Hard-up households face an impending crisis of debt
Rising expenses and income losses in pandemic times have pushed low-income households to borrow money in their struggle to get by, as several surveys across India have revealed.
Munna Kumar Singh, a 24-year-old man, migrated with his family six years ago from a rural town in Bihar to work at a denim factory for ₹9,000 a month in Delhi’s Udyog Vihar. He is the sole breadwinner in his family of four and also tries to send a small remittance to those at home in Bihar. When he lost his job to the lockdown, Munna struggled to make ends meet, borrowing extensively from informal channels. He has over ₹50,000 in debt and no stable income to help pay it off.
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