RBI surveys : Economy in pessimistic zone |
A series of surveys undertaken by the Reserve Bank of India (RBI) have indicated that more people see consumer confidence declining, business sentiment in manufacturing dipping, inflation on the rise and growth sliding. The findings are in sync with the RBI`s position in its monetary policy review on October 4, which slashed growth forecast from 7.3 per cent to 6.7 per cent for fiscal 2017-18. The current perceptions of households on the general economic situation remained in the pessimistic zone for four successive quarters, with the outlook worsening. The Consumer Confidence Survey, released by the RBI on October 4 soon after it unveiled the bi-monthly monetary policy, says the response for the current perception on the general economic situation showed 34.6 per cent saying “improved” as of September 2017, down from 44.6 per cent in September 2016. According to the survey, 40.7 per cent of respondents say the economic situation has worsened in September 2017 as against 25.3 per cent in the same period last year. The response for “one year ahead expectation” shows a decline to 50.8 per cent on the issue of economy “will improve” — down from 66.3 per cent in December 2016.
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