The darker side of demonetization is evidently being brought more into the spotlight these days. The reason being the fact that the common man and the service sector has been worst stuck.
The number of customers at almost all kinds of shops, agencies, showrooms and industries has declined sharply because of the unavailability of the currency to the local people. There has been a huge drop in the demand for goods and services. Visibly, the farmers and small scale industries are in pain, but apart from them, there are a few more sectors like transport and real estate which are sharing the same amount of pain.
- Automobiles: Fall in the sale of two and four wheelers, commercial vehicles as well as luxurious cars.
- Hospitality/ Travel: Cancellation and no shows have been very common since demonetization came into effect. A decrease in the number of booking and an increase in the number of cancellations has become the new trend since 9th November,2016.
- Fast Moving COnsumer Goods: They have suffered from a huge and sudden decline in the demands from the rural areas.
- Banks: With too much work load because of an unbelievable crowd inside as well outside the banks, the staff is not at all free to go for their loan collections.
- Gold: In this hassle of exchanging money as well as transacting it from highly crowded ATMs, who’s gonna go for gold? the goldsmiths have thus undergone through an autumn season.
Thus, we see that apart from its positive side, Demonetization has badly struck these industries…
Featured image source: itimes.com