The report assesses India’s economic confidence within the context of global uncertainties, ecompassing the repercussions of COVID-19 pandemic & geopolitical occurrences. The optimism has remained steady among the Indians during the pandemic, ranking the country as one of the highest in Asia. Amidst the supply chain disruption & financial challenges, India showcased resilience by addressing challenges, leveraging opportunities & implementing effective policies to drive sustainable & inclusive economic growth. These developments resulted in the positive economic outlook among the Indian citizens as seen in the IRIS Confidence Index 2023. The study also reveals the existing concerns among the respondents regarding their living expenses & uncertainities in comparison with the global benchmark. This calls for a combination of policy measures, structural reforms, investments & inclusive growth strategies.
India’s economic performance during the first part of 2023 surpassed market expectations with the IMF & the World Bank projecting the growth rates of 6.1% and 6.3% for 2023 and 2024, respectively, making it the fastest-growing major economy. Despite the global economic slowdown amid the pandemic & rising oil price movements, India has emerged as a bright spot with a strong growth trajectory driven by Indian government’s policies to stimulate private consumption and investment & tight monetary conditions to manage inflationary pressures. In the face of uncertainties, the consumer & business confidence have stayed resilient resulting in the boosted spending and economic growth.
The above factors are indicative of the optimistic outlook among Indian respondents in the IRIS Confidence Index 2023. Nearly 2/3rd (58%) of the Indians expressed their confidence in the country’s direction which is significantly higher than the global average of the surveyed respondents which stood at 33%.
WEO Update July 2023 Press Briefing Transcript:https://www.imf.org/en/News/Articles/2023/07/25/tr072523-transcript-of-world-economic-outlook-updat
D.Kumar and U. Bansal, “Emotion Sentiment Analysis of Indian Twitter-Data of COVID-19 After Lockdown,” 2021 2nd International Conference on Secure Cyber Computing and Communications (ICSCCC), Jalandhar, India, 2021, pp. 421-426
Economic Confidence Situation:
Financial Health Check: Evaluating the perception of Financial Landscape in India:
Contrary to the global average of 48%, only 1/3rd (35%) of the Indian respondents believe that the country is currently experiencing the recession, aligning with the optimistic outlook of country’s direction. However, 42% of Indian respondents express concerns about potential vulnerability to a global recession in the coming months, citing export dependence & exposure to the US market but the severity of its impact will not be high considering the high share of Indian export as a % of GDP which is 21% as compared to the world average & the declining oil prices resulting as a result of global economic downturn.
Is thrifty trend current reality of Indian Households?
Presently, over 60% of the Indian respondent anticipate a strengthening economy, a significant higher proportion compared to the global average of 21%.
India economic outlook, July 2023: https://www2.deloitte.com/us/en/insights/economy/asia-pacific/india-economic-outlook.html
WEO Update July 2023 Press Briefing Transcript:https://www.imf.org/en/News/Articles/2023/07/25/tr072523-transcript-of-world-economic-outlook-update
With global recession lingering the world, India finds itself as one of the fastest-growing economy and resilient from the current gloomy outlook
Nonetheless, 61% of the surveyed Indians report struggling to make ends meet as compared to the last year as a result of pandemic. Even though this figure is notably lower than the global average of 73% but pandemic has led to changes in consumer spending habits, resulting in the reduced expenditure across various product categories within households
These expenditure cuts are lower or nearly same as the global average across various categories signifying comparatively lesser household struggles in meeting their household expenses. The Indian households have significantly curtailed their expenses on indulges such as clothing & dining outside home. However, their reduction on expenses in essentials such as medication & food remained minimal while staying dedicated to the act of charity reflecting their generosity.
Going ahead:Embracing Optimism Amidst Unpredictability
Over the past couple of years, the Indian economy has encountered a range of challenges & uncertainties due to the disturbances within the global landscape. Nevertheless, there have been encouraging advancements & endeavors aimed at enhancing the economy. Various government initiatives including campaigns like Make in India & Digital India and other reforms in the agriculture & labor sector aimed to attract investments, promote innovation & improve the ease of doing business. The manufacturing sector in India holds the capacity for expansion, capable of augmenting its contribution to the GDP & thereby fostering export growth & overall economic advancement. The integration of digitalization & technological progress is poised to assume a pivotal role in driving India’s economic transformation forward.
About the Survey
In 2023, Q&Q Research Insights along with 26 corporate members of IRIS across Asia, Europe, America and North America did a tracking study focusing on the topics of economic confidence, climate change and health system. All fieldwork was undertaken online between February – June 2023. In total, over 18,000 people were surveyed. In India the study was conducted with a total of 500 respondents across the country.
About Q&Q Research Insights
Q&Q Research Insights is an award-winning boutique market research firm offering ad-hoc customized research and tracking studies to our clients. Our core business areas include Consumer Research, Agriculture, Healthcare, Automobile, and Retail Services. Q&Q Research Insights now cover all major Asian countries like Thailand, Vietnam, Philippines, Indonesia, Japan, Pakistan. We are the exclusive representative from India on ESOMAR and IRIS Global network.
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