There is no denying the initial pain felt by shopkeepers in the Capital’s retail markets. But the past few months have seen business return to normal and, surprisingly, some support for the ‘tough’ note-ban decision even among those it hit the hardest
A hot spot for both, college students and working women, the capital city’s Sarojini Nagar market, a paradise for girls, witnessed steep decline in customer footfall post demonetisation. Due to cash crunch, there was a huge shift in consumer behaviour too. Traders were robbed off their wages as a majority of them did not have access to digital facility (they mostly deal in cash). However, a year later, when the cash was back into the system, it was business as usual and vendors came out in full appreciation of the scheme.
“The first four months of demonitisation was very difficult. Demand was badly affected. Markets died down as there were no buyers. And since we buy products in mass quantity, sales dipped up to 10 per cent. However, demand bounced back to previous levels after a few months,” said Ramesh, a 30-year-old street vendor, who sets up a garment stall in the Capital’s Sarojini Nagar market.
“It was a phase that was tough and difficult for us. However, the move was much-needed for the greater good of the country. like medicines, demonitisation was a bitter pill but its after effects were good — sales came back on track in no time,” said Ehsaan, a street vendor, who sells pajamas outside the Incense store in the market.
Recalling the time when the customers flocked the market, yet there were no sales, Ali, a 40-year-old man, who sets a stall outside the police picket in the market, told The Pioneer on Tuesday, “People buy clothes throughout the year. last year, we had refilled our stock of winter clothes — sweatshirts, long woolen dresses, woolen shawls etc. However, from November 2016 till January this year, I could not focus on my business as I was busy standing in queues outside the bank to deposit cash. This went on till the end of January.”
With the onset of February, as cash situation improved gradually, vendors heaved a sigh of relief. A dense crowd flocked the buzzing South Delhi market.
“By February end, sales were encouraging almost every day. Initially, we thought that our winter clothes will go waste, but people, who are regular customers, started streaming in by end of January,”said Ali. He added, “Aam janata ab mall se toh nahi kharidega. Jo yaha aate hai vo yahi se kharidte hai”, while bargaining with a girl who wanted to buy a crop top.
“A year ago, when Prime Minister Narendra Modi made the historic announcement of rendering Rs 500 and Rs 1,000 currency notes illegal in one stroke, Ramesh and many vendors like him were left confused and scared”, Ali added.
Talking to The Pioneer, Atul Aggrawal, President of the Sarojini Nagar market association said, “We thought we would incur major losses. Our main clientele included students and working people. Since they too were busy exchanging notes, sales dipped.” Aggrawal added, “A year ago, post-demonitisation, Sarojini Nagar market wore a slight desolated look”.
Similar reactions were seen from vendors from the most sought markets in Janpath and lajpat Nagar — one of the several markets which caters to the working class, and is known for selling clothes and accessories at affordable rates. However, while there were applauses for the scheme, there were some who threw brickbats, condemning how note ban gave rise to a huge demand and supply gap.
Kamla Devi, a woman who sets her antique jewellery stall in Janpath market, said, “Before demonitisation, we used to sell 50 to 60 pieces every day. When the move (demonitisation) came into force, our sales slumped. Mostly people turned up to us to get their Rs 500 note exchanged. For a piece of earring, they were even willing to offer us Rs 400. First month was dark, now it is fine.”