Mumbai: Finance Minister Arun Jaitley on Saturday will hold talks with sector regulators led by RBI Governor and SEBI Chief to take stock of the economic situation in the country.
Jaitley, who also holds the defence portfolio, will kick off his day with a visit to aircraft carrier INS Viraat and review the operational preparedness of the Western Naval Command, which witnessed two major submarine mishaps in the last one year.
An RBI panel report by PJ Nayak recently suggested that government should bring down its holding in public sector banks below 51 percent apart from calling for their merger.
Jaitley would also interact with institutional and overseas investors in the evening.
The FIIs have been pumping large amounts of money into the financial markets in the run-up to the polls and also post BJP victory hoping for major reforms and swift decision making by the Narendra Modi government.
The meeting with FIIs assumes importance as the government is expected to usher in a slew of reforms on the FDI front and aggressively pursue divestment to shore up non-tax revenue.
Jaitley to visit Western Naval Command
Defence Minister Arun Jaitley may get to see the salvaged INS Sindhurakshak submarine during his Mumbai visit tomorrow where he will review the operational preparedness of the Western Naval Command.
The submarine had sunk on August 14 last year after an explosion killing all 18 personnel on board. It is submerged in its berthing dock in the Naval dockyards in Mumbai and is being salvaged to verify the exact reasons for the mishap.
The work on the salvage operations is in advanced stages as the submarine has been lifted from the ground by the American salvage firm and is expected to be brought out of water anytime, Navy officials said.
The Defence Minister may get to see the submarine out of water, they said.
During his visit to the Western Command, Jaitley will also commission two fast-attack craft ICGS Achook and ICGS Agrim, of the Indian Coast Guard.
This is Jaitley’s maiden visit as Defence Minister as he has been busy with briefings by officials and the chiefs of armed forces on the functioning and performance of various departments.
Jaitley will also visit INS Viraat in Mumbai harbour and then move to review the functioning and operational preparedness of the Western Naval Command.
INS Viraat was till recently the only aircraft carrier in the Indian Navy and the force is working towards keeping it operational for a few more years to meet its requirements.
The Western Naval Command, considered to be the sword-arm of the Indian Navy, suffered major blows in terms of the loss of INS Sindhurakshak.
The Defence Minister has been invited by the armed forces to visit far-flung bases to show solidarity with the troops and Prime Minister Narendra Modi is believed to have been invited to visit Siachen glacier by the Army and largest warship aircraft carrier INS Vikramaditya by the Navy.
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