Coronavirus, a opportunity for Indian exporters: CEA

Chief Economic Advisor Krishnamurthy Subramanian said on Wednesday that the coronavirus outbreak in China provides an excellent opportunity for India to expand export. Addressing the Indian Institute of Management-Calcutta crowd, India has been following the same pattern as China in terms of mobile manufacturing in the country. China is known to import many components, parts, assembles them and then export them.

Commenting on the general state of the Indian economy, he said, “In any economy, you don’t get growth rates that are constant. We need the average to be in that range.” He also pointed out that Indian economy is projected to grow at a real economic growth rate of 5% in the 2019-20 fiscal. Further, sharing his thoughts on the contraction of Index of Industrial Production (by 0.3% in December’19), he said that “such volatility” will continue to exist, although the green shoots in the economy were undeniable. He was also of the opinion that the economic survey makes a delicate balance between spurt in growth and fiscal balance.