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Survey sees massive job loss post lockdown
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SME Times News Bureau | 06 Apr, 2020
Around 52 per cent of top corporate bosses in India anticipate that job
losses will occur after the nation-wide lockdown is lifted, according to
a CII CEO Snap Poll.
The survey found that 46 per cent of the CEOs do not expect job cuts while the rest 2 per cent are not sure.
"About
52 per cent of the CEOs anticipate job losses in their respective
sectors post lockdown. 47 per cent of the firms expect upto 15 per cent
job losses and another 32 per cent expected 15 to 30 per cent job
losses," said the CII survey.
The survey, conducted electronically, saw a cross-country participation of close to 200 CEOs across sectors.
Further, the survey found that much of the inventory of companies is lying idle.
"About
64 per cent (inventory) is expected to be cleared in less than 30 days.
However, demand will not hold good for the next 30 days and beyond," it
said.
Also, most of the firms expect revenues to fall more than
10 per cent and profits to decline more than 5 per cent in the fourth
quarter of FY2019-20 and the first quarter of FY2020-21.
The CII
Poll also shows that access to manpower and movement of products are the
major constraints in essentials manufacture, transport and
distribution.
Commenting on the survey, CII Director General
Chandrajit Banerjee said: "The government could announce a fiscal
stimulus package for the industry and implement it on 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."
Industry players
and chambers have raised concerns of the economic impact of the current
crisis and also sought a stimulus package from the government.
Finance
Minister Nirmala Sitharaman has assured that the government is working
on a package for the industry and would announce its soon. She is also
heading the Covid-19 economic response task force.
On March 26,
Sitharaman announced an economic relief package of Rs 1.7 lakh crore for
the poor and migrant workers under the Prime Minister Gareeb Kalyan
Scheme.
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