Problems and Growth of Indian Agriculture in the Aftermath of Demonetisation
- Author Abhishek Sharma
- DOI
- Country : India
- Subject : Economic Administration and Financial Management
Keywords : Demonetisation, Cashless, Currency, Agriculture
Abstract
India an agro based economy where almost 2/3rd of people are either directly or indirectly depended on agriculture. The entire farming community struggled a lot in the phase of demonetisation because the saving habits as well the transaction mode of farmers were only on cash. 70% of the farmers sell or purchase their products through “Farmers Market” or they may be local vendors where cashless transaction is next to impossible. In agriculture daily wagers were earning small amount per day. When there is restricted or limited withdrawals from banks the farmers were unable to draw cash to pay their labours, as a result their works goes postponing and the daily wagers and labours goes jobless for days or even months. Demonetisation and moving cashless has affected every Indian, but it has hit the agricultural sector to the core. Nearly 80% of the workforce, which produces about half of the output in the country, works in the unorganized sector; it will not be easy for the informal sector to become cashless. Still Indian farmers, beyond doubt have the required amount of patience needed to undergo a healthy transition from cash to cashless. But it will take time, because change is something which is not easily acceptable.
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