Coronavirus has started to affect the business world as well. It has not yet had a direct impact on India's industry. But if the conditions remain the same for the next two to three weeks, then it can have an impact on many industries in the country. The same is likely to affect Corona on India's industries such as automobiles, chemicals, pharmaceuticals, aviation. There is concern about its possible impact in the government. RBI Governor Shaktikanta Das, while reviewing the monetary policy on Thursday, expressed concern about the possible impact of Corona and said that contingency plans should be prepared for the disease. The FICCI and CII officials say that their Chamber's team is studying about the potential danger.
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The government will also be contacted about this week so that holistic planning can be made. Since the highest raw material for India's chemical and pharmaceutical industries is imported from China, it is likely to affect it more. Sources associated with the pharmaceutical industry say that India and China are important chains of the global pharmaceutical industry. India imports bulk drugs from China and then prepares and export all kinds of medicines from it here. In the year 2018-19, 68% of the bulk drugs imported by India were from China. Companies have stocks for the next 8-12 weeks, but if the situation does not return to normal soon then this supply could be affected. The chemical industry is in a similar situation. Many auto companies of the country also import all their parts from China.
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There is a danger of their supply being affected. The tourism and aviation industry is also worried about the situation arising out of the coronavirus. Apart from China, the number of tourists coming from South Asia can also be reduced. The report by SBI's research team suggests that the new trade agreement between China and the United States had weakened hopes for the global economy due to Corona. The global economy suffered a loss of $ 5,700 million (about four lakh crore rupees) in 2003 from a similar SARS virus. The decline in China's economy will also affect its largest economic partner, the US. The US and China are the major economic partner countries of India. India-US bilateral trade was $ 9208 million last year. Whereas in the same year India's bilateral trade with China stood at $ 9,268 million. India imported $ 5,700 million from China. Perhaps this is one of the reasons why the RBI governor has said to prepare a contingency plan.
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