RBI deputy governor Michael Patra highlighted that sluggish consumption growth is primarily due to high inflation, which has led to decreased consumer incomes. A recent survey revealed that 24.5% of respondents reported income declines, with a net response of -0.7 percentage points, the lowest since May 2023. Additionally, 42.4% noted worsening job prospects, resulting in a net response of -7.8 percentage points, although this marks an improvement from the negative 33.1 percentage points recorded in January 2020.
