The pandemic has brought a rude income shock for nearly two-thirds of Indian households

Show me the money.
Show me the money.
Image: REUTERS/Sivaram V
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The Covid-19 pandemic and ensuing lockdowns have had an adverse impact on most Indians.

As many as 65% of the respondents in a recent survey said they had seen a reduction in income since March when the coronavirus lockdown was first announced. The survey, conducted by digital lending marketplace, included 8,616 respondents who had outstanding debt of over Rs1 lakh ($1,356). The respondents, aged between 24 and 57, were spread across 37 Indian cities.

About 16% of the respondents said they had lost 100% of their income.

Self-employed Indians are in a far worse condition than those in salaried jobs, as per the survey.

“The pandemic has been particularly hard for India’s self-employed class, drying up cash inflows and thereby, threatening the future of their businesses,” said.

As many as 23% of the self-employed respondents said their income had dropped 50-100%.

In terms of geographical impact, the survey said people in the southern city of Chennai were least impacted in terms of income loss, while those in Delhi-NCR were worst hit.