As fears of the novel coronavirus (Covid-19) outbreak in China hitting supply chains across the world continue to rise, the Ministry of Commerce and Industry has decided to hold a meeting next Tuesday to discuss these disruptions.
The meeting has been called at a time when Finance Minister Nirmala Sitharaman has said that the virus would become a challenge for India if the issue was not resolved in three weeks.
The Commerce Ministry on Friday notified the industry that Minister Piyush Goyal would be chairing a meeting in New Delhi on March 3 to discuss “global disruptions in supply chains and their impact on India.” The meeting is also expected to look into export and import opportunities emerging on account of the outbreak in China, which has been a global supplier of goods.
Huge export and import opportunities have emerged due to outbreak of the deadly virus in China and other parts of the globe, said an industry source as cited by PTI. “The outbreak of this disease has reflected that depending completely on one country for goods is not a good idea and in such a situation, India is best placed to fill this global supply chain gap,” the source added.
According to an analysis by the ministry, there are as many as 550 products where Indian exporters can plug global supply gaps. These identified products accounted for about 75 per cent of India’s exports in 2018. Currently, exports of these items are estimated at $243 billion.
Further 1,054 products have been identified where India is dependent on Chinese imports.
In the analysis, the ministry has identified alternate countries from where New Delhi can import products disrupted by the outbreak in China.
The ministry has shared this list of made in India products which can be used to plug global supply line disruption with embassies. The death toll in China’s deadly coronavirus has climbed to 2,788 so far 25 with confirmed cases rising sharply to 78,824.
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