Team News Riveting
A Survey revealed that 63 per cent of the firms experienced a pick-up in demand post announcement of unlock guidelines.
After a stringent lockdown that lasted for close to two months, the reopening of the economy started in a phased manner in India from June 1 with gradual relaxations. India had now entered the fourth phase of ‘Unlock’ starting September 1.
To understand how the industry feels about the impact of lockdown, CARE Ratings launched the Survey “Unlock India: State of Business” and reached out to experts in various fields including CEOs, CFOs, investors and other stakeholders with an objective to understand their views and gauge the business sentiments.
In all, 621 participants responded to the “Unlock India: State of Business” Survey from various sectors like manufacturing, BFSI, construction, real estate, power, trade and other services.
“Our Survey revealed that 63 per cent (324 out of 516) of the firms experienced a pick-up in demand post announcement of unlock guidelines while 37 per cent (192 out of 516) of firms have said that there has been no pick-up in demand,” the agency said in its report posted on its website.
Further, the Survey reveals that 77 per cent of firms belonging to the power sector (17 out of 22) have said that demand has picked up for their company post announcement of Unlock guidelines. 72 per cent real estate firms (13 out of 18) and 70 per cent of BFSI firms (52 out of 71) have witnessed pick-up in demand.
However, only 51 per cent of construction firms (21 out of 41) feel that demand has picked up since unlock. 34 per cent of service sector companies (34 out of 90) have said that demand has not picked up.
The Survey found that while most large enterprises felt that demand has picked up, micro enterprises did not feel the same. While the majority of MSME units said that recovery in their production and sales had been less than 50 per cent compared with pre-lockdown, majority of large scale enterprises said they have reached 50 per cent of production and sales level compared to pre-lockdown levels.
