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China’s Novel Coronavirus impacting global economy, India has to adjust its trade policies to the new reality

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China’s Novel Coronavirus impacting global economy, India has to adjust its trade policies to the new reality

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While the novel Corona virus is leaving a trail of its victims throughout the world, it is for sure going to dent the global economy as much hard. The crisis underlines several action plans for the future.

First, in a connected world even local crises would have to be handled at a much heightened level. Disaster management of local episodes should be much more geared to handling global spread.

Secondly, the virus crisis already is hurting global economy because of the weight of Chinese economy. Brace up for a spot of economic tumult. Thirdly, organisation of manufacturing industry needs a re-look. For the sake of cost savings, humongous factories have been set up which are now found to be vulnerable in a crisis of this kind.

The death toll from the virus is fast approaching the 1,000-mark, most of which are in China, the total number of people infected runs into 40,000. Some reports are indicating that some 5 lakh people infected in Wuhan alone, which remains a spot of quarantined.

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