The partial-to-full lockdowns imposed by various states to contain the second wave of the pandemic are likely to have a muted impact on the overall business environment, given strong export demand and improved balance sheets in the past six months, according to a report. Though supply chain disruptions could play out, overall impact on corporates is expected to be moderate to minimal. But, small businesses and retail borrowers are likely to see stresses, India Ratings said in a report on Monday.