Bus operators on the brink of bankruptcy, millions lose jobs as sector loses Rs 1.3 lakh cr
Many operators have threatened to surrender their vehicles to arm-twist lenders to waive interest for the lockdown period and restructure their loans.
The sector employs 10 million, who in turn support the lives of 40 million people. Once the moratorium conditions are lifted, easily 300,000-400,000 transport operators are sure to default – and their buses may be up for repossession as nearly 75% of the industry fleet is on finance.
Mumbai: Guwahati’s transporter Anjit Bora has seen his fleet of 30 buses idling for more than half a year or 180 days. While the lockdown has started to ease all over India gradually, his fleet is still unused. A stressed Bora borrowed money against his insurance policies to pay his 100 odd workers.“If in this hour of crisis, I don’t care for my employees, where will they go?” he said over a scratchy telephone line. “They will become