(Image source from: Tycoons suggest Modi to make bullet proof Indian economy})

Prime Minister Narendra Modi has called bankers, billionaires and bureaucrats to discuss on ways to sustain Indian economy as the stocks and currency of the country slide. The discussion will concentrate on the ways to manage the global economic turmoil as well as opportunities in China's market. PM met leading economists at his Race Course Road residence.

Tycoons present at the meeting

Some of the tycoons at the meeting are Mukesh Ambani of Reliance Industries who is the richest man of India, Bharti Enterprises’ Sunil Mittal and Kumar Mangalam Birla of Aditya Birla Group. Arundhati Bhattacharya of State Bank of India as well as Chanda Kochhar of ICICI Bank were amongst the leading bankers. Also Arun Jaitley - the Finance Minister, Raghuram Rajan - Reserve Bank of India governor, Arvind Subramanian - Chief Economic Advisor were at the meeting.

Proposals from Tycoons

Industry chamber ASSOCHAM said at the gathering to PM that there is a need for policy makers to act swiftly to make "bullet proof" India that can withstand any global jitters. Also a deep cut in interest rates was suggested along with dumping of Chinese products steel.

Agenda

The agenda was 'Recent Global Events - Opportunities for India'. India's economy is considered by the International Monetary Fund as a rare bright spot in the middle of emerging markets and even PM estimates chances of attracting foreign investors as money flows out of China.

India Inc was asked by Modi to take risks and make investments, said Industry body Confederation of Indian Industry (CII) President, Sumit Mazumdar, after the meeting. Government however agreed that much more is needed to be done for creating ease to do business in India, he added.

Also read:  Jim Rogers Says Indian Market Lacks Any New Drivers, Exits India

Investors worry

Investors as well as corporates worry about Modi not making a fast move from when he resumed the PM office. In the June quarter, annual growth slowed to 7%.

Jim Rogers, US investor told Reuters Trading India that, "Modi ran a successful state. He campaigned for 2 years saying he knew what to do. He has been there 15 months with the largest majority since independence yet little has happened."

-Sumana