Confidence in economy has fallen by 27% among Indians in last year: Pew Survey

The latest Pew survey( Global attitudes survey, Q2)  is likely to come as an unsettling news for Narendra Modi government in Centre just a few months before the general elections. It says that while 83% of Indians surveyed by Pew in 2017 felt that the economy is in good health, it is down to 56% now. The stark change may be due to the rising fuel prices, steep fall in rupee alongside lingering effects of GST and demonetization. 

In fact, confidence in the economy has improved in most of the 27 countries surveyed by Pew, and the starkest fall is in India. Pew in its survey says that ten years after the great 2008 depression, Western economies are slowly getting back their momentum. Hence the confidence in economy is gradually increasing globally. 

However, what may come as some sort of consolation to central government and BJP is 56% satisfaction in India is higher than the median number of 43%. 66% Indians think their future generation will be better off than them according to the survey. Only 19% think otherwise. Also only 16% Indians believe that they are worst off economically than they were 20 years ago. Expectedly, supporters of the ruling party are likely to believe that they are well off economically than those who oppose the government. The global trend is mimicked in India too. In India, 48% of those who oppose the government believe that they are well off whereas the number is 72%, for all those who have put their faith on Modinomics. 

Globally, the survey says that while the populist parties in the West have tried to paint a grim picture of economy, people's sentiments have significantly improved in last 10 years, by as much as around 50% in Germany and US. The entire survey can be read here.