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35% job loss after demonetization, 50% dip in revenues of MSMEs: Economist

By Our Representative
Talking about the "adverse" impact of the November 2016 demonetisation, a senior academic has revealed, at a meeting organized by the Financial Accountability Network India and Delhi Forum, two civil rights organizations, ever since, India's micro and small enterprises have suffered 35% job losses and 50 per cent dip in revenues.
Dinesh Abrol, professor, Institute of Studies in Industrial Development, further said, likewise, the credit disbursed by the banks shows that out of a total outstanding credit of Rs 26.04 billion as in November 2017, 82.6% of the amount was lent to large enterprises, and MSMEs got only 17.4% of total credit”, which further worsened the unemployment situation.
Speaking at the meeting, Dr Sunilam, a senior civil rights leader, said, the difference in the Minimum Support Price and the market price of the agricultural products is over Rs 50,000 crore, higher than the Union Agriculture Budget. Added Vijoo Krishnan, a CPI-M leader and joint secretary of the All-India Kisan Sabha, “As against the promise to double farmers income, increasing Minimum Support Price (MSP) by 1.5 times, the rural distress reached to the unprecedented levels."
Kavita Krishnan, a CPIM-L leader said: "The last four years witnessed, rising inequality, bank frauds, bank charges, systemic destruction of the institutions like NSSO, and denial of the information on the social spending and other crucial data.” She regretted, "The only people who got benefitted were the rich, and the PSUs like HAL, BSNL, which were doing financially well, today can’t even pay salaries.”

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