New Delhi: Amid the serious concerns over economic slowdown and dwindling performance of industrial sector, Prime Minister Manmohan Singh on Thursday met the leading industrialists and discussed necessary measures to keep the Indian industry on track.

Asserting the skyrocketing prices, continuous hike in the interest rates and weakening of rupee on the global cues to have adversely affected the pace of economic growth, the Prime Minister assured them that the government will take all necessary measures to get back on the growth path.

“Besides inflation and hike in interest rates, industrial sector is also facing slowdown. There are no signs of recovery in industrial production in the third quarter of the current fiscal. In such a scenario, the aim of achieving seven percent economic growth rate seems far-fetched,” Singh said.

Sources said that the industry leaders raised concerns on economic reforms such as allowing Foreign Direct Investment in multi-brand retail sector, banking and insurance sectors among others.

Among the prominent industrialists who attended the meeting were Ratan Tata, Mukesh Ambani, Sunil Mittal and Rahul Bajaj among others.

"The meeting with the Prime Minister was very positive. He welcomed the suggestions and listened to the different challenges the industrial sector is facing," Piramal Healthcare Director Swati Piramal told reporters after the meeting.

From the government side, Commerce and Industry Minister Anand Sharma, Environment Minister Jayanti Natarajan along with Planning Commission Deputy Chairman Montek Singh Ahluwalia and PMEAC Chairman C Rangarajan took part in the discussion.