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PM Narendra Modi’s Demonetisation Move continues to Hurt Local Traders in Delhi with 50-90 Percent dip in their Businesses

These traders have not yet adopted the modern practice of transaction, the online payment facilities

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New Delhi, November 23, 2016: Business activity in the bustling markets of Old Delhi has slowed down as a fallout of the demonetization that continues to hurt the local traders even after two long weeks.

While malls and big showrooms are said to have picked up business after the initial slump, small and medium level traders in local markets are still facing 50-90 per cent dip in their business.

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The reason — these traders have not yet adopted the modern practice of transaction, the online payment facilities.

Most of these traders in Chandni Chowk and surrounding markets do not have online payment facility, which drives customers away, said Chandni Chowk Sarv Vyapar Mandal’s General Secretary Sanjay Bhargava.

“Despite strong competition from malls and e-commerce portals, these local traders so far had managed to retain and grow their customer base,” Bhargava said.

[bctt tweet=”Some traders have started using e-wallets to attract customers.” username=””]

“However, ever since the note ban, customers are avoiding shopping at the local markets because they have insufficient cash. And local traders lack online payment facility,” said Bhargava.

Pankaj Manocha from Chawri Bazaar, a wholesale trader in paper who traditionally deals in cash-based transaction, said the paper mills stopped the supply of paper as the demand in the retail shops had gone down.

“Neither customers have cash to buy paper products from us nor we have enough cash to place new orders with the mills,” Manocha said.

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New ways of payment have to be devised in order to thrive in the business, Manocha said.

Some traders have started using e-wallets to attract customers but their number is insignificant.

According to the traders, the clothing business is the worst hit by the demonetisation, despite November being the wedding season.

A wholesale trader said that the demonetisation of Rs 500 and Rs 1,000 currency notes on November 8 affected the traditional business transaction style.

“Earlier, transactions with factories, main distributors, even with customers were carried out using cash, which would be without bill, thus without payment of tax.”

“However, we have to make payment online or in cheques now, which is making the goods costlier. It has hampered our business. We will have to see how things turn,” said the trader, requesting anonymity.

Some traders felt that the situation would be normalised, perhaps in another six months, once they started using different modes of payment.

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Mukesh Sachadeva, General Secretary of Delhi Hindustani Mercantile Association, said: “The current slowdown is due to cash crunch. Since footfall has gone down, the supply from factories and mills has reduced.”

“Now, we are adapting to the changes. We expect that all traders will start using cheques in six months’ time.” (IANS)

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Raja Chari: Indian American Astronaut chosen by NASA

Raja Chari, an American of Indian descent, has been chosen by NASA as one of the 12 astronauts for a new space mission.

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Raja Chari. Twitter.
  • Raja Chari is an American of Indian descent chosen by NASA for the new batch of astronauts
  • Currently, he is a Lieutenant Colonel in the US Air Force
  • Chari will have to go through two years of astronaut training which begins in August

June 06, 2017: NASA has chosen 12 astronauts out of a record-breaking 18,300 applications for upcoming space missions. An American of Indian descent, Raja Chari, has successfully earned his spot in the top 12.

The astronauts were selected on the basis of expertise, education, and physical tests. This batch of 12 astronauts is the largest group selected by NASA since two decades. The group consisting of 7 men and 5 women surpassed the minimum requirements of NASA.

Born in Waterloo, Iowa, Chari graduated from Air Force Academy in 1999 with a bachelor’s degree in Astronautical Engineering and Engineering Science. He went on to complete his master’s in Aeronautics and Astronautics from Massachusetts Institute of Technology. The astronaut is also a graduate of US Naval Test Pilot School.

Currently, Raja Chari is a Lieutenant Colonel in the US Air Force. He is the commander of 461st Flight Test Squadron and director of the F-35 Integrated Test Force at Edwards Air Force Base in California.

After Late Kalpana Chawla, Lt. Col. Raja Chari is the second Indian American astronaut chosen by NASA.

The 12 astronauts will have to go through two years of training. Upon completion, they will be assigned their missions ranging from research at the International Space Station, launching from American soil on spacecraft by private companies, to flying on deep space missions on NASA’s Orion Spacecraft.

The US Vice-President Mike Pence visited the Johnson Space Centre in Houston to announce and congratulate the new batch. Pence also said that President Trump is “fully committed” to NASA’s missions in space.

by Saksham Narula of NewsGram. Twitter: @Saksham2393