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Nationwide lockdown has resulted in complete disruption of economic activities and fall of aggregate demand and has disproportionately affected the most vulnerable section of the society. Loss of livelihoods, income irregularity and uncertainty and falling wages, has led to increase in financial stress, burden and insecurity of migrants, resulting in large scale reverse migration negatively affecting the scale and flow of domestic remittances. It will be extremely critical to understand how the segment has responded and coped with the crisis and offer appropriate avenues for them to remain resilient.

The webinar proposed prescriptions and options for building resilience of migrants. The discussion contributed to improve understanding of the current financial situation of migrants and their families, discuss strategies to better capture this data, identify and understand emerging trends in remittances, and explore opportunities to improve the design of financial products that target the migrant population. The “new normal” is probably a transitory phase and understanding current trends and trajectories is a vital policy input to designing financial systems for economic well-being of informal sector. The speakers included Easwaran Venkateswaran, MD & CEO (Interim) and COO, IPPB, Dr. Sona Mitra, Principal Economist, IWWAGE, Varun Aggarwal, Founder and Lead, India Migration Now and Sucharita Mukherjee, Co-Founder and CEO, Kaleidofin, and the session was moderated by Dr. Fabrizio Valenti, Head – Financial Inclusion, LEAD at Krea University. You can view the recordings here.