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Demonetization hits Kerala economy

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.
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