With the widespread of the COVID19, the country’s economy has been hit very hard. Most of the firms have seen revenue declining, and job losses as well according to a CII CEOs Snap Poll.
Around 200 CEOs have participated in this survey. According to the survey, most of the firms are expecting a loss of more than 10% revenue this year due to the corona spread. Some are expecting their profits to decline by about 5%.
Firms feel that this decline in the revenues and profits may have a huge impact on the GDP of the country. In other results of the survey, around 52% of the firms feel that they might lose jobs this year. Around 47% of the firms are expecting 15% job losses. 32% of firms expect 15-30% job losses.
The survey also told that 80% of the firms are having their inventory idle at their warehouses. Half of these, 40% of the firms expect that their inventory will last for more than a month once the lockdown is over. They are expecting a low demand scenario after the lockdown.
The majority of the firms participating in the production of necessary goods are having a difficult situation to supply, due to the lockdown. They feel that manpower access and movement of products has been the biggest challenge during this lockdown.
Even though the government has allowed the manufacturing of necessary products, the scarcity of workers at the local level has become a challenge.