‘COVID-19 impact likely on Indian economy’

The outbreak of coronavirus in China will hit hard the global economy, including India, according to Prof. P. Venkat Rao, Vikrama Simhapuri University.

Delivering the valedictory address at a UGC-sponsored national seminar on ‘Global Turbulence: India’s Preparedness’ organised by the Andhra Kesari Tanguturi Prakasam University here on Thursday, he observed that the growing interdependence among the global economies invited threat of spread of financial distress from one market to the other. The country sourced electronic goods, consumer goods, auto components and pharma bulk drugs from the eastern neighbour.

He underscored the need for India importing goods from multiple sources and diversifying its exports to more number of countries. It was all the more important to develop indigenous technologies to meet food and other basic needs of the people. But, by and large, the impact of the global turbulence was less than that of other countries in view of continental dimension of the Indian domestic market. India could reap demographic dividend by skilling the youth, he explained.

In all, 46 papers were presented on various aspects including India’s preparedness to counter global shocks, impact of global financial crises on Indian banking system and future of India amidst global turbulence, integration of Indian stock market with world stock markets and impact of global recession on India’s exports, seminar director B. Padmaja said.