Chennai: More than 90 per cent of respondents in a survey said that the Covid-19 pandemic has made them more careful with expenditure as against 75 per cent of global respondents.
According to a survey conducted by Standard Chartered Bank, Indians are being increasingly careful with money despite many of them (56%) reporting a spike in spending in July compared to global peers (46%).
The survey said 76 per cent of respondents in India said that the economic impact of Covid-19 has made them more likely to track their spending.
Meanwhile, Standard Chartered’s group chief executive Bill Winters has said he was not sure whether India will see a V-shaped economic recovery as the number of COVID-19 infections are continuing to rise.
He said India is some place in between, wherein it is not showing the V-shaped recovery like China.
India’s economy contracted by nearly a fourth in the June quarter as a result of the lockdowns during the early days of the pandemic. Policymakers had exuded confidence about a V-shaped recovery.