How will the COVID-19 pandemic affect those who have taken loans especially for non-formal sources of credit? Explain in more than 8 lines and I will mark your answer as the brainliest.
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It has been a crippling week, the kind I haven't seen all my life, says AD Singh, founder of the Olive Group. Till Holi, his restaurants - 30 of them were doing brisk business. “I was in South Mumbai, hosting guests, the weekend before Holi. And the restaurant was full,” he recalls. There were some cancellations from overseas tour groups, but Indian patrons more than made up for it. Within a week, Singh’s bustling restaurants have turned into haunted outlets. Because of Covid-19 scare and government curbs, malls are closed, streets deserted and Singh is closing his restaurants one by one.
Four in Hyderabad have downed the shutters; Delhi and Mumbai are on the verge of closing down temporarily. “Within days, the situation has turned alarming. The contagion is spreading like wildfire,” he says. In India, over 250 people have so far tested positive for the SARS-coronavirus-2, which has infected almost 2.5 lakh people globally, about 10,000 fatally.
The country is trying to contain the outbreak. Schools and universities, malls and cinemas are shutdown. No international flights will be allowed to land for a week in India. Today, everyone is staying in, following Prime Minister Narendra Modi’s call. It is a health emergency as well as a financial crisis — and no one knows how grave this will be and how long this will last.
THAT ALL I KNOW
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