RBI Survey: Country’s economy in pessimistic zone, job cuts big worry

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New Delhi | Updated: October 9, 2017 8:14:20 AM

RBI Survey: Reserve Bank of India (RBI) has recently conducted a raft of surveys. These surveys show that current perceptions of people on the general economic situation remained in the pessimistic zone for four successive quarters, with the outlook worsening

rbi survey, rbi report, Reserve Bank of India, RBI, indian economy, GST, GST slabsm GST cut, GST rate cut, Arun jaitley, inflation, Jobs, India GDP, GDP growth rate, India GDP growth rate, Gross Domestic Product, jobs in India, unemloyment, unemloyment rate in India, employment, new jobs, business news, BSE sensex, market news, PM Modi, Urijit Patel, repo rate cut,RBI Survey: Reserve Bank of India (RBI) has recently conducted a raft of surveys. These surveys show that current perceptions of people on the general economic situation remained in the pessimistic zone for four successive quarters, with the outlook worsening. (Reuters image)

RBI Survey: Reserve Bank of India (RBI) has recently conducted a raft of surveys. These surveys show that current perceptions of people on the general economic situation remained in the pessimistic zone for four successive quarters, with the outlook worsening, according to Indian Express report. These surveys, which are in sync with the RBI’s position in its monetary policy review on October 4, have indicated that more people see consumer confidence declining, business sentiment in manufacturing dipping, inflation on the rise and growth sliding. The RBI Monetary Policy Review had slashed growth forecast from 7.3 per cent to 6.7 per cent for fiscal 2017-18, IE reported.

The RBI survey said that as much as 43.7 per cent of respondents believed current perception about employment has “worsened”, which is much higher than the 31.4 per cent in November 2016. The Indian Express has reported last week that several companies, including L&T, banks, telecom firms and tech companies, have cut jobs in the last 12 months.

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According to the RBI survey, respondents’ pessimism on the price level has also accentuated in the recent period. However, their outlook on inflation softened in the last two rounds, the IE report says.

On June 8, 28 forecasters surveyed by the Reserve Bank had predicted the economy will gradually consolidate growth in the current fiscal. As per the survey result posted on the RBI website, real GDP (gross domestic product) and real GVA (gross value added) were expected to grow by 7.4 per cent and 7.2 per cent, respectively, in 2017-18 and consolidate further by 40 basis points (bps) and 50 bps, respectively in the following year. The RBI has been conducting the Survey of Professional Forecasters (SPF) since September 2007, according to PTI report.

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