NEW DELHI India's urban consumer confidence improved marginally in April, but concerns about the economy kept consumers pessimistic, a survey released on Wednesday showed.
The BluFin Consumer Confidence Index rose to 41.1 in April 2012, from 39.9 in March. The index recorded its lowest score of 35.8 in December 2011.
The index reflects pessimism below 50 and optimism above that, BluFin said.
The report comes after the RBI last month slashed interest rate for the first time in three years by a sharper-than-expected 50 basis points to boost the sagging economy. However, the survey said the rate cut failed to significantly revive consumer sentiment.
"The current positive trend will need to be validated by improvements in the coming months," said Rashid Bilimoria, chief executive of financial information provider BluFin.
A sub-index rating future expectations was 39, suggesting Indian urban consumers were still worried about the economy's prospects.
A declining growth rate, the slow pace of reforms, a widening deficit gap and a weak currency have contributed to a worries about India's economic outlook by investors and rating agencies alike.
(Reporting by Arup Roychoudhury)
France's DCNS says India submarine data leak may be "economic warfare"
SYDNEY/PARIS French naval contractor DCNS said on Wednesday it may have been the victim of "economic warfare" after secrets about its Scorpene submarines being built in India were leaked.
Lumbering state companies become hot stock market bet
MUMBAI India's state-owned companies, from builders such as NBCC to oil firms such as Bharat Petroleum Corp Ltd, are attracting top investors as cheap valuations, improving earnings, and share buybacks make them stand out in an otherwise expensive market.
More U.S. retailers probing Welspun India over alleged phony Egyptian cotton
CHICAGO/NEW DELHI U.S. retailer Bed Bath & Beyond on Wednesday said it ordered an external audit of textiles from Welspun India, after Target Corp last week accused the Indian manufacturer of passing off cheap sheets as premium Egyptian cotton for two years.