MAM
India sprints ahead in ACNielsen’s Consumer Confidence Index
MUMBAI: India continues to ride high on a wave of strong consumer confidence, with the country leading ACNielsen’s 46-country Consumer Confidence Index for the fourth half in a row, scoring an all-time-high Index of 137, according to ACNielsen.
“There is no doubt that India is riding the crest of an economic boom – recording the highest Confidence Index once again reaffirms the solid performance of the market in terms of economic growth, job prospects and the booming young adult population, who will soon become the major driving force in the global economy,” said ACNielsen South Asia executive director Sarang Panchal.
According to the survey, in the second and third place in the 46 country Confidence Index are the Norwegians (134) and Danes (129), respectively. Other markets worth watching are Vietnam, which recorded a double-digit increase in its Index from 106 in June 2006 to 116 this time round; and Thailand, achieving an Index of 107, representing the greatest increase of 12 points from the last Index.
“Vietnam is another market to watch, as the country’s entry into the WTO starts to impact, along with a rapidly growing workforce and income levels. There is simply huge potential to be found in Vietnam, a country with the world’s 13th largest population, and more than 50 per cent of them under the age of 30.”
Indians are exceedingly feeling bullish about the job market (95 per cent rating it excellent or good) as well as the state of their personal finances in the next year (87 per cent). On the other hand the world’s least optimistic markets hail mostly from Europe, although South Koreans (56) remain at the bottom of the list. Across Asia Pacific, Japan and Taiwan are among the least optimistic, recording an index of 71 and 80 respectively.
Major concerns
While confidence has sustained globally, consumers across the globe continue to cite the economy (39 per cent), health (34 per cent) and job security (32 per cent) as their major concerns over the coming six months, although the level of concern for the economy and health has declined moderately since the first half of 2006.
But for Indians it is the increasing terrorist attack that has made terrorism (30per cent) as the one of the largest concern areas, though globally, only 15 per cent of consumers considered terrorism a major concern, led by India (31 per cent), the UK (26 per cent), and Denmark (25 per cent).
“Looking at the way terrorism is hitting the across the country be in Mumbai or up north east in Guhwahati or for that matter Kashmir Valley, terrorism is surely a big concern that the country is facing. Time has arrived when individual shop owners, service providers should take it on themselves to make their establishment full proof with proper security systems in place so that to give shoppers and consumers a secure environment” added Panchal.
The survey also points out that for Indians it is investment in shares and mutual funds, the best tool to utilize the spare cash. From 40 per cent in the last cycle it is now 49 per cent of Indian consumers who are willing to invest in shares and mutual funds. Infact India is the nation where most number of consumers is willing to take the share market route. Next in the list is the urge to indulge in home improvement and decoration (39 per cent) and to buy new clothes (33 per cent).
“For the last few years booming economy has made spare cash available in the hand of Indian consumers and unlike old days today’s consumer wants to live life to its fullest and what best way to improve the standard of living other than improving home and indulge in new clothes. Home and clothes are extension of ones personality and Indians now are not ready to compromise but game to exhibit to the world, a flamboyant , high quality living that now they can afford,” said Panchal.
The 46 markets covered by the survey are listed below:
Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Czechs, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Japan, Korea, Latvia, Lithuania, Malaysia, Mexico, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Russia, Thailand, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Turkey, UAE, United Kingdom, US, Vietnam.
The ACNielsen Online Consumer Confidence and Opinion Survey is a half-yearly survey aimed at gauging current confidence levels, spending habits/intentions and current major concerns of consumers across the globe. The ACNielsen Consumer Confidence Index is developed based on consumer’s confidence in the job market, status of their personal finance and their readiness to spend. The latest survey, conducted in late October/early November, polled about 25,408 internet users in 46 markets from Europe, Asia Pacific, North America, the Baltics and the Middle East.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
