Erode (East) bypoll | Business hit at textile market for Pongal due to cash curb
The Hindu
Significant drop in textile market sales in Erode due to cash restrictions enforced for upcoming bypoll.
The textile market in Erode, which typically sees brisk Pongal sales, has suffered a significant drop in business due to restrictions on carrying cash and the seizure of cash for lack of valid documents, enforced under the Model Code of Conduct (MCC) for the Erode (East) bypoll on February 5.
Over 3,000 textile shops in the city, including those at E.K.M. Abdul Gani Textile Market (Gani Market), usually attract traders from various districts and States for bulk purchases as all types of garments are available at affordable prices. Traders from various districts and other States typically purchase garments in bulk for resale in their respective areas.
However, since the MCC came into effect on January 7, sales have been poor, with many shops at Eswaran Kovil Street, Manikoondu, Ashokapuram and near Central Theatre reporting a slump. “Apart from Deepavali, sales for Pongal are usually high. But this year, traders from other districts did not turn up,” said a trader.
Election officials had, so far, seized ₹5 lakh from traders from Kerala and other parts of the State due to lack of valid documents. “If the election had been announced after Pongal, business would have been normal,” said another trader V. Murugesan.
Traders from Kerala, Andhra Pradesh, Karnataka and Telangana were reluctant to travel to purchase goods. All these shops in the area fall under the constituency, and the restriction on carrying cash above ₹50,000 has adversely impacted business, added the trader.
A member of the Erode Gani Market Weekly All Textile Merchants’ Association told The Hindu that while the retail sales were about 30%, the wholesale business was less than 10% for Pongal. “Most of the traders carry less than ₹1.5 lakh and the limit on carrying cash should be increased,” added the member, who called for the issue to be addressed. The constituency is seeing its fifth election in five years, and businesses remain affected during elections.
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