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26 May 2019·
News Flash
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Demonetisation Cost India 35 Lakh Jobs

Demonetisation Cost India 35 Lakh Jobs

New Delhi: The much-hyped demonetisation by Prime Minister Modi-led government has cost the country a whopping 35 lakh jobs. The MSME sector of the country has been the primary looser of the govt’s decision to demonetise the high value notes.

Small and marginal trading along with the micro, small and medium enterprises sector lost 35 lakh jobs during the last four-and-a-half years, a survey by the All India Manufacturers’ Organisation has revealed. The primary reason attributed to the loss of jobs is demonetisation and the second one is the implementation of the Goods and Services Tax.

While the trading sector lost 43 percent jobs, the micro enterprises lost about 32 percent jobs. The small enterprises segment lost 35% and the medium industries segment saw a loss of 24%. The self-employed working class including tailors, cobblers, barbers, plumbers, and electricians bore the brunt, according to the survey. Year 2015-16 registered a growth in all areas of business due to high sentiment and expectations from the new leadership. But it went down next year due to demonetisation and then again, due to the implementation of GST.

The survey report said that the MSME sector from the plastic, matches, crackers, dyeing units, stitching units, stone units, tanneries, job work units and printing sectors, employing unorganised labour on a large scale, were the most affected. Also, the number of firms making profits declined substantially since 2014.