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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.
Business closures and job losses pushed more than 230 million Indians into poverty in the past year
Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children’s education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job. “A gold loan is after all a debt that I am taking on,” he said from his hometown in the coastal state of Goa. “Selling my jewelry means I am not obligated to pay someone back along with an additional interest on that.” With the pandemic pushing millions into poverty or ban...
Indians have been cutting down on their gold purchases in the past couple of years. Paul Fernandes, a 50-year-old waiter in India, last year took out a loan using his gold as collateral to pay for his children's education after losing his job on a cruise liner. This year, he is selling his gold jewelry to meet expenses, after failed attempts at starting a home business and finding another job. "A gold loan is after all a debt that I am taking on," he said from his hometown in the coastal state of Goa. "Selling my jewelry means I am not obligated to pay someone back along with an additional in...
When we thought that India is gaining upper hand in its fight against Covid-19 at that time the virus is raising its ugly head again in states like Maharashtra, Kerala. This development has resulted in imposing fresh restrictions to contain the spread of new variants of the virus. In Maharashtra, lockdowns were imposed in select […]