Indians have emerged as the second most confident people about their economy globally. This is on account of lower oil prices, inflation subsiding and rise in job prospects, according to a report by global research firm Ipsos.
According to the â€œIpsos Economic Pulse of the Worldâ€ study, India’s economic confidence level has shot up to 80 percent in September 2014, a very significant rise of 8 points making India the 2nd most economically confident country in the world after Saudi Arabia.
One in two (52%) Indians believe that the local economy which impacts their personal finance is good, a sharp rise of 5 points.
Indians are very hopeful that Narendra Modi-led NDA government will continue making progress on its domestic reforms agenda and encourage investments that will trigger economic growth and create more jobs; with more than seven in ten (71%) people expecting that the economy in their local area will be stronger in next six months, a dramatic rise of 10 points.
â€œWith economic reforms gaining momentum, together with lower global oil prices and easing inflation, Indiaâ€™s growth prospects remain bright. This is reflected in the strong economic confidence of Indians,” said Amit Adarkar, Managing Director, Ipsos Research Pvt. Ltd.
â€œImproved growth prospects in the US will support India’s goods and services exports, while stronger remittance inflows and declining oil prices are expected to support domestic demand and aid growth,â€ added Adarkar.
The online Ipsos Economic Pulse of the World survey was conducted in September 2014 among 18,010 people in 24 countries.
Holding steady for the second month in a row, the average global economic assessment of national economies surveyed in 24 countries remains unchanged as 40% of global citizens rate their national economies to be â€˜goodâ€™.
Even after losing some ground since last sounding, Saudi Arabia (84%) remains at the top of the national economic assessment, followed by India (80%), Germany (79%), Sweden (77%) and China (74%). A small minority in France (5%) rate their national economy as good, followed by Italy (7%), Romania (9%), Spain (10%), Hungary (16%) and South Korea (16%).