Industry is staring at temporary job losses due to demonetisation, as production gets hit, especially in labour-intensive sectors like textiles, garments, leather and jewellery. As many as 4 lakh people, mostly daily wagers, may have either lost their jobs or shunned work temporarily due to the l…
Tag: Demonetisation
Start-ups see decline in business after demonetisation: Survey
A high percentage of start-ups are experiencing a slow down in receivables and transaction flow as a result of demonetisation of high-value currency notes, a survey has revealed. “A higher percent of start-ups and small and medium-sized enterprises (SMEs) experienced a slowdown in funding and exp…
Currency Switch Impact | Demonetisation’s positives unlikely to be strong: Fitch
Fitch Ratings said on November 22 the government’s decision on demonetisation that had created a cash crunch would constrain economic activities in the short-term forcing the credit rating agency to cut its GDP forecast for the fourth quarter. “The impact on GDP growth will increase the longer th…
QuikrHomes acquires Grabhouse, to launch cashless rental solutions
Online real estate firm QuikrHomes has acquired digitally-driven home rental solutions provider Grabhouse to launch cashless rental solutions. The move comes at a time when the nation is struggling with shortage of cash post the demonetisation of Rs 500 and Rs 1000 notes. The company aims to addr…
Currency Switch Impact | MSMEs reap benefits from investments in brand-building
The demonetisation of high-denomination currency notes has resulted in a liquidity crunch and a short-term dip in retail consumption. CRISIL believes that in times of turbulence such as this, micro, small and medium enterprises (MSMEs) that have invested in brand creation and have good recall wit…
Currency Switch Impact | Exporters seeking higher cash withdrawal limit says Nirmala Sitharaman
Worried over the impact of demonetisation of high-value notes on production chain, Commerce Minister Nirmala Sitharaman assured exporters that she would take up their demand of increasing the cash withdrawal limit with the Finance Minister. The issue was raised by export promotion councils during…
Currency Switch Impact | Entrepreneurs grin & bear the cash crunch
Almost one-third of start-up and SME entrepreneurs have seen a reduction in transactions, reduced fund-raising for expansion and a drop in account receivables after the demonetisation drive; but an overwhelming majority said the move will have a long-term positive impact. These findings are accor…
Currency Switch Impact | RBI gives small borrowers 60 extra days to repay credit
The Reserve Bank of India (RBI) on November 21 said small borrowers, who have been facing the brunt of demonetisation, would get an additional 60 days to repay their credit, including agriculture and housing loans. Borrowers with loans up to Rs 1 crore from banks and finance companies would be el…
Currency Switch Impact| PM’s move will infuse a seismic shift in adoption of e-payments
On November 8th, Prime Minister Narendra Modi announced that, effective from 12 am on the 9th, all currency of Rs 500 and Rs 1,000 denominations would no longer be considered as legal tender. The will instead be circulating new Rs 500 and Rs 2000 notes. The PM made an impassioned appeal to citi…
Currency Switch Impact | Money crunch halted 90 % work in Firozabad glass industry
Disruption of cash flow has desired the glass industry of Firozabad. Up to 90 per cent of work has been affected, say industry insiders. There are about 200 factories in Firozabad of which 125 units manufacture bangles and rest are making glassware, bottles etc. Every unit needs Rs 1 to 1.50 lak…