NEW DELHI: Prime Minister Narendra Modi on Thursday said the coronavirus pandemic had severely affected the economy and keeping mind the challenges posed by the outbreak, a task force headed by finance minister Nirmala Sitharaman had been set up to meet the challenge. The PM said the 'Covid-19 Economic Response Task Force' will consult stakeholders and take feedback, on the basis of which decisions will be taken to meet the economic challenges which he said might be prolonged. The task force will also ensure implementation of decisions taken to meet these challenges."This task force will keep in touch with various stakeholders regularly, take their feedback, analyse the challenges and take decisions in the near future. This task force will also decide that whatever steps are needed to deal with economic challenges are effectively implemented," Modi said in his national television address.Sitharaman's office tweeted that the FM will meet ministers for animal husbandry, dairy and fisheries, civil aviation and MSME's on Friday between 3pm and 7pm to assess the economic impact of Covid-19 in these sectors. The PM also urged the business community and higher income groups to look after the economic needs of those in lower income brackets, from whom they take various services, urging them not to cut salaries on days they are unable to work due to inability to reach workplaces.He stressed on the importance of humanity during such times. "This pandemic has definitely deeply hurt the economic well-being of the middle class, the lower middle class and the poor. In this hour of crisis, my appeal to the business community and upper income group is that please keep in mind the economic interests of those whose services you avail," Modi said."It is possible that in the coming days, they cannot come to office, they cannot come to your house. Under these circumstances, please do not deduct their salaries. Please take your decisions humanely and with sensitivity. Please do remember that they also have to take care of their families, they have to save their families from the disease," he said.The PM also assured citizens that there would not be any shortage of essential items like food, milk, medicines and urged people to not resort to panic buying. "Let me assure my countrymen that several steps are being undertaken to ensure that there is no shortage of milk, food items, medicines and all other essential commodities of daily use," the PM said. "This supply will never be stopped. That is why it is my appeal to my countrymen not to resort to panic buying to store essential commodities. Continue to buy as you have in the past. Panic buying is not good at all. Please do not resort to panic buying,"The PM exhorted everyone to work together and contribute fully to overcome Covid-19. He urged citizens not to fall prey to misinformation. Modi also said that during the time of such a global pandemic, it was important to ensure that "humanity wins and India wins".