Prime Minister Narendra Modi on Tuesday held a high-level consultative meeting with business leaders, bankers and economists to discuss the global economic scenario and bolster India's economy by taking advantage of them.
The morning meeting in New Delhi was attended by tycoons including Mukesh Ambani, finance minister Arun Jaitley, central bank governor Raghuram Rajan, several noted economists and state and private bank chiefs.
This is PM Modi's second high-level interaction with industry captains since he assumed office.
The meeting came against the backdrop of the benchmark equity index Sensex closing at a 15-month low of 24,893.81 points on Monday, down 308 points or about 1.2%. The wider NSE Nifty ended 96 points or about 1.3% lower 7,558.80.
The crisis in the Indian markets was mostly on fears that an expected US rate hike could trigger a foreign investor exodus. A modest improvement in recent US jobs data — an indicator that the world’s largest economy is perking up — fuelled talk the US Federal Reserve might go ahead with raising rates.
The government predicts India's economy will grow at 8% or more in 2015-16, prodded by government spending. Yet private investment has been slow to pick up, with banks and businesses hobbled by bad debts and high lending rates.