PM, industry to discuss Rupee, CAD, Economy on July 29

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SME Times News Bureau | 09 Jul, 2013
Prime Minister Manmohan Singh will meet industry leaders this month to discuss economic challenges like depreciation of the rupee, industrial growth and current account deficit (CAD).

"The prime minister will meet the captains of industry July 29 to review steps to revive the economy," the Prime Minister's Office said in a statement Monday.

The discussion will cover measures to correct the current account deficit, revive industrial growth and the impact of depreciation of the rupee on trade and industry, the statement said.

Development of industrial corridors between Delhi and Mumbai, Chennai and Bangalore and Amritsar-Delhi-Kolkata as well as skill development will also be on the agenda.

The meeting takes place at a difficult time with growth slumping to five percent, the lowest in a decade. Sluggish investments and industrial growth have been big drags on Asia's third largest economy.

Manufacturing sector expanded by a meagre 2.6 percent in the financial year 2012-13, according to the Central Statistics Office data.

The Indian rupee has weakened by almost 10 percent this year and hit a record low of 61.21 against the dollar Monday.

The current account deficit has hit a record 4.8 percent of gross domestic product in the fiscal year that ended March 31.