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General public is more optimistic about spending, economy, future expectations, employment and income and are less pessimistic about the current state of the economy, reveals Reserve Bank of India’s September 2021 round of the survey. However, at the same time consumers are still wary about the prices an year from now, it added.
In terms of future expectations, the survey’s results is one of the most positive in at least with the Covid-19 pandemic casting a shadow on consumer confidence.
The survey data showed that the current situation index is the highest since May 2020, while the future index was at its highest since November 2020.
As of September, the overall consumer confidence index increased to 57.7 from 48.6 in July. Adding to that, consumer confidence for one year ahead also improved. In September, the future index moved to 107 from 104 in July. An index value above 100 is considered as an optimum sign.
The Current Situation Index (CSI), improved as compared to the earlier rounds conducted after May 2020. And, after the survey restrictions were eased further with places of worship being opened in Maharashtra. On the other hand, higher optimism on the general economic situation and employment scenario, aided the improvement of the Future Expectations Index (FEI), further in September from July 2021.
When it came to overall expenditure, households have reported an increase, due to a higher spending on essential items.
Inflation back in tolerance band
Alongside the monetary policy statement in August, the central bank also published the monetary policy report which said that the domestic economic activity is coming back to normal, after the ferocious second wave derailed the momentum.
It also added that the headline inflation has fallen back into the tolerance band, and the trajectory is expected to be driven by supply side factors.
In the current fiscal year, The RBI expects growth to be around 9.5% and has also downplayed the impact of hardening domestic and crude prices and their impact on the overall prices.