Coronavirus impact on trade in India worth Rs 34.8 crore, according to UN report

GUWAHATI: Coronavirus will have a heavy impact on Indian economy. Its impact on trade in India will be worth Rs Rs 34.8 crore ($348 million), according to a report by UNCTAD which is the main U.N. body dealing with trade, investment and development issues.

https://twitter.com/UNCTAD/status/1235251234988339200

The slowdown of manufacturing in China due to the coronavirus (COVID-19) outbreak is disrupting world trade and could result in a $US50 billion decrease in exports across global value chains, according to the report. This is because China has become the central manufacturing hub of many global business operations, a slowdown in Chinese production has repercussions for any given country depending on how reliant its industries are on Chinese suppliers.

“In addition to grave threats to human life, the coronavirus outbreak carries serious risks for the global economy,” UNCTAD Secretary-General Mukhisa Kituyi said.

“Any slowdown in manufacturing in one part of the world will have a ripple effect in economic activity across the globe because of regional and global value chains.”

The most affected economies are that of European Union ($15.6 billion), the United States ($5.8 billion), Japan ($5.2 billion), The Republic of Korea ($3.8 billion), Taiwan Province of China ($2.6 billion) and Viet Nam ($2.3 billion). Also, the most affected sectors include precision instruments, machinery, automotive and communication equipment.

There are at least 25 positive cases of COVID-19 in India at present, the Union Health Minister Harsh Vardhan informed on Wednesday during a press conference here.

“There are at least 28 confirmed cases of the coronavirus that have been reported so far in India. Out of which three patients, who were earlier infected in Kerala, have been cured of the disease,” said the minister.

According to the Health Minister Harsh Vardhan, at present, at least 9 Indian nationals and 16 foreign nationals are infected with the disease.

“There is one patient in Delhi, one in Telangana and six in Agra who have tested positive for COVID-19. The driver of the group of Italian nationals, who were touring in Jaipur, has also tested positive. Apart from these, 16 Italian nationals have tested positive for the disease,” said Harsh Vardhan during the presser. Talking about the potential of the spread of the disease, the Minister said that one person in Delhi infected six of his own family members in Agra. In the Italian national’s case, the tourist infected his wife also and thus other group members.

“We had to trace at least 66 people’s contact in view of one positive case. In Telangana, at least 88 contacts were traced,” the minister told media here, adding “people should avoid public gathering during this time. Even the Prime Minister has canceled his Holi Milan programs in view of coronavirus.

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