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FM Sitharaman quells fears of coronavirus impact on Indian economy

Sitharaman said she would hold a meeting with the secretaries of concerned ministries on Wednesday to chalk out steps to deal with the situation in consultation with Prime Minister's Office

twitter-logo BusinessToday.In   New Delhi     Last Updated: February 18, 2020  | 19:15 IST
FM Sitharaman quells fears of coronavirus impact on Indian economy
Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman assured that prices will not increase in short term due to disrupted supply from China in the face of coronavirus epidemic. Addressing the media after talking to industry representative on Tuesday, the Finance Minister said that the government will soon announce measures to address the impact of coronavirus outbreak on the India Inc.

"There are no concerns about price rise so far due to Coronavirus," Sitharaman said. She said it is too early to comment on the impact of COVID-19 outbreak in Modi government's 'Make in India' intiative.

ALSO READ:Coronavirus: Paracetamol prices rise by 40% amid outbreak of deadly virus

Sitharaman said she would hold a meeting with the secretaries of concerned ministries on Wednesday to chalk out steps to deal with the situation in consultation with Prime Minister's Office.

On medical supplies, the Finance Minister said that there were no reports of shortage of medicines or medical equipment. On the contrary, the pharmaceutical industry is asking for lifting the ban on exports of certain items, she added.

ALSO READ:Infographic: Inside Coronavirus-hit Chinese economy

However, supplies to some sectors could be disrupted, and concerns to this end have been expressed by the representatives from pharmaceuticals, solar equipment and chemical industries, Sitharaman said. She added that although supplies from China to manufacturing industries continue, the required documentation is missing.

Industries across China have halted operations due to the deadly virus outbreak. Companies are looking at delays up to two weeks in schedules, affecting supply of raw materials to producers around the world. In India, the disruption in supply of raw materials could make things worse in conjunction with rising retail inflation.

ALSO READ:Coronavirus outbreak: Enough drugs for any contingency, Indian pharma industry assures govt

(With PTI inputs)

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