MUMBAI (BLOOMBERG) - Indian worker Chandrakant Thakur ekes out a living by zooming around Mumbai on his beaten up scooter dodging pedestrians, street dwellers, cars and sometimes cows to deliver meals. Now, with the streets eerily empty amid the city's virus lockdown, he faces a stark choice: stay and survive on half his regular pay or return to his family in the state of Bihar.. Read more at straitstimes.com.
MUMBAI - Indian worker Chandrakant Thakur ekes out a living by zooming around Mumbai on his beaten up scooter dodging pedestrians, street dwellers, cars and sometimes cows to deliver meals. Now, with the streets eerily empty amid the city's virus lockdown, he faces a stark choice: stay and survive on half his regular pay or return to his family in the state of Bihar.
"India's large informal sector is likely to be the worst hit," said Pranjul Bhandari, chief India economist at HSBC Holdings Plc in Mumbai."Informal firms have insufficient access to formal finance and can go into distress quickly when cash flow becomes irregular." Meantime, the central bank stepped in on March 27 with unprecedented measures that included lower borrowing costs, US$50 billion of liquidity to banks to expand credit and freedom to lenders to suspend some loan repayments for three months.
Other economists have called for more rate reductions, support programmes for small and medium scale businesses and handing out cash to the poor under a universal basic income program.
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