Economic Review Meet: PM Modi to hold meeting this weekend over rupee fall, rise in fuel prices

Economic Review Meet: Though the structure of meeting is still not known, but it is anticipated that it may revolve around macroeconomic indicators.

Economic Review Meet: Though the structure of meeting is still not known, but it is anticipated that it may revolve around macroeconomic indicators. (Image: PTI)

Economic Review Meet: In the wake of constant depreciation of rupee against the US dollar, Prime Minister Narendra Modi has called for a high-end review meeting this weekend. The agenda of the meeting would to discuss analyse the economic situation and find measures to curb the ongoing free fall of rupee. PM Modi along with his ministers is also likely to discuss measures to contain ever rising prices of petrol and diesel which has caused a havoc in public. According to a report by new agency PTI, finance minster Arun Jaitley, NITI Aayog Vice-Chairman Rajiv Kumar, PMEAC Chairman Bibek Debroy and Finance Secretary Hasmukh Adhia are among the officials who are likely to attend the meeting which will reportedly take place on Saturday. Though the structure of meeting is still not known, but it is anticipated that it may revolve around macroeconomic indicators, finance outlooks, implementation of flagship financial inclusion and other such development schemes. Rising fuel prices across the country will be another big agenda of the meet. Few days back Union petroleum minister Dharmendra Pradhan met Bharatiya Janata Party (BJP) chief Amit Shah in order to discuss measures to stem down the increasing petrol and diesel prices. Pradhan conveyed to Shah that the situation can only be controlled by implementing a broad and holistic government policy. Petrol price on Tuesday splurged to an all-time high of Rs 80.87 per litre in Delhi, while in Mumbai it climbed up to Rs 88.26. Diesel in the national capital was priced at Rs 72.97 and Rs 77.47 in Mumbai. In the past, the BJP-led government has clearly indicated that it would not take any unprecedented decision in order to counter fall of rupee or hike in fuel prices. However, the finance ministry earlier today also mentioned that the government along with Reserve Bank of India (RBI) will ensure that required measures will be taken to stop the ongoing currency depreciation. Rupee recently touched its lifetime low of 72.91 to a dollar, depreciating by 12.3 per cent since the beginning of 2018.