Industry

India's COVID-19 Catastrophe Causes Black Market Boom

Indians are turning to the black market to save lives of loved ones.
IMAGE SHUTTERSTOCK
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India's healthcare system is on the brink of collapse as it grapples with over 18 million COVID-19 cases, of which more than 200,000 have resulted in death. News of India's struggle has gone beyond its borders, encouraging other countries and mega-corporations like Google to donate supplies, vaccines, and funds to the country.

However, it might take a while for support to arrive and until then, many have turned to the black market for supplies and medication as hospitals, many of which are out of beds and oxygen tanks, turn patients away.

As a result, the black market is booming. According to a BBC investigation, essential medical supplies are being sold for over 100 percent and more on the black market. A typical $80 five-liter oxygen cylinder is being sold for a whopping $1,330 on the black market, which in India could be equivalent to four months of family savings.

Here's a breakdown of price surges on the black market:

Infographic: India's Covid-19 Crisis Leads To Black Market Price Explosion | Statista You will find more infographics at Statista

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Anri Ichimura
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