Economic recovery stumbles as consumer confidence drops in March

A recent RBI survey has indicated that consumer confidence has fallen in the wake of the second Covid-19 wave. The development could be a major setback for the country's economic revival. Here is all you need to know:

The resurgence of Covid-19 threatens to severely derail India’s economic recovery as several key indicators fell in March. One crucial economic indicator that fell last month is consumer confidence, according to a survey conducted Reserve Bank of India (RBI). The central bank’s survey released Wednesday showed that consumer confidence fell to 53.1 in March 2021 from 55.5 in January 2021. According to the RBI, the survey was conducted through field interviews from February 27 to March 8, 2021, in 13 major cities — Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi, Guwahati, Hyderabad, Jaipur; Kolkata, Lucknow, Mumbai, Patna and Thiruvananthapuram.