More than 70% of Indian businesses expect COVID-19 to have a high or very high impact on them, expecting a de-growth or contraction of business in the current financial year, according to a survey of almost 400 firms conducted by industry group FICCI.

A whopping 84% say their cash flows have reduced. The outlook for the future is grim, with almost 70% of businesses saying it will take more than nine months for the economy to return to normal.

Employees can anticipate hard times, with more than half of the surveyed businesses expected to cut worker salaries, and almost three out of four companies expected to cut jobs over the next few months. “The magnitude and speed of collapse in economic activity that India has seen over the last few weeks is unprecedented and there is tremendous uncertainty about what the future holds for businesses and enterprises,” the Federation of Indian Chambers of Commerce and Industry (FICCI) said in a statement, releasing the survey results on Tuesday.