IITF: Evident Adverse Effect of Demonetization

With several ministers approaching the Supreme Court for a stay in the Demonetization of Rs. 500 and Rs. 1000 notes, here comes one more negative impact of this Demonetization. The India International Trade Fair, known as the IITF is likely to suffer, due to this demonetization scheme. Let us consider the following facts to understand this even better:

How will this demonetization affect IITF?

The officials of the ITPO, i.e., the Indian Trade Promotion Organization have announced that the general entry of the prices of the ticket will be slashed on the face of the considerable limited amount of visitors. The tickets, that earlier used to be sold at Rs. 120 for adults, and Rs. 60 for a child at weekends, while at the same time, the same tickets at weekdays, costed around Rs. 60 and Rs. 40 for adult and child respectively. But this time, the price of the tickets saw a massive decrease due to the lack of money in the hands of the people. This year, the price of the ticket for an adult will cost just around Rs. 50 during work days and Rs. 100 during weekends. Also, the entry of any child below the age of 12 years would be made free, be it weekend or week days. This free entry service will also be provided to the other differently abled people.

All these changes have been made in order to ensure that there is enough footfall, in order to enhance trading activities during this IITF-2016.

The Present Situation at New Delhi in IITF

Till now there has been a lukewarm response from the people at the IITF in New Delhi. The reason for this is highly speculated to be the Demonetization scheme introduced by Narendra Modi on the 8^th of this month. With such a long queue of people, waiting outside the ATM to withdraw money, as well as Banks for the exchange of the Rs. 500 and Rs. 1000 notes, it is very difficult for the people to collect cash, even for their day to day use. People are worried about their profits in this cash crunch situation. However, still there is a hope among the vendors that there will be increase in the number of people once the fair is open to the general public. Well it is often noted that the business usually used to be low during the business days. Let just hope that the situation does not get even worse in the coming days, instead of getting better.

Since this demonetization scheme has been implemented, there are many people exhibiting and selling their different products, but not many people are buying it. Obviously, the present situation at the IITF is not a pleasant one, with just a two or three customers present, let just hope that the demonetization scheme does not cause much negative impact on the IITF.