Government Rebuts Slowdown Claims After Notes Ban
Finance Minister Arun Jaitley has dismissed reports of an economic slowdown after the November 8 notes ban, citing robust tax figures. However some reports are worrying. A new study by the the All-India Manufacturers Association, country's largest organisation of manufacturers, suggests that demonetisation led to 35% job losses and a 50% dip in revenue in micro & small scale industries in the month after the note ban. Will the effects of cash crunch last longer than expected, or as the Finance Minister argued today, is the period of pain and inconvenience already getting over with economic activity being restored?
