There seems to be a high level of optimism in the economy, with two out of every three Indians polled saying their economic situation is now better than what it was five years ago. This is one of the key findings from the News18 mega opinion poll.
The survey, which received 1.19 lakh responses, saw 67 percent declaring that they were situated better financially than they were five years ago, with 68 percent of males and 64 percent of females agreeing with the same. It was a near-even split when it came to the rural-urban front, with 67 percent and 66 percent, respectively, echoing the view.
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Data released on February 29 showed India's GDP grew by an impressive 8.4 percent in the last quarter of 2023, far higher than any forecast. Before that, on February 24, the statistics ministry's latest Consumer Expenditure Survey showed per capita monthly consumption expenditure in rural areas was 40 percent higher in 2022-23 (August-July) in real terms compared to 2011-12 (July-June).
In comparison, per capita monthly consumption expenditure had risen by 33 percent in urban areas over the same time period. Crucially, Indians are spending less on food items now and spending more on durable goods and travel.
As per the survey, Indians are seemingly even more hopeful about the coming year, with 72 percent of respondents expecting their economic situation to become better in the next 12 months. Twenty-one percent think their economic condition will remain the same, with 5 percent of the opinion that it will deteriorate.
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The survey, conducted from February 12 to March 1, covered 21 major states accounting for 95 percent of Lok Sabha constituencies. All the 518 Lok Sabha constituencies in these 21 states were covered. In each constituency, 210 interviews were conducted of eligible voters.
While the responses were fairly similar across age groups, Christians stood out as the most pessimistic religious category. For instance, only 48 percent of Christian respondents considered they were economically better placed now compared to five years ago, with 38 percent saying it was the same and 13 percent saying they are worse off. Shia and Sunni Muslims, on the other hand, were close to the overall figure—67 percent and 66 percent, respectively, said they were in a happier place financially than five years ago.
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In response to the second question on their expectations about the next one year, only 56 percent of Christians thought their economic situation would improve, the lowest among all the religious categories.
A total of 3,569 responses from Christians were recorded in the survey.
More generally, 68 percent of respondents are optimistic about their and their family's future. In what will boost policymakers' confidence in their policies, at 72 percent of those polled in rural areas had a cheerier outlook than those in urban areas (63 percent).
Curiously, respondents from all but one religious category were optimistic about their future. The only ones to be split about their prospects were Sikhs, with 35 percent of them saying they were optimistic and another 35 percent of them saying they were not. The remaining 30 percent said they couldn't say one way or the other.
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