In recent years, India has showcased remarkable economic resilience, surmounting various challenges on both domestic and global fronts. With a GDP of $3,740 billion, India is the 5th largest economy in the world. Amidst a complex geopolitical scenario, exacerbated by the post-COVID impact and the Ukraine-Russia conflict, India has stood out as a robust and growing economy. While the prices of food, fuel, and fertilizers rose sharply, posing challenges, India is actively implementing measures to address and improve these critical aspects.
The graph shows the commodity price indexes at the global level. It clearly indicates how prices have gone up drastically, leading to inflation.
Source: IMF’s Primary Commodity Price System
In August 2023, we conducted a survey involving more than 1100 Indian respondents to assess their views on various facets of the nation’s economic and financial well-being. This report functions as an indicator, shedding light on perceptions regarding aspects such as the country’s economic condition, personal finances and future outlooks.
Indians Betting Big on a Promising Economic Tomorrow
It is encouraging to see that the majority of respondents have a positive or stable view of the country’s economic situation and expect it to improve in the near future. This positivity can be attributed to different factors like new government initiatives, increasing startup ecosystem, improving foreign relations, etc. Such positive sentiments lead to a boost in investments and further improvement in GDP and economic scenario.
Although we cannot overlook the negative sentiments about the economic condition, as they keep the policy changes under check. The Government of India in the last few years has brought about zealous economic reforms, with its focus on Make in India, Startup India, and Invest India, India has been able to attract an FDI of over $70.97 Bn in FY 22-23. Mainstreaming unbanked poor families through Digital India and opening up of Jan Dhan accounts has been one of the major achievements of the government where India is seen as a global leader in digital payments.
While there are contrasting instances of some initiatives not having worked as well as intended and the unsolved issue of unemployment in the country amidst a staggering global economy, most Indians are of the opinion that the Central Government has brought about positive changes and are optimistic about the country’s economic condition.
The survey suggests that the majority of Indians had a modest growth of up to 5% in their income levels while there are substantial portions reporting more significant income improvements. Respondents are mostly positive about their family’s financial situation, with a majority expecting stability in the near future, however price rise has remained a pressing concern. There is a high level need to maintain these income hikes by implementing more sustainable and long term policies.
The survey results underscore the prevailing confidence in the nation’s economic prospects, driven in part by the government’s proactive economic reforms and notable achievements in the digital and financial sectors. While challenges persist, including issues related to unemployment and rising prices, the overall sentiment suggests that Indians are betting on a promising economic tomorrow. With continued efforts to address these challenges and build on its economic strengths, India stands poised to further solidify its position as a global economic powerhouse.
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