PM to meet corporate veterans on financial crisis

NEW DELHI: Continuing the consultation process with India Inc, Prime Minister Manmohan Singh is likely to meet corporate veterans including Keshub Mahindra, N Vaghul and Ashok S Ganguly tomorrow to seek their views on the current crisis and also the steps that may be taken to neutralise the impact of the global meltdown on the country.

Singh has already met some captains of Indian industry earlier this week and assured them that the government will take steps to improve liquidity and promote growth.

The Prime Minister has now called a meeting of a smaller group comprising doyens of the Indian corporate world to discuss the current economic scenario in the backdrop of the financial crisis in the US and European countries.

Keshub Mahindra, who will be attending the meeting, is chairman of automobile major Mahindra and Mahindra and had served on various government committees including the Sachar Commission on Company Law and MRTP and Central Advisory Council of Industries.

Veteran banker N Vaghul, who has been associated with the financial sector for long years, is currently chairman of ICICI Bank.

ICI India Chairman Ashok Ganguly was chairman of the erstwhile Hindustan Lever and is currently a member of the Investment Commission.

Meanwhile, Chief Economic Adviser Arvind Virmani held a meeting with chief financial officers (CFOs) of various companies to take stock of the current credit crunch and work out steps to deal with the problem.

Singh, while addressing India Inc, had said: "We recognise that the situation is abnormal and we need to be constantly on the alert. The situation is being watched on a day-to-day basis and more steps will be taken if required."