Union Minister of State for Finance and Corporate Affairs Anurag Thakur said on Wednesday that the coronavirus outbreak did not have an 'adverse impact' on the Indian economy.
He further said that it may have a positive impact on the Indian economy which might arise from 'decline in global oil prices' triggered by the outbreak.
"However, the latest available data on trade&indicators of domestic output doesn't suggest any adverse impact on the economy. additionally, a positive impact on India's economy may arise from a decline in global oil prices triggered by the outbreak of COVID-19.
However, he warned that India's "near-term macroeconomic outlook" is vulnerable to the 'disruption of trade with China' and 'second-round effects arising from slowdown in global growth'.
"As is true for world at large, India's near-term macroeconomic outlook also vulnerable to disruption of trade with China&2nd-round effects arising from expected slowdown in global growth," Anurag Thakur informed the Rajya Sabha.
In order to address the possibility of trade-induced adverse impact on the economy, Thakur said that the government is engaging with Expert Promotion Councils&trade bodies, particularly in pharmaceutical, electronics&automobile sectors where supply chains are sourcing imports from China.
"These agencies put in touch with Indian Missions abroad to secure & transport inventories available with existing suppliers. Indian Missions abroad have been asked to explore alternate sources of supply of raw material for supporting India's domestic production," Thakur added.
He further said that Coronavirus had 'negligible' impact on the 'domestic availability of fertilisers', adding that 'forthcoming fertiliser imports at various ports being observed closely.'
The total number of confirmed cases in India is 152. This includes cured cases as well as deaths.
The highest number of positive cases have been reported from Maharashtra at 41, including 3 foreigners, while Kerala is second with 29 cases, including two foreign nationals and three patients who already recovered.
