What's hurting India's consumption? Here's what RBI survey has to say

The RBI survey painted a rather pessimistic picture for the future

Anecdotal evidence of threats to consumption, which is the backbone of the Indian economy, now has some statistical backing from a central bank survey.

Consumers are increasingly cutting down on spending amid rising fears about job prospects, a Reserve Bank of India survey shows, foreboding a slowdown in Asia’s third-largest economy.

Consumer sentiment has taken a knock on the back of increasing worries about the economy and rising concerns about jobs, the survey showed. The Consumer Confidence Index dropped to 93.9 in the latest gauge