Downbeat Indian consumers withhold spending

The latest survey came as the RBI’s Monetary Policy Committee (MPC) kept interest rates unchanged at a record-low to support an economy still struggling to recover from the impact of pandemic curbs.

MUMBAI: Consumer sentiment in India stayed put near a record low in July, weighed down by lower income and higher cost of living, according to a Reserve Bank of India (RBI) survey.

The current situation index was at 48.6 in July from 48.5 in May, showed the RBI’s consumer confidence survey that covered 5,384 households across 13 cities.