Govt, RBI to take necessary steps, says Sitharaman on coronavirus impact

'We are conscious of the developments. Together with the RBI, we are monitoring and making sure where necessary, we take steps' Sitharaman said

The government and the Reserve Bank of India were closely monitoring the impact of coronavirus on the Indian economy and stock markets and will take all steps necessary, Finance Minister Nirmala Sitharaman said on Friday.

Chief Economic Advisor Krishnamurthy Subramanian said that following actions by various central banks, and given the inflation situation, there was a case for an interest rate cut. This comes ahead of the RBI’s next Monetary Policy Committee meeting, scheduled on April 1.

“Global markets have undergone severe volatility, and we are monitoring the situation. It is no consolation to say that stock markets in India and elsewhere