Prime Minister Narendra Modi is likely to hold a review meet this weekend to analyse the health of the economy and deliberate if any intervention measures are required to stem the fall of rupee and rising oil prices, sources said.
An increase in interest rate to shore up the rupee, that hit a fresh lifetime low Wednesday, is also being talked about in some quarters. Finance Minister 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 Saturday, sources privy to the development said.
While the structure of the meeting is not known, it may review macroeconomic indicators, government finances and implementation of flagship financial inclusion and other development schemes, they said. The meeting comes in the backdrop of the Indian currency touching its lifetime low of 72.91 to a dollar, depreciating 12.3 per cent since the beginning of 2018.