MUMBAI (Reuters) – Consumer confidence in India is at its highest degree since mid-2019, a survey carried out by the Reserve Bank of India confirmed on Friday.

Consumers’ confidence of their present financial state of affairs has been on a path of sustained restoration, the central financial institution mentioned, including that sentiment on each the overall financial state of affairs and employment had improved.

The ‘future expectations index’, which judges client sentiment for the upcoming 12 months, additionally improved to its highest since mid-2019, the survey confirmed.

The Indian economic system is seen rising at a strong tempo of seven% in 2024-25, the central financial institution mentioned on Friday whereas retaining rates of interest on maintain because it waits for inflation to maneuver to its 4% goal.

A separate survey on family inflation expectations confirmed that customers anticipate inflation to reasonable from present ranges.

The information additionally confirmed that capability utilisation within the manufacturing sector elevated to 74.7% in October-December 2023 from 74% within the earlier quarter.

“The prospects of investment activity remain bright owing to upturn in the private capex cycle becoming steadily broad-based, persisting and robust government capital expenditure, healthy balance sheets of banks and corporates, and rising capacity utilisation,” central financial institution Governor Shaktikanta Das mentioned on Friday.

(Reporting by Ira Dugal; Editing by Varun H Ok)

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