The majority of respondents noted that any change will take time before it has any effect, MNI Indicators said in its survey report.
A specific question on the Modi government was asked by the MNI Indicators, while conducting its survey on monthly consumer sentiments in India. The question posed was on impact the policies of the government on standard of living of these consumers.
However, 29.5 per cent of respondents thought that they had benefited from the new government’s policies.
“Many respondents praised Modi’s vision for India and were supportive of welfare schemes like Jan Dhan Yojna, considering them to be supportive to the common man.”
Only 2.2 per cent of the respondents reported that they were worse off while 30.2 per cent of respondents were uncertain about the impact of the government’s policies on their standard of living.
The specific question on the Modi government did not go into calculating MNI India Consumer Indicator, which fell to 120.9 points in November this year, the lowest in 13 months, from 123.7 in October.
However, the government policies do affect consumer sentiments.
Chief economist of MNI Indicators Philip Uglow said,”the Modi government has been in office for six months, but there has so far been little lasting positive impact on the consumer sentiment. Policy action may eventually feed through, although for now the outlook remains reasonably subdued.”
The decline in consumer sentiment was led by a sharp fall in expectations of business conditions by consumers in their related work areas in a year’s time, while consumers were less confident about spending on big ticket items following the conclusion of the festival season.
The survey covers consumers in Delhi, Mumbai, Bangaluru, Pune, Surat, Ahmedabad, Vishakhapatnam, Karnataka, Chennai and Hyderabad.