Surat is a large city beside the Tapi River. Once it was known for its silk weaving but as of now its know as the textile hub of the world and also one in every three diamond polished in the world are polished in this city. Which gave this city its tag of Diamond City. Surat is the part of former British colony India. This city(Navsari suburb of Surat) was the entry point for Britishers to come to India and trade spices and textiles and later rule us for 200 years. And recently it was given the most precious accolade of the fastest developing city in the world by 2035.
But now it doesn’t seem to do so well. What happened in just a couple of months that once the fastest developing city, hit one of the biggest slumps in its lifetime.
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As of 2019-2020, the Indian economy has lost its position as the fastest-growing economy. As its currently facing one of the worst-hit economic recessions. Many people have felt the tremors of this great depression but nothing like this was every felt in Surat. In the whole country, Surat is the city that genuinely provided economic development and also was the city for anyone who wanted to convert its black money into white money.
And the biggest example of this is demonetization. On 8 November 2017. Indian prime minister Mr Narendra Modi made the announcement that after 2400 hours of that day the 500 and 1000 rupees’ note will no longer be valid and not accepted as a government bear currency. Which meant removing the 80-85% of the paper currency in circulation.
The Business Spirit
People of Surat wouldn’t be called a true businessman or Surti (coined term for people of Surat) if they feared this and paid their taxes and go the straightway. Every Surti has plan b every time they do business. And this was the biggest business they have to do to survive. The whole country was suffering this major setback and started to save money for rainy days in the future. But in this city, the day was conducted as usual. People were using the old currency to conduct the businesses months after the government said not to do.
It is said that Surat was also the place where people allegedly turned their black money into white. This was done taking all the demonetized currency to Nepal in chatter flight using the connections form the minister or through red tapping channels. From there, that money was sent to other countries and from there NRIs (Non-Resident Indians) brought that money back to India under the name of saving or money kept in the country’s bank locker to government and exchanged it with new currency. Now you might think what those ministers or people who carried out that operation got in remuneration. They took home a huge sum of commission. And that’s how this huge and courageous step to curb the black money went as a flop show.
But today the city is facing severe cases of shutting down of small and large businesses due to insufficient working capital. This is because at the time of congress ruling banks distributed the loans to many small and big businesses to expand but they didn’t do the due diligence or kept a proper check due to which and defaulters were turning up and now after 10 years government want that money back but in Surat, most people have their money invested in Land. Due to governments motto of housing for all the land price have started to become and stagnant and recently central government BJP announced GST as a new taxation technique due to which now people don’t have the liquid assets to buy those lands at cheaper price or to conduct the business’s day to day working due to which this city is seeing one of its biggest economic slow down in a human life possible.
A word of advice :
For this greatest and fastest-growing city should have something great in its fate and to do that’s it needs to be furious to get back to that spot of the economic hub of the country. For this government need to make a worthwhile investment in the country and generate employment for the lower class in the country. So that the vicious cycle and spending cycle can start running again