Note Ban & Farm Industry

Note Ban & Farm Industry

Farm Industry : Rs 500 and Rs 1,000 Notes Banned!!

Last week, in one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned. This ban was effective from Tuesday 8th November midnight. It is one of the boldest move so far announced by the Government of India. This move has received mixed reactions across the country till now. Many parts of society are supporting to the move overwhelmingly while some are saying that this decision will cause only hardship to common man and current situation is not less than financial calamity.
But, what impact did farm industry have in last whole week ? Farmers were among the worst affected groups in the country. Traders and farmers were badly affected due to shortfall of funds. Price of agriculture commodities and products was drastically reduced after demonisation. But even in this phase, was firmly giving services to the farmers across country. Farmers were using as a platform for buying, selling, renting out their new and used tractors and other farming implements to the needy people.
Talking about the current phase, experts say that this shortfall of currency is temporary & this move will definitely have positive impacts on Indian economy and farming industry as well.
If we think about long term impacts then this decision of monetization will definitely have positive impact on farming industry & especially on farmers. One of them could be reduction in interest rates on debts. As, banks are flooding with large amount of money, hence Repo Rates will come down soon & as a result, interest rates that bank decides for the common man will also come down. So let’s hope that this move will help in decreasing the rate of inflation in near future. No matter what, will continue to serve you in better ways!

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