Covid-19 may just had its first impact on India Inc. PwC India on Friday told its employees that they are deferring promotions, increments and bonuses for all its employees in India due the impact on their cash flows resulting from Covid-19.This, a senior executive told ET, was to be transparent with the employees and make sure that no one loses their job at a time when most Indian companies and firms are facing cash crunch.The decision was taken after a conference call on Thursday afternoon by all the senior India leadership. According to an email sent to employees March salary would be paid on time.“We at PwC India have initiated proactive measures that will help navigate the uncertainties, keep all employees safe and make our organisation more sustainable. We have worked out some interim measures which includes deferment of promotions, increments and bonus till a point in time one gets certainty around business,” Shyamal Mukherjee, India Chairman of PwC India wrote on his LinkedIn post.According to several people ET spoke to, the issue is that while the firm is profitable, the payments are stuck as clients are unable to make payments on time. “Most of the money would be stuck in working capital,” said a person close to the development.According to the letter written by the firm partners and executive directors will take a 25% pay cut but no decision was taken on pay cuts of other employees.The health policy meanwhile would cover covid-19 hospitalisation for all employees and we would inform the employees about our cash position if that improves during the course of next few months another person in the know told ET.In a conference call on Thursday Deloitte India too told its senior executives that the firm has had an impact due to the ongoing Coronavirus situation. In the conference call partners were cautioned that they may be required to lower their drawings from the partner pool. The firm however did not announce any salary cut for any employees yet.