India fourth in economic confidence index

As per the survey conducted by research firm Ipsos, India slipped one position to the fourth place in January in terms of economic confidence of the people.

The report said that India’s economic confidence declined by three points to 65 per cent in January.

Saudi Arabia retained its top slot with economic confidence of 86 per cent, followed by Sweden at second position (72 per cent), Australia and Germany at third (70 per cent each) and India and Canada at fourth (65 per cent).

Ipsos India MD Mick Gordon said, “The Indian economy is facing a series of interconnected crises as indicated by a sharp decline in economic growth due to tight monetary policy, falling domestic and foreign investment, a depreciating currency, large trade and current accounts deficits.”

“Moreover Eurozone crisis, slow global economic recovery and volatility of the international commodity prices, particularly fuel, has also further adversely affected the Indian economy, which reflects in the sentiments expressed by Indians in the poll,” Gordon added.

The report, which examined citizens’ assessment of the current state of their country’s economy, said that the overall global average economic confidence increased by one point to 39 per cent in January.

India and China continue to demonstrate comparatively strong national economic confidence.

South Africa, China, Germany and Brazil gained the most in terms of economic confidence. However, Mexico, South Korea, and Turkey showed the least improvement.

Source – Invest in India