Even as the world economy is taking a beating after the outbreak of coronavirus, Minister of State for Finance Anurag Singh Thakur on Tuesday said that the "latest available data on trade and indicators of domestic output do not suggest any adverse impact on the economy."
"Additionally, a positive impact on India's economy may arise from a decline in global oil prices triggered by the outbreak of COVID-19," Thakur said in Rajya Sabha.
Thakur said that in order to address the possibility of trade-induced adverse impact on the economy, the government is constantly engaging with Expert 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 added.
With regards to the domestic availability of fertilisers, the impact of COVID-19 seems to be negligible at this juncture and situation of forthcoming fertiliser imports at various ports being observed closely, he said.
"As is true for the world at large, India's near-term macroeconomic outlook is also vulnerable to disruption of trade with China and second-round effects arising from an expected slowdown in global growth," Thakur added.