A new survey shows a little over half of India is happy with state of the economy

In the backdrop of RBI expecting India's economy to grow 7 percent in FY23 and inflation seeing a gradual ease, Indians who happy with their economic or financial condition as well as the situation of the country, increased by 4 percent each from December 2022 to April 2023.

Recently, RBI governor Shaktikanta Das said India's GDP is expected to grow 7 percent in FY23. "For the current year (FY24), we have given a projection of 6.5 percent, and we are quite optimistic and fairly confident that the actual growth will be close to that," he said.

Meanwhile, India's annual Wholesale Price Index (WPI)-based inflation declined to a 34-month low of (-) 0.92 percent in April, largely due to the base effect, data released by the Ministry of Commerce and Industry on Monday showed. The figures turned negative for the first time since July 2020 and is also the 11th straight month of decline in WPI-based inflation.

The decline in the rate of inflation was broad based, primarily driven by fall in prices of crude, energy prices, non-food and food articles.

Also, India's annual retail inflation cooled to an 18-month low in April, below the Reserve Bank of India's upper tolerance level of 6 percent, as food prices softened. Inflation as measured by the annual change in the consumer price index (CPI), eased to 4.70 percent in April from 5.66 percent in the previous month, government data showed on Friday.

The consumer food price index (CFPI), which accounts for nearly half of the overall consumer price basket, moderated to 3.84 percent, down from 4.79 percent in March 2023.

On the other hand, India's industrial output, as measured by the index of Industrial production or IIP, in March declined to 1.1 percent, data from the Ministry of Statistics showed today. As per CNBC-TV18's poll, the March IIP data was expected to decline to 3.8 percent.