homehealthcare NewsIndia has proactively reacted to COVID 19, says Principal economic adviser Sanjeev Sanyal
India has proactively reacted to COVID-19, says Principal economic adviser Sanjeev Sanyal
As the situation became more intense worldwide, we have continuously upgraded and tightened our controls. So, we can say that if any country took this seriously early and has continuously taken proactive steps, it is India, said Principal economic adviser Sanjeev Sanyal.
Indian equity markets witnessed sharp cuts as global markets continued selloff as alarm over the coronavirus intensified. However around noon, the market saw biggest intra-day recovery after hitting 10 percent circuit.
Principal economic adviser Sanjeev Sanyal said, “I am an old hand at financial markets and I have lived through many such sharp falls whether its Asian crisis of 1997-98, I have lived through the dotcom bubble burst, the 2008 drop and financial crisis. So it’s not something that we have never seen before,” he added.
Getting to the serious part of the issue, the matter needs to be looked at from 3 different perspectives – medical, global, financial markets and supply chains and real economy, he said, adding that India recognizes serious issue with regard to COVID-19 and in many ways India has proactively reacted to it.
“As the situation became more intense worldwide, we have continuously upgraded and tightened our controls. So, we can say that if any country took this seriously early and has continuously taken proactive steps, it is India. Therefore, the result is that so far we have had 1 fatality as of yesterday and while this number may go up, I do not know, but by and large the fatalities and other things have been very well contained and there is no reason for any panic on this count anywhere in the country,” he added.
According to him, the real economy has been impacted by the fact that the issue is now disrupting supply chains, tourism etc.
With regards to financial markets, Sanyal said, “Globally, financial markets have gone through a lot of turmoil, so we cannot remain entirely insulated from it, but as an economy we are as well prepared as we could expect. I do not think we should do anything knee-jerk and this is a time for us to remain in control and be responsible and systematic.”
First Published: Mar 13, 2020 12:31 PM IST
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