'Govt taking serious measures over imports': MoS Anurag Thakur amid Coronavirus outbreak

MoS for Finance and Corporate Affairs Anurag Thakur on Sunday said that the government is taking serious measures with regards to imports, in order to contain the increasing spread of deadly Coronavirus. Anurag said that necessary feedback has been taken from sectors that will be affected due to Coronavirus, which has claimed the lives of 2,870 people in mainland China alone.

"Our government is most serious among others when it comes to coronavirus. The finance minister has already talked about important imports. We have also taken feedback from sectors that will be affected due to Coronavirus. We will look for other alternatives," said Anurag Thakur at a press conference. 

READ | Coronavirus Outbreak: Death Toll In China Climbs To 2,870 With 35 More Fatalities

Further, the Minister said that the spread of the disease also gives the opportunity to look into sectors that can improve and grow. Earlier in February, the Finance Ministry called a meeting to discuss the impact of the Coronavirus outbreak and its disruptions to Indian export and import.

READ | Coronavirus Updates: India Adds 2 More Countries For Screening, FM To Hold Assessment

Finance Ministry may invoke Force Majeure if virus disrupts supply chains

India's Ministry of Finance said the disruption of the supply chain from China or any other country, due to the coronavirus (COVID-19) scare, would be considered as a case of natural calamity.

In an official memorandum, the Ministry also stated that a Force Majeure Clause may be imposed in suitable cases.

A Force Majeure (FM) indicates extraordinary events or circumstance that are beyond human control such as an act of God (a natural calamity) or situations such as war, strike, riots, crimes (excluding negligence or wrong-doing, predictable/ seasonal rain and any other events specifically excluded in the clause), the Finance Ministry said.

READ | Coronavirus: 105 Discharged From Maharashtra Hospitals So Far

An FM clause in the contract releases both parties from contractual liability or obligation when such events occur and cause disruption in fulfilling their commitments under the contract, the memorandum read.

The FM clause does not exempt a party from neglecting their responsibilities entirely, but only suspends it for the duration of the FM. The memo further said that the firm has to give notice of FM as soon as it occurs and it cannot be claimed ex-post facto.

READ | WHO Raises Global Virus Risk To Maximum Level