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CII poles say it will take more than a year for the economy to recover from COVID19 impact

The CEO Snap Poll by the Confederation of Indian Industry (CII), has revealed answers contradictory to assumptions. The fall in the Economy due to the lockdown is perhaps the worst thing. With no economical activities other than those essential primarily like food, medication, the financial status of several sectors has fallen far beyond normal. Earlier, some officials predicted that it would take six months for the revival of the Economy after the lockdown ends.

Contradictorily, according to the CEO Snap Poll, almost 44.7 per cent of the Corporate Chiefs believed that it would take far more than a year, for the Indian Economy to recover.

The Snap Poll was conducted on the ‘Impact of COVID-19 on Economy and Industry’, as there has been a significant decline in their revenues. This survey was carried with no less than 300 CEOs, of which more than 60% belonged to MSMEs.

Here are the statistics: 45% feel that it would take more than just a year; While around 36.5 % bosses feel that the recovery might take 6-12 months; 17 % believed that it would revive in 3-6 months; followed by a group of 1.8 %, who said that the process would be done in just 3 months.
A majority of them also expressed their views that the normal demand would be back in 6-12 months post-lockdown, thus reviving the economy.

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.
And coming to constraints, 75% felt that it was the complete shutdown that is resulting in the fall in Economy. While others said that the fall in demand and also the lack of sufficient goods was the problem.

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