25.1 C
Delhi
Wednesday, September 30, 2020

Covid-hit Indian micro-businesses stay resilient: Survey

- Advertisement -

New Delhi, Aug 26 (IANS) The Covid-19 pandemic has hit the Indian micro-businesses hard and while 83 per cent of those surveyed reported a decline in revenue, nearly half of them had to shut their business temporarily, a new report said on Wednesday.

Several micro and small businesses in India are impacted by low financial investment, with more than 70 per cent of respondents reported experiencing an overall decrease in funds, according to the survey by domain registration and web hosting giant GoDaddy.

Forty-eight per cent of small businesses said that maintaining cash flow was the most pressing need to keep their business running during this crisis period.

“Even with these challenges, the survey observed that very small Indian businesses are stepping up, with 56 per cent of them believing it is more important now to positively impact their community, as compared to 41 per cent globally,” the findings showed.

Additionally, 37 per cent say they started donating to charitable causes as compared to 17 per cent globally.

Despite facing problems, according to the “2020 Global Entrepreneurship Survey,” micro-businesses in India are optimistic about the future.

More than 60 per cent of the very small business owners said that despite the slowdown and negative impact brought on by the pandemic, they are confident that their business will continue (as compared to 52 per cent globally).

“While it is always good to maintain a positive outlook to help overcome present challenges, entrepreneurs in India are showing what the entrepreneurial spirit is about,” said Nikhil Arora, Vice President and Managing Director, GoDaddy India.

“They may have had to shut down even if only temporarily, but they are adapting and working to rebound and help their small business grow,” he added.

The overwhelming majority of very small business owners in India surveyed (88 per cent) believe their business will grow in the next three to five years, with 43 per cent responding they expect a growth of at least 50 per cent, and another 45 per cent expecting to growth of at least 25 per cent.

“Additionally, 57 per cent of the respondents said they expect to be able to recover from the aftermath of COVID within the next three to 12 months. This clearly states how determined SMBs in India are to get back on track,” the survey found.

The survey was conducted by the Savanta Group, a global research firm, during June and involved 5,265 small business owners across 10 countries including India.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

Serum Institute to manufacture 200mn doses of Covid-19 vaccine

New Delhi, Sep 29 (IANS) A further collaboration among the Serum Institute of India (SII), the world's largest vaccine manufacturer by volume, Gavi...

87million were likely exposed to Covid-19, 1 in 15 had antibodies

New Delhi, Sep 29 (IANS) The key findings of the second round of sero-survey conducted by the Indian Council of Medical Research (ICMR) suggested...

Microsoft joins telecommunications industry to roll out 5G, more

San Francisco, Sep 29 (IANS) Microsoft on Monday announced a partnership with the telecommunication industry globally to unlock the power of 5G and bring...

4 in 10 consumers in India victim of online bullying: Microsoft

New Delhi, Sep 28 (IANS) Nearly four in 10 consumers have been involved in a bullying incident online at their workplaces and outside, a...

Health ministry launches web portal for COVID-19 vaccine updates

New Delhi, Sep 28 (PTI) The Union Health Ministry on Monday launched a web portal that will provide all important information on COVID-19, vaccine...

Dependence of global supply chain on single source exposed: PM Modi

New Delhi, Sep 28 (PTI) The coronavirus pandemic has shown the risk involved in excessive dependence of the global supply chain on any single...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Serum Institute to manufacture 200mn doses of Covid-19 vaccine

New Delhi, Sep 29 (IANS) A further collaboration among the Serum Institute of India (SII), the world's largest vaccine manufacturer by volume, Gavi...

Serum Institute to manufacture 200mn doses of Covid-19 vaccine

New Delhi, Sep 29 (IANS) A further collaboration among the Serum Institute of India (SII), the world's largest vaccine manufacturer by volume, Gavi...

87million were likely exposed to Covid-19, 1 in 15 had antibodies

New Delhi, Sep 29 (IANS) The key findings of the second round of sero-survey conducted by the Indian Council of Medical Research (ICMR) suggested...

Health ministry launches web portal for COVID-19 vaccine updates

New Delhi, Sep 28 (PTI) The Union Health Ministry on Monday launched a web portal that will provide all important information on COVID-19, vaccine...

Dependence of global supply chain on single source exposed: PM Modi

New Delhi, Sep 28 (PTI) The coronavirus pandemic has shown the risk involved in excessive dependence of the global supply chain on any single...

Over 3,000 vaccinated against coronavirus in Moscow

Moscow, Sep 28 (IANS) More than 3,000 people in Moscow have been vaccinated against the novel coronavirus, the media has reported."More than 3,000 volunteers...

Trending News In India

RBI extends interim relaxations in WMA limits, OD regulations

New Delhi, Sep 30 (IANS) The Reserve Bank of India (RBI) has extended the interim relaxations it made for the state governments earlier this...

