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Impact of corona pandemic on Indian SME businesses

Impact of corona pandemic on Indian SME businesses

Economy

Manoj Chandra

Manoj Chandra

9 Apr 2020, 09:30 — 3 min read

As we all reel from the impact of the COVID-19 pandemic and the resultant lockdown, it appears that there is no easy end to this crisis. With a 1.3 billion strong nation under house arrest, and only essential and emergency services active, the Indian business is feeling the heat and nervous about the future. With most manufacturing and trading business shut down and the industry looking at a long-haul recovery with some fearing that at least Q1 will be totally wiped out, it’s time for every business to introspect and plan for the grim days ahead. However, many are seeing opportunity as the world orders change.

At Insperme Consulting & BizStreet, we reached out to small and medium businesses across the country to do a quick survey on how business owners are thinking about the impact of coronavirus and their expectations from the government.

While 97% respondents believe that their business has been impacted by the crisis, only 41% respondents believe that it’s an existential threat to their business, while 31% believe that this could be a god given opportunity for them.

 

Our primary research conducted on pan India level with over 100 business promoters and senior executives on the impact on their business due to COVID-19 revealed that while 97% respondents believe that their business has been impacted by the crisis, only 41% respondents believe that it’s an existential threat to their business, while 31% believe that this could be a god given opportunity for them.
 

Over 50% respondents believe that it will take almost 3 months before business will return to normal, and almost 60% believe that they will face losses up to Rs 10 crore due to the lock down and 30% are not aware how to salvage their business.
 

A majority of business owners have suggested that the government needs to step in and support the MSME and SME segment with tax rebates and moratoriums, Easy access to cheap credit and support to exporters and labour-intensive industries. The report has complete result findings along with our assessment of the learnings and opportunities from the crisis. Do have a read and share your valuable feedback.

Click here to read the full report.

Image source: shutterstock.com


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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.

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Manoj Chandra

Insperme Consulting was founded by Mr. Manoj Chandra, a seasoned business executive, who has led marketing, sales and branding at some of the largest consumer businesses in India,...

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