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Economic crisis: PM to meet industry leaders

Source: PTI
October 31, 2008 19:17 IST
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Prime Minister Manmohan Singh has invited corporate leaders on November 3 to discuss the current economic situation and ways to overcome the global financial crisis that is hurting the industry.

It is understood that invitations have been sent to top industry leaders Ratan Tata, Mukesh Ambani, Anand Mahindra, K P Singh, Vijay Mallya and Naresh Goyal among others, besides the three apex industry chambers, FICCI, CII and Assocham.

According to informed sources, prime minister's economic think-tank led by Finance Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwali will also attend the meeting along with industry leaders.

The meeting assumes significance, specially after the Indian industrial growth nosedived to 1.3 per cent in August from a high of 10.9 per cent in the corresponding period last year, mainly on account of poor performance by the manufacturing sector.

As per IIP data for the month of August, manufacturing sector grew by a mere 1.1 per cent, against 10.7 per cent in the same period a year ago.

For the five month period (April-August 2008-09), the industrial production growth rate stood at 4.9 per cent, down from 10 per cent during the corresponding period last year.

The ongoing turmoil in global economy has had an impact on India's industry and sectors like aviation and real estate have been seeking government intervention to overcome the problem.

Jet Airways chief Naresh Goyal met Chidambaram on Thursday amid speculation that the government may take some steps to rationalise the high tax structure on aviation turbine fuel.

Another industry leader, DLF chief also met the finance minister and said there was a need for "drastic reduction" in interest rates to counter slowdown in realty sector.

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