As economies across the world have come crashing down due to the coronavirus, Indian consumers are suffering from suppressed wages, mass lay-offs, and reduced economic activity. Yet, while the entire country’s economy has been turned upside down, one sector of the market has silently exploded: Instant loan suppliers, lending money to Indian workers who desperately need the funds to pay off critical bills. These lenders, however, charge gigantic interest rates which enable them to profit off of the backs of economically insecure workers.
Author: Ishan Balakrishnan
Ishan is a first-year student at UC Berkeley pursuing degrees in Computer Science and Business Administration. As an Investing Columnist, he is super passionate to discuss topics relating to global politics, foreign policy, international finance, and the intersection of business and tech. Ishan is also an analyst for the Phoenix Consulting Group, and a software developer and business consultant for Berkeley’s premier startup accelerator, Convergent. In his free time, Ishan loves gaming with friends, and playing and watching tennis and basketball, while rooting for Roger Federer and repping the Dubs.