Truckers hit hard across India

The withdrawal of currency notes of the denomination of Rs 500 and Rs 1,000 brought the massive trucking industry to a halt in almost every part of India with functionaries of the All-India Motor Transport Congress estimating the numbers of stalled and idling trucks at a whopping Rs 60 lakh. Virtually all the transactions for toll fuel and the like are with Rs 500 or Rs 1,000 notes. The trucking industry is about 85 percent unorganized with a heavy emphasis on cash transactions.

Key Takeaways:

• India’s withdrawal of Rs 500 and Rs 1,000 currency notes has brought its massive trucking industry to a standstill.
• Since early Wednesday morning, almost 90% of cargo transported across India has come to a halt.
• The All-India Motor Transport Congress estimates the cost of these stalled and idling trucks at a whopping Rs 60 lakh.

“The withdrawal of currency notes of the denomination of Rs 500 and Rs 1,000 brought the massive trucking industry to a halt in almost every part of India.”

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