Revenues at India Inc may fall by more than 40% in the April-June quarter, feel two-thirds of the 300 CEOs surveyed by the Confederation of Indian Industry. Only 15% expect revenues to grow this year and a broad cross-section expect demand recovery to take 3-6 months after the lockdown. Consequently, more than half the CEOs anticipate job losses in their sectors, with a major proportion expecting 15-30% salary cuts.
The government has eased restrictions for industrial firms, but manufacturers remain hesitant because of high inventories and labour shortages.
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