65 percent firms expect a fall in revenue by nearly 40 percent in the April-June quarter, revealed a survey conducted by Confederation of Indian Industry (CII).
The survey reported that 45 percent of the 300 firms believe delayed economic recovery of over a year before things become normal.
Over 50 percent of the firms project that the job losses in their respective sectors post the lockdown, while 45 percent are expecting job cut of 15 percent to 30 percent.
According to the survey, 74.8 percent firms expect a complete shutdown of operations, and half of them are expecting a ‘lack of demand for products’ as a obstruction to business activity.
Chandrajit Banerjee, director-general, CII said “While the lockdown was necessary to mitigate the impact of coronavirus 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.”
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