Kurnool: Rural households whose main source of income was working on looms or stone polishing units have seen a substantial change in their fortunes. In November, the country will celebrate the first anniversary of demonetisation in the country. It is not something to cheer about though for rural households as they lost their basic source of income. The Goods and Service tax (GST) has sealed the fate of employment avenues like stone polishing units in Betamcherla.
Yemmiganur constituency has the maximum number of weavers in the district. The master weaver used to get outstation business orders and ‘made to order’ jobs were given to local weavers. B. Rangayya, a weaver, said that our family went through hell for four months since last November. No new orders came in and we did not have money to buy essentials. When asked to reflect on one year of demonetisation, he said that one should never even think about it.
Adoni Shroff Bazar is a busy center which has a growing demand for jewellery and ornaments. “There used to be a flourishing business as gold from Bellary used to come here to be made into ornaments. After demonetisation, all that has gone and we are jobless,” reminisces Prashant Jain, a gold artisan.
The rural banking industry was also hit by demonetisation. However, Andhra Pragathi Bank Chairman A. Venkat Reddy said, “The past year was a rewarding one as most outstanding loans were recovered. Even deposits had gone up,” he said. He did not however mention the quantum increase in deposits after demonetisation.
“Business correspondents engaged by Andhra Pragathi Bank in all districts of Kadapa, Kurnool, Anantapur, Nellore and Prakasam allayed the fears of villagers about demonetisation and instilled confidence in them,” he added.
Betamcherla stone polishing units partially stopped functioning at their fullest capacity as the Goods and Service Tax was imposed at 28 per cent which was six times more than what they used to pay earlier. Paturu Krishna Reddy, a trader, said that the volumes have taken a hit as consumers found it more expensive. Consequently, the stone polishing units reduced their output leaving people depending on it jobless.
