Consumers Don't Have Faith in India's Economy
A key thing that drives economic growth is Consumer Sentiment; what consumers believe the economy will look like in the near future and whether they will earn more or not. CMIE's Consumer Sentiment Index shows that India's consumers have not recovered their confidence, which took a hit after COVID hit us in April 2020. The latest reading shows that consumer sentiment is down 43% compared to two years ago. Even the RBI's data shows that a majority of Indians believe their income will not increase next year. This is bad for India's economy, because it means consumers will hesitate to buy goods and services, and that will delay any revival of demand.
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