Jaipur, Dec 26 (KNN) There has been a dip of 40-70 % in trade across all major sectors, Federation of Rajasthan Trade and Industry (FORTI) said.

FORTI has conducted an in-house survey about the impact of demonetization across all major sectors in the state.

It had underlined a dip of 40-70 percent across all major sectors. Organization found that the Gems & Jewelry sector was affected the most with the fall in business to nearly 70 percent.

Nirmal, Secretary, Jaipur Jewelers Association told KNN that local investment is the main victim and there is no doubt that business is affected.

“The local investment affected the most. Though export is not affected but it had adverse impact on domestic business,” said Nirmal.

He also said that the issue is even bigger for those who has to deal in cash and it will take nearly one to two years to cover the loss.

“Those who are dealing in cash, they are suffering the most. It will take time span of at least 6 months to two year to convert the loss” added Nirmal.

Before this survey, FORTI had predicted a loss of approximately rupees 1 lakh crore in the two months from the announcement of demonetization. It had also wrote a letter to PM asking him to pay heed to grievances of the trader community. (KNN/RAS)