Prime Minister Manmohan Singh will hold a meeting with industry leaders on July 29 to discuss and review steps to revive the struggling economy, the Prime Minister's Office (PMO) announced on Monday.

The PMO said Dr. Manmohan Singh would discuss the recent steep decline in the value of the Indian currency and measures to tackle the problem of current account deficit (CAD).

In a statement, the PMO said, "The Prime Minister will meet the captains of industry on 29 July to review steps to revive the economy."

On Monday, the Indian rupee slipped to a record low of 61.21 against the US dollar, while the CAD is still hovering far above the affordable proportion of the gross domestic product (GDP).

Dr. Singh and the industry captains will discuss measures to bring CAD under limit, boost industrial production, and depreciation of the domestic currency as well as its impact on trade & industry.

The government recently announced a National Manufacturing Policy (NMP), which aims to take manufacturing sector's share in the economic activity up from nearly 14 per cent to 25 per cent.

Apart from the aforementioned issues, development of the government's ambitious industrial corridors, viz. the Delhi-Mumbai Industrial Corridor, Amritsar-Delhi-Kolkata Industrial Corridor, and the Chennai-Bangalore Industrial Corridor, will also be discussed during the meeting.