Prime Minister's trade panel reviews economy

The Prime Minister's Trade and Economic Relations Council today discussed the impact of rupee appreciation and high interest rates on the economy. Prime Minister Manmohan Singh will take a review of the macroeconomic situation of the country today evening.

The meeting, chaired by Prime Minister Manmohan Singh, was attended by commerce and industry minister Kamal Nath and Planning Commission deputy chairman Montek Singh Ahluwalia.

Speaking on the sidelines of an award function here, Kamal Nath said: "The council discussed the problems and possible solutions to tackle rupee appreciation and high interest rates as the effect is not only being felt by the export sector but also by the domestic industry".

Nath added the possible alternative measures will not only focus on giving relief to the industry but at the same time also deal with inflation.

Industry leaders, including Ratan Tata, Rahul Bajaj, Mukesh Ambani and Sunil Bharti Mittal who are members of the council, also participated in the discussions.

The council met in the backdrop of the economy sustaining a growth rate of above 9% in the first half of the current financial year backed by the strong expansion in industrial production.