Coronavirus Outbreak: Union Finance Minister Nirmala Sitharaman has warned about the coronavirus spreading from Wuhan city of China to the whole world. She says that we have only three weeks, after that it will be a big challenge, which will make it very difficult to deal with. She said that if the cases related to coronavirus were not resolved at the earliest, it would have to suffer huge consequences. However, there is no need to press any panic button in terms of the economy.
In response to a question on the economy with official figures for GDP growth at 4.7 percent in the December quarter, Finance Minister Nirmala Sitharaman said on Friday that it is a good sign for the ‘stability’ economy.
In a TV channel program held in Mumbai, Finance Minister Sitharaman categorically stated that she did not expect a jump in official GDP figures. According to the official data released on Friday, India’s economic growth rate came down to 4.7 percent in October-December 2019.
Govt of India: GDP at Constant (2011-12) Prices in Q3 of 2019-20 is estimated at Rs 36.65 lakh crore, as against Rs 35.00 lakh crore in Q3 of 2018-19, showing a growth of 4.7%. pic.twitter.com/kB5dvdmcPQ
— ANI (@ANI) February 28, 2020
According to data released by the National Statistics Office (NSO), the gross domestic product (GDP) growth was recorded at 5.6 percent in the same quarter of 2018-19.
Asked about the effect of coronavirus on the economy, the Finance Minister said that there is no need to press any ‘panic button’ immediately. However, on the basis of interactions with industry personalities in the last few days, she accepted that if the problem persists for two or three weeks, it can be a big challenge.
She said that the pharmaceutical and electronic industries, which depend on products coming from China, suggested that the government consider airlifting the essentials.
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