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As India completes 1 year of demonetisation, it is time to check how have the industries performed and managed business. IndiaMART, India’s largest online marketplace which showcases more than 40 Lakh SMEs across 50 industries and is thus a fair reflection of the B2B market. After witnessing a 13% slump in demand post demonetisation during Dec 2016, the platform has now grown by Y-O-Y 100%.
This data shows that most business sectors are now back on track with growth visible across agricultural, consumer, industrial products and services.
“There is no doubt that there were lingering effects of last year’s demonetisation across small & large businesses and a lot of us had hoped that it would be short term pain for long term gains. Our data is showing clear revival in demand in most of the industries especially Automobiles & industrial supplies that have grown by around 200%. A 100% y-o-y growth in our buyer traffic reflects a positive momentum among businesses across the country,” said Sumit Bedi, VP – Marketing, IndiaMART.
Industries like telcom, building & construction and agriculture have witnessed the growth rates of approx. 170%. These industries have witnessed high traction in the demand for products like light vehicle, tractors, auto-rickshaws, mini harvesters, power tillers etc. Some other popular products are Floor tiles, cement, building supplies, sewing machines, automatic paper plate making machines and printing machines.