Consumer confidence plunged to a three-year low in India as households became more pessimistic about the economic outlook and their personal finances, a survey showed Thursday.
The MNI India Consumer Sentiment Indicator fell to 113.7 in November, the third consecutive month of declines. It is also the lowest level of consumer confidence since November 2012. The survey has been running since 2012.
"The driving force behind the November fall in sentiment was a sharp drop in expectations for business conditions in one year," the authors wrote.
Respondents are not "convinced that either rate cuts or steps taken by the government to promote growth will have a significant impact ," even though India's GDP rose by 7.4 percent in the third quarter and outpaced China's growth in the three months though September.