demonetization

Demonetization No Care! 'India Consumers Most Confident Globally'

Demonetization No Care! 'India Consumers Most Confident Globally'
Image credit: Wikimedia
Entrepreneur Staff
Correspondent, Entrepreneur.com
3 min read

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Even after the perpetual debate over Prime Minister’s demonetization drive in India, Indian consumers’ confidence remains highest when it came to employment prospects, per capita income in the Q4 results of December 2016, as per the reports of Nielsen’s global consumer index.

Among the list of 63 countries listed in Nielsen’s global consumer index, India tops the consumer index second time in a row, with a highest of all scoring 136 points in its Q4 results. Philippines and Indonesia spot the 2nd and 3rd position, with 132 and 123 scores, respectively. 

Despite many economists' negative responses against Narendra Modi’s move to demonetizing INR 500 & INR 1,000 notes, the Indian consumers yet have proven they believe in India's Prime Minister. 

"The latest score for India is the highest historically for the quarter, and reiterates renewed optimism levels as well. This is now back to first-quarter highs and is in line with the observation that the last quarter was a temporary dip. It is a testimony to the fact that the fundamentals of the economy remain strong,” Prasun Basu, President, South Asia, Nielsen, said to Indian media.

While Indian honchos take a dig against Modi’s demonetization move in business space, the Indian consumers' confidence continues to rise in attaining No.1 position in the global survey.

One amongst of those, who have not taken a step back in openly criticizing PM’s move, the celebrated Indian industrialist, Bajaj Auto's MD, Rajiv Bajaj last week said that the idea of demonetization in itself was wrong, it is incorrect to blame only the execution side of it.

"If the solution or the idea is right, it will go like a hot knife through butter...if the idea is not working, for example demonetisation, don't blame execution. I think your idea itself is wrong," said Bajaj.

However, many industry voices have come in support of the move. The biggest hand comes from India's richest entrepreneur Mukesh Ambani. The likes of Mahindra Group chief Anand Mahindra & Infosys veteran Narayan Murthy have lauded Modi's bold move.

Internationally, the step has been praised by the likes of Bill Gates and Google's CEO Sundar Pichai on their visit to India.

Narendra Modi also has the support the new President-elect of the United States, Donald Trump, who is keen on establishing a healthy continued association with India. 

Looks like it is a win-win for the nation. 

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