Bhopal: The businessmen running Micro, Small, Medium Enterprises (MSME) have said that demonetisation has changed the track of Indian economy for better. But traders are of the view that centre’s move has ruined their trade, which will affect GDP. Prime Minister Narendra Modi had introduced demonetisation on November 8 last year. Though MSMEs stated that demonetisation has hit black money, the traders said it blocked the money from circulation and failed to detect the black money.
The traders said that people stashed black money in Rs 1,000 currency notes earlier. Now, they are hoarding black money in form of Rs 2,000 notes. Free Press spoke to MSMEs and traders demonetisation completes one year of completion. Excerpts of their views.
■ Economy’strackhas changed with demonetisation and Goods and Services Tax.Initially,traders faced problems as they were not accustomed to maintaining the records.In long run,it will make Indian economy strong enough to compete in world market.The main object behind demonisation was not to stop the black money but to demotivate it and that has been achieved.
DR AJAY NARANG, National MSEME vice president
■ Demonetisation slowed down the market, industries and corporate sector.As circulation of money has been blocked, entire market has been affected. Ultimately,GDP will be affected. It will take time to reshape the economy according to new frame work.As far as black money is concerned, it has not stopped the black money in circulation.
R G DWIVEDI, PHD Chamber of Commerce regional director
■ There is no adverse impact on industries due to demonetisation.It has regulated the market and it is good in the long run. Those businessmen who were not accustomed to maintaining books of accounts faced problems with demonetisation and cashless economy.Well
established industries never faced any problems due to it.
R S GOSWAMI, Federation of MP Chambers of Commerce and Industry president
■ Demonetisation has ruined the market. Even after one year, it has not picked up. It has adversely affected business and employment.
Businessmen have retrenched the staff upto 80 percent,so many youths have become unemployed. Even in corporate sector, there is retrenchment upto 25 percent due to demonetisation.
SATISH GANGRADE, New Market businessmen association president
■ Earlier, black money was in the market but it was in circulation so market was productive. Now, circulation of money has been blocked while black money has not been identified. It has affected market growth. Market will time to recover,so it is premature for BJP to celebrate demonetisation.”
ADITYA MANYA JAIN, Kalpatru Multipliers Private Limited MD
■ In the long run, demonetisation is good and it has gradually started showing impact in the market. The traders as well as customers are getting familiar with market’s new trend. There is nothing to worry. Teething problems will soon be overcome.
LALIT JAIN, Bhopal Chamber of Commerce president
■ Demonetisation has failed to detect black money. It was a wrong step of the government, as it could not detect the black money. On
the contrary, it enhanced the problems of people. So far, the main objective of demonetisation has not been achieved.
RAJENDRA KOTHARI, Former PHD Chamber of Commerce president