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'Consumer sentiments weak but growth not falling off a cliff'
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SME Times News Bureau | 12 Sep, 2019
Broking firm HSBC Securities on
Thursday said consumer sentiments appear weak and the slowdown persists
though growth is not "falling off a cliff".
"Consumer sentiments
appear weak and slowdown persists but growth does not seem to be falling
off a cliff," the broking house said in a note.
On the consumer
market, it said the distribution is undergoing a change and 'kiranas'
are here to stay and they are getting a strong foothold.
Finance
Minister Nirmala Sitharaman a day ago in Chennai said though GDP growth
has declined to five per cent in the first quarter, ups and down are
part of the growth process and the government is responding to the
current economic challenges to revive demand and consumption in the
country.
She said the "millennial mindset" of relying on taxi
services, besides the upcoming stricter emission norms, are responsible
for the auto sector slowdown.
The macro state of economy is
such that the muted household spending as reflected in metrics like
falling car sales have resulted in unsold inventories. Rising unused
capacities in factory plants have shown slackening demand and feeble
investment.
Automobile sellers have not been reporting brisk
activity, implying lower spending ability and flat income growth.
Hundreds of showrooms have shut shop.
Tractor and motorcycle sales - indicators of rural demand - continued to contract.
Commercial vehicle sales slowed even after adjusting for base effects, beaten by low demand.
Construction
activity indicators have also slowed down, with contraction in cement
production and slower growth in finished steel consumption in June.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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