-ThePrint.in The likelihood of financial distress caused by the 2nd wave is much higher & it could lead to more outright sales of gold, unlike in 2020, when people chose to take out Loans against gold. Mumbai: Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children’s education after losing his job on a cruise liner. This year, he...
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Farm loan waiver for COVID-19 victims in Karnataka
-The Hindu Chief Minister B.S. Yediyurappa will make the announcement soon, says Co-operation Minister S.T. Somashekar Bengaluru: Co-operation Minister S.T. Somashekar on July 14 said the government would soon announce a waiver of ₹79.47 crore in farm Loans borrowed by 10,187 farmers in Karnataka who succumbed to COVID-19. Loans borrowed from apex, district credit cooperative banks and primary agricultural cooperative societies (PACS) would be waived. Chief Minister B.S. Yediyurappa would formally announce the...
More »'Pushing Urban Poor to Take Loans is Wrong, Govt Needs to Give Income Support Instead' -Karan Thapar
-TheWire.in Professor of Economics at the University of Massachusetts at Amherst, Jayati Ghosh, says over the last 16 months of the pandemic the government’s handling of the economic crisis has been cruel and incompetent. One of India’s well-known and highly regarded economists has said the government’s refusal to provide income support to the unemployed and poor and instead asking them to take government guaranteed Loans which the Chief Economic Advisor has said...
More »NAPM welcomes the SC judgment on rations for all migrants & time-bound registration of unorganized sector workers
-Press release by National Alliance of People's Movements (NAPM) dated 2nd July, 2021 The sudden and unplanned lockdown imposed by the union government in March 2020 in the wake of pandemic had caused immense hardship to the informal sector workers. After much criticism and concern on its inaction, Supreme Court on 26.05.2020 took suo moto cognizance of “problems and miseries of the migrant labourers”. Later, several persons associated with people’s organisations...
More »Trafficking survivors took more Loans at higher rates, finds study -Shiv Sahay Singh
-The Hindu Second wave of COVID-19 forced vulnerable women to take high risk Loans beyond their repaying capacity Kolkata: Months after she was rescued, 16-year-old Asma, a resident of Sunderbans in South 24 Parganas, took a loan of ₹20,000 from local moneylenders in May 2020 to rebuild her life. The first wave of COVID-19 had made it difficult to get any work. A year later, in May 2021, Ms. Asma, who was...
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