New Delhi: The smaller businesses have reported more stress than the larger ones in the survey of over 600 companies conducted by CARE Ratings between August 25 and September 13.
The economy is set to contract by over 10 per cent as per some estimates during 2020-21, which is bound to have an impact on businesses as well. The government has announced additional spends of under 2 per cent to help the economy, which has been called as too little by some quarters. “Majority of participants said the government has not done enough for the revival of their sector and they expect more support from the government,” the rating agency said.
In the survey, 72 per cent of the respondents said the government should do more for revival of their industry and are pinning hopes on sops like deferment of statutory dues, credit enhancements or guarantees and even tax subsidies, the survey said. The agency said the survey has revealed a “mix picture” from an overall perspective, with two-thirds of those polled saying they expect to hit the pre-COVID-19 levels only in March 2021, while construction, real estate and service sector companies feel they will do so only in the next fiscal.
