News By/Courtesy: Ayush Garg | 04 May 2020 20:39pm IST

 Even after the end of the applicable lockdown due to Covid-19, it may take up to one year for the economic activity of the company to be on track. This thing has come out from the survey conducted among the CEOs of 300 major companies of the country. The 45 percent CEO has stated that it may take a year before the economy returns to the former Covid-19 position. While 33 percent have said that their company's revenue could be reduced by 40 percent or more. This is probably the largest survey on the impact of the Corona virus epidemic on the country's economy. 34 percent CEO has said that it may take 6 to 12 months for the economy to normalize.

  Most companies have assumed that the recovery will be from domestic demand at present, it may take longer for the foreign demand situation to normalize. The most worrying aspect of this survey is about employment.54 per cent of the companies have said that they are likely to reduce their employment opportunities after the lockdown ends. 45 percent have said that employment opportunities can be cut by 15 to 30 percent. However, two-thirds have stated that there has been no cut in wages or wages so far. They have said that no decision has been taken in this regard yet. 

 It is also clear from the survey that most companies have agreed that their revenue is going to be drastically reduced. 65 percent have said that their revenue will be reduced by 40 percent or more. All of them have considered the lockdown to be necessary to end the Covid-19 but have also said that the shutdown of all activities across the country has had an all-round effect on the economy. Efforts to increase domestic demand to overcome the recession have received a major blow.

 Regarding this survey, CII Director General Chandrajit Banerjee said that now we should focus on eliminating the effects on the economy of the country from lockdown. In order to revive the pace of the economy, the government should announce a big package which has become necessary to maintain employment opportunities and to secure the livelihood of the general public.

Section Editor: Pushpit Singh | 04 May 2020 22:09pm IST

Tags : Covid-19, Economy,Confederation of Indian Industry

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