A National Statistical Office (NSO) report, based on a consumption expenditure survey conducted between July 2017 and June 2018, shows a drop in consumer spending for the first time in more than four decades, Business Standard reported. These figures have been adjusted for inflation, with 2009-10 as the base year.
Consumer spend sees first fall in 4 decades on weak #rural demand: NSO data
— Business Standard (@bsindia) November 15, 2019
The period in which the survey was conducted was during the implementation of the goods and services tax (GST) which succeeded demonetisation by the Modi government in November 2016.
According to experts, a fall in consumption expenditure symbolises the growing prevalence of poverty and low demand in the economy – which is mainly driven by the rural market.