Rajasthan industries staring at Rs 1 lakh crore loss, says Forti

Decision taken against black money is worth welcoming but this was taken without proper arrangements, says Anurag Sharma, acting president of Forti

Rajasthan industries may lose approximately Rs 1 lakh crore in two months following the Centre's move to demonetise high-value notes, State Forti said.

The currency crisis has taken a toll on almost every industry from retail sector to construction in the state and a loss of close to 1 lakh crore to the industries is expected in two months if the situation does not improve, Anurag Sharma, acting president of Federation of Rajasthan Trade and Industry (Forti) told PTI on Monday.

"The decision taken against the black money is worth welcoming but this was taken without proper arrangements in advance which badly hit the industries and trade. Though, the government announced several measures, but they are absolutely not sufficient," he said.

Sharma informed that the industry body handed over a representation addressing Prime Minister Narendra Modi to the state governor Kalyan Singh on Sunday, demanding steps and measures to improve the situation as soon as possible.

He said that manufacturing sector is badly hit due to the decision and the retail sector has also been affected.

"There is no adequate cash available for payments to labourers and others, which is causing an adverse impact on production," he added.

Sharma said that the government should increase the limit of withdrawal.

"There are long queues outside banks and the common man is facing hardship. The impact is visible on industries and the situation has not improved, that will result in huge direct and indirect losses," he said.