Usual Business
Slows Down in Lily Pond Complex, Signalling a Bleak Future Ahead.
Martin
F.R.
Bookshop owner’s remains
stranded as the no. of consumers reducing day by day affecting their
businesses.
Chennai Central: Local Businesses had got shrink due
to inconvenient economic atmosphere created by demonetization, which has led to
steep dip in their respective sales & profit predicting a bleak future for
their Businesses as well as their livelihood.
The major sufferers in this marketplace have been
booksellers, followed by motor garage workers & owners who have seen
drastic ups & downs after this sudden economic nightmare or scare, if to
mention it in their own words.
The issue seems to be demonetization , a government policy which the marketplace
people call garbage policy which aimed to completely abolish the currency notes
by turning it as illegal tender & introducing new notes completely
overhauled the usual business practices altogether especially the small scale
Businesses which were affected the most, creating nearly a cash drought like
situation.
If to go by the, holistic perspective done by local market
experts, the main issue that we observed is that demonetization acted as a
catalyst which disturbed their market equilibrium, which proved to be a
disaster for their business & daily livelihood.
Secondly, is that Demonetization aggravated the
already existing licensing issue which was deep struck in extensive malpractice
which led to cancellation of licenses of both legal and illegal shops setup
across the complex? Issues of Underpayment to anonymous people. Many of the
shops & stores on verge of shutting due to unorganized licensing system,
rampant corruption in doing ease of business, and unavailability of consumers
which would take nearly 12 to 18 months more recalibrate the situation.
It seems such drastic steps taken in a flick of
seconds without taking into consideration several anomalies that lies in our
complex economic scenario only hits the people in a way that their simplistic
lifestyle get deteriorated to such a extent that it is beyond repairable .These
small scale Businesses does not have large profit margins and sustaining their
business itself is head-hammering job for them.
The local mafia or dalals as these people call them, make their life's
miserable already by collecting exorbitant cash as their fees for not
disturbing their Businesses in the local area,thier by running parallel legal
system of registration from these underworld leechers.So,non -availability of
liquid cash for feeding these stomachs seems a bigger issue, who make their
survival hell by creating ruckus in marketplace as these also don't hold any
bank accounts, cash cannot be transferred to these people's account, and so,
instead they threaten these small scale workers to arrange their item as they
call it either by hook or crook.
Although, change is inevitable, most of the market
practice have changed where all have ordered the atm card machines for business
transaction to take place as usual, but delivery of these small machines and
their further registration seems to be a greater issue as it's -availability is
so scarce as it's been ordered not only here but across the country wide
marketplaces. Waiting period seems to be quite frustrating for these business
owners, who are already facing problems from all corners.
Hajitullah khan, a motor garage owner says, “We are
witnessing one of the worst crisis ever, our future looks blur, it seems as if
our market has been crippled by some evil spirits.Ofcourse, i am speaking quite
illogically, but what to do?, this delhiwalas don't know how tough it is to run
a business in country like India, and they sitting in their A.C. offices pass
put impractical policies. Who to blame don't know, we all are deep stressful situation."Such is the
outburst of him who is running his business for nearly 56 years as a family
business.
Also, another book seller, Raghunathan says, the
situation is really clumsy, its taking the hell out of us, no customer is the
only thing is what I can say, even though situation is now better as cash flow
has improved, but what about the no. of clients who completely shrinked as they
shifted to alternate sources like e-commerce to fulfil their bookish needs
especially school & college students who were our main target customers.
Who is responsible for this loss, the government or us! Of course they should
give us our due as for loss we incurred because of this, at least they should
give us subsidised, until the market gets stabilized".
Nikhil, a student says,"I usually preferred this
lily pond market place, which is famous for its second hand books, but during
the demonetization time i was not able purchase engineering books for cheap
rates, hats why I brought it from online, but i think still i visit this place
as it has its unique charm especially the Second hand books is their USP, and
sooner or later all will start revisiting the market, about other shops i don't
know about their condition that much".
Raja Bhai, A local advocate, says,"It is a big
gamble played by macro economists who advised the govt.on such move to take,
but if all goes well or not is the time only that will tell which holds the
ultimate truth. A although I am optimistic that in a year or two all problems
will cease to exist, as the market is very old and have withstander much bigger
economic onslaught in its hay days,but is still running ,Right?".
Financial Excesses that happen keeping in view the
economic health of country has always worsened the social health of the nation
heavily. State Government's should at least help them in providing situations
for ease of doing buisness,by structuring their temporary licensing system
,even when it has been two decades since licence raj has ceased to exist and
also clamp down on these local goons who are running parallel governments as if
it's their dad's property. These kinds of junkies should be put behind bars and
law should take its own course, so that local businesses can experience a
little sigh of relief at a time when facing such a grumpier economic situation
is itself a hell bound task for them.
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