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More Than Half of Indian Population Optimistic of Economic Recovery Soon

Local Circles conducted its Independence Day survey to get a pulse of the citizens on what India is likely to achieve by the time it completes 75 years of freedom

More than half the nation’s population is optimistic that India will experience growth and economic recovery within two years, according to a Local Circles survey.

54 per cent foresee India recovering completely from the economic impact of COVID-19 in the next 2 years. Only 26 per cent feel bribery and corruption will reduce before India turns 75 while 69 per cent expect India’s clout in the world to improve in the next two years. The government has made some big decisions in the last year.

Be it the abrogation of article 370, the announcement of CAA or taking a stand against Chinese apps and imports after the skirmish with Chinese troops in Galwan valley, the government has shown that it is ready to take the tough decisions for the long-term betterment of India and its citizens, the survey noted.

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Local Circles has conducted its Independence Day survey to get a pulse of the citizens on what India is likely to achieve by the time it completes 75 years of freedom in 2022. Citizen feedback has been sought on various national issues ranging from corruption to social stability, and from COVID-19 pandemic to leveraging its demographic dividend. This year’s survey received over 62,000 responses from over 280 districts of the country.

Over half of citizens feel India will see economic recovery within 2 yrs
Only 26% feel bribery and corruption will reduce before India turns 75. Pexels

Citizens were asked how they see the bribery and corruption situation changing in the next 2 years. 26 per cent said they see the situation improving while 28 per cent said they feel the situation will deteriorate. 44 per cent said the situation would remain the same and there would be no change. The Centre recently prepared a vision document for creating a new, corruption-free and poverty-free India by December 2022, which will be the 75th year of India’s independence.

When citizens were asked how they see India’s clout in the world changing in the next 2 years, 69 per cent said they see it improving while 11 per cent said they see it declining. 16 per cent said it will stay the same as it is currently. India’s economy was already on the slide when the COVID-19 pandemic forced most of the world into a lockdown.

Strict lockdown was enforced for over 2 months across the country which led to shops, businesses, factories and industries halting production. In the next question, citizens were asked how they foresee recovery from the impact of COVID-19 in the next 2 years. 37 per cent said they feel the economy would recover completely and surpass the pre-COVID GDP level, while 17 per cent said the economy will recover completely but will not surpass the pre-COVID GDP levels.

27 per cent said Indian economy and Economic condition will recover significantly but not completely and 16 per cent said the recovery will be limited. Only 2 per cent said the Economic condition will not recover at all. This means that 54 per cent citizens foresee India recovering completely from COVID-19 economic impact in the next 2 years. Among other indicators, GST collection in July 2020 were lower than those in May 2020, indicating that the economy could take longer than expected to come back to pre-pandemic levels.

Over half of citizens feel India will see economic recovery within 2 yrs
27% said Indian economy will recover significantly but not completely. (Representational Image). Pexels

Citizens were asked how they see India’s social stability, which means the ability of citizens of different caste and religion to live with each other in harmony and peace, changing in the next 2 years. 26 per cent said it will improve, 43 per cent said it will stay the same and 28 per cent said it will deteriorate. When it came to the question on growth and prosperity, 19 per cent said they see the next 2 years bringing growth and prosperity for all, 38 per cent said growth and prosperity for most, 40 per cent said growth and prosperity for a few and 3 per cent said growth and prosperity for none.

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This shows that 57 per cent citizens foresee growth and prosperity for most Indians before India turns 75. In the final question, citizens were asked how they foresee India leveraging its demographic dividend by creating enough employment or entrepreneurship opportunities in the next 2 years. 31 per cent said India will be able to create lot of new employment and entrepreneurship opportunities while 38 per cent citizens said India will be able to create only some new employment opportunities while it will create many new small entrepreneurs.

14 per cent said that India will be unable to create new employment or entrepreneurs and 12 per cent felt that India may see shrinking of the existing employment and entrepreneur base it now has. 5 per cent of citizens did not have an opinion. This means that 69 per cent citizens feel India will be able to leverage its demographic dividend by creating enough entrepreneurship opportunities in the next 24 months while only 31 per cent of them believe that they will also be able to create new jobs.

As India marks its 74th Independence Day, one of the most unusual ones in the last several decades, given the COVID-19 pandemic, there is rising pessimism in some areas like being able to improve social stability and reduce corruption by the time it completes 75 years, Local Circles said. At the same time there is the hope among people in India of the country being able to improve its global clout, become more self-dependent on the manufacturing front, achieve growth and prosperity and create lots of new entrepreneurship opportunities. (IANS)

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