"As is true for the world at large, India's near-term macroeconomic outlook also vulnerable to disruption of trade with China and 2nd-round effects arising from an expected slowdown in global growth. However, the latest available data on trade and indicators of domestic output don't suggest any adverse impact on the economy," stated MoS Finance Thakur in a written reply in Rajya Sabha.
"Additionally, a positive impact on India's economy may arise from a decline in global oil prices triggered by the outbreak of COVID19," he added.
The MoS Finance said, "In order to address possibility of trade-induced adverse impact on economy, the government is constantly engaging with Expert Promotion Councils and trade bodies, particularly in pharmaceutical, electronics and automobile sectors where supply chains are sourcing imports from China."
"These agencies put in touch with Indian Missions abroad to secure and transport inventories available with existing suppliers. Indian Missions abroad have been asked to explore alternate sources of supply of raw material for supporting India's domestic production," he said.
"With regards to domestic availability of fertilisers, the impact of COVID19 seems to be negligible at juncture and situation of forthcoming fertiliser imports at various ports being observed closely," he added.