Measures to deal with Novel Coronavirus impact on Industry will be announced soon: Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said that the government will soon announce measures to deal with the disruption in some sectors due to coronavirus outbreak in China. The Finance Minister today held a meeting with Industry and other bodies to access the impact of novel coronavirus outbreak and any disruptions posed by it to India's trade.

While talking with reporters after the meeting in New Delhi, the Minister said representatives from pharma, auto, chemicals, textiles, paints and telecom sectors have shared their views regarding the impact of coronavirus, which is now officially known as Covid-19.

She said during the meeting, chemicals, pharma and solar equipment makers were very vocal about disruption in the supply of raw materials from China.

Mrs Sitharaman also said she will hold a meeting with the secretaries of concerned ministries tomorrow and based on comprehensive consultation, some measures will be announced soon.

Besides, the Finance Minister also said that there is no concern about price rise so far following the outbreak of coronavirus. She added that it is too early to talk about the impact of the Coronavirus outbreak on the Make in India initiative.

The meeting was attended by senior officials from Central Government Ministries and Departments including Customs and representatives from various sectors. Leaders from FICCI, CII, and ASSOCHAM also attended it.

Earlier, the Confederation of Indian Industry (CII) report released earlier had said that the outbreak of Covid-19 in China is expected to have a significant global economic impact. It has said that India, as well as other countries, requires having strategies for minimising risks and managing the situation. It added, "China is facing a quarantine-like situation with the movement of goods and people to and from the country facing a lockdown. While the situation for human impact is very serious, the economic impact will cascade into loss of employment, markets, and small enterprises."