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    Over 90% businesses adversely impacted by Covid pandemic, recovery expected by end of 2022: Survey

    Synopsis

    Majority (92%) of the respondents reported that their businesses are adversely impacted by the pandemic. An almost identical percentage of respondents expect recovery in their businesses by the end of 2022.

    AP
    The unprecedented outbreak of the COVID-19 pandemic managed to severely impact most of the sectors and industries across the country.
    Mumbai: It would not be before 2022 that Indian businesses would be able to recover as most of them are adversely impacted due to Covid pandemic, an EY survey said.

    Majority (92%) of the respondents reported that their businesses are adversely impacted by the pandemic. An almost identical percentage of respondents expect recovery in their businesses by the end of 2022, EY survey of major Indian corporate with ICF said.

    “The need of the hour is to pivot strategic thinking by relooking at fleet utilization in passenger vs. freight cargo, renegotiating lease agreements and deferring airplane orders to a future date while coming up with hedging strategies based on future fuel requirements, leveraging low oil prices,” Dinkar V, India EY restructuring partner said.

    The unprecedented outbreak of the COVID-19 pandemic managed to severely impact most of the sectors and industries across the country. With lockdown restrictions imposed by the central government, the aviation sector came to a grinding halt with no commercial flights taking off for close to a quarter of the year, the EY report said.

    The survey said that globally too, the situation is not any different, with several airlines such as Virgin Australia and Malaysian Airlines, facing the heat due to the pandemic. “Though global airlines are proactively taking measures to tide through the crisis, Indian airline operators, while raising interim finance to meet their debt obligations, need to think beyond meeting immediate obligations for a more sustainable operating model for the near- to mid-term. They should also keep in mind the sluggish recovery of corporate travel and subdued discretionary travel in the months following the unlocking of restrictions,” it added.

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    3 Comments on this Story

    Wdias 2 days ago
    GOI should print notes and disburse through helicopters so it will reach every nook and corner. I have been living in a world the governments have used their sovereign rights to print money and seen myself and every one around prosper. Now strange Government says that we cannot print notes as the FDI will run away and not come. Don't they know that we can print many more amount of money compared to FDI. Money printing can lower the rupee value and increase exports and reduce imports. Inflation could boost real estate and give a filip to demand in the country. If you do not print you are not exercising your sovereignty.
    Bilu 3 days ago
    Correction not before this Sarkar thrown out of parliament
    Ramesh Shah3 days ago
    IT MIGHT TAKE TWO YEARS MORE SAY BY ELECTIONS OF 2024 WOULD B MOST MODERATE TIME....
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