MAM
Consumer sentiment up for jobs: LSEG-Ipsos PCSI August 2024
Mumbai: The August 2024 wave of the LSEG-Ipsos primary consumer sentiment index shows confidence around jobs has improved and India was placed second in the pecking order on the national index score across the 29 markets covered in the survey.
However, overall the sentiment was seen to be down -2.9 per cent points.
The LSEG-Ipsos PCSI maps consumer sentiment on four sub-indices and sentiment around the PCSI employment confidence (‘Jobs’) sub-index, has seen an uptick of +0.9 per cent points, the PCSI current personal financial conditions sub index (current conditions) was down -6.5 per cent points; the PCSI investment climate (‘Investment’) sub-index has lowered -6.5 perc ent points; and the PCSI economic expectations (‘Expectations’) sub-Index was down 2.0 per cent points.
Ipsos India CEO Amit Adarkar elucidating on the findings said: “The sentiment around jobs has improved with some sectors hiring in H2 and also with the government announcing new initiatives for job creation in the budget. Some consumers are feeling the pinch of high cost of living in terms of strain on personal finances for day-to-day running of households and lack of disposable incomes for savings and buying of big ticket items and discretionary spends. The sentiment is also down around the economy. Global factors continue to bog down our economy also with the rupee weakening against the dollar at Rs. 84/$, with the wars in Ukraine and Gaza continuing.”
Consumer sentiment in 29 countries
Among the 29 countries, India has now moved to the 2nd spot, preceded by Indonesia (63.6) which now holds the highest national index score. Indonesia and India (61.6) are the only countries with a national index score of 60 or higher.
Eleven other countries now show a national index above the 50-point mark: Sweden (57.3), the Netherlands (55.6), the U.S. (55.3), Malaysia (54.2), Great Britain (53.8), Brazil (53.1), Singapore (52.5), Mexico (52.0), Spain (50.2), Canada (50.1) and South Africa (50.1).
In contrast, just three countries show a National Index below the 40-point mark: Japan (38.0), Hungary (36.8), and Türkiye (36.4).
“India continues to be one of the most resilient markets despite all the global turbulence and tough macro conditions. We have good monsoons and that should bring down food inflation,” added Adarkar.
Brands
Trump announces $300bn Texas oil refinery with Reliance, calls it the biggest in US history
First new US refinery in 50 years planned at Brownsville port with Reliance
WASHINGTON: The United States may soon see the first brand-new oil refinery built on its soil in half a century.
Donald Trump announced a proposed $300 billion refinery project in Texas, calling it a landmark moment for American energy production and jobs.
Posting on Truth Social on 10 March, Trump said the facility would be built at the Port of Brownsville and developed by a company called America First Refining, with major investment from India’s Reliance Industries.
The announcement frames the project as a centrepiece of the administration’s push for “energy dominance”, with Trump claiming it would deliver thousands of jobs and billions of dollars in economic activity to South Texas.
If realised, the plant would mark the first all-new major refinery constructed in the United States since the 1970s. In recent decades, oil companies have largely chosen to expand existing facilities rather than build new ones, citing high costs, regulatory hurdles and environmental scrutiny.
Trump described the proposed investment as the “biggest in US history”, positioning it as proof that policy changes such as streamlined permits and lower taxes are drawing large-scale energy investments back into the country.
The refinery is planned for the Port of Brownsville, a strategic Gulf Coast location that provides easy access to shipping routes and export markets.
A key partner in the project is Reliance Industries, controlled by billionaire industrialist Mukesh Ambani. The company already runs the world’s largest refining complex in Jamnagar, India, making it one of the most experienced operators in large-scale petroleum processing.
The Texas venture would mark a significant step for the group into America’s domestic refining sector, potentially strengthening industrial ties between the US and India.
The proposed refinery is being promoted as a next-generation facility capable of processing American shale oil while maintaining high environmental standards. Trump said it would be “the cleanest refinery in the world”, although the specific technologies behind that claim have not yet been detailed.
Industry observers also note that the $300 billion figure is unusually large for a refinery project, and analysts are waiting for more clarity on whether the number reflects total construction costs, long-term infrastructure investment, or broader economic impact estimates.
As of 11 March, Reliance Industries had not publicly confirmed the investment size or the structure of its involvement.
For now, the announcement has sparked equal parts excitement and curiosity in energy markets. If the plan moves from promise to pouring concrete, the refinery could reshape the Gulf Coast energy landscape, and reopen a chapter in American refining that has been quiet for nearly fifty years.
