look news india
New Delhi: The latest Asia Economic Monthly Report released by Nomura said that due to the ongoing economic shocks due to demonetization, implementation of GST and subsequent Corona pandemic, consumption growth rate in the last decade may be lower than in the previous decade.
The report said that the average growth rate of consumption in both urban and rural areas in two consecutive consumption surveys (growth rates during the period 2011-12 and 2022-23) is at par with the growth in the previous period. Global investment bankers came to this conclusion after analyzing the latest household consumption expenditure survey released in February by the Office for National Statistics.
According to Nomura calculations, real rural consumption is seen to see a CAGR of 3.1 per cent between 2012 and 2023, up from 6.6 per cent between 2010-12.
Real urban consumption growth during this period has been 2.6 percent, which was earlier 5.2 percent. During the period 2005–10, rural and urban consumption grew by 4 per cent and 4.4 per cent in real terms, respectively.