Corona effect: India's readiness to impose duty on China's top 100 items

Kochi / Washington, Ta. March 1, 2020, Sunday

India's Commerce Department is considering imposing import tariffs on more than 100 products from China due to corona virus. At the meeting of the Commerce Department next week with the Commerce Department, discussion on the status of supply of important products imported from China will be discussed.

India is China's main source of imports, and imports from China to India have touched $ 70 billion. India, on the other hand, has begun to look at other options to meet the demand for stagnant supply of imported goods from China.

Since more than 50% of India's goods are imported from China alone, India is currently lacking in commodity capacity. Items imported from China include textile fabric, refrigerators and suitcases to antibiotics, vitamins and pesticides. Apart from this, the list of items imported from China is very long.

API imports from China have also had a serious impact. Due to the closure of supply from China, pharmaceutical companies in India have to buy APIs at high prices. API is the raw material of making drugs. Another problem for India is that many countries have stopped importing goods from China, according to a media report.

Like India, many countries in the world have been affected by the supply of goods from China. These countries are also looking at alternative sources for importing goods where India is thinking of going. India has begun to work on other alternatives after the shortage of supplies from China.

The government wants to give more importance to local products to bridge the supply gap created by the import of Chinese products, but India's production capacity for these items is limited. As a result, industrial organizations have warned the government that if the increase in imports does not remove the supply gap of industrial components, the prices of these commodities will increase and import duty may adversely affect the economy.

ADB will provide 29 million rupees to member countries to fight Corona

New delhi date. March 1, 2020, Sunday

The Asian Development Bank (ADB) is estimated to spend around Rs. 29 million ($ 4 million).

The funding agency, headquartered in Manila, announced in early February a funding of US $ 2 million to fight Member States from Corona. The bank approved the funds in late February. Now ADB has announced a further US $ 2 million to member countries in Asia and the Pacific.

ADB has announced that all ADB developing countries will be funded to fight the Corona virus. The ADB said the funds would be used to buy emergency supplies and equipment, for the health system and to reverse the adverse effects on the economy from Corona. The work will be done in collaboration with ADB World Health Organization.

"The severity of the corona virus is steadily increasing and it has many serious impacts on the socio-economic sector and will last a long time," said Bambung Susantono, vice president of ADB's Knowledge Management and Sustainable Development.

With the help of ADB, efforts will be made to prevent the loss of health of families and equip the economies to meet current and future challenges. Cambodia, China, Laos, Myanmar, Thailand and Vietnam were the first to receive aid.