One year of demonetisation: Why Kanpur can't save its hide from note ban

After November last year, prices fell and the real estate market, which operated mostly in cash, the same as everywhere else, crumbled

On November 8 last year, Prime Minister Narendra Modi announced the withdrawal of legal tender status to Rs 500 and Rs 1,000 notes. The move, which drained out 86% of currency in circulation, caused massive economic disruption. While remonetisation subsequently gathered pace, economic activity was disrupted again by the shift to GST. To understand how businesses have fared over the past year, Business Standard spoke to entrepreneurs in Kanpur, Tirupur, Bhiwandi, and Ludhiana.

Just outside Kanpur Central Railway Station, a long line of autorickshaws jostle for space. For the more modern traveller preferring to hail a ride on an