New Delhi: As coronavirus pandemic and the nationwide lockdown have brought a near standstill to economic activities, a TRA survey shows that people in the top management of businesses in India think that the Indian economy would take around 16.5 months to achieve economic normalcy.
Chandramouli, CEO, TRA Research, said: “The biggest concerns of corporate India are of global recession which is 66 per cent on the ‘Worry Index’, followed by India’s inability to overcome the health crisis at 59 per cent.”
He noted that three important factors — business survival, India’s bleak economic outlook and social unrest, all had a ‘worry index’ of 57 per cent, showing the many associated challenges that corporate India was grappling with at the moment.
“Considering the Covid impact, the highest was on revenues for the year at 75 per cent Impact Index, followed by advertising at 64 per cent impact, showing that the first cuts were in immediately controllable expenses, especially in the light of the negligible demand for many sectors during the lockdown”, Chandramouli added.
As per the survey, on the priority of corporate is reduction in operating expenditure which is at the top slot with 69.5 per cent priority followed by capital expenditure reduction at 65.5 per cent. Business strategy has taken the third spot on priority list with 64.5 per cent.
Company operations are at 56.5 per cent priority and, manpower cost reduction is the very last what corporates look at, which stands at 51.5 per cent priority, showed the survey.