new Delhi. NIRA has released a report. In this report, it has been told how Kovid-19 has affected the working people in India. Broadly speaking, this report shows that the income of about 45% of the people decreased in some way or the other during this difficult time. NIRA is a fintech company, which works in distributing small loans to the large market of India.
To prepare this report, 2,000 salaried working Indians were included in the survey. These were the people who used to work during Kovid. This report has been published by Live Mint and has highlighted the following points-
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Professional level impact
45% had to lose their jobs or they suffered a loss in salary. About half of the people surveyed faced disruption in their work and their income decreased. 50% did not have the option of work from home. Since many blue and gray collar jobs cannot be done at home, 50% of working Indians had to work at their regular workplace. During this, he also had to face the high risk of Kovid.
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64% felt an increase in financial stress. Low-income working Indians are less able to handle financial stress. Two-thirds of the respondents faced increased financial stress, with the impact of the pandemic slashing salaries as well as increasing medical expenses.
65% did not have medical insurance – although this is not too surprising. It exposed the truth of the shocks caused by the medical expenses of working Indians.
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37% took loan for medical expenses – almost 2 out of 5 respondents took loan to meet unexpected medical costs due to COVID.
other things also affected
42% had to change the household budget – 2 out of 5 respondents changed their financial habits to be better prepared for future shocks. He even reduced the budget of his house.
64% now have higher income – Most people have now seen their income increase compared to the start of the pandemic. It is understood that now the economy is coming back on track.
62% Positive about the future – Majority of working Indians feel that the impact of COVID is now waning and they are positive about the future prospects.
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NIRA CEO said – we give loans fast
Rohit Sen, CEO and Co-Founder, NIRA said, “The COVID pandemic was very challenging to work with in India. Nearly half of those surveyed faced loss of income, resulting in high financial stress along with medical costs. The often-precarious nature of their budgets, and lack of liquidity, leave working Indians vulnerable to unforeseen or emergency expenses. They need to take a loan to manage these additional costs. Even though they are the largest number in this country, there are very few reasonable options for them when it comes to availing loans. At NIRA, we try to offer fast, fair and reliable credit and help us deal with these tensions among the employees of our country.”
NIRA is a consumer finance business based in Bangalore, which has been building financial services for the large market in India, starting with credit. They provide loans with an income of at least ₹10,000 per month. NIRA operates across India and now has customers in over 5,000 towns and cities.
Tags: COVID 19, Indian economy
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