A recent survey by the Confederation of Indian Industry (CII), the imposed lockdown due coronavirus outbreak will have a deeper impact on the country’s job scenario. A report has been created based on the survey responses of more than 200 company heads across India.
Fifty-two per cent chief executive officers across the country have stated that there could be potential job losses in various sectors post the lockdown period. The survey, ‘CEOs Snap Poll on Impact of COVID-19 Lockdown on Industry’, collated the responses of CII members to come up with the analysis.
According to the survey, 47% of the CEOs have said that they estimate less than 15% job cuts, whereas 32% of the respondents have said that there could be job losses in the range of 15-30%.
A non-government business association, CII survey reveals that the majority of the firms also foresee a fall in their revenue by more than 10%. In comparison, profits are set to decline by more than 5% in the current (April-June) as well as the preceding quarters (January-March).
Chandrajit Banerjee, the director-general of CII, said to the media that “The government could announce a fiscal stimulus package for the industry and implement it on a fast-track mode, as the sudden imposition of the lockdown has significantly impacted industry operations, and the uncertainty of a recovery threatens the substantial loss of livelihoods going forward.”
The survey also stated that the companies that are involved in the manufacture of essential services had witnessed a significant constraint in production, transport and distribution of goods. While 65% have said that there are constraints in the movement of goods, 35% have said that there are constraints in access to manpower.
According to the survey, 80% of the respondents have also said that their inventory in the warehouses is lying idle.