Together with RBI, we are closely monitoring Markets: Nirmala Sitharaman
New Delhi: Finance Minister Nirmala Sitharaman spoke on volatility in stock markets during a press conference after the cabinet meeting. Sitharaman said that the government is continuously monitoring the impact of coronavirus on the economy.
"Government of India and state governments are continuously monitoring and making sure that timely, effective steps are being taken. Global markets have all had severe volatility and we are monitoring, " Finance Miniter stated during press brief.
"We are conscious of the developments. Together with RBI, we are closely monitoring. Each department is working best on ways to provide relief " said the Finance minister.
Nirmala Sitharaman also said that interaction and engagement with concerned sectors is happening almost on a daily basis. The losses in global markets need prior attentionin order to take required steps amid the fear of the coronavirus outbreak which might lead the world economy into recession. In order to take required steps amids fear the coronavirus outbreak which might lead the world economy into recession.
"RBI Governor recently recognised the need of the hour," stated the minister.
The BSE Sensex ended 1,325.34 points higher and the NSE Nifty settled at 9,955.20, up 365.05 points from the previous close, following a commotion in the markets wherein benchmark indices plunged more than 10 per cent each to trigger a 45-minute halt in trading.
The impact of the coronavirus outbreak has been huge on the world economy. Around 130,000 cases of the new coronavirus or COVID-19 have been recorded in 116 countries and territories, killing at least 4,900 people.
