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Demonetisation: Dec Pay day test

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Post by truthbetold Sun Dec 04, 2016 5:59 pm

Yes. Demonetisation is still a first page headline news in India.

Dec 1st payday was one of the most significant challenge to Modi's implementation tactics. Almost all organized sector and govt employees were paid on the 1st. It was a widely anticipated test of implementation to assess how far India is from recovery.

Unfortunately , India is still at risk with payday exposing the inadequacy of Indian currency system. Many people suffered but no major demonstration of disatisdfaction was evident. Mamata and Kezriwal are regional players and can be ignored. 

Stories of longlines, limited cash withdrawals , and inability of banks to support even the recently announced smaller amounts of withdrawals caused hardship to common man.

Central govt still seems to be unable to give clear timeline on expected dates for restoration of normalcy.
But the remarkable thing is Indian people are supporting Modi govt and accepting the hardships. But how long will they stay quiet?

Next big test could be Jan 2017, pay day test.

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Post by confuzzled dude Sun Dec 04, 2016 7:19 pm

truthbetold wrote:Almost all organized sector and govt employees were paid on the 1st.
They were paid but were they able to cash all of it? Not from what I gathered. Banks ran out of cash, folks had to run around banks to draw cash, some got 4000 and some 2000 depending on the branch and location.

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Post by confuzzled dude Sun Dec 04, 2016 7:24 pm

"The first weekend post the salary is seen to be the heaviest in terms of spends. But all those spends which are cash based have continued to a see a slump; people are buying even groceries in calculated manner. The sales of even essentials are down by 50%; this shows people have changed their spending behavior; because even salary earners are not spending as much as they did two months ago, after salary day," Sushil Kumar Jain, president, Sector 18 market owners association said.

The shop and showroom owners are now concerned that a decreased sentiment toward spending even post salary, could ultimately reflect in the stock and variety of products that the traders themselves procure for retail.
http://timesofindia.indiatimes.com/city/noida/No-spending-spree-during-first-weekend-post-salary/articleshow/55793411.cms

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