Sunday, December 11, 2016

Zero Hedge — Foxconn Fires 25% Of India Workers As Demonetization Destroys Sales

While piecemeal anecdotes and surveys have already exposed the devastation that PM Modi's demonetization plan has had on the Indian economy, tonight we see the first hard evidence as Foxconn has asked 25% of its workforce to leave after the cash ban caused sales to collapse by 50% forcing the company to slash production by half.
Unintended consequences of doing stupid stuff.

Zero Hedge
Foxconn Fires 25% Of India Workers As Demonetization Destroys Sales
Tyler Durden

2 comments:

Ryan Harris said...

When the government took the people's money away, they stopped spending, shocking!
Spending electronic money nose dived as well.
Some US and European thought leaders we pushing these policies for a cash-less society as well. I think their case has been made more difficult. The claim is that most money is held by shadowy figures when the reality turned out to be the opposite. Sort of makes you think about how much of what passes as economics is pure ideology and not based on any real facts.

Unknown said...

I expected Modi to self destruct at some point of time. And the time appears to have come!