नोटबंदी का असर : पंजाब में साइकल उद्योग ठप

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Ludhiana, Punjab, Nov 27 (ANI): Since Nov 8 when Rs.500 and Rs. 1000 notes were banned and termed as ‘illegal tender’, many industries have been hit hard, and one amongst them is Punjab’s bicycle industry. With the industry feeling that it would take some time to recover from the shock, manufacturers apprehend that the state’s industrial growth would be hit in the coming months. Bicycle production in majority of factories has plunged by almost 50 per cent as retailers and dealers are reporting sharp decline in sales of bicycles. The owners of the bicycle industries believe that the common man is now more worried about saving cash to meet their daily needs rather than spending on cycles or other non-essential items. Industry representatives said the problem is so acute that they do not have sufficient money even to pay wages to their workers because of restrictions on withdrawal of cash.