NEW DELHI: PM Narendra Modi will interact with top Indian business tycoons such as Mukesh Ambani Cyrus Mistry , KM Birla and Sunil Mittal along with RBI Governor Raghuram Rajan, top bankers and leading economists on Tuesday in a rare meeting against the backcloth of plunging stock market indices, a weakening rupee and fears about global economic growth triggered by the China slump.The meeting, the first time that such high-profile industry leaders are expected to sit across the table with the PM in the nearly 15 months he has been in charge, is expected to highlight India’s relative attractiveness amid the growing global gloom and exhort the assembled corporate bosses to step up their investments.Close to 40 people are expected to attend the closed-door meeting at the PM’s Race Course Road residence in Delhi.“The Prime Minister has regularly met top bosses of major global corporations and had also met industry chambers individually a couple of months ago,” one official familiar with the matter said. However, this is the first time the PM is hosting a meeting of this kind, a normal practice during the Manmohan Singh era.The meeting is being held at a time nervousness is rising whether India’s incipient economic recovery could falter because of global factors, led by the Chinese slowdown and rising fears of a flight of capital from emerging markets, including India, in the event of a US interest rate increase.Already, Indian stock market indices are near levels where they were when the Modi government took charge on May 26 last year.Indian stocks tumbled to a 15-month low on Monday, with the benchmark Sensex slipping below the 25,000-point mark for the first time since June 2014, closing 308 points down at 24,893.81. The Sensex, which has fallen almost 11% since August 11, the day China first devalued its currency, is just 177 points away from its May 26 level.The rupee hit a fresh two-year low against the dollar on Monday, closing 0.5% down at 66.82. It has fallen 4.6% since the yuan devaluation by China.These are not the only causes for concern. Adding to the nervousness, India’s GDP growth too slipped to 7% in the April-June quarter, down from 7.5% in the previous quarter, with analysts attributing the slippage in the growth clip to tepid investments by industry.Gross fixed capital formation rose 4.9% in Q1FY16, a four-quarter high, but well below potential and with the gains mostly attributed to public investments. The private corporate sector, saddled with debt and excess capacity in many sectors, has been in a wait-andwatch mode for some time now, focusing more on balance sheet repair than fresh investments.Officials said Tuesday’s meeting, to be kicked off by Finance Minister Arun Jaitley and Chief Economic Advisor Arvind Subramanian, will focus on the opportunities the global economic turmoil could throw up for India.“A wide-ranging discussion is expected on the impact of recent economic events, and how best India can take advantage of them,” a government statement said, adding that the meeting will have more than 40 delegates, including cabinet ministers, top government and RBI officials, industry representatives, bankers, economists and sectoral experts.“The PM is expected to speak after hearing out their views and ideas,” said the official aware of the meeting that is expected to last a little over two hours. CII President and Tractors India CMD Sumit Mazumder, Ficci President and CMD of Bharat Hotels Jyotsna Suri and Assocham President and YES Bank CEO Rana Kapoor would also be present at the meeting.“The PMO wants to focus the discussion on what opportunities India could exploit and has sought perspectives and ideas from different players, including economists and financiers. We hope the government will take some of those ideas and implement them soon to spur the economy,” Mazumder told ET.The Modi government has not reconstituted the Prime Minister’s Council on Trade and Industry that met regularly under the UPA government and included the who’s who of India Inc. Towards the end of UPA’s second tenure in office, India Inc had regularly used the forum to call for urgent reforms to salvage a slowing economy.The NDA’s victory at the 2014 Lok Sabha polls had been received with great enthusiasm by industry as it expected the Modi regime to take forward critical reforms that were left hanging by the Manmohan Singh government.