Hyderabad is India’s Third most impacted city in terms of loss of income due to COVID-19: Survey

Date:

Hyderabad – Hyderabad is the India’s third most impacted city that is hit by the COVID-19 pandemic in terms of loss of income and repayment of loan capacity, says a consumer insight report by Paisabazaar.

According to a survey titled “Dealing with Debt: How India plans to pay EMIs”, which was carried out on approximately 8,500 consumers belonging to the age group of 24-57, from around 35 cities, mentioned that over 63% Hyderabadi residents who partook in the survey stated that their income is badly hit due to COVID-19. While 20% of them lost their income completely.

Moreover, around 80% self-employed section and 58% salaried section from the city suffered a full income loss.

CEO of Paisabazaar.com Naveen Kukreja said that, “While there was widespread impact on consumers in the first two-three months of the pandemic, we believe there has been a steady recovery since July. Incomes of customer segments employed in Travel, Aviation, Hospitality etc. should start getting restored gradually. However, supply of loans to self-employed and low-income segments would take longer to recover”.

The survey also revealed that over 86% self-employed customers all over India reported a loss in income due to lockdowns and COVID-led restrictions.

Share post:

Related

Latest

For Kuwait’s new emir, Saudi ties are seen as key

Kuwait (Reuters) - Sheikh Meshal al-Ahmad al-Sabah was named...

Pope Francis deplores Israeli killings of civilians at Gaza church

Vatican City (Reuters) - Pope Francis on Sunday again...

Palestinians must find new path from Israeli rule after war, top official says

Ramallah (Reuters) - Immediately after Israel's war in Gaza...

Israel says it struck Hezbollah sites after attacks from Lebanon

Jerusalem/Beirut (Reuters) - Israel said on Sunday it had...