section_path: Economic impact by continent, region and country/Asia/South Asia/India
section_name: India
paragraph_text: India
  
  In India, economists expect the near-term impact of the outbreak to be limited to the supply chains of major conglomerates, especially pharmaceuticals, fertilisers, automobiles, textiles and electronics. A severe impact on global trade logistics is also expected due to disruption of logistics in mainland China, but due to the combined risk with regional geopolitical tensions, wider trade wars and Brexit. The stock market took a bearish mode in response to COVID-19. The BSE SENSEX fell 2919 and NIFTY 50 fell 950 points in a single day on 12 March 2020.
  
  On 19 March 2020, the Indian government has banned the export of ventilators, surgical/disposable masks and textile raw materials. Oil has plummeted to 18-year low of $22 per barrel in March, and Foreign Portfolio Investors (FPIs) have withdrawn huge amounts from India, about US$571.4 million. While lower oil prices will shrink the current account deficit, reverse capital flows will expand it. Rupee is continuously depreciating. MSMEs will undergo a severe cash crunch.