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Eastern India Corrugated Box Manufacturers' Association has claimed that demand for their packaging boxes has slumped by 50 per cent post demonetisation.
"Demand for our corrugated packaging boxes has slumped by 50 per cent post demonetisation due to slump in FMCG products of major brands," the association president Milan Kumar Dey said on the sidelines of an interactive session on demonetisation organised by Bharat Chamber of Commerce.
He said several manufacturing plants of all major brands are shut in Bengal due to slowdown in demand.
"We are also keeping our facilities closed in rotation due to lowering demand," Dey said.
Meanwhile, noted lawyer N G Khaitan pointed that problems due to demonetisation are more than its benefits.
Small business, he said, will suffer the most. Out of some 100 million shopkeepers, barely two per cent have machines to accept credit or debit card and rest are cash based.