Published: 19th November 2020
Around 77 per cent Indians optimistic about economic recovery: IndiaLends report
Seven per cent 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 utilise free time to acquire new skills
About 77 per cent Indians are optimistic of an economic recovery and business revival, and 27 per cent believe the turnaround could happen in the next three months, said a new survey on Thursday. While 22 per cent of those surveyed said they expect a revival in the next three to six months, 28 per cent felt it could take anywhere between six months to a year, said the survey by digital lending platform IndiaLends.
"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," IndiaLends Founder and CEO Gaurav Chopra said in a statement. The nationwide survey of nearly 1,700 respondents comprising both the salaried and self-employed, conducted in November, also said that 71 per cent 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 main reasons for personal loans. At least seven per cent 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 utilise free time to acquire new skills, while 31 per cent of those surveyed said they would use the loan to start their own business.
Among other findings, nearly 46 per cent of the respondents said they expected an increase in household expenses towards consumer durables such as washing machines and dishwashers, and 11 per cent said they would opt for a personal loan to buy these appliances. With people spending more time at home, almost 38 per cent of the respondents said they would consider getting their home renovated in the coming months, and 15 per cent said they would take a loan for the same.
About 70 per cent of the respondents said they were now spending more on electronic gadgets for their children, namely smartphones, tablets and laptops.