Effect of banks on poor people during lockdown in India
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The job, and the slim financial security that came with it, was the first stepping stone to a better life.
All that is now gone as India reels under the economic impact of its protracted coronavirus lockdown. Kareem’s out of a job and stranded in his village in the northern state of Uttar Pradesh with his wife and two children. Their minuscule savings from his 9,000 rupees ($119) a month job have been exhausted, and the money he saved for books and school uniforms is spent.At least 49 million people across the world are expected to plunge into “extreme poverty” — those living on less than $1.90 per day — as a direct result of the pandemic’s economic destruction and India leads that projection, with the World Bank estimating some 12 million of its citizens will be pushed to the very margins this year.Some 122 million Indians were forced out of jobs last month alone, according to estimates from the Center for Monitoring Indian Economy, a private sector think tank. Daily wage workers and those employed by small businesses have taken the worst hit. These include hawkers, roadside vendors, workers employed in the construction industry and many who eke out a living by pushing handcarts and rickshaws.
, who came to power in 2014 promising to lift India’s poorest citizens out of poverty, the fallout from the lockdown brings with it significant political risk. He won an even larger second term majority last year on the strength of his government’s popular social programs that directly targeted the poor, such as the provision of cooking gas cylinders, power and public housing. The breadth and depth of this renewed economic pain will only increase the pressure on his government as it works to steer the country’s economy back on track.
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