Demonetisation Will Trigger 4,00,000 Jobs Cuts, Wipe Out Rs 8 Lakh Cr From Real Estate!
Even after 18 days of currency ban, a lot of interesting developments are being reported from across the country. While some of them are catastrophic for employment, some are being hailed as revolutionary.
We bring to you a summary of latest happenings related with currency ban:
4,00,000 Jobs May Be Lost Due To Demonetisation
Within the unorganized sector, there are a marge proportion of labor-intensive sectors wherein cash was the only way to conduct business. Due to sudden demonetisation announced by the Govt., experts are warning that close to 4,00,000 jobs may be lost within such sectors.
Thankfully, these job cuts would be temporary – as more currency notes are getting introduced, such labor-intensive sectors would recover gradually and jobs would be back.
But the hard reality is staring us right into the eyes: Out of 32 million people employed by textile and garment industry, one-fifth are daily wagers, who used to get cash as compensation for their work at the end of the day. As there is no currency, daily wages for such employees is in danger.
Similarly, 20-15% of 2.5 lakh workers in leather industry are also impacted.
However, few observers are stating that some labors who have Jan Dhan accounts are refusing to accept direct transfer of funds into their accounts due to their fear: If the annual money remittance exceeds Rs 50,000, then they would lose their BPL status, and along with that, several incentives and allowances would be withdrawn for them.
Rs 8 Lakh Crore From Real Estate Would Be Wiped Off
As per a market study, prices of houses is all set to go down by 30% across top 42 Indian cities, due to demonetisation.
Due to this market-correction (which resulted due to loss of black money), approximately Rs 8 lakh crore would be wiped off from the market; majority of which is black money in a bubble)
As per the research, real estate valuation in top 42 Indian cities will drop from Rs 39.55 lakh crore to Rs 31.52 lakh crore in the next 6-12 months. Mumbai will bear the brunt for maximum loss in real estate value (2 lakh crore), followed by Bengaluru (Rs 99k crore), and Gurgaon (Rs 79k crore)
This research has been conducted for 4.942 million units of real estate either bought or sold across 42 Indian cities since 2008.
Opposition Against Indore DM Intensifies
Last week, Indore’s District Magistrate had imposed a draconian ban on any criticism of demonetisation on social media. Collector P Narahari activated this ban by invoking Section 144(2) of IPC and said that such social media posts against currency ban can deteriorate law and order situation in the city.
Opposition against this gag order has intensified as activists and advocates of free speech are demanding immediate withdrawal of this weird order.
Infact, Internet Freedom Foundation has sent a legal notice to the DM, asking his to withdraw this gag-order. In a statement, they said, “The District Collector’s order is an overreach of the Criminal Procedure Code, and we are very concerned about the implications it has on Indians’ fundamental rights and freedom of expression.”
Free Software Movement of India said, “a blanket ban on any criticism of the Government on its failure to provide sufficient new notes for the old Rs. 500 and Rs. 1,000 notes that it has demonetised. Clearly, having failed to remonetize the economy and putting the common man to immense hardship, the government now wants to clamp down on all criticism on its failures.”
The base of the democracy is the assurance for one and all, that their voices won’t be suppressed, their opinions won’t be silenced. Agreeing to disagree is the most fundamental aspect of our constitution, and freedom of speech is a right for all citizens. Restricting this right and issuing a gag-order on criticism of a Govt. scheme is against our constitution, and we condemn it.