Falling rupee hits economic confidence: survey

On Monday the rupee slid to an all-time low, breaking past the Rs 61 mark against the dollar

A falling rupee has contributed to a dent in India’s economic confidence, making it the sixth most economically confident country in the world. 

Alongwith the rupee, which on Monday slid to an all-time low breaking past the Rs.61 mark against the dollar, subdued corporate performance has also contributed to the fall; according to results based on a survey of 18,513 people in 25 countries conducted by global research firm Ipsos. 

India is behind countries including China and Saudi Arabia.  Norway topped the list with 98%, Saudi Arabia followed with 81%, Sweden was third with 72%. China and Canada were next,  with Germany and India at 62%. 

Mick Gordon, chief executive officer of Ipsos in India suggested a number of domestic issues have contributed to sluggish growth. 

“The recent slowdown in growth can primarily be attributed to domestic supply bottlenecks, policy uncertainty, project delays, poor investor confidence and low external demand. Thankfully moderating inflation has provided some succor to the stressed economy,” he said. 

European countries were the amongst the least optimistic. France was at an all-time low of 3%, followed by Italy and Spain at 4%. 

Ipsos is a research organization founded in France and claims to be the world’s third largest market research company.