China outbreak taking toll on local economy, warn traders

Highlighting the effect that the outbreak of COVID-19 in China is having on trade and industry in India, the Confederation of All India Traders (CAIT) on Monday wrote to Union Commerce Minister Piyush Goyal seeking the government’s intervention.

“India’s trade and industry are highly dependent on China... We import finished goods that are redistributed; raw material that is used for producing goods; and spare parts that are used in assembling goods,” read the letter. China has stopped supplying goods, the letter read, adding that importers usually keep two months worth of stock as buffer but if the situation persists then the supply chain will likely be affected.

The CAIT has called upon the government to convene a meeting of trade and industry representatives to come up with remedial measures to ensure uninterrupted supply chain. It also sought a “package” for traders and small industries to help strengthen their capacity. It added that the government should suggest ways to ensure that over-dependence on any country should not take place in the future as it could “cripple our economy”.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Apr 10, 2020 6:38:26 AM |

Next Story