Chennai: About 78 per cent of the companies and majority of the traders and exporters expressed that demonitisation exercise is a failure and served no purpose.
A survey conducted by All India Manufacturers Association (AIMO) also said that 30 per cent of job and business loss were reported in two quarters of the fiscal due to demonitisation and GST.
In a press statement, AIMO national president E. Raghunathan said that the objective of the survey was not to undermine the objective of demonetisation and 10,000 sample data was collected across the country. Loss of job was also reported in the survey and it was alarmingly more in the age group of 40 to 50 years.
The business which went down during demonistisation started showing signs of revivery in April 2017 but the trading activities went down by after GST was brought in during fourth quarter.
During January- March 17, there was a mere 15 percent of new projects and investments. Again the investments was from foregn companies and the impact ewas more in Chennai and others parts of Tamil Nadu, Raghunathan said.
Another fact expressed from the small and medium scale industries was that they felt GST was introduced in hald baked manner adding to tax confusions, he added.
