India's urban consumer confidence edges up: survey

New Delhi: India’s urban consumer confidence improved marginally in April, but concerns about the economy kept consumers pessimistic, a survey released on Wednesday showed. The BluFin Consumer Confidence Index rose to 41.1 in April 2012, from 39.9 in March. The index recorded its lowest score of 35.8 in December 2011.[caption id=“attachment_304040” align=“alignleft” width=“380” caption=“Buying more. Reuters”]  [/caption] The index reflects pessimism below 50 and optimism above that, BluFin said. The report comes after the central bank last month slashed interest rate for the first time in three years by a sharper-than-expected 50 basis points to boost the sagging economy. However, the survey said the rate cut failed to significantly revive consumer sentiment. “The current positive trend will need to be validated by improvements in the coming months,” said Rashid Bilimoria, chief executive of financial information provider BluFin. A sub-index rating future expectations was 39, suggesting Indian urban consumers were still worried about the economy’s prospects. A declining growth rate, the slow pace of reforms, a widening deficit gap and a weak currency have contributed to a worries about India’s economic outlook by investors and rating agencies alike. Reuters