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Covid-19 impact: As debt piles up, transporters surrender or sell trucks

IFTRT says 30,000 trucks have either been impounded or surrendered

Topics
Road Transport | Loan repayment | transport sector

Shally Seth Mohile & Hamsini Karthik  |  Mumbai 

Hit by fewer trips, high operating costs, and low freight, transporters in the unorganised road transport sector are either surrendering their trucks to financiers or selling them. Since the end of the moratorium on August 31, truck operators have been struggling with their loan repayment.

An estimated 30,000 trucks have either been impounded by financiers or surrendered to them, said S P Singh, senior fellow at the Indian Foundation of Transport Research & Training. At least 40 per cent of the trucks were purchased just last year. “The situation is bad and ...

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First Published: Thu, November 05 2020. 21:13 IST
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