Coronavirus is a deadly disease in recent times and its origin has been traced in China. In a very short period, this disease has spread its tentacles across the world, wreaking havoc in as many as 70 countries across the world, has affected more than 88,000 people globally, killing over 3000 people. Though India is reported to be least affected by the virus reports suggest that the virus has the potentiality to cause casualties in this country also. As far as the Coronavirus in India is concerned, two new cases of virus have been reported. One case was reported in Delhi and the other case was reported in the state of Telangana.
India’s Reluctance to Join China-led Supply Chain Limits Coronavirus In India
It is understood that the total count of the patients in India suffering from this deadly virus has gone up to 5. However, the number of patients suffering from Coronavirus in China is quite high. When compared to the scenario in China, the Coronavirus in India scenario is trivial. According to the chief economist at Nomura, there could be one factor that kept India very much unaffected by Corona. This factor is India’s disinclination to join the China-led Asian supply chain. Almost all of Asia that joined the China-led Asian supply chain seemed to be badly affected by the virus.
The great Asian supply chain is currently led by China. For a long period, India seemed to be hugely reluctant to join the Asian supply chain. This has helped India to limit the damage that is caused by the Coronavirus in India. Whereas many industries that are distributed in other Asian countries, were badly affected by the virus.
When it comes to visitor arrivals, India does not have strong links with China. Neither India has strong links with other Asian countries. Hence the economic spillovers from China on to India are not that severe.
India is Defensive about Corona Virus
India is very defensive in its approach as far as the Coronavirus in India is concerned. But questions are raised in the media whether this defensive approach of India will succeed in limiting the impact of the virus in the days ahead. In this context, it is relevant to add that none is sure where the situation heads if the virus refuses to go away any time soon.
According to media reports, the Chinese virus has adversely affected India’s manufacturing as well as the export sector. The virus has adversely affected the electronics, textiles, medicines and chemicals sector. The government of India is taking all necessary steps to protect the Indian industry from the threat of the Coronavirus. It is understood that the government is taking steps to protect the Indian industry from the threat of virus particularly where $30 billion worth of bilateral trade happens every year.
India’s Stance to Counter Corona Virus in India
Finance Minister of India, Nirmala Sitharaman said that her government is trying to come up with steps to help Indian industries limit the impact of the virus. After two new cases of the Coronavirus, the health minister Harsh Vardhan reiterated the government’s commitment to counter the threat posed by the virus. Very recently Moody forecasted that the Corona virus is set to adversely impact the growth rate of Asia. The Coronavirus scare will adversely impact the trade and tourism sectors in this country. India’s growth rate slowed because of the impact of the virus. There is a continued slump in the manufacturing sector.
The adverse impact of the Coronavirus in India is being felt in many parts of this country. The entire world is trying to find out a solution to the virus. Besides China, countries like Australia are reeling under the adverse effect of the virus. China which is the epicenter of the virus is now confronting weaker growth because the spread of the virus has hit exports and production.
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