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Prime Minister Narendra Modi is chairing the meeting. Home Minister Rajnath Singh, Union Minister Arun Jaitley, External Affairs Minister Sushma Swaraj were also present at the meeting.
Top security officials are learnt to have made a presentation on the incident and the overall security situation in the state.
At least 37 CRPF personnel were killed and five injured on Thursday in one of the deadliest terror attacks in Jammu and Kashmir when a Jaish suicide bomber rammed a vehicle carrying over 100 kg of explosives into their bus in Pulwama district.