News
Indians struggling with medical debt turn to crowdfunding
During India’s deadly second wave of Covid-19, hospitalisations across the nation soared. Now, struggling Indians are using crowdfunding to repay their medical debt
As India struggles to recover from Covid-19, many are using crowdfunding as a substitute for health insurance or government support.
In India, a trip to the ICU and treatment for Covid-19 costs one family over 80 thousand dollars. And this price is growing by the day.
It has one of the lowest rates of public spending in the world at just 1.2% of the nation’s GDP. Almost 75% of Indians don’t have access to health insurance.
The pandemic has meant growth for crowdfunding cites
The three largest crowdfunding sites in the country – Ketto, Milaap and Give India – have collectively raised around $161 million during the pandemic.
Ketto says its grown four times during both waves, raising more than $40m for 12,000 Covid-19 relief campaigns.
“In many cases, crowdfunding became an alternate safety net to fill the existing gaps in the healthcare system,” said Ravina Banze and Irfan Bashir. They are co-authors of ‘Crowdfunding: The Story of People.’
India struggles to pay its medical debt
One study by the Duke Global Health Institute and the PHFI estimates that 75% of India’s self-employed and half of its salaried workforce could not afford to pay for critical medical care.
The burden falls heaviest on India’s poorest. last year, this group increased by 230 million Indians, according to researchers at Azim Premji University.
“Having unexpected medical emergencies is a recipe for disaster when most people live under the constant threat of financial instability,” Mr Bashir said.
News
Big Tech earnings spark investor unease over AI spending
Investors monitor Big Tech’s AI investments, with Meta thriving while Microsoft and Tesla face uncertainty over growth and returns.
Investors monitor Big Tech’s AI investments, with Meta thriving while Microsoft and Tesla face uncertainty over growth and returns.
Investors are reacting sharply to Big Tech earnings this week, sending a clear signal that massive spending must translate into real growth. Markets are becoming less forgiving as companies pour billions into artificial intelligence, data centres and future tech while returns remain uncertain.
Meta has delivered a standout performance, posting a 24 percent jump in revenue for the December quarter, fuelled by AI-powered advertising. The company is doubling down on its strategy, with aggressive investment in AI and infrastructure expected to drive a further 33 percent growth this quarter.
Microsoft and Tesla tell a more cautious story. Microsoft reported only modest growth in its Azure cloud business, raising questions about its exposure to OpenAI, while Tesla plans to double spending on AI and autonomous driving. Analysts warn of a widening gap between bold AI ambitions and what investors expect in returns.
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Federal Reserve holds interest rates amid economic uncertainty
Federal Reserve holds interest rates steady, balancing inflation and jobs, as some governors advocate for a cut. #FederalReserve #InterestRates #Economy
Federal Reserve holds interest rates steady, balancing inflation and jobs, as some governors advocate for a cut.
The Federal Reserve has opted to keep interest rates unchanged, marking the first pause since July. Officials are showing little urgency to resume cuts, even after previous rate reductions.
Two Fed governors opposed the decision, calling for a quarter-point cut, highlighting ongoing debates within the rate-setting committee, which includes both appointed governors and regional bank presidents.
Concerns over the job market and persistent inflation continue to weigh heavily on the Fed’s policy decisions, leaving economists and investors closely watching the next moves.
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#FederalReserve #InterestRates #Economy
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Trump warns Iran as U.S. naval forces approach amid rising tensions
Trump urges Iran to resume nuclear talks or face stronger U.S. military response amid economic struggles and tensions rise.
Trump urges Iran to resume nuclear talks or face stronger U.S. military response amid economic struggles and rising tensions.
U.S. President Donald Trump has urged Iran to return to nuclear negotiations, warning that failure to do so could result in a far more severe military response. Posting on Truth Social, Trump signalled a hardening stance as tensions between Washington and Tehran continue to rise.
Trump confirmed that a U.S. naval strike group led by the USS Abraham Lincoln is moving towards Iran, as protests grow inside the country over alleged government repression.
The show of force comes amid heightened regional instability and mounting pressure on the Iranian leadership.
#Trump #Iran #USForeignPolicy
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