77 percent of Indians are optimistic of an economic recovery and business revival, and 27 percent believe the turnaround could happen in the next three months, revealed a new survey by IndiaLends – a digital lending platform.
IndiaLends conducted a nationwide survey of nearly 1,700 respondents comprising both the salaried and self-employed in November to capture the current mood of the nation during the festive season.
As per the findings, 22 percent of those surveyed said they expect a revival in the next three to six months, while 28 percent felt it could take anywhere between six months to a year, an indication that people were still weighing in on the pandemic.
Significantly, 71 percent of the respondents said they planned to take a personal loan in the next three to six months. They cited two- and four-wheelers, business startups, household durables, electronic gadgets, and home renovation as the mains reasons for personal loans.
At least 7 percent of the respondents said they would opt for a loan to pay for upskilling courses, which points to the impact of COVID-19 on jobs and the need to utilize the free time to acquire new skills; while 31 percent of those surveyed said they would use the loan to start their own business.
IndiaLends founder and chief executive officer Gaurav Chopra said, "The economy is slowly but steadily recovering from the coronavirus pandemic and is getting back on the growth trajectory. There are clear signs of a business revival and consumer confidence. Our latest survey reveals that businesses and individuals are keen to return to a ‘new normal’ life and start 2021 on a positive note."
Among other findings, nearly 46 percent of the respondents said they expected an increase in household expenses towards consumer durables such as washing machines and dishwashers, and 11 percent said they would opt for a personal loan to buy these appliances.
With people spending more time at home, almost 38 percent of the respondents also said that would consider getting their home renovated in the coming months, and 15 percent said they would take a loan for the same.
Following the closure of schools, colleges, and many offices since March 2020 and the consequent increase in home-based online education and work from home, some 70 percent of the respondents said they were now spending more on electronic gadgets for their children, namely smartphones, tablets, and laptops.
The IndiaLends survey covered both salaried and self-employed Indians in the 18-55 plus age group, residing across top Tier I and II cities. The respondents comprised 41 percent of millennials in the 25-35 age group, thus making it highly youth-centric.
(Edited by: By Jomy)