NEW DELHI: The nationwide lockdown has had deep ramifications on economic activity and according to a CEO Snap Poll by the Confederation of Indian Industry (CII), 44.7 per cent of the corporate chiefs believe that it would take more than a year for the Indian economy to recover.
According to the snap poll on the 'Impact of COVID-19 on Economy and Industry', as a majority of the firms continue to anticipate a significant decline in their revenues, they now foresee a delay in economic revival and demand recovery.
"The survey results reveal that the country may experience a protracted slowdown in economic activity as a major proportion of the respondents, around 45 per cent feel it will take more than a year to achieve economic normalcy once the lockdown ends," a CII statement said.
Around 36.5 per cent of the corporate bosses feel that economic recovery of the country may be achieved in 6-12 months. Around 17 per cent of the respondents were of the view that recovery would be achieved in 3-6 months, followed by 1.8 per cent who felt that it would require a three-month period.
With respect to their own companies, the respondents anticipate a slightly quicker recovery, with 34 per cent of the respondents indicating a 6-12 month period for recovery of their companies, the survey showed.
Further, a major proportion of the respondents anticipate normalcy in domestic demand conditions within 6-12 months, post lockdown.
The survey saw the participation of more than 300 CEOs, of which nearly two-thirds belonged to MSMEs.
"The lockdown brought economic activity to a grinding halt and the survey findings indicate that a significant majority of the firms (65 per cent) expect revenues to fall more than 40 per cent in the current quarter (Apr-Jun 2020)," it said. (IANS)