New Delhi: This may not sound like good news to the Narendra Modi Government, with the Assembly elections round the corner. The latest Pew survey ( Global attitudes survey, Q2) says that while the 2017 survey had revealed that 83% of Indians felt that the economy was in good health, this year it is down to 56%. The dip may be because of the skyrocketing fuel prices, steep fall in rupee as well as the lingering effects of GST and demonetization.
Interestingly, as a report in DNA pointed out on Wednesday, in most of the 27 countries surveyed, confidence in the economy has improved, and the sharpest fall is in India. In its survey, Pew says that ten years after the great 2008 depression, Western economies were slowly getting back their momentum. Hence the confidence in the economy was gradually increasing globally.
Meanwhile, what may come as consolation for the Centre and the BJP is that the satisfaction in India is at 56%, much higher than the median number of 43%. As many as 66% Indians think their future generation will be better off according to the survey. Only 19% feel otherwise. Only 16% Indians believe that they are worse off than they were 20 years ago. Supporters of the ruling party are likely to believe that they are well off economically than those who oppose the government. The global trend is mimicked in India too. In India, 48% of those who oppose the government believe that they are well off whereas the number is 72%, for all those who have put their faith in the Government. (Also read: Fuel Price Hike Due to Mismanagement, Says Mamata)
Globally, the survey says while the populist parties in the West have tried to paint a grim picture of the economy, public sentiment has improved in the last 10 years, by as much as around 50% in Germany and US.
Meanwhile, with the Opposition demanding that the fuel prices be slashed, the BJP has said “knee-jerk reactions” will not help and may end up harming the economy by worsening the fiscal deficit and pushing up inflation. Union minister Piyush Goyal said it was working with a holistic view of the economy and had full confidence that people will support and respect the decisions taken in the national interest.