Demonetisation: Earnings, spending take a hit across India, according to survey

A survey conducted by LocalCircles said people are surely experiencing the pain, and it seems to have multiplied manifold.

By: PTI | New Delhi | Updated: December 11, 2016 11:19 am
demonetisation, demonetisation crisis, demonetisation policy, currency banned, currency demonetised, currency notes, india news, indian express The survey said that some states are feeling the heat on earnings more than others.

Post demonetisation, earnings and spending take a hit across India, with Bihar, Jharkhand and Orissa witnessing maximum decline in earnings, says a survey. According to a survey by LocalCircles, which covered 15,000 citizens from over 220 districts of the country, 20 per cent have explicitly stated that their earnings have been impacted, while 48 per cent said there is decline in spending after demonetisation. People are surely experiencing the pain, and it seems to have multiplied manifold.

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“In addition to standing in queues of banks and ATMs for hours and not being able to find cash easily, some citizens are also experiencing lower earnings and a much larger percentage of them have now lowered their spending,” the report said.

The survey said that some states are feeling the heat on earnings more than others. Bihar, Jharkhand and Orissa are witnessing decline in earnings the most, followed by states like Gujarat, Maharashtra, Madhya Pradesh, Uttar Pradesh, Delhi, West Bengal and Kerala.

On the spending front, people in Maharashtra, Rajasthan, Uttar Pradesh and Punjab have lowered spending the most, with 50 per cent citizens confirming the same. Moreover, 90 per cent of traders were found to have experienced a decline in their business post demonetisation, with 44 per cent experiencing the decline more than 30 per cent.

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