JOIN USAs the stock market, government bonds and currency continued to bleed, Finance Minister P Chidambaram on Tuesday held a meeting with top policy makers and other officials apparently to chalk out strategies to control the situation.
Although there was no official word about what transpired in the high-level meeting attended among others by Principal Secretary to the Prime Minister Pulok Chatterji and Prime Minister's key economic advisor C Rangarajan, sources said that plans to bring back the economy on growth path through more reform measures was discussed.
This is the second meeting of finance minister with top officials and other government functionaries in the past two days when the current economic situation and the way forward was discussed. The meeting came after the rupee hit a life low of 64.11 to a dollar in the intra-day trade before the Reserve Bank of India stepped in to help it recover.
The weakness in the currency has hit the Indian equity and bond markets which has seen FIIs turn net sellers as prospects of investing in the US economy grows more promising. The rupee has lost 6 per cent in the past five days raising concerns about its consequences on Indian industry, inflation and overall economy.