Indian economy which is hitting a low pace from past few months and is even predicted to go towards a slow growth rate and due to local business is hitting hard, with share market fluctuating and no flow of money in market many business are facing problems. Orange cities business-men shared their views on the current market conditions.
Shruti restaurant owner while sharing their views informed that even if the condition of market is on a fall the food industry is still untouched and does not get much affected as people love to eat. Although there is a decrease in the footfall of the food lovers due to the festive season and will soon be resumed soon. With the increase of online food delivery, we have increased the number of orders per day but the footfall of people has decrease with it as now people can order the same food and enjoy it at their place.
A businessman on the condition of anonymity who is running a furniture shop in Yashwant Stadium informed that due to the current market condition we had to bear a slow business. This started with demonetization and since then we have seen a gradual decrease in business. In market the flow of currency is zero and it is affecting us and many other businessmen as well. Before the implementation of demonetization and new tax rules, our business was 100% but now it has cut down to 30% only. It appears that we have to suffer the same for more one to two years.
Employees of automobile company said that the sales are down, our jobs are at stake and companies are cutting down expenses and this is affecting us in every way. The footfall of customers has decreased and so is our sale.
The current condition is predicted to be a long term and will only have a negative effect on the market by many.
Abhishek Gupta of Vidarbha Beej Bhandar informed that now as the sowing season is gone there is more demand of pesticides and fertilizers, people are demanding the products on credit business which is affecting us. We are not seeing any changes in the seed market as it is one of the basic things and farmers will buy it although due to the delayed rain followed by heavy rainfall crops have been affected and so is the demand.
Another seed supplier Madhur S Bang informed that currently the cash flow in market is slow and business, as well as business, is being affected with it. At this time of period, people buy more fertilizer and pesticides so the demand of seeds is less. Although slow flow of money will be a long term effect and for farmers, it will only help them if rabi season is good as it will give a boost to the supply of corps and flow of money.
Savariya cycle store Sitabuldi owner informed that it has been more than 8 months and our businesses are coming down as the cycle business depends on schools and colleges. Every month we are seeing 20% of gradual decrease in the business and because of this we are unable to give work to our employees. Another add on to our losses was the construction of cement roads and metro as the roads were closed and the flow of customers suddenly stopped. Here government has included 12% GST on the purchase of cycles while 18% GST is charged to the customers on spare parts and this has just added another jewel to our problems.
As the economy weakens day by day it is one of the major issues which has to be solved as early as possible of the fast development of the country and of people. One can only hope that India does not face long-lasting economic problems.
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