Lockdowns pull down biz activity to 76% of pre-pandemic level; unlikely to impact GDP: Report However, it said the falling activity levels will have a muted economic impact and maintained its growth estimates for the year, saying the lockdowns present "downside risks". 'Hotels biz at standstill, new lockdown measures in Maharashtra will impact 70% of the restaurant biz' Anna Business activity has fallen by a fourth of the pre-COVID levels due to lockdowns imposed by states to contain the spread of the second wave of COVID-19, Japanese brokerage Nomura said on Tuesday. However, it said the falling activity levels will have a muted economic impact and maintained its growth estimates for the year, saying the lockdowns present "downside risks".