New Delhi, Aug 27 (KNN) Micro-businesses in India are optimistic of continuing their business despite being hit hard by the COVID-19 pandemic, said the 2020 Global Entrepreneurship Survey.

Reportedly, as per the survey, with more than 60 per cent of the Indian very small business owners responding that despite the slowdown and negative impact brought on by the pandemic, they are confident that their business will continue (as compared to 52 percent globally).

The survey further reveals strong values of resilience, self-reliance and zeal for digital skilling amongst Indian entrepreneurs – indicating a strong commitment to fight back in a post COVID-19 new normal environment.

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

83 per cent of those surveyed reported a decline in revenue, nearly half of them had to shut their business temporarily, the survey added.

Additionally, 45 per cent had to make changes in the way they operated. Many small businesses in India are being impacted by low financial investment due to the COVID-19 environment, with more than 70 per cent of respondents reported experiencing an overall decrease in investment.

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

''But 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,'' it said.

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