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, nearly two-thirds of the respondents reported that they have not experienced a salary/ wage cut in their firms so far.
The country-wide lockdown imposed on 23 March, while necessary, has had deep ramifications on economic activity, CII
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.
Due to the #COVID19 outbreak, economic activity has slowed down significantly across most sectors.
Let’s study the impact during lockdown. Read CII Report-A Plan for Economic Recovery ➡️ https://t.co/3tCnDLLouv #cii4india #CIIFightsCorona #Lockdown @CimGOI @FinMinIndia pic.twitter.com/uE4zxqv4Hj
— Confederation of Indian Industry (@FollowCII) April 25, 2020
While three out of four firms have identified that a 'complete shutdown of operations' was a major constraint being faced by business, more than half of them have also indicated 'lack of demand for products' as a hindrance to business activity.
"While the lockdown was necessary to mitigate the coronavirus
impact on the population, it has had dire implications for economic activity. At this hour, the industry awaits a stimulus package for economic revival and livelihood sustenance besides calibrated exit from lockdown," CII Director General Chandrajit Banerjee said.
Additionally, it is pertinent to note that according to a large proportion of the firms, a recovery in domestic demand, for their product or services, may precede the recovery in foreign demand for the same.