Unending Covid ordeal and its continuous effect on the financial sector is making more and more Indians lose hope. This was revealed by the latest Consumer Confidence Survey conducted by the Reserve Bank of India. As a result, the consumers are spending increasingly less on luxury items. This will in the long run affect the economy, feel economists.
Normally, the Consumer Confidence Index should be 100. Less than that indicates lack of confidence on the part of the consumers. The RBI's latest report said that the consumer confidence index is around 53.1, which is dismally low. This shows that the consumers are uncertain about the future and are afraid of making huge spending. They want to save money for a rainy day. The survey was conducted in 13 major cities of the country, including Hyderabad Bengaluru, Ahmedabad, Chennai, Delhi, Mumbai and others.
The negative CCS means gloomy economic outlook and apprehensions about future financial position. During the peak of Corona lockdown, the CCS fell down to 49.9. This is the lowest index till now, according to financial experts.
Normally, the Consumer Confidence Index should be 100. Less than that indicates lack of confidence on the part of the consumers. The RBI's latest report said that the consumer confidence index is around 53.1, which is dismally low. This shows that the consumers are uncertain about the future and are afraid of making huge spending. They want to save money for a rainy day. The survey was conducted in 13 major cities of the country, including Hyderabad Bengaluru, Ahmedabad, Chennai, Delhi, Mumbai and others.
The negative CCS means gloomy economic outlook and apprehensions about future financial position. During the peak of Corona lockdown, the CCS fell down to 49.9. This is the lowest index till now, according to financial experts.