Consumer confidence is on the rise in India
Last month's data shows that the growth momentum has been maintained
Indian consumers have generally become more optimistic about the state of the economy. Both the Reserve Bank of India's (RBI) consumer confidence index and the Centre for Monitoring Indian Economy’s (CMIE) consumer sentiment index have shown a marked improvement over the past two months. This is reported by Trinity Mirror, a partner of TV BRICS.
The onset of the festive season also helped boost consumer confidence. Most of the high-frequency indicators have performed better in the first half of the current financial year. The data for the last month shows that the growth momentum has been maintained.
Consumer confidence rose to its highest level in four years, according to a Reserve Bank of India survey.
The current situation index, which reflects the current state of affairs, jumped from 88.10 in the July survey to 92.20 in the September survey. The jump took the current situation index to levels seen in the pre-July period.
A key indicator of manufacturing activity in India, the Purchasing Managers' Index (PMI), posted the slowest growth rate in October. The slowdown was mainly due to lower demand for some products.
Photo: IStock
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