News > Pandemic empties India's Silicon Valley suburbs

Pandemic empties India's Silicon Valley suburbs

CNBC TV18 | 08/11/2020 07:32 PM | Click to read full article

In May, the government announced a $266 billion stimulus package, but consumer demand and manufacturing are yet to recover and the once-thriving shopping districts and commercial hubs are struggling.

Across Bengaluru, the stories are the same — of property owners renting out places cheaply or watching them empty out. Some are even losing out on decades-old tenants. 15% of the Bengaluru city’s businesses have closed down and 140,000 industries and small and big stores have permanently shut.