Due to coronavirus, many industries in China are shut down. As of result, Indian industries like pharmaceuticals, electronics, and automobiles also affected. China exports raw material and other components to India, but due to the current scenario of manufacturing Chinese manufacturing companies, The demand for the raw material is not fulfilling.
“The closure of factories in China may affect Indian industries, which import components, intermediaries and raw materials from China like the pharmaceutical, electronics and automobile industries,” Goyal said in a written reply to the Lok Sabha.
Commerce and Industry Minister Piyush Goyal said the outbreak has led to restrictions on the movement of people and business activities in many provinces of China, in order to control the spread of the virus.
He also said that the government is also taking to councils and trade bodies to secure abroad and transport inventories available. They are also trying to find alternative sources of supply.
This news is originally published on – https://economictimes.indiatimes.com/
