A Taxi Driver's Loan Story That Explains India's Debt Reality

Yesterday, I was going to Faridabad from the airport. We generally talk to taxi drivers. The taxi driver's name was Gaurav Gupta. He was like, I was a driver in Gurgaon and I had a salary of around 25,000. I asked him why he took the car. He said, he had an enthusiasm to do something for himself. I asked him how he feels now. He said, he is stuck. He took the car, he took a loan for it. You won't believe that loans are available for us at low rates and in good terms. People like Gaurav get loans in very strict terms. He said, he has a loan of 6 years. He told me about the expense.

He said, the car costs 40,000-45,000 per month. He has to pay at least 45,000 to do the break even. He was saying that he would be happy if he could get food for a few days. When he was driving, I asked him in contrast, where were you happy? He said, he saved a lot of money there. He used to give me food. He saved 10,000 per month. He couldn't save it here.