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Middle-income Indians most hopeful of economic growth

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Middle-income Indians are most confident among the people of emerging markets about the economic growth
wife-husand moneyMumbai: Middle-income Indians are most confident among the people of emerging markets about the economic growth prospects of their country, says a survey.

“Middle-income Indians are the most confident about the growth prospects,” said the survey by Standard Chartered Bank released today.

The foreign lender conducted an online survey of 1,000 Indians earlier this year. Other markets covered included Indonesia, Nigeria, Ghana and Kenya.

It said 45 per cent of the middle-income respondents said they have “complete confidence” in the growth prospects of their country, followed by 37 per cent who said they have “some confidence”.

Getting into the details, the study said 35 per cent of the respondents here believe the next five years will significantly improve their personal economic situation.

Interestingly, only 21 per cent felt the last five years have resulted in an improvement in their personal economic conditions.

The findings were released after the installation of a new Government under Narendra Modi post-general elections during which he campaigned on development plank and against the “mis-governance” of the earlier Congress-led regime.

Unlike their emerging market peers, who choose either spending or saving, 52 per cent of the Indians said they will like to both spend and save more with the new riches.

A majority (54 per cent) said an increase in the amount they save individually will make them feel wealthier, the survey said, adding, on the spending side, Indians are more upbeat about taking holidays, domestically and abroad, and also flying to foreign shores on business trips.

On the demographic front, the survey found that younger Indians (16-29 age group) are much more inclined to save – 42 per cent of the respondents claimed that more wealth leads to more saving.

“All age groups in India – in particular the older generation – expect to spend more on travelling in India in the next five years compared to travelling abroad,” it added.

PTI

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