The comments from Das come days after the RBI assuaged markets that it will do all it can to minimise the coronavirus impact.
Das said central bank governors of the IMF's member countries had held a teleconference, where it was decided to have a globally coordinated response to the crisis.
"India is not that much integrated into the global value chain as some of the other countries. To that extent, India remains insulated," Das said, addressing a summit by industry lobby Assocham here. He said in India, there will be limited sectoral impact on industries that depend on Chinese raw materials or inputs, and added that sufficient measures are being taken to mitigate the same. "I am sure India will be able to respond to the challenges," he said.
At the global level, there is a need for the currency swap line to help nations access the international capital markets by providing the necessary liquidity, he said.
Pitching for the IMF to take the lead in the same, he said "this is also a part of IMF's mandate to maintain oversight of the international monetary and financial system." He said while "robust" forex reserves will help India, the presence of such a line will prove to be the second line of defence for the country.
Das further said there has been a welcome increase in port activities in China in the last two weeks and it needs to be checked if the same can be sustained. He added that the Chinese authorities are saying the coronavirus problem has peaked and it is now receding.
"What is important is a globally coordinated action and how we respond to the challenges. I am sure India will be able to respond to the challenges," he said.
In a statement earlier this week, the RBI had said it is "monitoring global and domestic developments closely and continuously and stands ready to take appropriate actions to ensure orderly functioning of financial markets, maintain market confidence and preserve financial stability.
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