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PM takes stock of economic situation

india Updated: Jun 27, 2012 15:50 IST

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Prime Minister Manmohan Singh, who now also holds the finance portfolio, Wednesday took stock of the economy with deputy chairman of planning commission Montek Singh Ahluwalia and PMEAC chairman C Rangarajan amid slowing growth, high inflation and damp investor sentiment.

According to sources, Ahluwalia and Rangarajan separately briefed Singh about the economic situation.

Sources also said the Prime Minister was likely to meet in the evening senior finance ministry officials including finance secretary RS Gujral, economic affairs secretary R Gopalan, financial secretary DK Mittal and chief economic advisor Kaushik Basu.

Singh, who himself is a renowned economist, has taken charge of the finance ministry at a time when the country's GDP growth rate has fallen to a 9-year low and the rupee is depreciating sharply.

He took charge of the finance portfolio Tuesday following the resignation of Pranab Mukherjee, who is the UPA's candidate for the presidential election.

India's economic growth rate slipped to nine-year low of 6.5 % in 2011-12 and current account deficit (CAD) has touched a high of 4 %.

Inflation, meanwhile, was high at 7.55 % in May.

Rupee is has plunged sharply in recent weeks especially on account of foreign fund outflows and gloomy investor sentiments. It has lost over 20 % against the US dollar over the past few months.