Desperate Indians used up their savings, took loans to survive COVID-19 pandemic

dollars/day : pre-post covid-19
13.4 crore. Increase happened only for poor
$2.01 – 10 : low income. 119.7 -> 116.2 crore
$10.01 – 20 : middle income. 9.9 -> 6.6 crore
$20.01 – 50 : upper middle income. 2.2 -> 1.6 crore
>$50 : high income. 0.3->0.2 crore

increased from 6 crore to 13.4 crores due to covid-19 induced recession.

household debt. mar 20. rs 68.9 lakh crore. dec 20. rs 73.1 lakh crore. debt increased by rs 4.25 lakh crore.
46% indians borrowed to run their household
bank deposit july-sep rs 3.6 lakh crore. oct-dec rs 1.7 lakh crore. first peak of pandemic.
people withdrew nearly rs 2 lakh crore in just 3 months.

Nullius in verba


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