• Tuesday, September 27, 2022

Business

India firms fear lingering economic aftershocks from cash crackdown

Demonetisation has effected many businesses

By: Eastern Eye Staff

Struggling with customers unable to pay on time and plummeting sales, Indian small-business owner Ravi Jain fears the government’s crackdown on cash will have a much larger impact than predicted by top policymakers. Jain’s bath taps manufacturing firm Supreme, along with many other Indian businesses, has been shaken by New Delhi’s shock decision last November to scrap 86 percent of the cash in circulation. And it wasn’t certain when things will get back to normal as much depends on a revival in consumer spending. “Demonetisation has developed a psychology among customers to spend only on essential items,” Jain told Reuters…

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