Canindia News

‘Adequate cushion available to deal coronavirus disruptions’

New Delhi, Feb 23 (IANS) India Inc has adequate cushion available to deal with any temporary disruptions caused due to coronavirus outbreak, industry body Assocham said on Sunday.

According to the industry body, Indian industry including the pharmaceutical sector are readying to manage the evolving situation without causing any major impact on the supply chain.

“… Global supply chain is a reality but there are adequate cushions available to deal with temporary disruptions,” Assocham’s Secretary General Deepak Sood was quoted as saying in a statement.

“Both the Indian government and the industry have been reacting in a pro-active manner, in close coordination with each other, to face any economic, technical or even contractual impact of the Coronavirus on the world economy.”

Furthermore, he said that while India imports substantial amount of API (Active Pharmaceutical Ingredients) from China, however, there are several domestic and global firms which have set up API units in India as well.

Consequently, depending upon the evolving situation, they may be encouraged to ramp up their production in India, he said.

On other industries like electronics, he said there are no immediate threats and that there has been an increased focus on domestic production of IT hardware and electronics.

Sood pointed-out that initiative like ‘Assemble in India’ can also be ramped up to meet demand.

“It is commendable for the government to have clarified that in such events, the companies can invoke clauses like Force Majeure and protect themselve s against any contractual lapses, if any, should a situation so demand,” he said.

–IANS

rv/sn/adr/

YOU MAY ALSO BE INTERESTED IN

Kapil Dev: India cricket legend stable after heart surgery

CIEDITOR

Indian composer Atif Afzal set to make music for BBC project

CIEDITOR-TWINKLE

Eros Now issues apology for Navratri posters as #BoycottErosNow trends on Twitter

CIEDITOR-TWINKLE

Punjab to resume normal OPD services from Oct 19

Crops on 67,864 hectares of land damaged due to rains in Andhra

India’s merchandise exports rise by 6% in September

Aamir Khan on Akshay Kumar’s Laxmmi Bomb: Wish it was releasing in theatres

JLR India hopeful of festive cheer, goes for product offensive (IANS Special)

Punjab CM asks village heads to counter Covid propaganda

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

SUBSCRIBE TO OUR WEEKLY NEWSLETTER

Stay up to date with the latest news and exclusive offers directly in your inbox