Demonetization hits Kerala economy
Friday, March 3, 2017, 2:21 PM
According to the Economic Review for 2016-17, demonetization had a serious impact on Kerala, as 56% of its economic activity was affected, besides causing a dip in tourism revenues and remittances, important drivers of growth in the state's economy. Domestic tourists dropped by 17.7% in November and foreign tourist arrivals by 8.7%. Demonetization also affected remittances due to difficulties in withdrawal from banks.