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77% of Indians optimistic of an economic recovery and business revival: Survey

IBEF:  November 20, 2020

A research by the digital lending platform IndiaLends on 1,700 individuals shows that at least 77% of Indians are positive about an economic recovery and market revival. Survey findings show that 27% of respondents assume that a recovery may occur in the next three months.

A survey was conducted by IndiaLends in November to assess the nation's current state of mind during the festive season. The survey included both the salaried and self-employed from Tier I and II cities. The survey states, "Almost 28% thought it might take anywhere from six months to a year, an indicator that people were still weighing in on the pandemic."

The survey says that at least 71% of respondents have an intention to take out a personal loan in the next three to six months. As the key reasons for choosing personal loans, they listed two- and four-wheelers business start-ups, household durables, electronic gadgets, and home renovation.

Nearly 46% of respondents indicate they expect an improvement in household costs for customer durables, washing machine and dishwasher, and 11% say they will purchase these appliances with a personal loan.

“Almost 38% of respondents have said that they would consider having their home renovated in the coming months, with individuals spending more time at home, and 15% said they would take a loan for the same," the survey says.

At least 7% of respondents say they are going to choose for a loan to pay for upskilling courses, which relates to the employment effect of COVID-19 and the desire to use free time to learn new skills," the survey says. 31% of IndiaLends respondents claim they would use the loan to start their own business.

Commenting on the results, Mr. Gaurav Chopra, founder, and chief executive officer of IndiaLends, says, "The economy is improving from the coronavirus pandemic steadily and is getting back on the development track." There are strong indicators of a market improvement and customer confidence. This is noticeable in the increase in loan applications from companies such as MSMEs and individuals, including millennials, and the many reasons why they take those loans.

“Our latest study suggests that companies and individuals are ready to return to a ‘new normal’ existence and start 2021 on an optimistic way," according to Mr. Chopra's future outlook.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.