Followed by the meet with industrial representatives to review the situation arised due to novel coronavirus in China, the minister addressed the media. She informed, on Wednesday, a cabinet meeting will be held to discuss the issue in length. After reviweing the matter comprehensively, certain measures will be announced soon, said FM Sitharaman.
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Considering the impact of coronavirus, also known as Covid-19, several concerns were put forward by Indian Inc on Indian businesses.
The manufacturing sector urged banks to simplify norms as the impact of the coronavirus outbreak in China is having a significant effect on Indian businesses. It has also been requested by the industry to the government to upgrade ports so they can be well prepared 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 minister.
As per the reports of an eminent news agency, 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.