Prime Minister Narendra Modi and his top economic team on Tuesday assured a group of billionaires that India could withstand global turbulence and China's economic slowdown, then asked them to open their wallets.

The meeting at Modi's residence came as India's rupee fell to two-year lows and a stock market sell-off wiped out most of the record gains made since he took office last year. Markets bounced back after the session.

India's projected economic growth of 8 percent is still viewed by the IMF as a bright spot among major economies and has attracted foreign manufacturers, but indebted domestic firms are pushing for rate cuts and protection.

Modi sees a chance to attract more foreign cash as money flows out of China, but it will be tough. Investors and firms increasingly worry he has not moved fast enough since taking office. Annual growth slowed to 7 percent in the June quarter.

bbabo.Net