Foxconn Fires 25% Of India Workers As Demonetization Destroys Sales

zerohedge.com / by Tyler Durden / Dec 11, 2016 9:30 PM

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.

Amid social unrest and loss of faith in the nation’s currency, India’s economy has ground to a halt with its Composite PMI crashing by a record in the last month as demonetization strikes.

And now, as The Economic Times reports, the government’s move to ban Rs 500 and Rs 1,000 notes from November 9 has had a domino effect on the mobile phone industry, where a large majority of mobile phones are bought for less than Rs 5,000 and most of the transactions happen through cash.

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