Also, most of the firms expect revenues to fall more than 10 per cent and profits to decline more than 5 per cent in the fourth quarter of FY2019-20 and the first quarter of FY2020-21. The CII Poll also shows that access to manpower and movement of products are the major constraints in essentials manufacture, transport and distribution. Commenting on the survey, CII Director General Chandrajit Banerjee said: “The Government could announce a fiscal stimulus package for the industry and implement it on fast track mode, given that the sudden imposition of the lockdown has significantly impacted industry operations and the uncertainty of a recovery threatens substantial loss of livelihoods going forward.”

Industry players and chambers have raised concerns of the economic impact of the current crisis and also sought a stimulus package from the government.

Finance Minister Nirmala Sitharaman has assured that the government is working on a package for the industry and would announce its soon. She is also heading the Covid-19 economic response task force. On March 26, Sitharaman announced an economic relief package of Rs 1.7 lakh crore for the poor and migrant workers under the Prime Minister Gareeb Kalyan Scheme.