
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Prime Minister Manmohan Singh has invited top corporate leaders on Monday to discuss the broad contours of an economic strategy to keep growth intact amidst the piling rubble of a global credit crisis.

Sources said invitations have been sent to top industry leaders Ratan Tata, Mukesh Ambani, Anil Ambani, Anand Mahindra, K.P. Singh, Kumaramangalam Birla, and Y.C. Deveshwar for the brainstorming session.

The government’s key economic managers — Finance Minister P. Chidambaram and Planning Commission Deputy Chairperson Montek Singh Ahluwalia — are also expected to attend the meeting.

Among top bankers, ICICI Bank CEO and Confederation of Indian Industry (CII) president K.V. Kamath and HDFC chairman Deepak Parekh are likely to be there.

India Inc., caught in an attack of sluggish demand, surging input costs and dipping confidence, has sought easier and quicker access to bank funds to keep planned expansion projects going.

The Reserve Bank of India has so far pumped in Rs. 1,85,000 crore more into the banking system to help their liquidity needs and carry on lending, but industry representatives said these weren’t enough to meet incremental credit requirements.

Analysts said industrial output that grew by a lowly 1.3 per cent in August was a result of weak demand.

Federation of Indian Chambers of Commerce and Industry (Ficci) president Rajeev Chandrashekhar, who will also attend the meeting, said the focus of policies should shift immediately towards growth, rather than inflation management as the price line has shown definite signs of coming down.

Assocham president Sajjan Jindal, Infosys co-chairman Nandan Nilekani and Bharat Force chairman Baba Kalyani are among other who are expected to attend the meeting.