The Confederation of Indian Industries (CII) CEOs Poll of 119 top Corporates indicates swifter economic recovery from the impact of the second wave. About 59 % of the CEOs polled expect the recovery in sales to be better than in the first wave for their companies, while 46% of them expressed a similar trend for their respective industry sectors. Vaccination holds the key to mitigating the impact of the second wave on economic activity and boosting consumer sentiment. Encouragingly, Indian businesses are making concerted efforts to vaccinate their employees as reflected by the poll results which reveal that 55% of the of employees of the polled firms have been vaccinated with at least the first dose of the vaccine.
Assessing the consumer demand for their sectors, 49% of the CEOs expect consumer demand to be better in the first half of 2021-22 when compared to the same period in 2019-20. Similarly, 72% of the CEOs expect private investments to be better in first half of the current fiscal year when compared to the same period in 2019-20. As many as 62% of the corporate leaders confirmed that their firm was compelled to scale back operations during the second wave. Due to the scaling back of operations, the adverse impact on the profitability parameters of the firms is apparent too. The poll results show that 44% and 39% of the CEOs expect the dent on their revenue and net profit growth respectively to be more than 10% in the first half of the current fiscal as compared to the same period in 2019-20.
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