Surviving Demonetization- A Fight of the Restaurant Industry

Abstract

DEMONETIZATION proved to be a great milestone in the economic journey of India. Demonetization has shaken up the economy and forced the stake holders to come out of their comfort zones. The aftereffects of the same would last for a long time especially for the industries that depended highly on cash transactions. Moreover, the shift to digital economy either forcibly or voluntarily would create a disruption and such industries would have to get adapted to the changing conditions. This study aims at analyzing the measures adopted by the restaurant industry to fight back demonetization. The findings of this research suggests that Banks not tendering sufficient cash on a daily basis and Reduced cash sale was the major challenge faced by restaurant owners and Making alternative digital payment options available to the guests and Encouraging restaurant owners to move towards digital economy are the most effective measures to fight challenges of demonetization.

Keywords: Demonetization, Restaurants, Digital Payment

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