Modi to hold meet to discuss economy

NEWDELHI:PRIME Minister Narendra Modi is likely to hold a meeting to discuss the country’s economy this weekend, according to multiple reports on Wednesday which triggered a sharp recovery in rupee which has shed 12% of its value this year.

According to reports by news agencies Press Trust of India (PTI) and Newsrise, possible fiscal and monetary steps will be discussed at the meeting which will include the country’s top finance officials. Both cited sources who asked not to be named.

“Finance minister Arun Jaitley, NITI Aayog vice-chairman Rajiv Kumar, Prime Minister’s

Economic Advisory Council chairman Bibek Debroy and finance secretary Hasmukh

Adhia are among the officials who are likely to attend the meeting on Saturday”, PTI quoted officials as saying.

Fiscal and monetary measures cannot be ruled out after the review meeting, nor a rate hike by the central bank, television channels said earlier in the day, prompting a recovery in rupee from record lows. Indeed, talk of an unscheduled increase in the rate (between two meetings of the Monetary Policy Committee) has been doing the rounds for a few days.

The Rupee’s performance also has a bearing on fuel prices, which have been rising to new highs since August 31, triggering fresh concerns of a price rise that may trickle down to essential commodities.

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