The Covid Curse: Ahead Of Diwali, Families Forced To Sell Gold
NDTV
Desperate for cash in the wake of pandemic-induced job losses and soaring fuel prices, many families and small businesses have been putting up gold jewellery -- their last resort -- as collateral to secure short-term loans.
In Mumbai's jewellery bazaar, Kavita Jogani gingerly places her wedding bangles on the shopkeeper's scales, one of the thousands of Indians parting with their most cherished asset -- gold.
It was not an easy decision -- Jogani was desperate after her garment business took a severe hit in the past year and a half with multiple coronavirus lockdowns, making it difficult to pay shop bills and the salaries of her 15 employees.
The headline growth numbers suggest Asia's third-largest economy is rebounding from the economic crisis unleashed by COVID-19, but there is no end yet to the financial pain for many Indians.
"I don't have any other option than selling the gold," said Jogani as she waited nervously for the shop owner to make her an offer.
