Most Indians Believe Economy To Recover Next Year

Good news as World Economy To Bounce Back

Covid 19 disrupted the whole world and people are getting back to normal life slowly. Similar is the situation in India, which is entering its 75th year of independence. A new survey showed that three in four citizens believe that the country’s economy will significantly recover from the Covid 19 impact within next year.

A new survey by LocalCircles, a community based social network group, said that 58 per cent of Indians were confident that the country is well prepared to handle a third COVID 19 wave.

ECONOMY

LocalCircles said that India’s economy started to recover during the first wave of Covid 19 itself from September 2020. It said that the country’s GDP  went down to 9.8 per cent in May as the number of infections and deaths rose at an alarming level. The unemployment rate also grew at an alarming pace. Small business also suffered a lot during the second Covid 19 wave. The middle class as well the lower class suffered the worst with reduction in household earnings and rise in price of essential commodities.

Thirty three per cent of the respondents in the survey expressed hope that the economy would recover completely and surpass the GDP level of the last two years. Meanwhile, 11 per cent opined that the economy would recover but not surpass the GDP level of the last two years. The survey also saw that 31 per cent of the people saying economy would recover significantly but not completely. When 15 per cent said that the economy would see a limited recovery, three per cent said that it would never recover and five per cent said it would only deteriorate.

CLOUT

In the survey, 58 per cent said that the country’s clout in the world would improve in one year. Meanwhile 19 percent saw that the situation was deteriorating and 20 per cent saw it the same as it was now.

GROWTH AND PROSPERITY

The social media group said that the country faced the key challenge of driving economic survival for all in the next one year. With respect to the question on the country’s ability to grow and prosperity for all, 20 per cent of the respondents saw grow and prosperity for all as India completes 75 years of Independence. Meanwhile, 37 percent expressed confidence in the growth and prosperity for most of the people. About 40 per cent of the people said that growth and prosperity will only be for a few and 2 per cent said they dioid not see for any one.

EMPLOYMENT AND ENTREPRENEURSHIP

The survey found that only 26 per cent believed that the next one year would create a lot of employment and entrepreneurship. However, the survey found that 38 per cent people believed that the one year ahead would create only some new employment and many small enterprises. Fifteen per cent of the respondents said that the country would not be able to create new employment and small enterprises. The survey also recorded 18 per cent of the people saying taht these would shrink drastically in the next year.

BRIBERY AND CORRUPTION

The LocalCircles found 35 percent of the respondents saw a reduction in bribery and corruption. Meanwhile, 39 per cent said that it would continue as it is today and 25 per cent opined that it would deteriorate in the next one year.

SOCIAL STABILITY

On this aspect, the survey found that 26 per cent said the situation was improving while 34 per cent saw it deteriorating. However, 38 per cent said that it would remain the same in the coming one year.

They received over 75,000 responses located in 280 districts. Among the respondents, 68 per cent were men. Forty three per cent of the respondents were from tier 1, 37 per cent from tier 2 and 20 per cent from tier 3 and 4 and rural districts.

 

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