One year of demonetisation: India Inc gets a shock treatment

The corporate sector took production cuts, conducted inventory management and reduced staff to meet challenges following the govt's note ban decision

A day after Prime Minister Narendra Modi had announced the shocking currency ban on November 8 last year, a CEO of a large textile company called a meeting of his core team in his Mumbai office. The agenda was to discuss how to handle the currency ban in such a way that it should not impact his company’s sales. The meeting, which included the chief financial officer and chartered accountants, made a plan on how to ring fence the company from any negative impact of the currency ban.

“All our plans flopped… our sales for the next six months declined sharply