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Rural India sinks deeper into debt as COVID wipes out work


Interviews with 75 households in a cluster of villages in Uttar Pradesh state show household incomes have slumped nearly 75 percent on average. Heavy debt and low income in the countryside will hold back any economic recovery the government is trying to make and also dent private savings and investment for longer than expected, economists say. “It will have a huge impact and prolong the recovery process. Private consumption and investments both will be hurt. There is merit in finding ways to put money in the hands of the people,” said NR Bhanumurthy, economist and vice chancellor at Bengaluru-based BR Ambedkar School of Economics.

Al Jazeera English - July 8, 2021

View the full story here: https://www.aljazeera.com/news/2021/7/8/rural-india-debt-covid-jobs-poverty