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Chidambaram to meet industry leaders tomorrow

The meeting comes in the backdrop of the recent reform initiatives taken by the government, including FDI in multi-brand retail

Press Trust of India  |  New Delhi 

Captains of the industry will meet Finance Minister P Chidambaram tomorrow to impress upon the government to pursue with reform measures despite opposition from few political parties.

Representatives of the three chambers -- Ficci, Assocham and CII -- and the Finance Minister will interact to find ways to further improve corporate confidence and boost the economic growth, industry sources said.

The meeting comes in the backdrop of the recent reform initiatives taken by the government, including FDI in multi-brand retail and allowing foreign airlines to invest up to 49 per cent in the domestic carriers.

"We will tell the Finance Minister to stay course on the path of reforms because that is the only way growth can be revived," said one of the chamber's senior officials.

Under the impact of global economic slowdown and domestic issues like high interest rate, the country's growth has plummeted to 5.5 per cent in the first quarter of the current financial year.

Some of the recent reform measures have led to the revival of confidence in the stock market and pick-up in the rupee rate. However, analysts feel more needs to be done to boost growth.

While the government has expressed its determination to carry forward the economic liberalisation, it is facing tough opposition from different political parties including key ally DMK on issues like FDI in multi-brand retail.

Mamata Banerjee-led Trinamool Congress has quit the  UPA coalition in protest against the implementation of 51 per cent FDI in multi-brand retail in the sector dominated by the small Kirana shops.

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First Published: Tue, October 02 2012. 17:56 IST