Tuesday , August 22 2017
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Business houses exploiting currency crisis

Hyderabad: Demonetisation has severely affected labour-intensive sector. Risk of going jobless is looming over 4 lakh employees and labours. If coming to normalcy takes time, poor and middle class people will bear the maximum brunt. Following scrapping of 500 and 1000 rupee notes, 86 pc of the currency has gone out of market, which has badly affected industrial and productive sector.

Cash withdrawal limit of Rs 50,000 a week for companies having industrial or current account has resulted in decline in productive activities. Many factories have already reduced their production because of liquidity crisis.

labours and employees who were already worried due to currency crisis and are now at the risk of loosing jobs due to reduction in productive and business activities. Two big companies have already laid off thousands of employees so far, on the pretext of cutting down costs.

According to an estimate, 4 lakh people can go jobless in the coming days. There has been widespread loss of jobs in industries like textile, garments, leather and jewellery.