FinanceInFocus

73% Indian Businesses Report Steep Fall Due to Coronavirus Outbreak

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Coronavirus has undoubtedly had an impact on most industries and the situation is pretty bad out there. Now, many offices in Mumbai have asked their employees to work from home, meetings taking place over a call and some offices even being shut which has also had an impact on the business worldwide.

The situation is so bad that from a common man to a tycoon in the business industry, everybody’s been affected. And yet, our very own Finance Minister refuses to understand and accept that the current situation is something to worry about and act on it accordingly.

Well, a survey by FICCI showed that 53% Indian business say that the coronavirus pandemic has had an impact on their operations. Moreover, almost 73% of the businesses have seen a reduction in their order. Out of which, about 50% said that there has been a 20% decrease in the orders, as per a survey by FICCI.

FICCI conducted a survey among its 317 member companies between March 15-19. The survey showed that 35% businesses have reported an increase in inventory levels while other 50% said that their inventory levels gave gone up by 15% or more.

Moreover, 20% said that their businesses were very highly impacted while 33% were highly impacted. Another 33% businesses said that they were moderately impacted.

Well, the pandemic has also had an impact on their cash flow as 80% businesses reported a decrease in their cash flows.

Now, these companies have also put stringent rules in place for the safety of its employees and have directed them to work from home.

On Friday, the Indian Council of Medical Research (ICMR) said that the number of COVID-19 cases rose to 236.

Government advisories have urged people to avoid crowded places and immediately report to authorities if one is found infected with the virus.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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