Ice 360 survey is conducted by PRICE. PRICE is People’s Research on India’s Consumer Economy. The survey collects house hold income, financial details, expenditures, occupation, quality of living, etc.
Key findings
- The house hold income of the rich people increased by 39% in the last five years.
- The house hold income of the people in the country has been increasing since 1995. However, it has decreased by 53% in the last five years.
- The COVID induced lock down halted the economic activities completely for two quarters in 2020-21. Because of this, the GDP of the country decreased by 7.3% in 2020-21.
- According to the survey, the urban poor are the most affected of all people.
- During the pandemic, the middle class people and the poor faced disasters. And the rich increased their income.
- The house hold income of the middle class people decreased by 2%. The household income of the lower middle class decreased by 32%.
- During the COVID times, the income of the upper middle class increased by 7%.
Unemployment
- The job losses in small and medium companies were higher than the large companies and corporates. The casual labours were affected the most.
- During the first lock down, the urban people suffered a lot. Especially, the small traders, daily wage workers and domestic workers suffered more.
- The percentage of poor in the cities has increased. In 2016, 90% of the poor lived in rural India. In 2021, this decreased to 70%. On the other hand, the share of the poorest in urban areas increased from 10% in 2015 to 30% in 2021.
PRICE
PRICE collects details about macro consumer economy of the country and the environment of the citizens. It focuses on how Indians are earning, spending, saving, thinking and accessing public goods and amenities. It is highly helpful in formulating government policies and creating business strategies.