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How Coronavirus is Impacting the Microfinance Industry in India

It is hard to say how the world post-COVID-19 (coronavirus) pandemic will look like; however, one thing is certain: it will leave a significant impact on some societies, industries, and even some economies. One of those casualties could be India’s microfinance industry.

Countries around the world are trying to restrict the spread of coronavirus through regional quarantines to school closures. The World Health Organization, which has officially declared the outbreak a pandemic, called on "all countries to continue measures that have been successful in reducing the number of cases and halting the spread of the virus.” The coronavirus pandemic has brought chaos to lives and economies worldwide. According to The UN Department of Economic & Social Affairs (DESA) forecast, lockdowns have hit the service sector hard in most countries around the globe, particularly industries that include physical interactions such as retail trade, leisure & hospitality, recreation, and transport services. Collectively, as part of the ...

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