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Corona virus in China
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<blockquote data-quote="blr_p" data-source="post: 2193940" data-attributes="member: 10952"><p>In today's DH</p><p></p><p><strong>Virus-hit China threatens Indian economy</strong></p><p><strong></strong></p><p><strong>Fall in Chinese manufacturing due to coronavirus outbreak to hit raw material imports</strong></p><p></p><p><em>Annapurna Singh</em></p><p><em>NEW DELHI, DHNS</em></p><p></p><p>Indian economy is staring at huge supply disruptions in the next few weeks with China, the globe’s largest exporter, witnessing a historic fall in its manufacturing activities, weighed down by the deadly coronavirus outbreak. </p><p></p><p>Sectoral trade data shows China accounts for nearly half of India’s electronics imports and a third of machinery from the neighbouring country.</p><p></p><p>India’s exporters of electronics, pharmaceuticals, speciality chemicals and to an extent automobile depend on China for raw material.</p><p></p><p>Though the Union government has tried to downplay the country’s risk exposure to China in the near term, <u>sources said there could soon be an import duty cut on antibiotic drugs, mobile parts and other items to help businesses cope with the shortfall arising out of China.</u></p><p></p><p>“These are facing supply constraints,” trade body Assocham said on Saturday, hours after the latest China’s manufacturing PMI data for February showed a slump to 35.7 from 50 in January.</p><p></p><p>PMI or Purchasing Managers’ Index is one of the most closely watched watched indicator of business activities in the world. A figure above 50 denotes expansion while below 50 contraction in business activities.</p><p></p><p>Finance Minister Nirmala Sitharaman, who has held several round of meetings in the past fortnight with industry groups, said that “things may get challenging if it (corona) prolonged for another two or three weeks”. But Nirmala also cautioned on pressing the panic button yet.</p><p></p><p>Pharma, chemical, solar equipment, paints and mobile companies have been facing the heat and have already complained to the government. Supply disruptions may soon threaten availability of certain life saving drugs in Indian stores, according to a company executive.</p></blockquote><p></p>
[QUOTE="blr_p, post: 2193940, member: 10952"] In today's DH [B]Virus-hit China threatens Indian economy Fall in Chinese manufacturing due to coronavirus outbreak to hit raw material imports[/B] [I]Annapurna Singh NEW DELHI, DHNS[/I] Indian economy is staring at huge supply disruptions in the next few weeks with China, the globe’s largest exporter, witnessing a historic fall in its manufacturing activities, weighed down by the deadly coronavirus outbreak. Sectoral trade data shows China accounts for nearly half of India’s electronics imports and a third of machinery from the neighbouring country. India’s exporters of electronics, pharmaceuticals, speciality chemicals and to an extent automobile depend on China for raw material. Though the Union government has tried to downplay the country’s risk exposure to China in the near term, [U]sources said there could soon be an import duty cut on antibiotic drugs, mobile parts and other items to help businesses cope with the shortfall arising out of China.[/U] “These are facing supply constraints,” trade body Assocham said on Saturday, hours after the latest China’s manufacturing PMI data for February showed a slump to 35.7 from 50 in January. PMI or Purchasing Managers’ Index is one of the most closely watched watched indicator of business activities in the world. A figure above 50 denotes expansion while below 50 contraction in business activities. Finance Minister Nirmala Sitharaman, who has held several round of meetings in the past fortnight with industry groups, said that “things may get challenging if it (corona) prolonged for another two or three weeks”. But Nirmala also cautioned on pressing the panic button yet. Pharma, chemical, solar equipment, paints and mobile companies have been facing the heat and have already complained to the government. Supply disruptions may soon threaten availability of certain life saving drugs in Indian stores, according to a company executive. [/QUOTE]
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