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Demonetisation affects rural economy
The demonetisation move is taking its toll on rural economy as it affected the weekly markets by paralysing the necessary transactions in rural areas.
Mahbubnagar: The demonetisation move is taking its toll on rural economy as it affected the weekly markets by paralysing the necessary transactions in rural areas.
Farmers have been facing hardships for the past three weeks due to cash crunch. Farming communities and diary industries have been facing exchange issues.
Purchases and sales of domestic animals at weekly markets in united Mahbubnagar district have come to a standstill which is a big loss to the organisers of the markets and the farmers.
Villages such as Badepalli, Pebbarru, Devarakadra, Kalwakurthy of united Mahabubnagar district conduct weekly markets where turnover touches in lakhs of rupees every week.
From early morning to late night, weekly markets used to be busy with bargains of buyers and sellers until three weeks ago.
Animals were being brought to these markets and taken back in despair due to lack of change for the money. A few farmers who are in need of money roam across 4 to 5 markets to sell their animals and return home disappointed.
On the other hand people who are ready to purchase animals too return home without purchasing as they have only scrapped notes with them. Krishnam Raju, an organiser of Deverakadra weekly market, said they paid Rs 55 lakh in auction as a bid for the market.
The dull business due to demonetisation would make them incur heavy loss, he lamented. He said that government must release Rs 1000 and Rs 500 notes as early as possible to set things right.
