Economics
India Consumer Confidence Drops to Record Low, RBI Survey Shows
- Consumers increasingly glum about jobs, economic condition
- Inflation expectations are entrenched, outlook deteriorates
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Indian consumers’ confidence is plumbing new lows, adding to a string of grim data in an economy clobbered by the world’s worst coronavirus outbreak.
The current situation index fell to a record 48.5 in May from 53.1 in March, according to the Reserve Bank of India’s consumer confidence survey, where 100 is level that divides pessimism from optimism. Respondents were also bleak about the year-ahead prospects, with the future expectations index dropping to 96.4 from 108.8 in the period under review, the RBI said.