The Government’s recent demonetization move has definitely impacted the India retail industry in the short term due to lack of liquidity in the economy. However, the impact is felt more by the small traders and the unorganised retailing segment, rather than the organised retailers. But IT market in Agra has been witnessed something else from the expectations of most of the retailers.
In a candid interaction with The DQ Week, Agra IT partners have given some positive reactions from IT Market in Agra. Sanjay place, a huge IT hub in Agra who records approx 80 thousand footfalls every day, is now coming back on track and the normal situation in term of customers and business can be seen by the IT fraternity.
Mukesh Singh, Perfect Software Solution said, “In Agra, where most of the customers deal in cash and Demonetization has resulted in visibly reduced low footfalls in Sanjay Place, but this effected temporary. Now situation in IT hub is coming back to normal and will turn around in few weeks as more currency circulates in the system and improves the purchasing power and appetite of the consumers.”
“In the medium-to-long run, domestic consumption will be stable owing to India’s strong economic base and favourable demographics. Also, we as retailers encouraging our customers slanting towards alternative/digital payment solutions and we are expecting the market ecosystem will become more transparent and structured going forward,” Singh added.
Jitesh Agrawal from Agrawal Technologies said, “Initially we were scared after this demonetization announcement because the effect can be seen at that time when people were rushing towards banks and ATM lines to exchange old money. But we have seen something positive from the market. There were some customers who were planning to buy gadget some other time, they bought in this periods only. Don’t clear the exact reason behind it but now situation has become normal and people are supporting this initiative of government and we are happy to see the footfalls of the cutomers have come to the normal now.”
Supporting the demonetization decision taken by PM Modi, Agra IT hub partners has recently oraginsed a special programme for common public in different bank branches located in Sanjay Place. Partners are educating people and their customers to the use of plastic money and transactions through online payments. Partners are hoping it will continue to release the money into the retail market.