Economy remains major issue as elections loom: Survey

According to a US poll, concerns about the economy will be a major factor as India goes to polls in April-May with a record one in three Indians pessimistic about the outlook for Asia's third biggest economy.

Economy remains major issue as elections loom: Survey
Leading US pollster Gallup on Friday said that a record 35 per cent of Indians reckon that the country's economy which has grown below the 5 per cent mark for the past five quarters will get worse.The pessimism over the economy may be an indicative that the ruling Congress party is losing its popularity and may struggle to regain power after the elections.

Policy paralysis, stalled reforms, a ballooning fiscal deficit and rising inflationary pressures have added to India's economic slowdown woes."Indians' growing pessimism about their economy is likely an ominous sign for the long-governing Congress party. Amid worsening economic conditions -- GDP growth has been below 5% for the last two years, compared with nearly 10% in 2010 -- the health of the once supercharged Indian economy is a major concern for voters",

"The politically important southern region of India shows more economic vitality compared with other parts of the country, with 38% of Indians living there saying the national economy is getting better. But with about half of those living in the South (45%) believing the economy is staying the same or getting worse, the Congress party may struggle to retain its electoral dominance there", the survey said.

Dion Global Solutions Ltd.

Story first published: Monday, April 7, 2014, 9:11 [IST]
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