Pranab meets Tata, Ambani to discuss economy

Finance Minister Pranab Mukherjee today met top corporate leaders of the country.

The meeting was held in the backdrop of slowing economic growth and rising interest rates that have affected corporate profitability.

Industrial growth has remained a concern for the government and corporate India. The January-March economic growth stood at 7.8 per cent, the lowest in five quarters.

Growth in industrial output for June declined at 5.2 per cent as against 5.3 per cent last month pulled down by contraction in the production of coal, natural gas and fertilisers during the month.

The Prime Minister's Economic Advisory Council has downgraded the country's GDP from the estimated 8.5 per cent to 8.2 per cent. That would be lesser than last year's growth of 8.5 per cent.

Infosys Chairman NR Narayana Murthy seen with Bharti Airtel CMD Sunil Bharti Mittal and GMR Group's chairman GM Rao.

India Inc told Finance Minister Pranab Mukherjee that FDI across sectors should be opened up. The industry also made a case for faster implementation of GST.

Finance minister Pranab Mukherjee seen with Infosys chairman NR Narayana Murthy, Commerce minister Anand Sharma and Bharti Airtel chairman Sunil Bharti Mittal.

Mr Mukherjee said that the current growth figures are not as bright. However, he was confident that the fundamentals of the economy remained strong.

Discussions were underway to undertake further liberalisation of FDI policy, he added.

Infosys chairman NR Narayana Murthy greets ADAG chairman Anil Ambani.

Mr Ambani said the meet would help build momentum needed to catalyse economic growth. The commerce minister was receptive to suggestions made by industry.

Infosys Chairman NR Narayana Murthy seen with Tata Group chairman Ratan Tata. Mr Murthy said that the meeting was extremely positive. It was almost like the spirit of 1991 when we met the finance minister and the commerce minister.

Others present in the meeting were ADAG chairman Anil Ambani, ITC's YC Deveshwar and Essar's Shashi Ruia.

Hero Honda's Sunil Munjal, Bharti's Sunil Mittal, M&M's Anand Mahindra, RPG's RP Goenka and GVK Group's GVK Reddy also attended the meeting.

Tata Group chairman Ratan Tata greets GMR group's GM Rao. Also seen CMD of TVS Motors Mr Venu Srinivasan. Mr Srinivasan said that the issue of creating 100 million jobs was raised with the commerce minister. The government is serious about kickstarting next wave of reforms.

Single-window clearance system on issues like industry, land, labour and environmental clearances was also sought. He said the issue of making India competitive globally was also raised.