Survey: Eco recovery may take over a year

With the nationwide lockdown completing 40 days on Sunday, business activities in India, small or large, have seen a significant hit in nearly all sectors.

It is also likely that the overall recovery may take over a year due to the delay in economic revival and demand recovery, said a nationwide survey released Sunday.

“The lockdown brought economic activity to a total halt and the survey found a significant majority of 65 per cent firms expect revenues to fall over 40 per cent in the April-June quarter. In FY21, the expectations of a fall in revenue are staggered, with 33 per cent firms expecting a revenue fall of over 40 per cent, closely followed by 32 per cent of firms expecting a revenue fall of 20-40 per cent,” said the CII CEOs Snap Poll.

On the career and livelihoods front, more than half of the firms foresee job losses in their respective sectors after the lockdown.

A significant share of respondents (45 per cent) expect 15 per cent to 30 per cent cut in jobs.

However, allaying some concerns, nearly twothirds of the respondents reported that they have not experienced a salary/ wage cut in their firms so far.

The country-wide lockdown imposed on March

25, while necessary, has had deep ramifications on economic activity, CII said.

For the full financial year 2020-21, the expectations of a fall in revenue are staggered, with 33 per cent of the firms anticipating a revenue fall of more than 40 per cent, closely followed by 32 per cent of firms expecting a revenue contraction ranging between 20 per cent to

40 per cent.