Indian consumers turn more glum about future, less likely to spend: Survey

The reasons for the pessimism were deteriorating sentiments on general economic situation, income and prices, the RBI said. The current situation index had hit a record low of 49.9 in September

Indian consumers turned more pessimistic about the present and less gung-ho about the future, making them less likely to spend big in an economy that’s driven by domestic consumption.

The current situation index fell to 53.1 in March from 55.5 in January, according to the Reserve Bank of India’s consumer confidence survey, where 100 is the dividing line between pessimism and optimism. Survey respondents were also less optimistic about the year ahead, with the future expectations index dipping to 108.8 from 117.1 in the period under review, the RBI said.

The reasons for the pessimism were deteriorating sentiments on general