NEW DELHI: Prime Minister Narendra Modi called bankers and billionaires to his residence on Tuesday to brainstorm on how India can manage global economic turbulence, including opportunities for Asia's third-largest economy in China's market and growth woes.
The morning meeting in New Delhi was attended by tycoons including India's richest man, Mukesh Ambani, finance minister Arun Jaitley, central bank governor Raghuram Rajan, economists and state and private bank chiefs.
At the gathering, industry chamber Assocham told Modi policy makers needed to act fast to "bullet proof" India from global jitters - calling for a deep cut in interest rates and new duties to stop dumping of Chinese products such as steel.
India's macroeconomic situation has improved considerably since the "taper tantrum" of 2013, not least thanks to lower prices for the commodities it imports. Then, inflation, for example, was at double digits - it has since halved.
The International Monetary Fund considers India's economy a rare bright spot among emerging markets and Modi sees a chance to attract more foreign investment as money flows out of China.
But it will not be easy to turn China's pain into India's gain. Investors and corporates increasingly worry that Modi has not moved fast enough since taking office. Annual growth slowed to 7 per cent in the June quarter.
chinas falling growth will reduce indias growth and not promote our Growth
he knows if the market dips like this and INR falls like this, he shall be HISTORY soon ! he is worried for his gaddi !
previous PM was ecconomist and knew how to go about in difficult Situation, this one is chaiwala and so you can Imagine his Situation, so talk and talk and talk n remain in media.
What is stopping Modi from imposing import duties on Chinese products, to stop their dumping? Why is he merely talking and not doing it?
Imposing duties is an executive decision and does not require passage in parliament. Even if it is done as part of the Union budget, it only requires passage in Lok sabha where the government has absolute majority.
THIS MUPPET IS A DISASTER
He is a puppet of RSS
We can be better than China provided we have a better policies and its implementers. The whole Bureaucratic system has failed in proper implementation of policies and bribing has been most important factor in falling growth of our country.
Well, whatever it is, it cannot change overnight. Corruption is rampant in China