Large Scale Sectors, Industries Witnessed Expansion Despite Pandemic Disruption: American Express India CFO Survey
Businesses today are leading through uncertainty and addressing concerns with optimism to return to normalcy in 12-18 months time frame according to the survey released by American Express India.
51 per cent companies have not been adversely impacted due to ongoing pandemic and have experienced either growth or have had no impact on business performance. Industries such as healthcare, pharma, and manufacturing witnessed growth despite of the unprecedented time. The survey was conducted for American Express by EY, the leading professional services organization and explores the impact of the current pandemic on finance function and business operations along with the key financial transformation areas of focus. Over 80 CFOs of large and mid-cap companies responded to the survey, which acts as a curtain-raiser to this year’s American Express India CFO Summit, being hosted by Moneycontrol to be held on November 24, 2020.
“The pandemic has led to significant changes and challenging situations for businesses across industries. Interestingly, 60 per cent of the companies which responded to the survey are prioritizing transformation to ensure business continuity and resilience as one of their top focus areas. The silver lining is that many sectors reported growth during the COVID-19 pandemic, and what is really encouraging is that we have already started witnessing green shoots in the impacted sectors such as auto, travel, food and entertainment,” said Megha Chopra, Business Head, Global Commercial Services.