52% CEOs say Covid-19, lockdown will result in job losses: CII survey
The coronavirus outbreak and the ensuing lockdown will have a major impact on the country’s job scenario, a survey conducted by the Confederation of Indian Industry (CII), based on the responses of more than 200 company heads across India, has revealed.
Fifty-two percent chief executive officers (CEO) across India have said that there could be job losses in various sectors after the lockdown period ends. The survey, ‘CEOs Snap Poll on Impact of COVID-19 Lockdown on Industry’, collated the responses of CII members last week and was revealed on Sunday.
While 47% of the CEOs have said that they estimate less than 15% job cuts, 32% of the respondents have said that there could be job losses in the range of 15-30%.
CII is a non-government business association which includes private and public sector companies. The survey reveals that majority of the firms also expect a fall in their revenue by more than 10%, while profits are set to decline by more than 5% in the current (April-June) as well as the preceding quarters (January-March).
Chandrajit Banerjee, director general, CII, said, “The government could announce a fiscal stimulus package for the industry and implement it on a fast-track mode, given that the sudden imposition of the lockdown has significantly impacted industry operations and the uncertainty of a recovery threatens substantial loss of livelihoods going forward.
Companies involved in the manufacture of essential services have also said that there is a major constraint in manufacture, 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 is lying idle.