FOPSIA to observe black day on Nov 8 against decision of demonetization by government a year ago
Author(s): City Air NewsLudhiana, November 6, 2017: Federation of Punjab Small Industries Associations (FOPSIA) will observe black day on November 8 against the decision of demonetization by the government a year ago. According to FOPSIA...
Ludhiana, November 6, 2017: Federation of Punjab Small Industries Associations (FOPSIA) will observe black day on November 8 against the decision of demonetization by the government a year ago.
According to FOPSIA president Badish Jindal and general secretary Raj Kumar Singla, the decision has ruined the economy of India both in trading & manufacturing sector.
The GDP came down to 5.7% from an expected 7.8% in last one year.
The economy lost steam primarily because of a sharp fall in mining, manufacturing and construction sectors, where demand remained muted even nine months after the government decided to scrap about 86% of cash in circulation to fight corruption and counterfeiting.
The unemployment increased to around 30% during last one year.
The Traders & Industrialists will wear the black ribbons in protests against the Demonetization decision of India.
During last one year hundreds of traders & manufacturers committed suicide due to recession in Market.
The Banks are facing the worst ever NPA crises due to this stupid decision of the Government.
Its impacts may continue for years on Industry.
“We are conveying the decision to all the trade and industrial organizations of Punjab”, they said.