Blufin, a financial information and analytics company, has predicted that the Indian economy will be able to weather currency risks and continue to grow in the next few months.
Concerns over rise in prices of essential commodities and worries about employment prospects have dragged down the confidence of urban consumers in India this month, says a study by financial services provider BluFin.
A recent report by BluFin finds that the business cycle indicator for June shrank 0.5%, staying in trend with the weakening economy.
In a report released by BluFin, the financial information company stated that the consumer confidence index dropped to 40.3 in June, the worst in the previous five months.
Dr. Sam Thomas, Director of Research, BluFin tells CNBC-TV18, various macro variables, including primary and secondary variables have been taken into consideration for creating the business cycle index. It will be an efficient tool for detecting a particular phase of the business cycle in the Indian economy, explained Thomas.