Fighting Coronavirus: FinMin-led task force for quick decision making to save economy

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Updated: March 19, 2020 8:45:03 PM

PM Modi said that the task force will work in response to the feedback received from various state governments.

narendra modi, prime minister, coronavrus, covid 19 pandemicThe Prime Minister has also made an appeal to higher-income people to not cut wages of the citizens working for them, in case they fail to provide services.

Prime Minister Narendra Modi has announced to create the ‘Covid-19 economic response task force’ under the leadership of Finance Minister Nirmala Sitharaman, to minimise the negative impacts of coronavirus pandemic. He said that the task force will work in response to the feedback received from various state governments. The Prime Minister has also made an appeal to higher-income people to not cut wages of the staff working for them, in case they fail to provide services. He said that in this unfortunate time, we should also take care of the economic conditions of people around us as they also have to feed their families.

To avoid panic-buying, the PM has appealed not to do so as it may bring difficulty for others as many people were stocking rations and other utilities to face a more adverse condition. PM Modi said that the advanced economies also could not be spared from the adverse effect of coronavirus, thus India is also likely to face the turbulence and the impact on the economy will be there.

Also Read: Need for extraordinary measures in extraordinary times; SBI suggests this to govt, RBI

The Modi government has also declared ‘Janata Curfew’ on 22 March 2020, asking all the citizens to stay back at home, unless there is an emergency. Meanwhile, the coronavirus has claimed four lives so far in the country and the total number of infected cases has climbed to 173. The virus poses a great risk to the economy as several industries are expecting major revenue losses. Aviation, media and entertainment, and India’s manufacturing sector have been especially hit. Several states have announced a lockdown on public spaces such as movie theaters, shopping malls, museums, etc.

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