The effects of demonetisation still persist as demand in the economy is still lacklustre and business firms are still not enthusiastic in the production process, said a survey by PHD Chamber of Commerce and Industry on Wednesday. However, the chamber said demonetisation had a positive impact on the use of digital transactions as there has been a considerable increase with consumers prefering digital payments over cash post demonetisation.“We look forward to revival of GDP growth in the coming quarters as anticipated at 6.“The impact of demonetisation is majorly seen on small businesses as they are highly driven by cash transactions,” said Mr Khaitan.7 per cent (real GVA) for the current financial year 2017-18 by the RBI in its latest fourth bi-monthly monetary policy statement 2017-18 released on October 4, 2017,” he added.

The chamber said that while it appreciates the efforts of the government to stamp out black money from the system, the demonetisation drive has impacted the businesses in terms of impact on demand and sales..It said that majority of the respondents (56 per cent) have reported an increase in the transaction costs, particularly at the time of implementation of demonetisation, due to delays involved in payments.“Going ahead, it is essential to revive demand to give a boost to industry thereby refuelling the economic growth to higher trajectory in the coming times,” said Mr Khaitan.New Delhi: Even after one year, the negative impact of demonetisation continues to hurt the economy. Also, owing to less purchasing power, demand has not yet picked up fully in the economy,” it said.

The key sectors surveyed include agro and food processing, auto components and automotive, construction and real estate, drugs and pharmaceuticals among others.The survey revealed that 61 per cent of the business firms across all sectors have reported a decline in turnover post demonetisation due to low production and lower demand, said the chamber.“Further, the impact of note ban has been more on contractual workforce than full time employees as the contractual primarily daily wage workers have to be paid in cash which had impacted their employment in almost all sectors surveyed,” it said.“Though demonetisation of Rs 500 and Rs 1,000 currency notes has completed one year today, the industries have still not recovered fully from the aftermath of demonetisation of 86 per cent of the total currency,” said Anil Khaitan, president, PHD Chamber China injection molds Manufacturers of Commerce and Industry.“It has been observed that 65 per cent of the firms across all the sectors surveyed have registered a decline in their sales post demonetisation.PHD Research Bureau, the research arm of PHD Chamber, conducted a survey of 214 business firms covering 10 key sectors of the economy from MSMEs and large enterprises operating in different states to assess the impact of demonetisation in the last one year

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Mr Chavan claimed that debit and credit card-providing companies had pushed India into ‘such a trap’ as they earn a handsome commission running into millions from swipes. It can be termed a fraud perpetrated on the countrymen. “A country where only three per cent of population was using plastic money, it (India) was not relevant,” said Mr Chavan. “But now we all know that it was a big disaster. The Durbin amendment caused to major credit card companies revenue loss to the tune of billions of dollars,” said Mr Chavan told a group of select journalists here.The US companies started lobbying in India and possibly some bureaucrats misled Prime Minister Narendra Modi by exaggerating benefits of switching over to a cashless economy.

Mr Chavan added that new evidence was available to prove that the demonetisation exercise was the brainchild of by American financial institutions and credit card companies to China automotive interior and exterior molds Manufacturers reap windfall gains in India by way of transaction charges. But to channelise the anger, the Opposition and mainly the Congress party needs to descend on the streets. A cap of around 21 cents per transaction plus some other incidental charges was imposed in the US.Terming the move a fraud and an economic disaster, Mr Chavan said demonetisation was not only ill conceived but also applied without planning and preparations.“In last couple of months, social media has been seething with anger against the BJP government.To make people aware of how the country has suffered on the economic front is something that the Opposition has failed to convey to the people,” Mr Chavan said.He said it was unbelievable that it had taken seven months to count the defunct notes that were deposited by citizens in various banks.

Prithiraj Chavan Nagpur: Former chief minister Prithiraj Chavan has alleged that the Narendra Modi government decision to demonetise Rs 500 and Rs 1,000 notes in November last year appeared to be an ‘American conspiracy’. The Modi magic is waning fast.He said it had all started in 2015 during the visit of the then-UN President Barack Obama when Modi (India) signed an agreement with the United States towards digitisation.“Through the Richard Durbin amendment as part of Dodd Frank financial reforms legislation, the US senate passed a law regulating swipe fees. Ridiculing the decision, Mr Chavan said nowhere in the world has the use of printed currency notes been stopped. What was most surprising is took the RBI more than seven months to count the old notes and finally tell the world that almost 99 per cent of that old currency was converted into new notes,” he said.He said it was unbelievable that it had taken seven months to count the defunct notes that were deposited by citizens in various banks