Coronvirus won't have adverse impact on Indian economy: MoS Finance Anurag Thakur
Union Minister Anurag Thakur on Tuesday pointed out that the latest data on trade and indicators of domestic output do not suggest any adverse impact of coronavirus on the Indian economy
Union Minister Anurag Thakur on Tuesday pointed out that the latest data on trade and indicators of domestic output do not suggest any adverse impact of coronavirus on the Indian economy.
"As is true for the world at large, India's near-term macroeconomic outlook also vulnerable to disruption of trade with China and 2nd-round effects arising from an expected slowdown in global growth. However, the latest available data on trade and indicators of domestic output don't suggest any adverse impact on the economy," stated MoS Finance Thakur in a written reply in Rajya Sabha.
"Additionally, a positive impact on India's economy may arise from a decline in global oil prices triggered by the outbreak of COVID19," he added.
The MoS Finance said, "In order to address the possibility of trade-induced adverse impact on the economy, the government is constantly engaging with Export Promotion Councils and trade bodies, particularly in pharmaceutical, electronics and automobile sectors where supply chains are sourcing imports from China."
"These agencies put in touch with Indian Missions abroad to secure and 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," he said.
"With regards to domestic availability of fertilisers, the impact of COVID19 seems to be negligible at juncture and situation of forthcoming fertiliser imports at various ports being observed closely," he added.
However, the pandemic also saw a marginal reduction in food expenditures per capita in both rural and urban households between June 2019 to June 2020
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In highest ever single-day spike, the state reported 59,907 new COVID-19 cases on Wednesday, taking the overall caseload to 31,73,261
A total of 17,47,094 vaccine doses were given on Thursday till 8 pm, the 76th day of the inoculation drive