Magazine article New Internationalist

No Cash, Little Hope

Magazine article New Internationalist

No Cash, Little Hope

Article excerpt

Sitting on the floor of her hut, Ramzanbi has to decide which of her two children she can afford to feed. Since her husband lost his powerloom job in Bhiwandi, Maharashtra, she has run out of cash and is faced with a choice no parent should have to make.

Five months after Indian Prime Minister Narendra Modi announced the withdrawal of high-value currency notes in order to rein in corruption, the funding of terrorism and counterfeiting, the plight of workers, especially women, in the unorganized sector who reside in slums has deteriorated rapidly.

Informal employment and a cash economy dominate India's labour market. More than 90 per cent of workers - some 400 million people - are employed in the informal sector. Many of them keep their savings tucked away in cash rather than using banks. In November they suddenly discovered they couldn't use 500 or 1,000-rupee notes, which together amounted to more than 80 per cent of the value of all notes in circulation before demonetization. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.