Consumer sentiment declines in India amid corona crisis

New Delhi, March 20 (IANS) India’s consumer sentiment dampened in March amid the economic slowdown and the coronavirus crisis, according to an index prepared by Refinitiv and Ipsos.

The monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI) for March 2020, has shown a 1 per cent decline over February 2020.

“Three of the four indices have shown a downward slide — personal finances, personal investment and the confidence in the country’s economy. Only confidence around jobs, has slightly moved up,” said an Ipsos statement.

The PCSI Economic Expectations Sub Index has dropped by 2.8 percentage points, the PCSI Investment Climate Sub-Index has fallen by 1.4 percentage points and the Current Personal Financial Conditions Sub-Index is down by 0.8 percentage points, over the previous month, it said.

The statement said that the PCSI Employment Confidence Sub-Index has, however, moved up by 1.2 percentage points. “We see some bit of a pessimism among urban Indians. A multitude of factors are lowering the consumer sentiment. We are witnessing a global economic slowdown and India too has been impacted. Coronavirus is like a bolt from the blue and its real impact, while we’ll get to know by next month, but it has already made some bit of a dent in slowing down businesses with its negative repercussions on global economies, including India,” said Amit Adarkar, CEO, Ipsos India. iANS