Sectors Badly Hit by Demonetization

BENGALURU: In an attempt to promote digital economy and put a lid on black money, PM Narendra Modi announced demonetization on November 8, 2016. This announcement left everybody in a lurch, as the common man is still trying to come to grips with demonetization and can be seen waiting patiently outside banks and ATMs to withdraw cash. The sole intention behind this move by the government is to crack a whip on black money hoarders and to encourage more and more Indians to open accounts. Since demonetization, banks have received at least Rs 6 trillion and this figure is likely to go up.

Amidst all this chaos surrounding the demonetization move, there are many sectors that have been adversely affected by this cash crunch.

Given below is a list of certain sectors that have been hit by the demonetization move:

1. E-commerce:

E-commerce is one sector that has been hit hard by the demonetization move, as the orders of e-commerce companies have declined significantly after the move. There has a been a considerable drop in the cash-on-delivery mode of sales and despite rolling out multiple offers, the companies have witnessed a dropping of sales as a result of demonetization.

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