Indian Companies In Europe Suffered 15 Percent Revenue Losses Till June’11

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NEW DELHI – Indicating that European debt crisis is hurting Indian businesses, a new survey has found that many domestic firms operating in Europe have suffered up to 15 per cent revenue losses in 15 months till June, 2011.

The survey by industry body Ficci, conducted from end of June 2011 till July, covered companies in diverse sectors including IT, finance and textiles.

The acute debt turmoil in Europe, which started with Greece and Ireland, has been escalating in the recent months. There are rising fears that the debt contagion could impact rich European nations such as Italy and Spain.

“Over 75 per cent of the surveyed companies have suffered revenue losses ranging between 10-15 per cent from the European region,” the study said.

About one-fourth of the respondents feel that rather than facilitating foreign investments and businesses, amid the economic turmoil, the respective European governments have made their processes more stringent in terms of obtaining and renewing work and long-term visas, it said.