52% CEOs Expect Massive Job Losses Due To COVID-19, Lockdown: CII survey

Supported by

The COVID-19 outbreak and the nationwide lockdown imposed to curb the spread of the virus will have a major impact on the country’s job scenario, a survey conducted by the Confederation of Indian Industry (CII) has revealed.

The survey was based on the responses of more than 200 company heads across India.

Fifty-two percent Chief Executive Officers (CEO) across the country have said that there could be massive job losses in various sectors after the lockdown period ends.

The survey, ‘CEOs Snap Poll on Impact of COVID-19 Lockdown on Industry’, put together the responses of CII members and revealed on Sunday.

As per the survey, 47% of the CEOs have said that they expect less than 15% job cuts, however, 32% of the them estimate that there could be job losses in the range of 15-30%.

CII, a non-government business association reveals that majority of the firms expect a drop in their revenue by more than 10%, while profits are expected to fall by more than 5% in the current (April-June) as well as the past 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.’

Manufacturing companies dealing with essential services have also witnessed major hindrances in manufacture, transport and distribution of goods.

While 65% have said that there are difficulties in the movement of goods, 35% have said that there is a dearth of manpower. According to the survey, 80% of the CEOs have also said that their inventory has not been used and is lying idle.

Also Read: ‘Coronavirus Could Drag 11 Million Into Poverty’: World Bank Warns

#PoweredByYou We bring you news and stories that are worth your attention! Stories that are relevant, reliable, contextual and unbiased. If you read us, watch us, and like what we do, then show us some love! Good journalism is expensive to produce and we have come this far only with your support. Keep encouraging independent media organisations and independent journalists. We always want to remain answerable to you and not to anyone else.

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

Amplified by

P&G Shiksha

P&G Shiksha Turns 20 And These Stories Say It All

Amplified by

Isha Foundation

Sadhguru’s Meditation App ‘Miracle of Mind’ Hits 1 Million Downloads in 15 Hours, Surpassing ChatGPT’s Early Growth

Recent Stories

Breaking: Delhi Govt Puts Fuel Ban on Hold for Older Vehicles, Plans New Policy

ITR Filing 2024-25: Deadline Extended to September 15; Why You Should File Your Return Even If You Have Zero Tax

16‑Year‑Old Tanvi Sharma Becomes Youngest Indian Ever to Reach BWF World Tour Final with Silver at 2025 US Open Super 300

Contributors

Writer : 
Editor : 
Creatives :