04 August, 2021

Shock Therapy

The markets are empty now, but this could just be the economy correcting itself

No One’s Buying It
The cash crunch has left little purchasing power with vast sections of the people
Photograph by Tribhuvan Tiwari
Shock Therapy
  • The daily turnover of retail trade Rs 14,000-15,000 cr
  • In the last 4-5 days, traders estimated a business loss of Rs 40,000-50,000 cr


Life threw in a different set of challenges for Tapan Kumar, a trader at Kolkata’s popular Gariahat area this Tuesday. In any normal week, Tuesdays means unmanageable crowds with brisk business. This week, however, the otherwise busy market wore a deserted look with just a few people moving around. Even fewer were making any purchases.

 Many other traders like Tapan went home without making even a single sale throughout the day. Things have not been the same since Narendra Modi’s November 8 announcement of demonetising Rs 500 and Rs 1,000 currency notes. Most people coming to the market said they deferred their purchases and were merely making do with whatever they had as there was no liquidity available in people’s hands.

 The situation in Delhi’s busy Chawri Bazaar is not very different....

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