Consumer Confidence Drops to 6-year Low amid employment situation worsening, Says RBI Survey
The Indian consumers' confidence in the overall economy slumped to a six-year low in September 2019, amid worsening the employment scenario, as per Reserve Bank of India (RBI)'s latest monetary policy.
The survey has found ‘deep pessimism’ in the country over
the employment situation.
The Current Situation Index (CCI), a major of confidence,
dropped to 89.4 in September 2019 from 95.7 recorded in the July 2019, the RBI
data showed.
5,192 households , in 13 major cities were part of this
survey. These included the six largest metros-Delhi, Mumbai, Chennai, Kolkata,
Bengaluru and Hyderabad and seven other cities / state capitals-Bhopal,
Guwahati (Dispur), Jaipur, Lucknow, Patna and Thiruvananthapuram.
47.9 percent of the survey respondents felt that the general
economic situation in the country has worsened while just over a third (33.5
percent) felt that the situation has improved.
On employment, more than half the respondents (52.5 percent)
believed the job market has worsened and 33.4 percent felt that the situation
will only get worse in the next one year.
For the first time, 26% of those polled said their spending
on non-essentials would go down in the coming year.
However, on a positive note, 53% of respondents see an
increase in income in the coming year while only 9.6% feel it will go down.
Indian economy grew by just 5% in the June quarter, its slowest
pace since 2013.
RBI last week reduced its repo rate 5th time in a
row. This rate is lowest since 2010
This rate cut long with fiscal steps including corporate tax
cuts, expected recently to spur growth in coming days
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