BackIndia’s economic confidence upbeat, says Ipsos study
According to the report, India is the sixth-most economically confident country after Saudi Arabia, Germany, China, Sweden and Canada
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New Delhi: India’s economic confidence is on the rise in anticipation of a new government along with falling inflation and improved performances of manufacturing and services, says a report released by global research firm Ipsos on Monday.
According to the report, titled Ipsos Economic Pulse of the World, India is the sixth-most economically confident country after Saudi Arabia, Germany, China, Sweden and Canada.
“Bullish foreign investors are returning to India and ploughing in billions of dollars into Indian equities, in anticipation of a more business-friendly government winning the general elections this spring," said Mick Gordon, chief executive, Ipsos in India.
Election to India’s 16th Lok Sabha began on Monday. The opposition Bharatiya Janata Party is widely expected to win the election, defeating the Congress party that faces criticism for slow decision-making, corruption scandals, rising prices and its handling of the economy.
“The upbeat economic confidence is further aided by resurgence in exports due to global economic revival, appreciation of rupee, improved performance of industry and services sector and moderation of inflation in India," Gordon said.
India’s economic confidence level has been rising since October and gained 10 points to reach 61% in February, Ipsos said.
Nearly four in 10 (37%) Indians believe the local economy, which impacts their personal finance, is in a good shape. Nearly five in 10 (48%) people expect the economy in their local area will be stronger in the next six months.
The online survey was conducted in February among 18,647 people in 25 countries.
In another report released in March, financial research and analytics company Zyfin Research’s consumer outlook index rose by 0.5 points in February to 42.6 points—its highest since December 2012—in a sign of increasing confidence in the economy. The economic sentiment index improved by 1.9 points from the previous month to 59.3.
The inflation sentiment index remained flat at 23.3 points.
“Consumers still feel that they need to work around their monthly household budgets frequently, to adjust for rising inflation," said Debopam Chaudhuri, vice-president of research at ZyFin Research, Mint reported on 13 March.
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