Businessman Anand Mahindra tweeted about the markets being hit by coronavirus fears. (File)
Highlights
- Coronavirus outbreak has spread to 100 countries in nearly two months
- India has reported 42 coronavirus cases so far
- WHO said coronavirus has infected over one lakh, killed more than 3,800
As fears over coronavirus outbreak, which has spread to 100 countries in nearly two months, toppled global markets this morning, businessman Anand Mahindra had a word of advice. "For India, it's a crisis we mustn't waste," the 64-year-old businessman tweeted, adding that India has a scope of exploring three opportunities amid a global crisis.
"So this is what a global meltdown feels like. For India, it's a crisis we mustn't waste. Three opportunities we need to leverage: A) The Govt can use low oil prices both to spur consumption but also retain some of the windfall gains to tackle the deficit. (1/2) (sic)," he wrote in one of the tweets.
Elaborating about the other two possible opportunities, Mr Mahindra wrote "...B) Step up sanitization & the Swachh movement which will make India more appealing to tourists looking for alternatives to China C) Step up our incentives & 'step down' regulations for global investors who will now look for alternative manufacturing sites to China. (2/2)"
As investors panicked about the severity of coronavirus pandemic amid fears of recession, domestic stock markets suffered sharp losses on Monday with benchmark indices slumping more than 4 per cent. This was after stock markets plunged around Asia as panic selling set in with traders fretting over the economic impact of the outbreak.
Analysts who have been tracking coronavirus news over past few weeks say the pandemic is a huge negative in the near term, and further market correction cannot be ruled out for the time being.
Over 100 countries have reported cases of the rapidly-spreading coronavirus that has infected over a lakh people and killed over 3,800, the World Health Organization (WHO) has said.
Urging all countries to "prepare for the potential arrival of COVID-19 by readying emergency response systems", the WHO has asked governments to increase capacity to detect and care for patients and also to ensure that hospitals have necessary facilities and staff.
India has reported 43 coronavirus cases so far with the government taking several preventive measures.
The novel coronavirus spreads through contact with respiratory droplets spread during coughing and sneezing, doctors say. Besides keeping contact to a minimum with an infected person, the preventive measures include frequent washing of hands and use of hand sanitisers. Fresh tissues should be used while sneezing and coughing and then discarded, to ensure the virus does not spread.