90% Traders Surveryed Experience Business Decline Post Demonetisation
A survey participated in by 8,000 respondents has found that 90 per cent of traders and small retailers across the country experienced a decline in the business post the demonetisation of Rs 500 and Rs 1,000 notes.
Representative Image: A bank official counts cash deposited in the bank by a customer. (Photo: Reuters)
New Delhi: A survey participated in by 8,000 respondents has found that 90 per cent of traders and small retailers across the country experienced a decline in the business post the demonetisation of Rs 500 and Rs 1,000 notes.
"Ninety per cent of the traders and small retailers in 200 cities across the country experienced a decline in their business ranging from 0 to 90 per cent," according to a survey conducted by the Local Circles citizen engagement platform.
Approximately 16 per cent traders across the country are experiencing sales declines in the range of 60-90 per cent. These include jewellers and those dealing in furniture, and sanitaryware, among other items, the survey said.
It added that 28 per cent traders are experiencing declines of 30 per cent to 60 per cent. These include include traders in automobile, computers, mobile phones and garments.
According to the poll, approximately 46 per cent traders are experiencing sales declines in the range of 0 to 30 per cent and these include general stores and prepaid recharge dealers and those dealing in items of essential use.
As per the feedback, traders and small retailers are struggling for two primary reasons -- cash crunch and the clean-up of black money from the system.
Most of the traders were optimistic that once the circulation of cash improves, 60-70 per cent of the demand and sales will revive.
However, they felt that the 30-40 per cent consumption from black money hoarders has gone forever.
In a related survey on consumer spending, 20 per cent said they plan to spend less in the coming weeks due to the uncertainty post the demonetisation and 30 per cent see themselves spending less in the coming weeks due to the limited availability of cash.
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