Indian Businesses Prepared To Fight COVID, Have Contingency Plans, Continue To Operate As Normal: HSBC

Many Indian businesses have shown high preparedness, made contingency plans for the future and continue to operate as normal despite the significant impact of COVID-19, says a report.

According to HSBC’s Navigator report, almost half (46 per cent) of Indian businesses covered under a survey felt ‘very strongly’ impacted by the pandemic, yet more than half (54 per cent) felt they were as well prepared as they possibly could be.

This is a level that is the second highest amongst all countries surveyed and higher than the average across all markets (45 per cent), according to the report titled, ‘Building Back Better’.

The survey was conducted on more than 2,600 companies across 14 global markets ? including 200 firms from India.

Despite the high level of impact faced by Indian businesses, more than a quarter (29 per cent) of those surveyed said they are operating as normal, and this level was the second highest across all markets, behind mainland China, the report said.

“While COVID-19 has undeniably altered the economic landscape, Indian businesses have shown resilience in the face of adversity. Businesses will have to make varying degrees of adjustments to adapt to this altered landscape which will be the new normal for the foreseeable future,” HSBC India Head of Commercial Banking Rajat Verma said.

Source: Financial Express

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