In the wake of demonetisation of higher value currency notes, the biggest bangle market of north India here is gripped with crisis threatening the livelihood of thousands involved in the trade. The Lahthi market in Islampur area here has over 150 small and big sellers and remains abuzz with daily business. However, the number of buyers have now turned into a trickle in the wake of the Centre’s demonetisation move. “We used to sell bangles worth over Rs one lakh daily. The sale now hardly exceeds Rs 5,000,” claims Abdul Sattar, adding paying for 20 workers has become a big problem.
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“The immediate impact of demonetisation is that we have to cancel orders worth lakhs for bangles in the ongoing marriage season,” Mohammad Anwar, an owner of a shop selling lahthi said. Mohammad Riyazuddin, a bangle seller, said if the crisis gets prolonged he along with others will be forced to shut their businesses and look for other alternatives.
Lakhan Gupta, a wholesaler, said sale has crashed to almost zero after scrapping of the old Rs 1000 and Rs 500 notes. The bangles made here have great demand in Hyderabad, Kolkata, Mumbai, Delhi and Nepal.