25-April-2024
Economy News
 
China coronavirus impact: FM Sitharaman vows swift steps, says no major hit to supply line
19-Feb-2020

Finance minister Nirmala Sitharaman said on Tuesday sectors such as pharmaceuticals, solar and chemicals have expressed concerns about possible disruptions in imports of raw materials from China due to coronavirus outbreak, and promised swift remedial measures after due consultations with the Prime Minister’s Office (PMO). After a marathon meeting with representatives of key sectors, the minister, however, ruled out an immediate spike in prices of essential commodities, especially drugs, due to any such disruption. She also said it is too early to assess the precise impact on the Make in India programme. India’s exports to China, too, haven’t yet been held up. Even imports of raw materials from the world’s biggest merchandise supplier haven’t petered out yet. Supplies are only getting delayed in certain cases and necessary paperwork for customs clearances, etc, is lacking, she said. The MSME sector wants the government to ask the banks to be flexible about repayments and guarantees, as its ability to produce on time is hampered by the delayed arrival of imported inputs.

News Source:- https://www.financialexpress.com/economy/china-coronavirus-impact-fm-sitharaman-vows-swift-steps-says-no-major-hit-to-supply-line/1872382/