Union ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar will hold a press conference at 3 pm on Friday. The ministers are likely to brief the media on the outcome of the cabinet meet. The cabinet meet, scheduled for today, will be chaired by Prime Minister Narendra Modi.

The press conference comes amid multiple crises including the coronavirus pandemic and reconstruction of Yes Bank.

The Cabinet might give its approval to Reserve Bank of India's reconstruction scheme for the troubled Yes Bank during the meet. In its reconstruction scheme, RBI stated that SBI would hold 49 per cent stake in the troubled bank after its infusion. The bank would not become a part of SBI but would operate as a separate board-run entity.

As for coronavirus, the government has been taking stock of the situation. India Inc also flagged a lot of concerns on the impact of the virus on the businesses. The manufacturing sector had earlier urged to ease norms as the impact of coronavirus on China has a domino effect on Indian businesses.

Finance Minister Nirmala Sitharaman had said that pharmaceuticals, solar energy, chemical and paint industries are facing supply disruptions. The Confederation of Indian Industries (CII) said that business leaders have demanded import duty cuts on antibiotic drugs, mobile parts and other essential items.

The markets have also been volatile on the back of coronavirus. Market benchmarks Sensex and Nifty dropped almost 11 per cent on Friday, after dropping 8% intraday on Thursday's trade, tracking losses in financial markets around the globe that continued to feel jitters of coronavirus pandemic.