People’s confidence in Indian economy falling: Survey

People’s confidence in Indian economy falling: Survey

Courtesy : Agencies20/09/2018 08:58

As the country battles rising fuel prices, the latest Pew survey, which states that the confidence of people in Indian economy has fallen drastically in the last one year, might come as a further blow to the Narendra Modi led government a few months ahead of the general elections.

According to the survey, while 83 per cent of Indians felt that the economy was in good health in 2017, it is down to 56 per cent now. The stark change might be due to the rising fuel prices, steep fall in rupee and the lingering effects of the GST and demonetisation. 

Interestingly, confidence in the economy has improved in most of the 27 countries surveyed by Pew.

Ten years after the great 2008 depression, Western economies are slowly gaining back the momentum. Hence the confidence in economy is gradually increasing globally, says the latest survey.

The BJP and the Central government, however, might take some heart from the fact that 56 per cent satisfaction in India is still higher than the median set at 43 per cent.

The survey also states that 66 per cent Indians think their future generation will be better off than them. Only 19 per cent think otherwise.

Also, only 16 per cent Indians believe that they are worst off economically than they were 20 years ago.

Expectedly, supporters of the ruling party are likely to believe that they are well off economically than those who oppose the government.

The global trend is mimicked in India too. In India, 48 per cent of those who oppose the government believe that they are well off whereas the number is 72 per cent, for all those who have put their faith in ‘Modinomics’. 

Globally, the survey says that while the populist parties in the West have tried to paint a grim picture of economy, people’s sentiments have significantly improved in the past 10 years, by as much as around 50 per cent in Germany and the USA.

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