The Family in the car: Crores of debt and a nation in crisis

India Today

Seven lives lost in a parked car in Panchkula. But this isn't just one family's tragedy—it's a warning sign for India.

Transcript

00:00Seven members of a family from Gairadun in Uttarakhand were found dead in Panchkula.

00:05One car, seven lives and crores of debt.

00:09In Panchkula's Sector 27, a Hyundai stood still.

00:12Inside were seven members of a single family.

00:16They were all dead.

00:17The father, Praveen Mittal, was still breathing when their neighbour, Harsh, found him.

00:21But he did not survive the hospital.

00:23I know many of you might feel this is just another story about a family tragedy somewhere.

00:29But in this video, I will tell you why this grave, grave tragedy may just be a symptom.

00:34And the real disease may be far more widespread, more than even Covid.

00:38And in cases like the Mittals, far far more fatal.

00:41I'm Manisha Vikari and you're watching First Things Fast.

00:43Suicide note was found in which this family of seven said we had no other option.

00:50Praveen had tried everything.

00:51A scrap business in Panchkula, a travel company in Dehradun, a taxi business.

00:57He failed every time.

00:58The losses kept mounting.

01:00Over 12 crore in unpaid loans.

01:02He went bankrupt.

01:03So one day he packed his entire family, his wife, three children and aging parents into that car.

01:10Police say he used poisonous chemicals.

01:13All of them died.

01:14What happens to the Mittals is a mirror to what's happening in homes across India.

01:19Because this is not an isolated case.

01:21Here's the reality.

01:22India's household debt is rising like never before.

01:25Before the pandemic, household debt was around 33% of our GDP.

01:30Now it's at nearly 43%.

01:32Loans have become a lifeline naturally.

01:34From March 2021 to March 2024, personal loans shot up by 75%.

01:40Microfinance loans, that's the loans poor people take, jumped by 67%.

01:46Incomes, they've only grown 43% in that same time.

01:50Which means people are borrowing more than they're earning.

01:53Not to build a business, not to buy a home, but just to survive.

01:56To buy food, to pay bills, to send kids to school.

01:59Most of these loans are unsecured.

02:01No house, no gold, no land kept as guarantee.

02:04Just trust.

02:05And trust is now breaking.

02:07Nearly 60% of personal loan borrowers have more than 3 loans running at once.

02:12Among the poorest, 1 in 10 borrowers are already behind on payments.

02:16Let's be clear.

02:17Borrowing is not the problem.

02:18The problem is what we're borrowing for.

02:20And if incomes don't rise soon, more families will crumble under the weight of their debt.

02:25The RBI sees it, banks know it.

02:27But who's listening to families like the Mittals?

02:29There's a line in Praveen Mittal's suicide note.

02:32It says, don't harass my father-in-law.

02:34A final request from a man who thought he had nothing else to give.

02:38He did what he thought was the only way out.

02:40But that should never be the only option left to anyone.

02:43I'm Manisha Dikari.

02:45First things fast.

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