NEW DELHI: A recent survey indicates that more Indians are becoming less hopeful about their quality of life due to stagnant wages and rising living costs, casting a shadow over future prospects. This comes as a worrying sign for Prime Minister Narendra Modi ahead of this week’s annual budget.
According to findings released by polling agency C-Voter on Wednesday, over 37% of respondents believe that the overall quality of life for ordinary citizens will deteriorate in the next year—the highest percentage since 2013. Modi has been in office since 2014.
C-Voter conducted this survey by polling 5,269 adults across different Indian states.
Persistently high food inflation has strained household budgets and reduced purchasing power, while the world’s fifth-largest economy is projected to experience its slowest growth in four years.
Nearly two-thirds of survey respondents said that inflation has remained unchecked and that prices have risen since Modi took office. More than half reported that the inflation rate has negatively affected their quality of life.
In the upcoming annual budget, Modi is expected to introduce measures aimed at boosting economic growth, increasing disposable income, and easing the financial burden on the middle class.
Nearly half of the respondents stated that their personal income has remained the same over the past year while their expenses have increased. Furthermore, nearly two-thirds admitted that rising costs have become difficult to manage.
Despite India’s fastest-growing economy status, the job market has failed to provide sufficient opportunities for its large youth population to secure stable wages.
In the last budget, India allocated $24 billion over five years for various employment schemes. However, these programs have yet to be implemented due to prolonged discussions on the details.
