July 12, 2021 3:00:09 am
Most large companies have seen a faster recovery, post the second Covid wave, compared to the first wave in 2020, according to a CEO poll by industry body Confederation of Indian Industry (CII). The survey, which polled top executives of 119 large Indian firms, found that 59 per cent of companies reported better recovery in sales post the second wave of Covid-19 infections, compared to the first wave in 2020.
“The deadly second wave has not affected much of the economic activities as the lockdowns were largely designed to limit social gathering and this has helped limit the impact of second wave on economic growth compared to the first wave”, said Chandrajit Banerjee, director general, CII.
Only 46 per cent of the executives surveyed, however, felt that the recovery across their industries had been better in the second wave than the first, with 29 per cent describing the recovery post the second wave as worse than recovery post the first wave. Corporate leaders were also divided on the impact of the second wave on the consumer demand for their sector, with about 49 per cent saying demand was better than in the first of the previous fiscal, with 28 per cent describing demand as same as in the first half of FY21 and 23 per cent reporting even worse demand conditions.
Seventy one per cent of corporate leaders said they had been forced to cut operations during the second wave of Covid, with 9 per cent being forced to scale back operations by over 50 per cent.
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