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Last Updated : Mar 23, 2020 09:19 PM IST | Source: Moneycontrol.com

Prime Minister Narendra Modi says economic impact of coronavirus outbreak to be felt gradually

The statement comes after his interaction via a video conference with representatives from ASSOCHAM, FICCI, CII and several local chambers from across the country.

Expressing his concern on the impact of the coronavirus outbreak on Indian economy, Prime Minister Narendra Modi on March 23 said the informal sector will face the brunt and the impact on the overall economy will be felt gradually.

He said that several sectors like tourism, construction, hospitality and other small businesses, including the informal sector, have been hit.

Modi said that the outbreak has peaked at a time when the government was trying to spur growth.

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He said that the challenge posed by the pandemic is graver than even that posed by the World Wars and and there is a need for constant vigil to prevent its spread, according to a press release.

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The statement comes after his interaction via a video conference with representatives from ASSOCHAM, FICCI, CII and several local chambers from across the country.

"Prime Minister said that the fulcrum of the economy is trust. Trust has a unique yardstick - it is earned or lost in difficult and challenging times. The parameters of trust are at a critical juncture in various sectors of the economy," according to the press release.

The meeting discussed the specific issues being faced by sectors like banking, finance, hospitality, tourism, infrastructure and requested the government for help to overcome these challenges through financial and fiscal assistance.

He also interacted with the pharma sector and asked them to work on manufacture of RNA testing kits for COVID-19 on war footing.

He assured them that the government is committed to maintaining supply of APIs and manufacture within the country.

He said that it is important to maintain supply of essential medicines and prevent black marketing and hoarding.

The prime minister asked industries to allow employees to work from home wherever doing so is feasible through using technology. He also requested them to not cut down on workforce.

He said it is imperative that production of essential items should not be impacted at this time, and black marketing and hoarding be prevented.

He said that social distancing remains our biggest weapon in our fight against preventing the spread of the virus.

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First Published on Mar 23, 2020 08:17 pm
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