MAM
India maintains highest national index score despite April 2024 consumer sentiment drop: LSEG-Ipsos PCSI survey
Mumbai: India continues to sit at the top of the consumer confidence index with the highest national index score of 67.0, despite a 5.0 percentage point drop in overall consumer sentiment index in April 2024, according to the LSEG Ipsos primary consumer sentiment index (PCSI).
Among the 29 countries, India (67.0) and Indonesia (65.1) remain the only countries with a National Index score of 60 or higher.
Ten other countries now show a National Index above the 50-point mark: Mexico (59.8), Thailand (57.6), the Netherlands (54.8), Singapore (54.6), Sweden (54.5), the U.S. (53.4), Brazil (53.3), Poland (50.3), Great Britain (50.2) and Australia (50.1).
In contrast, just three countries show a National Index below the 40-point mark: South Korea (39.6), Türkiye (36.8), and Hungary (33.2).
Each month, Ipsos tracks attitudes of consumers in 29 markets on the current and future state of their local economy, their personal financial situation, the employment climate, and their purchasing and investing confidence.
Consumer sentiment lowers in April 2024 for India
The overall or national index has experienced a drop of 5.0 percentage points in April 2024 for India. Further, consumer sentiment has fallen across the 4 sub indices (the PCSI is an aggregation of four weighted sub-Indices) – the PCSI Employment Confidence (“Jobs”) Sub- Index, is down 6.3 percentage points; the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index is down 6.6 percentage points; the PCSI Investment Climate (“Investment”) Sub-Index is down 6.5 percentage points; and the PCSI Economic Expectations (“Expectations”) Sub-Index has a minor drop of 1.5 percentage points.
Summarizing on the findings of the survey, Ipsos India CEO Amit Adarkar said, “India continues to show the highest national index score of 67.0 percentage points despite the drop in consumer sentiment this month. There is lowering of consumer sentiment overall and largely driven by lowering of sentiment for personal finances, investments, jobs and the economy. Consumers are experiencing financial crunch for not only day-to-day running of households but also for savings and investments. We see downgrading of confidence for jobs. End of the financial year for a lot of companies would mean freeze on hiring by India Inc. And it should pick up in May/ June. Further, around this time, the tax burden increases on personal incomes, tightening the tight rope for discretionary spends. Also, it is election time in India. For 2 months no course correction or sops are likely to be announced by the incumbent government.”
Sentiment is largely up throughout Europe. Sweden (+3.6 points), Great Britain (+3.1 points), France (2.8 points), and Spain (+2.5 points) all show significant gains this month. For Sweden, this month’s reading is the country’s highest in nearly two years.
In contrast, sentiment is more mixed in other regions. In the Asia-Pacific region, consumer confidence is up in Thailand (+2.1 points), while India (-5.2 points) shows the largest decline of any country. In Latin America, Argentina (+3.7 points) shows the largest increase among all countries, while sentiment declined sharply in Brazil (-3.5 points).
The Global Consumer Confidence Index is the average of all surveyed countries’ Overall or “National” indices. This month’s installment is based on a monthly survey of more than 21,000 adults under the age of 75 from 29 countries conducted on Ipsos’ Global Advisor online platform. This survey was fielded between 22 March and 4 April 2024.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
