Harry S Truman, the 33rd President of the United States, once said it was a recession when your neighbour lost his job, a depression when you lost yours. Right now, Indians are twiddling their thumbs in anticipation of the first.
In the last two rounds of the Nielsen Global Online Consumer Survey, both India and the world witnessed dips in confidence. Now in the face of the ever-worsening economic environment, marked by rising inflation and interest rates, the subprime and credit crises, and fickle stock markets, shoulders have begun to droop in India and abroad.
According to the latest round of the Nielsen Global Consumer Confidence Survey, the consumer confidence in India fell 11 points to 122, the lowest level in the last five rounds of the survey. Similarly, the overall global consumer confidence fell six points to 88
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