Consumer Confidence sees Improvement in July: Ipsos Survey
According to the Primary Consumer Sentiment Index (PCSI) for the month of July, as published by Refinitiv-Ipsos, the consumer confidence in the country has improved in the Month of July 2020. This is attributed to the resumption of economic activities in the country after a prolonged lockdown due to the COVID 19.
As per the details published by Ipsos, the consumer sentiment index in India has improved up to 2.6 percentage points in July after minor improvement observed in June. The index saw a steep downward spiral in the months of April and May 2020.
The index is calculated based on the aggregation of the four weighted sub-indices and it is showing recovery now for all the four indices as on July 2020.
The PCSI for the Employment Confidence Sub-Index has recovered 0.7 percentage points whereas the Economic Expectations Sub-Index has seen a major surge of 4.9 percentage points in July.
The PCSI Investment Climate Sub-Index has seen an increase of 2.1 percentage points and the Current Personal Financial Conditions Sub-Index has surged by 2.2 percentage points in the month of July 2020.
Due to the Unlock Phases I and II, the economic activities in the country have picked up to some extent and normalcy to some extent is returning to the country with respect to economy and livelihood. That is the main reason why optimism is prevailing in the country. The states are also opening up activities in phases, keeping in mind the precautions required, adding to the confidence of the consumers.
The survey has pointed towards a steady and sustainable growth in overall demand in the country in the coming months and the present set of data is just an indication to that.
Month: Current Affairs - July, 2020
Category: Economy & Banking Current Affairs