Cashless economy: The impact of demonetization on small and medium businesses

The Indian economy is heavily reliant on the Small and Medium Enterprise (SME) sector. This industry employs millions and generates 8% of the country's gross domestic product. There must be careful consideration of the possible economic consequences of a big economic action like demonetization. SMEs in India are typically owned by members of the same family. There are two main segments in the SME market. Entrepreneurs that seized the chance and acted rapidly to begin and become successful soon founded profitable businesses. Businesses who entered the market late yet were able to succeed because of the enormous untapped potential. Small and medium-sized businesses (SMEs) believed that they could continue to operate in the same way and yet experience success without needing to expand or make large expenditures.