Union Finance Minister, P. Chidambaram chaired a meeting of key regulators, policymakers and economic experts to discuss financial situation and India’s stand in crucial G-20 Summit. The finance minister reviewed the economic situation of country, in the meeting. Other issues related to financial sector reforms, liquidity position and regulations were also discussed with leading economists.

G20 summit has been called by US President George Bush and scheduled on November 15. G20 summit is aimed to review the financial situation of the world. Leading economies would discuss issues such as the global meltdown, bankruptcies of major financial institutions, credit crunch and tottering capital markets. Prime minister, Dr. Manmohan Singh is also invited in the summit according to reports of top financial institutions. Top leaders of other countries such as the US, the European Union, China, Russia, the UK, Japan, Argentina, Australia, Brazil, Canada, France, Germany, Indonesia, Italy, Mexico, Saudi Arabia, South Africa, South Korea and Turkey would also participate in the G20 summit.

The meeting was also attended by Planning Commission Deputy Chairman Montek Singh Ahluwalia, RBI Governor D. Subbarao, SEBI Chairman C. B. Bhave, 13th Finance Commission Chairman Vijay Kelkar, Finance Secretary Arun Ramanathan, Economic Affairs Secretary Ashok Chawla and former Chairman of the Prime Minister’s Economic Advisory Council, C. Rangarajan.