New Delhi: With cash flow drying up, there has been a major slowdown in sales at Delhi’s most sought after street-smart markets like Janpath, Sarojini Nagar, and Lajpat Nagar as the business has plummeted in the wake of currency demonetisation. For the last 15 days, the once bustling markets are now crying for their revival. A small number of traders, with no options left, have already wrapped up business and returned home.
As per the members of the local traders’ associations, in the last 15 days, the market has died down. Where on an average the footfall used to be around 5,000 to 8,000 people per day, the markets are wearing a desolated look these days due to cash crunch. Buyers are turning their backs on their favourite markets.
“Ever since the scrapping of the most circulated high-value currency notes, there has been a complete dislocation of sales in the market. While cash liquidity has completely gone dry, it has also largely impacted the online sales. There has been a considerable fall even in the sales made through credit cards. The market has come to a standstill and if the situation continues the same way, it may lead to another problem of unemployment,” pointed out Sanjeev Madan, president of Central Market traders’ association, Lajpat Nagar.
In addition to this, Mr Madan said that business has witnessed a fall of over 60 to 70 per cent in two weeks.
Traders allege that the Centre’s move has robbed them of their daily wages. The majority of traders with no online facility for making payments, and those who mostly deal in cash transactions, are the worst hit. Raghunath, a local cloth trader in Janpath said, “It’s been a week that I sold anything. With a hope that today at least the sale will pick up, I return home dejected and empty handed. Whatever savings I had, is also nearing the end. If the situation continues, we will have to close down.”
The story was no different for traders and small time local sellers in Sarojini Nagar market.
The traders allege that the market has never seen such low footfall in the last several years. For Sachin, who has been selling footwear and bags in Sarojini Nagar market for last 10 years, said: “Where should we go? The market is known for marginal shopping where buyers negotiate to a large extent with us and buy the products. Now, neither the customers are coming as they don’t have cash to buy clothes, bags, and shoes from us, nor do we have enough cash to place new orders. This has brought the market to a halt.”
The traders believe that the market will now never be the same as the demonetisation of Rs 500 and Rs 1,000 notes has affected the traditional business transaction style which will never top again.
