Accordingly, the taskforce will be led by Finance Minister Nirmala Sitharaman.
Modi said that the taskforce will assess the requirements of various sectors and also oversee implementation of the measures proposed.
The decision comes after a severe impact on several sectors including aviation, hospitality and tourism along with the overall economy.
Addressing the nation, the Prime Minister also assured availability of essential items and services, including medicines, health care, milk and food.
He also urged the citizens to avoid panic buying and not to hoard any essential items.