The government on Tuesday reviewed the impact of the coronavirus outbreak in China on Indian industries. She also said some measures will be announced soon to tackle disruption faced by some Indian industries.
The minister was addressing media after meeting representatives of the industry to review the situation following the outbreak of the deadly virus in China
Finance Minister Nirmala Sitharaman said a cabinet meeting will be held on Wednesday to discuss the issue in detail. Based on comprehensive consultation, some measures will be announced shortly, Sitharaman said.
Several concerns were flagged by Indian Inc with respect to the impact of coronavirus, also known as Covid-19, on Indian businesses.
The manufacturing sector urged banks to ease norms as the impact of the coronavirus outbreak in China is having a domino effect on Indian businesses.
The industry also recommended government to upgrade ports so they are ready to store bulk stocks when the supplies resume from China.
Nirmala Sitharaman went on to say that pharmaceuticals, solar energy, chemicals and paint industries are facing supply disruption, causing a delay in productions.
However, she said there is no worry regarding the prices of goods and materials going up at the moment. Barring the sectors mentioned above, there is no shortage of raw material, said Sitharaman.
A Reuters report quoting Confederation of Indian Industries (CII), however, said Indian business leaders are demanding import duty cuts on antibiotic drugs, mobile parts, and other essential items.
The outbreak of the virus in China has hit India’s manufacturing and exports of medicines, electronic, textile and chemicals as China is the biggest source of intermediate goods, worth $30 billion a year, according to a presentation by the CII.
The coronavirus outbreak, which has now killed more than 1,800 people in China, has disrupted supplies of raw material to other countries including India.