Home / News / 70 % of Small Industry Hit badly By De-Monetization : RSS Survey

70 % of Small Industry Hit badly By De-Monetization : RSS Survey

Respondents of the survey — mainly LUB’s members across 400 districts in the country — have also stated that it will take more than six months for the industry to recover. (Representational Photo)

A survey was conducted by an RSS affiliated organisation across 40 different cities on the impact of demonetisation on the medium and small scale industry shows that nearly 70% of the respondents complained about their business being affected by Cash ban decision of government.

The survey was Conducted by Laghu Udyog Bharati(LUB), the survey findings and details to be shared with the government on coming Wednesday, it indicated that as many as 69.9% of the respondents stated that they find the demand for products decreased post demonetisation while over 60% complained of slow debt recovery. As many small scale industries run over cash transaction the decision of demonetisation has hit the industries very badly.

Respondents of the survey — mainly LUB’s members across 400 districts in the country — after survey the team of LUB have also stated that it will take more than six months for the industry to recover the loses caused during Demonetisation.

The findings also counter the government’s claims that the move will eradicate graft, as 57% of the respondents stated they did not notice any decrease in corruption among government employees since the announcement was made on November 8.

Assurances by Union minister of state for finance, Arjun Ram Meghwal, was also informed that payments to daily wage earners and contractual staff are being affected and in some cases withheld as most of them do not have bank accounts or means to switch to digital platforms.

The government’s pushing for cashless economy and digital payment options notwithstanding and its not possible for villagers to go cashless, 49.5% of the respondents said it is not possible for them to shift to cashless transactions immediately, while 33.6% said the transition would take over six months.

This is not the first time that an RSS affiliate has voiced concerns about demonetisation. A week earlier an RSS affiliate BMS claimed “BJP created just 1 lakh jobs opportunities while 20 lakh lost their jobs” due to demonetisation.

Source : HT

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