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Consumer confidence level up after four months of decline following elections: Survey

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After four months of slide, the consumer confidence level in the country have shown a jump back to the post-election peak, a survey said.

The ANZ-Roy Morgan India Consumer Confidence survey showed a jump to 118.3 points, 8.2 points up month-on-month, in November after four consecutive months of decline.

"The broad-based jump in consumer confidence is perhaps a nascent sign that a durable increase in optimism may now be falling into place in the country -- a recovery in optimism that is certainly justified by improving growth and inflation fundamentals," ANZ chief economist for South Asia, Asean and Pacific Glenn Maguire said.

As many as 18.9% of total respondents said their family is "better off" now than a year ago, against 13% in October, while the number of people saying their situation has deteriorated narrowed to 25.6% from 36.2%.

As for the next 12 months, 42.7% of those polled said they will be better-off financially in a year's time, up from 40.2% in October. People's confidence in macroeconomic conditions also seems to be increasing as 47.5 % said the country will have `good times' economically over the next 12 months, against 42% in October.

For the next five years, 46.1% people said the country will have `good times' financially, up from the 40.6% in October, while the number of naysayers fell to 9.2% from 12%. "The five-year forward looking question clearly highlights that a Modi "feel good" factor continues to support confidence," Maguire said.

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