There are now figures to back the frustration. The sentiment of disappointment sweeping through the country — as the government falters on delivering promised growth, undertaking key reforms and implementing its agenda for inclusive growth — is not just real but has, in fact, worsened over the last year.
Nearly 60 per cent of Indians today, up from 47 per cent last year, are dissatisfied with the direction in which the country is headed, the Pew Global Attitudes Project's 2012 spring survey has revealed. With 77 per cent putting the blame for the mess squarely at the doors of the government. The only silver lining for Manmohan Singh’s government: last year, 80 per cent held it responsible for the adverse economic situation.
The situation across the world is not much better, either. Of the 21 countries surveyed, the majority of respondents in only Brazil, China, Germany and Turkey said they were satisfied with the state of their national economies.
“The public mood about the economy has worsened since 2008 in eight of 15 countries for which there is comparable data, while it is essentially unchanged in four others,” the report said. (Click for graphic)
The only exception is China, where the disposition towards the economy has remained positive for an entire decade.
Yet, despite the sense of dejection about their national economies, there is optimism about personal economic conditions and a median of 52 per cent in the 21 nations surveyed expressed satisfaction with their own situation .
In India, close to 65 per cent were content with their personal economic circumstances and 50 per cent also felt they were better off today than five years ago. “The public’s retrospective perception of the economy is generally in line with economic experience,” the report said, underlining that the Indian economy’s growth had averaged 8.1 per cent during this period.
But asked about opportunities for India’s youth, the celebrated demographic dividend, and 66 per cent felt it wasn’t easy for a young person in the country to get a job and become wealthier than his or her parents.
“While people in emerging markets also worry about the economic mobility of their children,” the report added, “They are four times more optimistic about the future for their kids than the Europeans than and twice as optimistic as Americans . ”
The 4,018 interviews, which the Washington-based Pew Research Center's project conducted across 14 Indian states during March and April this year, also exposed how perceptions varied across income groups.
As many as 74 per cent of India’s high-income population, for instance, was supportive of the free-market economy, while only about half of the country’s low-income group felt the same way.
Over the next 12 months, most believe the pain will persist. Except for Brazil, China, Tunisia, Mexico, Egypt and the United States, where half or more of the population think national economic conditions will improve .
Only 45 per cent of Indians, however, see the economy improving. For the beleaguered government, that’s not good news.
