Consumer Confidence Sinks In November

by GoNews Desk 7 months ago Views 1384
Consumer Confidence Sinks
There is widespread anxiety in the country over the economic slowdown.

Latest figures of the Reserve Bank of India (RBI) show that consumer confidence has weakened due to the current state of the economy and anxiety about the future has increased. According to the RBI, the consumer confidence index has seen a 15 point fall from March 2019 to present day.

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The RBI’s latest figures show that the consumer confidence index, which was above 100 in March 2019, has fallen to 85.7 points in November. This clearly means that in the first six months of the Modi government’s second term, despair and mistrust regarding the economy has increased.

Almost all the norms, on the basis of which the RBI has prepared its report, have registered a decline. The consensus on economic conditions and employment is becoming negative.

In September, the confidence index on economic conditions was -14.1, but in November it became -21.1. This means that consumer mistrust is increasing each month. Similarly, the confidence index on employment in September was -24.5, which fell to -33.1 in November.

In this survey by the RBI, people expressed their concerns over inflation as well. People believe that prices have risen in the last year and they will increase further in the coming year. In the confidence index, inflation was at -82.8 in September, which increased to become -83.9 in November. Similarly, on the income front, the index has risen from -1.7 to -2.6.

The RBI has prepared this report after a survey of 5,334 households in 13 cities across the country, which included Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai, Patna and Thiruvananthapuram.

This indicates that it will take some time for the all-round despair over the country’s economy to dissipate.

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