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EFFECT OF DEMONETIZATION IN AGRICULTURE SECTOR

*Mehjabeen & **Saravanadurai A

*Research Scholar, Department of Economics, Periyar University, Salem, Tamilnadu, India.

**Associate Professor, Department of Economics, Periyar University, Salem, Tamilnadu, India.

Abstract


The demonetization in India was a cardiac arrest which leads to cash crunch in almost all the sectors inclusive of the Agriculture Sector. The growth rate in the sector tightened to 0.2% in 2014-15 and grew not more than 1.2% in 2015-16 mostly because of continuous drought.  It’s affecting various sectors, especially agriculture. Farmers and small vendors faced many problems. The seasons like Rabbi and Kharif are suffering through a cash crunch. Demonetization shadowed over the agriculture sector through Indirect taxes by making an impact on wholesalers and farmers. Farmers weren’t able to buy seeds, fertilizers, agriculture equipment’s by cash as their cash was locked in the banks and the cash in hand was having no use unless it is exchanged with the new currency. The Indian farmers are not used to smartphones and digital technologies as most of them just use their phone for making phone calls. They faced trouble to do their transaction using apps such as Paytm, phone pay etc. The bank interest rates dropped which, reduced the capital cost that in turn led to farm mechanization. Cash crunch made some horticulture farmers’ lives pathetic as onion prices touched the peak. Agricultural growth in India contracted 0.2% in 2014-15 and grew not more than 1.2% in 2015‐16, largely because of back‐to‐back droughts.

Keywords


agriculture, demonetization, kharif, rabbi, rural economy, horticulture.

References


Ansh, T. 2019. “Impact of Demonetization in the Current Scenario of Indian Economy.” International Journal of Management Studies 69-77.

Ayash, Y. S. 2017. “Impact of Demonetization on Rural India.” International Journal of Scientific and Research Publications 220-222.

G.C Sheneela, G.C., Joseph, V.K., 2020. “Cash To Cashless Economy- Convenience and Impacts on Agriculture Sector.” Our Heritage 8880-8885.

Laveena, R.D., Rajeev, M., Raksha, Shilpa, S., Varun, T. P. 2017. “Analysis of Impact of Demonetization in Rural Bengaluru.” RUAS – UAS JMC (RUAS – UAS JMC) 6-11.

Shahare, V.B. 2017. “Assessing the Impact of Demonetization on Rural Economy.” Jharkhand Journal of Development and Management Studies 7311-7324.

Sheneela, G.C., Vijaya, K. J. 2020. “Cash To Cashless Economy- Convenience and Impacts on Agriculture Sector.” Our Heritage 8879-8885.

 

To cite this article


Mehjabeen, & Saravanadurai, A. (2020). Effect of Demonetization in Agriculture Sector. John Foundation Journal of EduSpark, 2(1), 10-18.

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