Most Indians Are Worried Covid-19 Will Adversely Impact Their Jobs and Earnings Two separate surveys conducted by McKinsey and LocalCircles show a somber mood enveloping Indians around loss in earning due to Covid-19 crisis

By Shipra Singh

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pixabay

As the fears of a global recession loom large in the wake of Covid-19 crisis, Indians are starting to get anxious about their household earnings.

A whopping 87 per cent respondents to a survey conducted by community platform LocalCircles fear that their household earning will go down over the next one year. Of this, almost two-third respondents expect 50 per cent or more reduction in earnings. The survey received 17,000 responses from over 150 districts.

In another consumer sentiment survey conducted by McKinsey, about 66 per cent Indian respondents reported that coronavirus may hurt their finances for the next two to six months. McKinsey had conducted this survey between 23 March and 30 March when India was preparing to go into a complete lockdown. Since then, several reports of lay-offs, salary cuts and furloughs have surfaced across industries.

In an earlier survey by LocalCircles that was conducted in first week of March right after 10 positive cases of Covid-19 were reported, only 28 per cent respondents said they expect their household earnings to reduce. In over 45 days, the number has more than tripled.

Loss of income also tops the list of worries of many, with 31 per cent reporting that they are most stressed about their job, business or finances. This is followed by negative news related to the crisis (26 per cent) and fear of getting infected by the virus (24 per cent).

"Results of the survey show that Indians have more things to worry about and the fear of getting infected is not the biggest reason for their stress. Running the house, having a job and maintaining their business turns out to be the major reasons for stress for Indians. For 11 per cent people, the biggest source of stress was procuring essential supplies," stated the survey.

Data from National Sample Survey (NSS) and Periodic Labour Force Surveys (PLFS) suggests that about 136 million non-agricultural jobs are at immediate risk due to economic fallout of Covid-19.

Shipra Singh

Entrepreneur Staff

Freelance Journalist

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

No Outsourcing, No Shortcuts: The Rise of One of the World's Most Self-Reliant Business Groups

Nowhere is this more evident than in sectors like agriculture, logistics, and manufacturing industries, where the journey from raw material to finished product spans vast networks and countless hands.

News and Trends

IIT Madras Launches INR 200 Cr Alumni-Backed VC Fund to Boost Startups

The fund will primarily focus on pre-Series A and Series A investments, targeting early-stage ventures, especially those incubated at IIT Madras.

News and Trends

Belong, Green Aero, and Enercomp Solutions Raise Early-Stage Funding

The below brands have announced their latest funding rounds.

News and Trends

Cyprus-based Maritime Companies Announce FDI of ₹10,000 Cr for the Indian Shipping Sector

The FDI is marked as the largest ever in the Indian shipping sector since this sector was opened to 100% FDI in the year 2005.

News and Trends

Reliance Retail Launches FMCG Brand 'Independence' In Gujarat

Independence includes diverse categories such as staples, processed foods, beverages, among other daily essentials