Prime Minister Manmohan Singh will meet industry leaders today, who are likely to demand more measures to tide over the liquidity crunch. The prime minister and India Inc will discuss the global economic meltdown and its impact on domestic industry. While the heads of industry chambers as Assocham, CII and FICCI will meet the PM, other giants of corporate India will also be present. Those expected to be there are the Ambani brothers, Ratan Tata, Anand Mahindra, K P Singh,
Sunil Bharti Mittal and Deepak Parikh.
The meeting comes after RBI has lowered both Repo Rate and Cash Reserve Ratio on Saturday, releasing a further Rs 40,000 crore into the system. The RBI has taken several measures in the last one month, and cut key rates, providing the system with Rs 2,65,000 crore to ease the liquidity crunch.
Ever since the crisis have started several projects and expansion plans of companies have either been put on hold or canceled. The ability of corporate India to raise debt for their projects has also been hampered. Also several M&A deals have fallen apart due to differences over valuations.