VISAKHAPATNAM: The Vizagapatam Chamber of Commerce & Industry has asked the Centre to take immediate action to mitigate the sufferings of the people by solving the currency crisis and rationing cash disbursement through bank counters.
VCCI president A.V. Monish Row said that the initial euphoria and high praise for the daring demonetisation move was slowly fading into economic worry due to lack of currency as well as slowdown in trade and commerce.
Obviously, the Government of India was ill-prepared as well as ill-equipped to meet the challenges of demonetisation given the scope and scale of the cash economy in India.
“We are now nearly a month into this exercise and still the economy is showing no signs of coming out of its sluggish state. From the fastest growing economy, backed by normal monsoon and pay commission hikes, it has slowed down considerably,” he stated.
He said consumer spending had been hit hard due to currency crunch. “While the Government of India is focussed on mopping up black money, it may also like to equally concentrate on revival of consumer spending, which makes up a huge chunk of the GDP.”
