India Retail Sales Drop to 25%

The demonetization of Rs 500 and Rs 1,000 notes has left many in India facing a severe cash crunch and led to people lining outside banks or ATMs for cash, Zeebiz reported. The lack of liquidity for people has also impacted retail businesses. Retailers in India have seen a 50-70% drop in sales within the first 5 days as an impact of this, said Kumar Rajagopalan, MD of Retails Association of India. Post demonetization, it said, trade in markets across the country has reduced to 25% in comparison to normal days, traders body CAIT said.