Coronavirus impact: Lockdown will result in massive job losses, predicts CII snap poll

The coronavirus pandemic and the ensuing countrywide lockdown will have a deeper impact on the job scenario, revealed a recent poll conducted by apex industry chamber Confederation of Indian Industry (CII).

 

Nearly, 52 per cent chief executive officers (CEO) across India claimed that there could be job losses in various sectors post lockdown period. The survey, ‘CEOs Snap Poll on Impact of COVID-19 Lockdown on Industry’, collated the responses of more than 200 company heads across the country.

 

While 47 per cent of the CEOs assumed less than 15 per cent job losses, 32 per cent of the respondents said that there could be job losses in the range of 15-30 per cent once the lockdown ends.

 

Chandrajit Banerjee, Director General, CII, stated "The government could announce a fiscal stimulus package for the industry and implement it on fast-track mode, given the sudden imposition of the lockdown has significantly impacted industry operations and the uncertainty of a recovery threatens substantial loss of livelihoods going forward".

 

Majority of the firms also expect a collective revenue loss of more than 10 per cent as well as a 5 per cent decline in net profit in the current (April-June) and preceding quarters (January-March).

 

Companies engaged in production of essential services said that there is a major constraint in manufacture, transport and distribution of goods. While 65 per cent respondents claimed that there are constraints in the movement of goods, 35 per cent stated that there are constraints in access to manpower.

 

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