Demonetization has negative impact on Jobs, small enterprises: Assocham Survey

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New Delhi, Jan 23: An Assocham survey on Sunday narrated that Demonetization had a negative impact on job-creating as it hampered small and medium enterprises.

The survey further informed that large and well-organized sectors of Corporate India will be benefited in the long run.

“Demonetisation of high-value currency notes would leave quite a negative impact on SMEs, rural consumption and job creation in the immediate run,” it said.

With regard to the sectoral impact of demonetization, it said a majority of the industry feels that agriculture, cement, fertilizer, automobile, textiles, and retail will have “negative impact”. However, power, oil and gas, pharmaceuticals, IT and electronics and infrastructure will have a positive impact.

“At a holistic level, a large number of the respondents felt that the impact could be seen in sales volume declining in the last quarter of the current financial year,” it added.

The survey asserted that demonetization will have a positive impact on inflation and easing of prices in vegetables and some other crops are caused by incidents of distress sale against the result of the cash crunch.

Wefornews Bureau

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