TFT’s December edition focuses on the effect of demonetization on the sector.
The ban of higher currency denomination in our country has also affected exhibition and event management sector. The businesses dealing with major amount of cash transactions including payments to labour contractors, transport agencies, small vendors and unplanned purchase of materials for execution of events have been affected adversely whereas, the demonetization has brought in a record-breaking profit margin for businesses
working on cashless transactions. The huge payments for wedding venues or event planners are either delayed or are carried on online.
The prices of BTL, Wedding, Cash oriented venues,vendors and materials are drastically falling which can benefit those who are able to manage
the expense. The vendors who are accepting credit and online payments are on demand which is easing the people’s burden left with no other options.
With demonetization of higher denomination, vendors and companies will be forced to take their business online which will ensure a clean and
transparent business between the customer and the provider. The customer will have a better track of their advance and due payments. The IT raids have been reported on various event management companies and exhibition infrastructure companies in Mumbai, New Delhi and Hyderabad.
The current issue has well written stories and covered news from important destination and segments. While majority of the population is still guessing the short term and long term result of the historic decision, the economic pundits are not seen very optimistic on the ban.
Most of the prominent economists are negative growth in india’s GDP. As of now we are only waiting to see the real outcome and reason of the ban.
Cheers for now.
M Q Syed