Home >Money >Personal Finance >77% of Indians optimistic of an economic recovery and business revival: Survey

At least 77% of Indians are optimistic of an economic recovery and business revival, reveals a survey by digital lending platform IndiaLends on 1,700 individuals. Findings of the survey show that 27% respondents believes a turnaround may happen in the next three months.

IndiaLends conducted a survey in November to capture the current mood of the nation during the festive season. Both the salaried and self-employed from Tier I and II cities took part in the survey. "Nearly 28% felt it could take anywhere between six months to a year, an indication that people were still weighing in on the pandemic," the survey says.

At least 71% of the respondents has a plan to take a personal loan in the next three to six months, the survey says. They cited two- and four-wheelers, business startups, household durables, electronic gadgets and home renovation as the mains reasons for opting personal loans.

Nearly 46% of the respondents say they expect an increase in household expenses towards consumer durables — washing machine and dishwasher, and 11% say they will opt for a personal loan to buy these appliances.

"With people spending more time at home, almost 38% of the respondents also said that would consider getting their home renovated in the coming months, and 15% said they would take a loan for the same," the survey says.

"At least 7% of the respondents say they will opt for a loan to pay for upskilling courses, which points to the impact of COVID-19 on jobs and the need to utilise free time to acquire new skills," the survey mentions. Thirty one percent respondents of IndiaLends says they will use the loan to start their own business.

Commenting on the findings, IndiaLends founder and chief executive officer Gaurav Chopra says, “The economy is slowly but steadily recovering from the coronavirus pandemic and is getting back on the growth trajectory. There are clear signs of a business revival and consumer confidence. This is evident in the uptick in loan applications from enterprises such as MSMEs as well as individuals, including millennials, and the many reasons they are taking those loans."

On future outlook, Chopra ad, "Our latest survey reveals that businesses and individuals are keen to return to a ‘new normal’ life and start 2021 on a positive note."

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