New Delhi: A recent survey conducted by the Reserve Bank of India (RBI) has found ‘deep pessimism’ in the country over the employment situation.
The ‘Consumer Confidence Survey’ for the month of September comes amid the ongoing economic slowdown in the country, which has, among other things, seen the gross domestic product (GDP) fall to a six-year low of 5% in the first quarter of 2019.
For the first time since September 2012, when it came into being, the survey said that a majority of respondents (52.5%) felt that the employment situation has worsened, while, for the coming year, 33.4% said that the situation will only get worse, again the highest proportion ever to have voiced such a feeling.
26.7% respondents, on their own income, said that the same had decreased, the highest proportion since November 2017 (28%). However, 53% anticipate a rise in their income in the coming year, while just 9.6% felt that it would go down.
On the overall economic situation, 47.9% said that it had worsened, the highest proportion since December 2013’s 54%. On this front, 31.8%, felt that the situation would worsen further, once again the second-highest proportion. In September 2013, 38.6% respondents expressed such a view.
On prices, nearly 75% feel that inflation has risen and almost the same proportion feel that it would rise one year down the line.
26% said that they would cut down on their spending on non-essentials in the coming year.
The Consumer Confidence Survey was conducted in 13 cities across the country. These included the six largest metros-Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad (of which the latter five are state capitals too) and seven other state capitals-Bhopal, Guwahati (Dispur), Jaipur, Lucknow, Patna and Thiruvananthapuram.
5,192 households were surveyed as part of this study.