For a couple of months after demonetisation, traders at Kinari Bazaar said they used to open their shop in the morning and spend the entire day watching videos on their mobile phone or swatting flies as they had no customers.
By March, cash was freely available again and businesses started to recover slowly. Demonetisation failed to change the way traders did business as it was back to cash transactions. Several shops that had applied for debit card machines and started accepting payments via mobile wallets said it was only a temporary measure in the months after demonetisation and people usually come with cash to make purchases.
‘Slow recovery’
“I sell zari borders, imitation jewellery and trinkets for sarees and lehengas . It is only now during the wedding season that I am able to sell last year’s stock. Wedding shopping is a different ballgame as it is a once in a lifetime spend for families. Large orders from designers, however, are still not back. It has taken a year to recover,” said Gayanendra Pal.
Jignesh, who works in a store in Dariba Kalan selling silver-plated gift items, said none of their usual corporate clients who order in bulk made purchases in the festive season gone by. “Usually, we get orders months ahead of Diwali for 100-150 pieces of the same item for gifting. This year, there were no takers as they are still cautious. Cash is back but spending is still restricted to personal purchases,” he added.
Mohd. Anwar, who has a shop in the old city, said while small businesses managed to tide through the testing times, it was the artisans who suffered the most as there was no demand and it is these artisans who survive on daily or weekly wages.
But for employees of these small businesses, the going has been tough. Ravindra Kumar, who has worked as a shop help in Kinari Bazaar for over 10 years, said his employer had asked him to leave as his assistance was no longer required. “There were no jobs so I started helping my brother, who is an electrician. It was only last month that my employer offered me a job and I came back. Many like me lost their jobs but are now finding their way back,” said Mr. Kumar.
