India’s economic confidence remains shaky due to gloomy investor sentiment, chronic gaps in infrastructure, high inflation and interest rate, according to a report by global research firm Ipsos.
According to the Ipsos Economic Pulse of the World Survey, India’s economic confidence dropped further by 2 points to 70 per cent in the month of May compared to the previous month.
However, it continued to hold the second most economically confident country position after Saudi Arabia which continued to top with a wide margin at 88 percent.
Half of Indian citizens believe their local economy, which impacts their personal finances, is good and 54 per cent people expect that the economy in their local area will be stronger in next six months.
The Ipsos report, which examined citizens’ assessment of the current state of their country’s economy, said that the overall global economic engine has lost significant steam in May and has dropped another point to 37 per cent, the lowest it has been since the economic downturn of 2009.