You are here: Home » Economy & Policy » News
Business Standard

Over 77% optimistic of economic recovery in a year: IndiaLends survey

IndiaLends is an online marketplace for credit products, insurance and offer free credit reports

Topics
Indian Economy | IndiaLends

Press Trust of India  |  New Delhi 

india

Over 77 per cent respondents in a survey said they were optimistic of an economic recovery and business revival over the next 12 months, according to Digital lending platform

The nationwide survey, comprised of nearly 1,700 respondents comprising both the salaried and self-employed, was conducted in November.

is an online marketplace for credit products, insurance and offer free credit reports.

"The survey revealed that 77 per cent of Indians are optimistic of an economic recovery and business revival (in less than 12 months); 27 per cent believe the turnaround could happen in the next three months. These were two of several findings that captured the current mood of the nation during the festive season," said in a release.

Also, 22 per cent of those surveyed said they expect a revival in the next three to six months, while 28 per cent felt it could take anywhere between six months to a year, an indication that people were still weighing in on the pandemic.

Further, as many as 71 per cent of the respondents said they were planning to take a personal loan in the next three to six months. They cited two-and four-wheelers, business startups, household durables, electronic gadgets and home renovation as the mains reasons for personal loans.

At least 7 per cent of the respondents said they would opt for a loan to pay for upskilling courses, which points to the impact of COVID-19 on jobs and the need to utilise free time to acquire new skills; while 31 per cent of those surveyed said they would use the loan to start their own business, IndiaLends added.

"The economy is slowly but steadily recovering from the coronavirus pandemic and is getting back on the growth trajectory. There are clear signs of a business revival and consumer confidence. This is evident in the uptick in loan applications from enterprises such as MSMEs as well as individuals, including millennials, and the many reasons they are taking those loans.

"Our latest survey reveals that businesses and individuals are keen to return to a new normal life and start 2021 on a positive note," IndiaLends Founder and CEO Gaurav Chopra said.

Survey's other findings include an expected increase in household expenses towards consumer durables, such as washing machine and dishwasher, by 46 per cent of the respondents. About 11 per cent said they would opt for a personal loan to buy these appliances.

With people spending more time at home, almost 38 per cent of the respondents said they would consider getting their home renovated in the coming months, and 15 per cent said they would take a loan for the same.

Following the closure of schools, colleges and many offices since March 2020 and the consequent increase in home-based online education and work from home, some 70 per cent of the respondents said they were now spending more on electronic gadgets for their children, namely smartphones, tablets and laptops.

Further, with the dip in wedding and travel expenses, there is a further impetus to the idea of millennials considering low-key weddings and budget-friendly travel options in the near future.

The IndiaLends survey covered both salaried and self-employed Indians in the 18-55 plus age group, residing across top tier-I and II cities. The respondents comprised 41 per cent of millennials in the 25-35 age group, thus making it highly youth-centric, it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 19 2020. 21:31 IST
RECOMMENDED FOR YOU
.