Hyderabad among the worst-impacted cities in terms of income: Survey

Hyderabad: Hyderabad is the third-worst impacted city among the top six metropolitan cities in terms of loss of income and loan repayment capacity, a recent survey by Paisabazaar said. With the whole country reeling under the impact of COVID-19, thousands to lakhs of people have been reportedly laid off.

Hyderabad is followed by Delhi-NCR and Mumbai, says the consumer insight report. The survey titled ‘Dealing with Debt: How India plans to pay EMIs’ was conducted on about 8,500 consumers in the age group of 24-57.

In the survey conducted in 35 cities, sixty-three per cent of Hyderabadi residents who participated in the survey said their income had taken a hit due to COVID-19. Twenty per cent lost their income completely. 

Further, around 80 per cent of self-employed Hyderabad residents and 58 per cent of the salaried segment from the city suffered an income loss, the survey revealed.

According to this survey, pan-India, over 86 per cent of the self-employed customers reported a loss in income due to COVID-led restrictions. 

“While there was a widespread impact on consumers in the first two-three months of the pandemic, we believe there has been a steady recovery since July. Incomes of customer segments employed in Travel, Aviation, Hospitality, etc. should start getting restored gradually. However, the supply of loans to self-employed and low-income segments would take longer to recover,” said Naveen Kukreja, CEO, Paisabazaar.com.