Suddenly there was no money, no buyers and so, no sales. Soon there were no profits, no wages and soon after – no jobs...
WHAT WAS touted as a measure to curb the flow of black money in the economy, has left most Indians with no money to spend. Demand for many non-essentials and some essentials, like green vegetables, plummeted. The demonetisation of the Rs 1,000 and the old Rs 500 currency notes wiped out 86 per cent of the currency in circulation at one stroke on November 8. The ensuing cash crunch had a relay effect on the demand for goods and even some services.
Many enterprises have since struggled to make a profit and pay wages for their employees. Many have been compelled to lay off staff and some more are on the verge of trimming their workforce. Anandorup Ghose, director at the US-based human resource consultancy, Aon Hewitt, has predicted job losses and a freeze on hiring over the next six to eight months.
Industry body, Assocham, has reported job losses in the unorganised sector. Assocham president, Sunil Kanoria, said, “In the unorganised (sector), which is the daily wage earner, there will be some impact at the moment... The sales will get affected, so they (vendors) will not be able to pay on a daily basis.” Debabrat Mishra, partner, Deloitte Consulting India said, “Along with the unorganised sector, the job market in the services sector will also have maximum impact. People will avoid spending on services like beauty and wellness, food delivery etc. and as a result, workers engaged in the sector will be impacted.”
Denne historien er fra December 26,2016-utgaven av Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 26,2016-utgaven av Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.
