India's economic confidence, said a report by Ipsos, has got a major boost due to recent big-bang economic reforms such as the hike in diesel prices, FDI in retail, aviation and broadcasting, disinvestment in 4 public sector undertakings and cut in cash reserve ratio (CRR) by the Reserve Bank of India (RBI).
Mick Gordon, CEO of Ipsos in India said, Union Government of India unleashed a burst of economic policy reforms that included steep rise in heavily subsidized diesel price, limit on cooking gas subsidy for consumers and foreign investments into critical sectors such as aviation and retail, raising the hope that expected fiscal breach will now be lower and investments will pick up. Borrowers could see better days ahead as banks are expected to cut lending rates following the RBI's decision to unlock Rs 17,000 crore by slashing CRR by 25 basis points. The liquidity infusion would ensure adequate flow of credit to productive sectors of the economy.''
Slightly less than a half of Indian citizens (48%) believe their local economy which impacts their personal finance is good, a marginal rise of 2 points and an optimistic 53% people expect that the economy in their local area will be stronger in next six months.
The online Ipsos Economic Pulse of the World survey was conducted in August 2012 among 20,915 people in 24 countries.
The average global economic assessment of national economies remains static from last month as 38% of global citizens rate their national economies to be 'good'. Countries with the strongest proportion of citizens expecting their local economies to be 'stronger' six months from now include Brazil (65%) followed by India (53%), Saudi Arabia (47%), Mexico (41%), Argentina (40%) and China (38%).
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