Industry as a Whole Endorses Demonetisation Move, But Voices Concern Over Mounting Cash Crunch

The government’s demonetisation exercise has led to disruptions in daily cash flows, but the industry leaders cutting across the spectrum have given a thumbs up to Prime Minister Narendra Modi’s bold and innovative move aimed at eliminating black money and corruption. At the same time, they feel that the prevailing cash crunch situation demands immediate attention, at the end of the authorities concerned.
In the meanwhile, bucking the trend amid demonetisation in consumer durable industry, Mr. Nipun Singhal, Director, Lloyd Electric and Engineering Limited said, “We have no impact on company by demonetisation, while we understand the market is facing liquidity issues which may have resulted in lower sales, but as far as our company is concerned, we have posted 20% growth over November 2015 in November 2016. This may be due to our initiatives to offer aggressive and innovative finance options with zero down payments.”