The 21-day countrywide lockdown by the government to prevent the community spread of the coronavirus will have a profound impact on the economy. The Confederation of Indian Industry (CII) has predicted loss of a large number of jobs in a survey. According to the CII CEO Snap Poll, an online survey conducted among nearly 200 CEOs of CII, the decline in demand has led to the decline in income from most companies. This is likely to lead to job loss.
“Most companies’ earnings are expected to decline by more than 10 percent during the current quarter (April-June) and last quarter (January-March) and their profit may fall by more than five percent in both quarters,” the survey said.
“This sharp decline in both income and profit of domestic companies will also affect the country’s economic growth rate,” CII said. At the employment level, jobs can be reduced by 52 percent in the respective sectors,” according to the survey, 47 percent of companies are expected to lose less than 15 percent of jobs after the lockdown is over. 32 percent of the companies will have a job rate of 15 to 30 percent.
Cases of corona are on the rise
The coronavirus (COVID-19) continues to wreak havoc all over the world, including India. A total of 3374 corona cases have been reported in India so far, out of which 212 have been cured while 79 people have died. In addition, today is the 12th day of the countrywide lockdown.