Indore: Working as a counsellor, 29-year-old entrepreneur Gaurav Jain found his interest and turned into a start-up ‘Book My Colleges’. He wanted to help and guide students, because he could get guidance, when he needed it.
Gaurav said, “I have seen many ups and down, we were in a position where we did not have a penny to spend.” He elaborated that starting a business requires funding, which he did not have, but with time and hard work, his start-up paid off.
Pros and cons of demonetisation
Though this move has been showing a direct impact on start-ups, in the form of slowdown in receivables, funding, transactions and expansion plans but has also stimulated digital and card payments, which will have a very positive long term impact on their growth.
With evolving international education system and its application process, Indian education ecosystem still lacks the digitalisation and youth of India can certainly bring the revolutionary change.
So, in a long run digitalisation will prove to be a boon for my business.
Demonetisation slowed business
As most of the parents prefer cash payment for the admission of their children, demonetisation has adversely affected my business. Students want to take admission but the parents are running out of money. This is causing a big problem for us.
Countering lack of cash in market
We are now trying to promote digital payment to overcome the effect of demonetisation on our start-ups. Though this is too difficult as we can’t take get any immediate recovery, I am hoping that market will recover in a year. I am not against demonetisation, but I have a problem with the way it has affected my business. We believe that demonetization is going to encourage people to try digital payments. This will make the process easier and faster. Our journey till now has been very successful.
Demonetisation is definitely a promising move by the government towards cashless economy in India. It will not only wipe out fake notes and black money but will also create awareness amongst the people about digital payments and will boost electronic payments. Though, Indians will face many challenges in the initial phase but this will definitely bring a positive change in the overall Indian Economy.