Business down by 80%, will get worse: Kerala Merchants Union
- The union has approximately 6,000 big as well as small merchants members.
- Jewellery, textile, construction materials, and white consumer goods worst effected.
- Union to have a meeting to decide future course of action.
According to the Kerala Merchants Union, the slowdown that economic activities are witnessing due to demonetisation will get worse if the government do not take any immediate action to improve the supply of currency.
This union is an apex body for traders and retailers in Ernakulam. Currently, this union has approximately 6,000 big as well as small merchants members in Ernakulam and some surrounding areas.
The general secretary of the union, Mohammad Zaheer, spoke to Deccan Chronicle and said that all sectors of retail business have been affected by the currency ban as people are postponing their purchasing decisions.
"The business is down by 80 percent," he added.
Among others jewellery, textile, construction materials, and white consumer goods have been hit the worst.
Next week, the union will have a meeting to decide the future course of action including possible protest against the decision of the government to demonetise high-value currency notes.
Some retailers have also started accepting payment in cheques to avoid the whole cash crunch situation and encourage people to make their purchase.
However, the goods will only be delivered once the cheque gets credited. due to which people are not willing to make their purchases.