The purchase of steel making business assets will be funded by the Indian unit of the joint venture between ArcelorMittal and Nippon Steel Corp.

Last week, India and China began disengagement from the Pangong Tso area in the Ladakh region, following a nearly nine-month-long standoff between the two nations.

"A lot of the Asian partners have become a place from where just Chinese goods are routed. We are going product by product to design various kinds of action, most of which will be on non-tariff lines," an official added.

The government is expected to increase the duration of the lockdown to the end of the month.

With a revenue shortfall of about Rs 2.5 trillion, the government has little choice to keep its deficit within “acceptable limits”.

Last month, the government was looking to assess whether the "big four" auditing firms were hurting competition in any way.

The slump in the auto sector, which accounts for nearly half of India's manufacturing output, has been a major factor behind the slide in economic growth to a five-year low earlier this year.

According to Kumar, a slew of reforms, which will include changes in labour laws, privatisation moves, and creation of land banks for new industrial development, are likely to be pursued.