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Consumer confidence worsens in May
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Top Stories |
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SME Times News Bureau | 23 May, 2021
The consumer confidence in India has further weakened
in May amid the severe Covid crisis and the resultant lockdowns across
states.
The monthly Refinitiv-Ipsos Primary Consumer Sentiment
Index (PCSI) for India, in May, has shown a sharp drop of 6.3 percentage
points, over April 2021, amid Covid-19 fears.
The monthly PCSI,
which is driven by the aggregation of the four weighted sub-indices, has
plunged across all sub-indices. The PCSI Employment Confidence
Sub-Index is down by 4.7 percentage points, the PCSI Current Personal
Financial Conditions Sub-Index has steeply fallen by 9.0 percentage
points.
Further, the PCSI Investment Climate Sub-Index has
sharply declined by 8.4 percentage points and the PCSI Economic
Expectations Sub Index, has decreased by 4.4 percentage points.
Amit
Adarkar, CEO, Ipsos India, said: "The second wave has been far greater
in intensity as compared to the first wave and we are seeing its
terrible impact not only on our healthcare infrastructure, which is
stressed due to the steep surge in cases, but also on consumer
sentiment, which has plummeted across the four sub-indices. Especially
for personal finances, for day to day running of household expenses and
savings and investments for the future."
Confidence around jobs
and the economy too have taken a hit and right now, the government's
focus is to contain the virus and save lives. And that is why we are
seeing lockdowns and restrictions being imposed. But then it is also
impacting livelihoods and earnings, he said.
"It is a tough
dilemma but saving lives will take precedence over everything else and
then of course expediting the vaccination drive, with now Sputnik V too
making the India debut. We will have to closely watch the Covid
trajectory over the next 3-4 weeks and gauge if restrictions are being
lifted from June onwards. If it does not happen and vaccination drive
does not pick up pace, we are looking at a very slow rebound."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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