The All India Manufacturers’ Organisation (AIMO) in a report said that India has suffered a 35% loss in jobs and 50% dip in revenue after the first 34 days of demonetization drive by the Centre. They projected a fall in employment of 60% and loss in revenue of 55% till March 2017.
Over 3 lakh micro, small, medium and large scale industries occupied in manufacturing and export activities are represented by AIMO.
AIMO said that the industrial sector has been badly affected, with Small and Medium-sized Enterprises (SMEs) sector worst-hit.
The industries have witnessed a job cut of 30-35 per cent and expecting it increase by 35-60 per cent by March 2017, the report said.
Meanwhile, Finance Minister Arun Jaitely said that he is confident that the pain and inconveniences of people is getting over and economic activity is being restored with the completion of two months since the government announced its decision of demonetisation.
In a press conference on Monday, Jaitley said that the government's decision will lead to a bigger and cleaner gross domestic product in the medium to long run.