Since reviving the economy would imply reviving economic activity, Times Network has launched the India Revival Mission with an aim to develop insights on how to mitigate the long- term impact of the pandemic. This involved extensive rounds of survey that would capture the views and opinions of several businesses across the nation.
As a part of the Mission, Institute for Competitiveness, has joined as a knowledge partner. The Institute with inputs from Times Network has developed a Business Perception Survey to assess the impact of the pandemic on businesses and how they foresee the future based on the efforts that are currently underway. The effort is being undertaken in the hope that the findings of the survey will help inform the battle against the virus and for what comes after.
The findings of the survey have been tracked over two phases – during lockdown (April 27 to June 8, 2020) and post-lockdown (June 8 to August 3, 2020). Tracking the perceptions over these two time-frames have provided substantial findings into the change in perceptions of Indian business respondents over time.
About India Revival Mission
As we tread an evolving scenario on COVID-19 in India and worldwide, we are realising its enormous impact on the businesses, economy and life as we know it. As industries reorganize business models & work cultures and reset to the ‘new normal’, it is equally critical to implement decisive strategies & policies to resurrect the economic depression.
As India’s significant influencer and opinion maker, Times Network is committed to play an active role in championing pertinent issues of the nation. To ensure emergence as a resilient economy from this adversity,we launched a mega campaign, INDIA REVIVAL MISSION to reboot, reload and relaunch the economy.
As a first step of this mission, Times Network along with Institute For Competitiveness developed an in-depth Business Perception Survey – During and Post Lockdown, which sources insights from India’s business community and present a holistic blueprint for India’s recovery and distils domain specific action points that need to be implemented to ensure long-term health of businesses and the economy. Strongly led with a purpose to arm leading policymakers with relevant information they would require for critical policy decisions to revive the economy, the survey results will be analysed through special programming on air and the findings will be compiled as a White Paper.
An ongoing thought leadership platform by the Network, India Revival Mission fronted by the network news channels, ET NOW, TIMES NOW, TIMES NOW WORLD and Mirror NOW, conducts a curated series of discourses and deliberations with global visionaries, key policymakers, influencers and corporate leaders who share their vision and actionable insights to accelerate India’s economic resurgence.
Sustaining the momentum to revive India post the lockdown, the Network would also host a thought-leadership event, IRM Conclave with the leaders of India Inc, leading economic minds, domain experts, key administrators and bureaucrats to discuss the way ahead for the nation.
Summary
Perceptions gathered during the Lockdown
- Reduced cash flows have majorly affected the operations of all sectors, with the tertiary sector facing the additional burden of cancelled and delayed projects. The consultancy and financial services sector have faced the greatest brunt of delayed projects.
- An overwhelming majority of respondents (82%) prefer domestic production instead of relying on imports (18%).
- To keep their businesses afloat, businesses across all sectors are seeking to reorient their financial plans and reduce their operational and office space costs – this is in line with respondents anticipating that consumer spending will change drastically in favour of only essential products (83%) and this pattern last between 6 months to 24 months (a cumulative 73.65%).
- One of the biggest ways of reducing costs for businesses has been the implementation of the work from home strategy and usage of digital communication tools – these two strategies are also being viewed as a long-term strategy to reduce costs.
- The ability of businesses to pay their employees have reduced by some extent, with responses from the tertiary sector hinting that their ability to way wages have been hit significantly. Companies having an employee strength of between 1000 and 5000 have their ability to pay wages reduced by some extent while companies having employee strength less than 100 and between 500 and 1000 have had a significant reduction in their wage paying ability.
- Large scale industries are following a dual approach of giving employees an advance on wages or paid leave and reducing compensation but offering other emoluments.
- Medium-scale industries have a larger proportion of respondents who are/will be carrying out salary cuts. The hiring freeze, however, has affected both small scale and medium scale industries alike.
- Respondents have shown a strong preference towards ‘increasing the size of the stimulus’ as a short-term solution and ‘improving health infrastructure & labour reforms’ as the long-term solutions to improve business activities.
- There is a consensus amongst the respondents that it would take at least 12-18 months before the economy reaches back to its normal position. However, the same respondents believe that their business operations will normalise ahead of schedule, i.e., between the next 6-12 months.
Messages
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