Recent Survey Paints A Grim Picture of Economy After Lockdown

The coronavirus outbreak, and the subsequent countrywide lockdown, has deeply impacted the domestic economy. The businesses are not expected to be the same even after the Lockdown is relaxed. A CII CEOs Snap Poll on Impact of COVID-19 Lockdown reveals staggering aspects of the industry after the Lockdown.

The survey was done with 200 CEOs across sectors and the results indicate that a significant majority of the firms expect revenues to fall more than 10 percent and profits to decline more than 5 percent in the current quarter (April-Jun 2020) as well as the preceding quarter (January-March 2020).

Almost 80 percent of the firms say that their inventory was lying idle at present and they can not get rid of them at least beyond a month which indicates a significant slowdown. Even those production of essential products and supply of ancillary goods are staring at losses due to operational constraints like access to manpower and movement of products

52% of the respondents of the survey foresee job losses, in their respective sectors and the figures are shocking, to say the least. 47 percent expect less than 15 percent job loss and 32 percent of the companies expect to shed 15-30 percent of jobs once the lockdown ends.