Around 52% of top corporate bosses in India anticipate that job losses will occur after the nation-wide lockdown is lifted, according to a CII CEO Snap Poll.
The survey found that 46% of the CEOs do not expect job cuts while the rest 2% are not sure.
"About 52% of the CEOs anticipate job losses in their respective sectors post lockdown. 47% of the firms expect upto 15% job losses and another 32% expected 15 to 30% job losses," said the CII survey.
The survey, conducted electronically, saw a cross-country participation of close to 200 CEOs across sectors. Further, the survey found that much of the inventory of companies is lying idle.
"About 64% (inventory) is expected to be cleared in less than 30 days. However, demand will not hold good for the next 30 days and beyond," it said.
Also, most of the firms expect revenues to fall more than 10% and profits to decline more than 5% 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.