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Business activity may not touch pre-COVID levels before March 2021

Business activity is unlikely to touch pre-COVID-19 levels before March 2021, and there is a need for the government to step in and give a “push” to the economy as it has not done enough till now, a multi-sector survey conducted by a rating agency has said on Monday.

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% 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% 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. – PTI