FM meets top brains to finalise India's stand on meltdown

NEW DELHI, Oct 29 (Agencies): Finance Minister P Chidambaram today held a meeting with the country's top economic brains to deliberate on the implications of the global meltdown and the stand India should take at the crucial G-20 Summit called by the United States on the crisis next month.

"The agenda of the meeting was the Summit that US President George Bush has called on November 15.

We are discussing the position that India will take at the summit.

There will be another meeting.

A paper is being prepared by the Ministry of Finance," economic think tank ICRIER Director Rajiv Kumar told reporters after coming out of the meeting.

The meeting, also attended by Planning Commission Deputy Chairman Montek Singh Ahluwalia, Finance Secretary Arun Ramanathan, RBI Governor D Subbarao, SEBI Chairman C B Bhave, Finance Commission Chairman Vijay Kelkar and Economic Affairs Secretary Ashok Chawla, heard various views on the issue.

"It's a collection of views.

It was about the international financial crisis and what views can be taken at the Summit.

The Summit is a high-level meeting that will discuss possible changes in the international financial architecture," Prime Minister's former-Economic Advisory Council Chairman C Rangarajan said.

Subbarao also said the meeting was convened by the Finance Minister to discuss a number of issues including the position that India must take at the forthcoming G-20 meeting.

He did not comment when asked whether more steps from the Reserve Bank would be coming to ease the liquidity situation.

To a query whether the issue of short-selling was discussed and whether it would be banned, Bhave said, "I have no comments at this stage.

Whenever decisions are made, they will be communicated to you.

I have no comments to make at all.