Commerce industry to face huge backlash, 26% expect business to bounce back
By MYBRANDBOOK
Amid lockdown corporate respondents indicated that while business was affected by the lockdown, 46% said it may take three months to recover while 26% expected to bounce back by the end of the year.
“This sector will not see many closures but will see many people losing jobs, scaling down of operations, focus on core business and a fine financial balancing act,” said Kenny Ramanand, General Secretary of AIMO.
About 6% of the corporate respondents and 11% of the self-employed were buoyant and were unaffected. These respondents were primarily employed or involved in the essential sector.
The government had announced various measures last month to help MSMEs, including collateral-free loans of Rs 3 lakh crore and a fund of funds for the sector that will invest Rs 50,000 crore as equity in small businesses.
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