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Coronavirus: Nirmala Sitharaman Says No Need To Panic, Outbreak Will Be A Challenge If Issues Not Resolved In 3 Weeks

Union Finance Minister Niramala Sitharaman Has Said That There Was No Need To Press Panic Button Because Of The Novel Coronovirus Epidemic.

News Nation Bureau | Edited By : Pawas Kumar | Updated on: 28 Feb 2020, 07:59:25 PM
nirmala sitharaman

Nirmala Sitharaman said that it was more important the economy was moving ahead amid the ongoing global slowdown. (Photo Credit: PTI File)

New Delhi:

Union Finance Minister Niramala Sitharaman has said that there was no need to press panic button because of the novel coronovirus epidemic. However, she added that coronavirus outbreak will be a challenge if issues do not get resolved in three weeks. She said that pharma, electronics sectors have suggested airlifting of materials from China due to the coronavirus outbreak. She added that different sectors have come in to speak about the issues which are being faced by them. However, it was comforting that none of them were facing any serious issue or challenge immediately, she said.

"However, it is clear that if the problem does not get resolved in next 2-3 weeks, issues would then stand up as a very big challenge," Sitharaman said.

"Raw material supplies to industries will likely be hit due to the coronavirus crisis, if the situation does not improve in two months. There could be lack of support which comes from China in regards to imports and exports of components and also on technical assistance," Sitharaman was quoted as saying by News18.

Reacting to the latest GDP growth numbers, Nirmala Sitharaman said that it was more important the economy was moving ahead amid the ongoing global slowdown.

"Glad the GDP numbers indicate there is some steadying in the economy", she said at CNBC TV-18 event .

India’s economic growth was at 4.7 per cent in October-December 2019, according to official data released on Friday. 

Reacting to the latest GDP growth numbers, Sitharaman said that it was more important the economy was moving ahead amid the ongoing global slowdown. "Glad the GDP numbers indicate there is some steadying in the economy", she said at CNBC TV-18 event .

It was lower than the 5.6 per cent GDP growth recorded in the corresponding quarter of 2018-19. However, it was better than the 4.5 per cent growth rate of last quarter.

On Friday, investor wealth tumbled by more than Rs 5 lakh crore as equity markets crashed tracking global equity selloff amid rising uncertainty over the economic impact of coronavirus outbreak. In six trading sessions to Friday the market capitalisation of BSE-listed companies saw a massive decline of Rs 11,76,985.88 lakh crore. Equity markets fell for the sixth consecutive session, with the 30-share BSE index plummeting 1,448.37 points, or 3.64 per cent, lower at 38,297.29.

The carnage in the equity market wiped out investor wealth worth Rs 5,46,287.76 crore, taking the total m-cap to Rs 1,46,93,797.43 crore on the BSE. The m-cap of BSE-listed companies stood at Rs 1,52,40,024.08 crore at the end of trading on Thursday. Traders said investor sentiments also remained fragile amid incessant foreign fund outflows. On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed. Foreign investors have sold equities worth Rs 9,389 crore so far this week, provisional data on the stock exchanges showed. On the BSE, 2,010 scrips declined, while 457 advanced and 153 remained unchanged.

(With PTI Inputs)

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First Published : 28 Feb 2020, 07:18:50 PM