Industry experts seek necessary measures to protect countrys trade interests
In the wake of the novel coronavirus (COVID-19) outbreak in China, industry experts have predicted a cascading effect on Indias economy if the Central government fails to take necessary measures to protect trade interests.
Naushad Panjwani, president, Indo American Chamber of Commerce (IACC), West India Council, said, “We have a high dependence on China in terms of imports and exports. For example, reliance on the country for pharmaceutical products is huge. The government will have to rejig policies, tariffs and subsidies so that industry is not hit. But I dont see anything being done.
Mr. Panjwani was speaking at an awareness programme on COVID-19 organised by IACC, the Indian Merchants Chamber and Lilavati Hospital on Thursday. He said the government has to rise to the occasion, mitigate risks and work towards converting the adversity into an opportunity. “With support from the government, Indian enterprises can be strengthened. The Central government can reach out and see how many Chinese companies can be set up in India, said Mr. Panjwani. He added, “It is not that orders are going to start flowing overnight. But it is a good time to address anomalies in our system on an SOS basis.
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