The second COVID wave sweeping through India has exacted a heavy toll. The devastating outbreak has resulted in loss of life on an unprecedented scale and the loss of livelihoods is starting to show in terms of economic costs.

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The monthly refinitive IPSOS consumer sentiment index for May shows consumer confidence has plummeted sharply by 6.3 percentage points when compared to April.

The index also shows that personal finances have fallen drastically by 9 percentage points while the ability to save and invest is down by 8.4 percentage points. To add to that confidence around jobs and the economy is shaky and on the decline.

The report suggests containment of the virus and an increase in the speed of vaccination is the only way through the woods. Though the sample survey size here is 500, so inferences drawn from the data are only indicative and not conclusive.

Amit Adarkar, CEO and Country Manager for India at IPSOS, discussed this further.

For full interview, watch the video

(Edited by : Bivekananda Biswas)

First Published:May 21, 2021 5:26 PM IST