A recent survey reveals that more Indians are becoming less hopeful about their quality of life, as stagnant wages and rising living costs cloud future prospects. This comes as disappointing news for Prime Minister Narendra Modi ahead of this week’s annual budget announcement.
According to a report by Reuters, more than 37 percent of respondents in a pre-budget survey stated they expect the quality of life for ordinary citizens to deteriorate over the next year, marking the highest such percentage since 2013. The findings were released by polling agency C-Voter on Wednesday. Modi has served as Prime Minister since 2014.
C-Voter polled 5,269 adults across various states in India for this survey. Persistent food inflation has squeezed household budgets, reducing spending power, and the world’s fifth-largest economy is projected to experience its slowest growth in four years.
Nearly two-thirds of respondents indicated that inflation has remained unchecked and that prices have increased since Modi became Prime Minister. Over half of those surveyed said the rising cost of living has “adversely” affected their quality of life. In response, Modi is expected to announce measures in the upcoming budget to address economic challenges, support faltering growth, increase disposable incomes, and aid a strained middle class.
The survey also found that nearly half of respondents reported no increase in personal income over the past year, even as expenses continued to rise. Nearly two-thirds mentioned that managing increasing expenses had become increasingly difficult.
Despite India’s world-beating economic growth, the country’s job market remains inadequate in providing sufficient opportunities for its youthful population to secure regular employment. In last year’s budget, India allocated nearly $24 billion over five years for job creation schemes.
However, the programs have not yet been fully implemented, as discussions over their details continue.