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Has Coronavirus outbreak impacted Make in India initiative? FM Nirmala Sitharaman says this

FE Online
Finance minister Nirmala Sitharaman, nirmala sitharaman

There are no concerns related to price rise so far due to Coronavirus, Finance Minister Nirmala Sitharaman on Tuesday said, adding that it's early to talk about the impact of Coronavirus on the government’s Make in India mission. The government will soon announce measures to deal with the impact of the Coronavirus outbreak on the domestic industry, Finance Minister Nirmala Sitharaman said on Tuesday. There is no crisis situation yet as raw materials are available, said Nirmala Sitharaman in her press conference discussing the impact of the Coronavirus outbreak on Indian trade and business. She met nearly 200 business leaders to assess the impact of the coronavirus and discuss plans to contain the damages. The industry body CII said in a presentation that the government should ‘remove higher import duties on certain products, primarily imported from China but available in other countries.

She also said there were no reports of a shortage of medicines or medical equipment, instead, the pharma industry is asking for the lifting of a ban on exports of certain items. She also said that there could be some disruptions in supplies and concerns that have been expressed by the representative of pharma, solar and chemical industries.

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On industry representatives’ demand for flexibility in paperwork and bank payments, Nirmala Sitharaman said that a discussion would be done with the PMO on steps required to give them relief. Meanwhile, the economy is seeing a slowdown for some time now on account of both domestic and global factors. Nirmala Sitharaman took a slew of fresh measures in the budget to boost the slowing economy.