The lockdown has brought economic activity to a grinding halt, the CII said on Sunday, citing findings from its CEOs survey, which indicated that 65 per cent of the firms expect revenues to fall more than 40 per cent in April-June quarter.
The survey results reveal that the country may experience a protracted slowdown in economic activity, as 45 per cent of the CEOs polled feel it will take over a year to achieve economic normalcy once the lockdown ends.
The snap poll saw the participation of more than 300 CEOs, of which nearly two-thirds belonged to MSMEs.
On the career and livelihoods front, more than half of the firms foresee job losses in their respective sectors after the lockdown. A significant share of respondents (45 per cent) expect 15-30 per cent cut in jobs. However, nearly two-thirds of the respondents reported that they have not experienced a salary/ wage cut in their firms so far.