PM Modi meets with business leaders, discusses ways to boost economic growth, job creation
Some of the main business leaders who are part of the meeting were Tata Sons President Emeritus Ratan Tata, Reliance Industries President Mukesh Ambani, Mahindra Group President Anand Mahindra, Adani Group President Gautam Adani, Bharti Enterprises President Sunil Mittal, Vedanta President Anil Agarwal, Tata N Chandrasekaran Group President, TVS President Venu Srinivasan, L&T AM Naik President, along with others.
Quarter after quarter, GDP (gross domestic product) plummeted more than six years to 4.5% in the July-September quarter of the current prosecutor. In addition, most macro indicators are still red or only show a marginal uptick.
This has largely been attributed to the slowdown in investment that has now expanded to consumption, driven by financial stress among rural households and weak job creation.
The Reserve Bank of India (RBI) last month reduced the GDP growth forecast for the current fiscal to 5%. Most research and rating companies have revised their projections downwards.
Seeking to boost the sagging economy, the government has aligned infrastructure projects worth 102 lakh crores in 18 States and territories of the Union (UT) with most of the projects in the railway sectors, urban development, health, water and education.
(With agency supplies)