Desi buyers upbeat on well-being: Study

As per the latest Mastercard Well-Being Index (H2 2016) for Asia Pacific, Indian consumers are most optimistic about overall well-being, making India the only entrant in the very optimistic level in the survey series’ history. India’s optimism seems to be driven by the consumers’ upbeat sentiment over the robust pace of economic growth and stable macroeconomic fundamentals, besides their ability to adapt to stress and challenges. The study covered four key components: Work and Finances, Safety from Threats, Personal and Work Satisfaction and Personal Well-Being. Out of these, consumers in India showed extreme optimism in terms of personal & work satisfaction (83.0) and felt safe from threats (78.7). 

People in Asia Pacific at large remain optimistic towards their overall well-being (62.1), with those in emerging markets (65.5), led by India, Philippines and Indonesia, showing higher resilience and satisfaction as compared to the developed markets (56.7). 

The Asia Pacific region felt most satisfied with their personal and work life (65.5), buoyed by strong fulfilment amongst consumers in emerging markets such as India (83.0), Philippines (78.2), Myanmar (75.4), Vietnam (72.7), China (71.3), Indonesia (71.1) and Thailand (70.2). 

Georgette Tan, Senior Vice President, Communications, Asia Pacific, Mastercard said, “India’s high well-being score correlates with the growing GDP rates. The strong opportunities for growth can instill optimism and hope for the future. Such insights are crucial to Mastercard’s work in India where we’re committed to driving inclusive growth. It gives us a holistic view that complements economic activity, and provides us with a clearer understanding of the progress to be made.”  

Across the board, of all four components, people in Asia Pacific were most concerned about their safety from threats (57.6), with those in Myanmar (43.5), Bangladesh (46.6) and Japan (46.9) having felt the most vulnerable. This apprehension was caused mainly by fear of cybercrimes (54.0) and financial crimes (55.0). On the other hand, people in emerging markets, led by India (78.7), Philippines (64.5) and Indonesia (64.3) are the least concerned about their overall safety.

As of Jan 2017, India’s cumulative installed solar capacity from all sources was just over 9 GW, and crossed 10 GW in March. To achieve targets, it will therefore have to install about 90 GW more in the coming five years, a target that might not be achievable. 

At present, there is a marked gap between the targets and achievements. For example, against the target of installing 12,000 MW of solar capacity in 2016-17, by January 2017, only 2,472 MW had been installed. 

The largest contributors to solar energy in India will now be rooftop solar installations (40 per cent) and large solar parks (40 per cent). The last 20 per cent will come from utility scale solar projects, with a very small percentage coming from off-grid solar installations. Capacity addition of rooftop solar has been slow to take off. 

By November 2016, only 0.5 MW of solar rooftop capacity was installed, while 3 GW was sanctioned and under installation, according to MNRE.