Demonetisation

Rajiv Bajaj: Surprised not enough people standing up; Demonetisation caused de-growth, job losses

Rajiv-Bajaj

Mumbai, February 17: Industrialist Rajiv Bajaj on Friday blamed government’s demonetisation drive for causing a double-digit de-growth for the industry and job losses.

Just a day before, Managing Director of two- and three-wheeler major, Bajaj Auto had termed the demonetisation drive as a “wrong” idea at a summit.

In an interview to NDTV Profit, the auto industry major said “The experience of Bajaj (Auto) has been no different from that of the industry as far as the demonetisation is concerned.”

He added, be it motorcycle industry or three-wheeler industry, demonetisation has hit us hard, especially so for the three-wheeler industry which is cash dependent.

There has been a double-digit de-growth of the industry purely and directly as a result of this (demonetisation). I am personally, surprised that not enough people are standing up and saying anything: Rajiv Bajaj

Besides de-growth, Bajaj blamed demonetisation for job losses.

He pointed out, “a large supplier of mine who supplies to Bajaj and others like Yamaha and Honda told me in December that he alone had to let go 3,000 people as a result of downturn in demand across all his customers.”

On Thursday at the annual Nasscom leadership forum which was held here on Thursday, he had said,If the idea (demonetisation) is not working, don’t blame execution. I think your idea itself is wrong.”

On November 8, 2016, Prime Minister Narendra Modi had announced the demonetisation of Rs 500 and Rs 1,000 currency notes. These were replaced by new notes of Rs 500 and Rs 2,000 denomination notes.

As per the data available with the Reserve Bank of India, 84 per cent worth of total currency under circulation at the time of November 8 announcement was demonetised.

Wefornews Bureau

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