RBI extends interim relaxations in WMA limits, OD regulations

New Delhi, Sep 30 (IANS) The Reserve Bank of India (RBI) has extended the interim relaxations it made for the state governments earlier this...

Rajnath launches startup challenge to promote self-reliance in defence sector

New Delhi, Sep 29 (IANS) Union Defence Minister Rajnath Singh on Tuesday launched a startup challenge to achieve self-reliance in the military sector under...

Xiaomi’s Mi India forays into smart home category in India

New Delhi, Sep 29 (IANS) Xiaomi subsidiary Mi India on Tuesday forayed into the smartwatch and smart speaker categories, along with launching other affordable...

Profit booking, global cues subdue markets, banking stocks fall

Mumbai, Sep 29 (IANS) Profit booking, along with volatile global cues, subdued the Indian equity markets on Tuesday, with both the BSE Sensex and...

Digital transformation top priority for 9 in 10 large firms: TCS

New Delhi, Sep 29 (IANS) While 68 per cent of companies have seen revenue declines amid the pandemic, nine out of 10 large enterprises...

Trending Showbiz

NCB seizes phones of Deepika, Rakul, Simone, Karishma in drugs case

Mumbai, Sep 26 (IANS) The Narcotics Control Bureau (NCB), which quizzed Bollywood actors Rakul Preet Singh, Deepika Padukone, her former manager Karishma Prakash, and...

NCB quizzes Deepika, Sara, Shraddha in drug case related to SSR death

Mumbai, Sep 26 (IANS) The Narcotics Control Bureau (NCB) on Saturday questioned Bollywood divas Deepika Padukone, Sara Ali Khan, Shraddha Kapoor for several hours...

‘CBI delay in converting abetment to suicide to murder frustrating’

Mumbai, Sep 25 (IANS) Vikas Singh, family lawyer of late actor Sushant Singh Rajput, on Friday stated that the delay being by Central Bureau...

NCB questions Rakul, Deepika’s ex-manager, Dharma Productions honcho

Mumbai, Sep 25 (IANS) The Narcotics Control Bureau (NCB) on Friday is questioning Bollywood actor Rakul Preet Singh, Dharma Productions executive producer Kshitij Ravi...

Famed singer S.P. Balasubrahmanyam succumbs to Covid-19

Chennai, Sep 25 (IANS) Famed playback singer and Padma awardee S.P. Balasubrahmanyam, or popularly SPB or Balu in the movie world and who has...

Trending Sports

ICC gets recognition for two digital initiatives in Leaders in Sports Awards

Dubai, Sep 28 (PTI) The International Cricket Council (ICC) has been recognised for its twin digital initiatives at the prestigious Leaders in Sports Awards...

Played nearly 500 games, can speak to any player says Ganguly

Kolkata, Sep 28 (PTI) His nearly "500 international match experience" gives him the right to speak and guide any player "be it Shreyas Iyer...

Went through rigorous physical, mental transformation for 1996 Olympics, says Paes

New Delhi, Sep 28 (IANS) The year was 1996 and no Indian had won an individual medal at the Olympics 44 years prior to...

Sensational Tewatia hits five sixes in an over as RR defeats KXIP

Sharjah, Sep 28 (PTI) Rahul Tewatia struck five sixes in an over at the fag end of the match as Rajasthan Royals recorded the...

Gill stars as clinical KKR thrash SRH by 7 wkts

Abu Dhabi, Sep 27 (IANS/GloFans) Opener Shubhman Gill's unbeaten 70-run knock along with Eoin Morgan's 42 not out guided Kolkata Knight Riders (KKR) to...

Latest Trending News In India

Huawei ‘P Smart 2021’ smartphone with Kirin 710A chip launched

Beijing, Sep 30 (IANS) Chinese tech giant Huawei has introduced a new mid-range smartphone 'P Smart 2021' with a modest chipset, 48MP primary camera...

RBI extends interim relaxations in WMA limits, OD regulations

New Delhi, Sep 30 (IANS) The Reserve Bank of India (RBI) has extended the interim relaxations it made for the state governments earlier this...

Rajnath launches startup challenge to promote self-reliance in defence sector

New Delhi, Sep 29 (IANS) Union Defence Minister Rajnath Singh on Tuesday launched a startup challenge to achieve self-reliance in the military sector under...

Xiaomi’s Mi India forays into smart home category in India

New Delhi, Sep 29 (IANS) Xiaomi subsidiary Mi India on Tuesday forayed into the smartwatch and smart speaker categories, along with launching other affordable...

Profit booking, global cues subdue markets, banking stocks fall

Mumbai, Sep 29 (IANS) Profit booking, along with volatile global cues, subdued the Indian equity markets on Tuesday, with both the BSE Sensex and...