The second wave of this pandemic has hit businesses as well as the consumption economy adversely. Indian Express reported news and said that SMEs and MSMEs are the most undesirably impacted enterprises during the second wave of Covid19. If we talk about in percentages then the number of NPAs (non-performing assets) has just got doubled to 60% in the month of April and May from this class of business.
The report also confirms that MSMEs and micro-enterprises have proven to be the most impacted business during the time of nationwide lockdown. Earlier, in the month of April, the figures of non-performing assets were in the bracket of 30-40% which now gets exceeded to 60% in the month of May.
Investing.com had testified a survey on 17th June 2021 by the RAI and said that in May 2021, the sales have been dropped by 79% as compared to May 2019. Furthermore, retail sales have been dropped by 49% in the month of April.
People are not in a mood to buy things. This second wave of pandemics has hit the feeling and mind of customer sentiments so badly that they are no longer interested in picking products for them. Consumption of Non-essential products is at a record low whereas essential products are also showing the sign of control, the survey said.
Let’s hope this dreadful Covid19 ends!!