India has retained its position as the global leader in consumer sentiment, according to the latest LSEG-Ipsos Primary Consumer Sentiment Index (PCSI), with a national index score of 57.0 in September, showing minimal change from August’s 57.6.
The South Asian economy overtook Malaysia for the top position after the Southeast Asian nation experienced a significant 5.3-point decline in consumer confidence. Indonesia also saw a notable drop of 3.7 points, contributing to India’s ascension in the 30-country survey.
The stability in India’s consumer sentiment comes amid challenging global economic conditions, including the Trump administration’s immigration policies, new tariff implementations, and broader international economic slowdown concerns.
Among the survey’s sub-indices, India showed mixed but stable results. The Investment Climate sub-index recorded the strongest performance with a 1.2 percentage point increase, while the Employment sub-index declined by 1.7 percentage points. Economic Expectations and Current Personal Financial Conditions both showed minor decreases of 0.8 and 0.6 percentage points respectively.
Eleven other nations scored above the 50-point threshold, including Singapore and Sweden (both at 54.4), Australia (53.9), and the United States (52.4). Four countries fell below 40 points: France (39.9), Japan (37.3), Turkey (35.4), and Hungary (34.7).
Suresh Ramalingam, CEO of Ipsos India, attributed the stability to domestic policy developments, particularly the government’s GST 2.0 reforms that became effective September 22. The reforms reduced standard GST slabs to 5% and 18%, with significant reductions including passenger car taxes dropping from 28% to 18%.
“The rationalization of GST rates is a significant win for consumers,” Ramalingam noted, suggesting the reforms could drive festive season spending across retail channels during upcoming celebrations including Navratri, Dussehra, and Diwali.
The survey, conducted between August 22 and September 5, 2025, interviewed over 21,000 adults under 75 across 30 countries. In India, approximately 2,200 individuals participated, with 1,800 face-to-face interviews and 400 online responses representing urban social-economic classes across all four geographical zones.
The findings indicate India’s domestic consumption continues supporting economic growth despite global uncertainties, with the festive season expected to provide additional momentum for retail demand and business activity.