Covid-19 batters India’s rural economy beyond repair

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Some farmers have been hit so badly that they do not have money to buy seeds and fertilisers to plant summer-sown crops

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A farmer feeds iceberg lettuce to his buffalo at Bhuinj village in Satara district in the western state of Maharashtra, India. File photo: REUTERS/RAJENDRA JADHAV

“The hospital bill was 820,000 rupees . It not only exhausted our savings but also forced us to borrow from relatives,” Bagal said as he irrigated the fields in the farm below the mountains of the Western Ghats. Lockdowns imposed by authorities trying to contain the surge added to the pain, but at least the monsoon season, which began in June, is forecast to deliver normal rainfall.

Almost two-thirds of India’s 1.35-billion population live in the small towns and villages in the countryside, and the rural economy accounts for about a third of the country's GDP. “This time sentiments in the hinterland are very weak and even those with money are choosing to save rather than spending it or paying off loans,” said Ramesh Iyer, MD of Mahindra Finance, one of the biggest shadow lenders in the rural sector.

India’s vaccination drive is also far behind the curve, and the fears of a potential third wave are damaging people’s confidence in the economic outlook.

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