Downbeat Indian consumers withhold spending amid pandemic, says RBI survey

The latest survey came as the RBI's Monetary Policy Committee kept interest rates unchanged at a record-low

Consumer sentiment in India stayed put near a record low in July, weighed down by lower income and higher cost of living, according to a Reserve Bank of India survey.
 

The current situation index was at 48.6 in July from 48.5 in May, showed the RBI’s consumer confidence survey that covered 5,384 households across 13 cities. A score below 100 suggests a pessimistic view in terms of economic conditions, while anything above that denotes the opposite.

Although the future expectations index rose to 104 from 96.4, suggesting optimism about the year-ahead prospects, it’s unlikely to result in higher consumer