Indians convinced country headed in right direction despite slowdown, falling GDP, unemployment

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Published: November 12, 2019 5:11:32 PM

A majority of Indians are of the opinion that the country is headed in the right direction despite alarming GDP numbers, prolonged economic slowdown and unemployment.

Indian economy, GDP growth rate,BofA-ML Report, Muted Diwali demand, RBI, GVA growth, demonetisation, note banIndians are still concerned by issues such as unemployment, financial/political corruption, and crime and violence.

A majority of Indians are of the opinion that the country is headed in the right direction despite plummeting GDP numbers, prolonged economic slowdown and unemployment. “Majority of urban Indians continue to trudge forward with optimism … while global citizens, on the contrary, are quite downbeat, with at least 61% believing that they are on the wrong track,” an Ipsos survey said on Tuesday. Among the other most optimistic nations are China and Saudi Arabia while South Africa, Italy and Spain are the most negative about the prospects of their country. However, Indians are still concerned by issues such as unemployment, financial/political corruption, and crime and violence, the survey added.  

“Joblessness, graft and lawlessness continue to perturb urban Indians. With the recent slowdown in manufacturing, it would be interesting to see what the actual impact on the job market would be,” Amit Adarkar, CEO, Ipsos India & Operations Director, Ipsos APEC (Asia Pacific Excluding China), said in a statement. 

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What concerns global citizens

Indians are not different from their global peers in terms of their concerns. They share worries over unemployment, crime, violence and corruption. Notably, the top three issues that bother Indians, are the same as the concerns of those presiding over the world. However, some countries are more affected by unemployment and jobs. These include South Africa, Italy, South Korea, Spain, and India. On the other hand, Peru, Russia, Hungary, Malaysia, South Korea, Serbia are more affected by corruption. 

Meawhile, the apex bank RBI has cut down India’s annual GDP forecast by a 1.1% in six months to September 2019 as slowdown spreads on all quarters of the economy. RBI’s annual GDP forecast for the fiscal year 2019-20 was initially at 7.3% by the March 2019-end. However, the same was lowered to 6.2% in the first half of the current fiscal year, according to the latest RBI report. “The downward revision in GDP growth forecast reflected both subdued domestic demand conditions and weak consumer sentiments,” said the central bank.

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