More than half of households expect a drop in income: Survey

- January 29, 2023
| By : Patriot Bureau |

The number of responses on each question varied

Online platform LocalCircles stated on Sunday that more than half of households in a survey done across 309 districts expect a drop in income of up to 25% and a reduction in savings and are hoping for assistance in the upcoming budget.

According to the study, which was conducted between November 25 and January 25, 52% of respondents believe that the economic unrest would last for the next 6 to 12 months as a result of the job losses and declining hiring sentiment.

According to LocalCircles, 37,000 answers from households in 309 districts of India totaling 64% men and 36% women from tier 1 and tier 2 cities as well as smaller towns were received.

“Our survey indicates that majority households in the country are facing the squeeze and in community discussions thousands of inputs were received by LocalCircles about lowering income tax rates or increasing deductions and exemptions,” LocalCircles founder Sachin Taparia said.

The number of responses on each question varied.

According to responses to questions about expected changes in income, 7% of households predicted a 25% decrease in annual income during the current fiscal year, 22% predicted a drop of 10-15%, 10% predicted a drop of up to 10%, and 21% believed their income would decrease but were unsure of the scale.

According to a survey, 56% of home consumers estimate their average household savings will decline over the current fiscal year, while only 19% of families anticipate an increase.

Out of more than 13,000 respondents who were asked about their expectations for the duration of economic uncertainty, 52% said they thought it would last 6–12 months, 23% said they thought it would continue 3–6 months in 2023, 6% said it would stay up to three months, and 19% said they were unsure.