India’s economy is expected to recover rapidly from the effects of the second wave of COVID-19 as the lockdowns were largely designed to limit social gatherings and did not affect economic activity much.
India’s economy is expected to recover rapidly from the effects of the second wave of COVID-19 as the lockdown was designed to limit mass social gatherings, a CII survey said and did not affect economic activity much.
Nearly 60 percent of CEOs surveyed expect their companies’ sales recovery to be better than in the first wave of the pandemic.
“CII CEO poll of 119 top corporates indicates rapid economic recovery from the impact of the second wave. The deadly second wave has not affected economic activity much as the lockdown is designed to limit large-scale social interactions And it has helped in limiting the impact. The second wave on economic growth as compared to the first wave,” CII Director General Chandrajit Banerjee said.
The survey said vaccination is the key to mitigating the impact of the second wave on economic activity and boosting consumer sentiment. It said that more than 60 percent of corporate leaders confirmed that their firms were forced to scale down operations during the second wave.
According to the survey, around 81 per cent of the respondents had expected that the second wave in India would not have an adverse impact on the exports of their regions in the first half of the current year as compared to the comparable period of 2019-20.
“Massive global stimulus and faster pace of vaccination coverage in major global economies has fueled external demand,” it said.
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