Modi government tries to propagate GST and demonetization in positive account. However, they have been harmful for Indian economy. This has been time and again confirmed by different reports.
Now, All India Manufacturers Organization (AIMO) has done a fresh survey in which small scale industries have accepted that their businesses have to bear losses.
According to Indian Express report, AIMO has done sample survey of 34,700 traders and MSME after which it gave its report.
MSME is Ministry of Micro, Small and Medium Enterprises which is part of government itself. They have accepted that they are facing lesser jobs and loss in profits since 2014.
It has been said in the survey that after 2014, traders have been facing heavy losses in their sector. Also, the survey highlights that there has been decrease of about 43% in trading sector.
Modi government had made huge promises about giving 2 crore jobs each year. However, their promises failed. Instead, the sectors which used to produce jobs at big level are facing losses.
These losses are serious and will put Indian economy in danger. Government will have to put more efforts to bring up these trading and MSME sectors.
Modi government had not only to bear consequences of ‘weak’ conditions of small scale industries, but also it will also have negative impact on Indian economy.