Companies such as Nestle, HUL, Diageo India, Godrej Consumer, TVS, Marico and United Breweries have restricted non-essential travel even as most CEOs stressed on the need to be alert but not panic.
CEOs of top companies in India say they are alert about the spread of the novel coronavirus, having restricted international travel and extended all support to employees, but they are cautiously optimistic that its impact on their business and the economy will be limited. Some CEOs even said if the country manages the pandemic well, there are business opportunities to be tapped.
However, if the virus threat is prolonged, then it could impact consumer sentiment and growth across industries, they said.
Companies such as Nestle, HUL, Diageo India, Godrej Consumer, TVS, Marico and United Breweries have restricted non-essential travel even as most CEOs stressed on the need to be alert but not panic.
“The economy will of course feel the heat of this huge, almost ‘black swan’, event,” said Suresh Narayanan, chief executive of Nestle India. The Swiss foods company has banned international travel till March 15.
“CEOs have to learn to keep their nerve, have faith in their people, have the humility to realise that everything in life is not under their control, and yet control their destiny through ethical, purposeful actions each day,” he said.
Anand Kripalu, CEO of Diageo India, said, “While the impact is still hard to measure, there will be some impact for sure.” He pointed out that international travel is near zero, and conferences and banquets are being cancelled.
Venu Srinivasan, chairman of TVS Motor, said the impact of Covid-19 has so far been marginal on the Indian economy and population even as the two-wheeler maker has restricted international and domestic travel, and is avoiding large meetings.
“India hasn’t exploded as yet as India has done a remarkable job in managing the virus,” he said. “I don’t see any great fallout from the Coronavirus affecting business as of now. Even the supply chains from China are being taken care off. The production loss would be just 2-3% in the first quarter, which is manageable.”
