RBI survey shows consumer confidence dropped to six-year low under Modi govt
New Delhi, Oct 06: A recent survey conducted by the Reserve Bank of India (RBI) has found that the employment scenario and price rise has dipped to a six-year low in September.
The 'Consumer Confidence Survey' for the month of September comes amid the ongoing economic slowdown in the country, which has, among other things, seen the gross domestic product (GDP) fall to a six-year low of 5% in the first quarter of 2019.
It should be noted that the RBI conducts this survey once in three months and in the last one during June, the consumer confidence was at 95.7.
The current survey shows nearly 47.9% said that it had worsened the overall economic situation while, 33.4% respondents believe that the overall economic situation has worsened. However, 53% anticipate a rise in their income in the coming year, while just 9.6% felt that it would go down.
When it comes to the economy, 31.8% believe that it will worsen next year while 53.2% believe that it will improve in the coming year.
As on prices, about 75% feel that inflation has risen and almost the same proportion feel that it would rise one year down the line.
26% said that they would cut down on their spending on non-essentials in the coming year.
When it comes to spending, 74.1 per cent believe that it has increased and another 77 per cent believe that it will increase in the coming year too. Only 3.8 per cent believe that spending has decreased and 4 per cent believe that it will decrease further in the coming year.
While 83.8 per cent believe that spending on essential items has increased, 83 per cent believe that it will increase in the coming year.
The RBI's Consumer Confidence Survey was conducted in 13 cities across the country including the six largest metros-Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad and seven other state capitals-Bhopal, Guwahati (Dispur), Jaipur, Lucknow, Patna and Thiruvananthapuram.