Businessmen, factory owners bear the brunt

With the 50-day deadline set by Prime Minister Narendra Modi to bring back normalcy endong on December 30 post demonetisation, the businessmen and factory owners are still trying to cope up with the cash crunch. 

Vivek, owner of a wholesale shop that deals in packaging and handicrafts in Chandni Chowk said, “The last 2 months were just like a nightmare for me. I thought by the end of demonetisation I would be able to come back into my daily working routine. But, I still do not have any orders. People still do not have enough money to place bulk orders.”

“It has been more than a month-and-a-half that no production is done in my factory. I am still recovering the losses made during demonetisation. Nothing at all has improved in these 50 days of demonetisation”, said Ishwar Shukla owning a factory in Wazirpur Industrial area.

“I had put all my money in the bank and now I have to rush from one bank to the other to get back my own money. Till date also I am returning back home empty handed because of no cash in the ATMs and banks,”, he added.

The unadequate cash flow of new currency in the market has severely restricted consumer from purchasing power. Despite selling the products at lower rates, businessmen are unabel to attract customers to their shops.

Parminder Singh, owner of a transport business said, “We are still not able to take any new consignments considering we have no cash to give to our drivers. Even after the end of demonetisation there are no new denomination notes available for usage.”

“There is no change in the situation post demonetisation. During the currency ban period also we didn’t have cash; after this period has ended we still do not have cash. What we have is the same cashless ATM’s and banks”, he added.