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RBI launches the July 2020 round of Consumer Confidence Survey
The Reserve Bank of India (RBI) on June 30, 2020, has launched the July 2020 round of the Consumer Confidence Survey (CCS).
The Reserve Bank of India (RBI) on June 30, 2020, has launched the July 2020 round of the Consumer Confidence Survey (CCS). Responses of the participants will be gathered over the telephone because of the coronavirus pandemic.
RBI has been conducting the Consumer Confidence Survey (CCS) regularly.
Purpose of the Survey
The survey seeks qualitative responses from households, regarding their sentiments on the general economic situation, employment scenario, price level, households' income and spending.
Cities where the Survey will be conducted
The survey is conducted regularly in 13 cities, viz., Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai, Patna and Thiruvananthapuram.
The survey covers approximately 5,400 respondents across 13 cities. The results of this survey provide useful inputs for monetary policy.
The agency, M/s Hansa Research Group Pvt. Ltd., Mumbai has been engaged to conduct the survey of this round on behalf of the Reserve Bank of India over the telephone (instead of regular personal interview mode) because of the Covid-19 pandemic. For this purpose, the selected households will be approached by the agency over the telephone and they will be requested to provide their responses over the telephone.
Other individuals, who are not approached by the agency, can also participate in this survey by providing their responses using the linked survey schedule.
Besides, RBI has also launched the July 2020 round of the Inflation Expectations Survey of Households. The responses of the participants in this case also will be gathered over the telephone because of the coronavirus pandemic.
The RBI has been regularly surveying to elicit subjective views of the households on price movement across various cities of the country. The results of the survey are used as inputs for the monetary policy.
Cities where the Survey will be conducted
The survey aims at capturing subjective assessments on price movements and inflation, of approximately 6,000 households, based on their consumption baskets, across 18 cities. The cities that would be covered are Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi and Thiruvananthapuram.
The survey would seek qualitative as well as quantitative responses from households on price changes -- general prices as well as prices of specific product groups -- for the three months ahead as well as in the one year ahead period, as per the release. In the wake of the pandemic, the government released truncated retail inflation data for April and May.
Findings from both the surveys, which are conducted regularly, are used by the RBI while deciding the monetary policy.
