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PM to discuss rupee, CAD with industry leaders today

Prime Minister Manmohan Singh will meet industry leaders in New Delhi on Monday to discuss a sharp depreciation of the rupee and measures to correct a wide current account deficit (CAD) as the urrency touched a record low in recent times, reports media.

The meeting is likely to be attended by CII President Kris Gopalakrishnan, ICICI Bank MD and CEO Chanda Kochhar, HDFC Chairman Deepak Parekh, and Bharti group Chairman Sunil Mittal besides several others.

The Prime Minister's meeting comes against the backdrop of decelerating industrial production and the liquidity tightening measures undertaken by RBI to arrest decline in rupee.

RBI initiatives are likely to further choke growth.

CAD last fiscal was 4.8 percent and the government intends to bring it down to 4.2 percent this financial year.

The rupee slide is another concern for the government.

Earlier this month it fell to all-time low of 61.21 against the US dollar.