As markets get hysterical over Coronavirus, CEA says govt ready to step in

The rupee, which earlier fell to a record low of 74.5075 against the dollar, also reversed some losses

The government and the RBI will take all necessary steps to quell the "fear sentiment" created due to coronavirus, Chief Economic Advisor Krishnamurthy Subramanian said on Friday.

He said the fall in Indian stock indices is lower than the decline witnessed globally and the situation in India will stabilise over the next few weeks as focus shifts to economic fundamentals like declining inflation, growing industrial production and adequate forex reserves. "The government is seriously considering and looking at all aspects of this situation and the government together with the regulator will definitely respond when it is necessary. Market reaction is