In a bid to promote cashless and
digital economy, PM Narendra Modi announced demonetization on November 08. Modi
scrapped old Rs 500 and Rs 1000 notes, saying this will crack a whip on black
money hoarders and encourage more and more Indians to open bank accounts. Since
Demonetization, banks have received at least Rs 6 Trillion and this figure is
likely to go up. Many sectors were hit as people faced cash crunch and did not
have new notes to spend. Sales of daily and luxury items were also hit due to
Demonetization. Here are few sectors that have been impacted due to note ban.
E-commerce – The sales of e-commerce companies came down to 60-70%
and there was a significant drop in orders, especially the cash-on-delivery
ones. Despite rolling out multiple offers, the online marketplaces have seen a
drop of sales costing as much as Rs 10 Lakh too.
Smartphone Makers – Mobile phone makers and sellers are facing a tough
time as people have no cash to buy phones. Many have delayed their phone
launches due to demonetization.
Automobiles – In November, utility vehicles sales are likely to go
down 40-50%. Sales of two wheelers and luxury cars are the worst hit.
Travel and eating out – Travel sector has been hit as
foreign travellers coming in are in a fix over note ban. Even Indians are not
opting to travel overseas, due to demonetization. Restaurant reservations in
Delhi – NCR have gone down by 28%.
Movie Theatres – Although people have started booking tickets online,
even the entertainment faced the brunt of demonetization. Many of the movie
halls saw a drop in viewership when demonetization was announced.
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