Demonetisation effect on Fashion industry Bombay times
Demonetisation may be good for the country but it has affected the fashion industry in a serious way. AD Singh known to be vocal and frank about his opinions shared his quotes and thoughts with Bombay times fashion journalist Purvaja. Here is what AD had to say on the effect of demonetisation on the fashion industry.
- Demonetisation has affected the fashion industry in the supply network and daily wage workers. The daily wage worker who work mostly on cash have been demotivated as they aren’t willing to take old notes and employers don’t have enough new notes to pay them. This whole situation has demotivated the skilled labour to work hard as its during this season they make enough money to survive the entire year. Most daily wage workers don’t have bank account and due to lack of documents they cant open one. Most of them are surviving by doing odd jobs thats enough to get them daily food and shelter. Lack of labour has already added to the burden to the designers.
- Atmosphere of Scare: A major atmosphere of scare is luring on every one honest tax payers and dishonest both. People are worried that excessive shopping might attract revenue departments prying eyes and this could lead to unnecessary harassment. This might not be true in all cases but the entire scenario is that of tension, where people are scared to shop luxury items on credit cards to avoid attention and they do not have cash for the same. This is adding to the pressure on sales by leading luxury fashion houses like AD SINGH and other designers in the country. The only viable source of income is visible trough Oversea spending and NRI audiences and patrons who remain unaffected by this law.
Here is a clipping of the press article in Bombay times that speaks about AD SINGH views on Demonetisation effects on the fashion industry.