STOCK MARKET BSE NSE

Heavy transport hit by demonetisation, down by 70 per cent

As traders supplying goods to other cities are unable to buy goods due to shortage of cash, there are not many orders received.

Published: 08th November 2017 10:45 AM  |   Last Updated: 08th November 2017 10:45 AM   |  A+A-

Demonetisation

Osmangunj transport market wears a deserted look in Hyderabad on Monday | sayantan ghosh

Express News Service

Private transport carriers cite 70 per cent losses due to cash crunch | Rumours of Rs 500 notes being dumped in Musi leads to traffic snarls.Families think twice before heading out l On the bright side, no cases of cyber crime were recorded in the last week

HYDERABAD: Demonetisation of big notes has paralysed the transport sector in Hyderabad, giving a blow to markets and traders in the city.

Osmangunj, Feel Khana and Ranigunj, where most of the transport companies are located, wore a deserted look on Monday, as arrival and departures of lorries carrying goods gone down by 70 per cent.

“About five to six lorries travel daily to Karnataka and we also receive same number of lorries carrying various goods. But soon after the demonetisation, the business decreased. Now hardly one or two lorries are running from our company,” said Sanju Rangdal, manager of Chitta Guppa transport company.

Though petrol bunks are accepting Rs 500 and Rs 1,000 notes and toll collections have been stopped, transport sector has been badly hit as companies are not receiving orders for goods due to cash crunch in the market.

“As traders supplying goods to other cities are unable to buy goods due to shortage of cash, we are not getting orders. Business has been decreased by 70 per cent,” said Anil Ratan Goyal managing committee member of Hyderabad Goods Transport Association (HGTA).

Transport sector uses mostly cash in daily transactions and as a result of severe cash crunch, the sector has been crippled.

According to the estimates of HGTA, there are over 1,000 transport companies and at least 5,000 lorries depart from and arrive at Hyderabad. As business has been affected to a major extent, transport companies panic, workers, who are daily wage earners, are left penniless due to lack of work.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp