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Free fall of rupee: PM to meet industry captains

Last Updated 08 July 2013, 16:52 IST

Prime Minister Manmohan Singh is expected to meet industry leaders later this month and discuss ways to come out of the current economic slowdown and stem the slide of rupee which hit a new life time low of 61.21 against the US dollar on Monday.

 The meeting with industry captains on July 29 will also deliberate on measures to contain the historically high current account deficit.

 Revival of industrial growth, the issue of depreciation of the rupee and its impact on trade and industry will be discussed, a statement from Prime Minister’s office said.

 Singh will also discuss with the captains of the industry ways to accelerate skill development, besides development of Delhi-Mumbai Industrial Corridor (DMIC), Chennai-Bangalore Industrial Corridor (CBIC) and Amritsar-Delhi-Kolkata Industrial Corridor (ADKIC).

  Singh’s meeting with industry leaders will come a month after the PMO set a fresh investment target of Rs 1.15 lakh crore in PPP (public private partnership) projects across infrastructure sectors in rail, port and power in the next six months to give fillip to sagging economy.

 In another development, the Reserve Bank of India too discussed with state-owned oil companies ways to manage dollar demand in a bid to curb volatility in the local currency.
 State-owned oil firms are biggest buyers of US dollars, requiring $8-8.5 billion every month for import of an average 7.5 million tonnes of crude oil.

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(Published 08 July 2013, 16:52 IST)

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