India: Flower business wilts in the face of cash crisis
Cut flowers, used at weddings, hotels and bouquet shops, hit a five-year low as prices tumbled headlong. However, flowers used in temples and religious ceremonies fared better. Prices of marigolds fell by 15% but were sold at relatively higher rates than cut flowers.
The Madurai flower market, the largest in the state, also saw some losses. "Many are accepting Rs 500 notes, but smaller retailers are wary of accepting discontinued notes. We've been trying to create awareness that the notes can be exchanged till December 30 to quell rumours," said 'Pookadai' Ramachandran, president, Madurai Flower Market Association.
Read more at The Times of India
