The survey is designed to be multi-dimensional and goes much beyond income, expenditure and saving aspects of household economy. It takes into account economic and social well-being of Indian households, normative measures of social, political and financial inclusion, degree of access to public goods, infrastructure and welfare measures of the government. Special feature of the survey is that it consists of a panel of 12,000 households which are common in both ICE 360o Survey, 2014 and ICE 360o Survey, 2016, which will facilitate to take a longitudinal view of how the Indian consumption landscape has evolved during the last two years. ICE 360o survey, 2016 covered 300,000+ households through a household listing exercise, followed by a more detailed survey of 60,360 households. Geographically, the sample has been drawn from across 216 districts, 1217 villages and 487 towns spread across 25 major states.
People Research on India's Consumer Economy (PRICE) is an independent, not-for-profit research centre, a ‘think tank’ and ‘facts tank’ engaged in building and disseminating seminal knowledge and insights about India’s Macro Consumer Economy and Citizen’s Environment, for use in formulating public policy and in shaping business strategy.
Proprietary pan-India household surveys
Thin round surveys on key sectors and emering issues
Customised projects, data integration and analytics
Collaborative research projects and exchange programs
Public advocacy, seminars, conferences, and media interactions
ICE 360o Survey, 2014 is the first household level primary survey conducted by PRICE covering an all-India representative sample of 20,195 households with earners selected from a listing of 1,01,534 households. The survey primarily focussed on providing household level, insightful and relevant information on economic and social well-being of Indian households including social inclusion, especially access to public goods and infrastructure, for the public domain to aid in advocacy and evaluation of the effectiveness and appropriateness of economic and public policy. Some of the key themes of the Indian consumer economy, captured by the survey, included household level income, expenditure, saving patterns, social inclusion, and financial optimism and life style indicators.
Infographics: Snapshots of the ICE 360o Survey, 2014. All images are free to use for non commercial purposes with due acknowledgement
Insights: The report contains policy and business briefs derived from the ICE 360o Survey, 2014. The report is free to download for non commercial use with due acknowledgement
The outlook for digital payments in India is promising, which bodes well for broader financial inclusion through digital channels. Significant shifts have occurred in the policy & regulatory landscape as well as public infrastructure creation to enable a push from cash to digital. These changes have resulted in the opening of hundreds of millions of new bank accounts; an open API platform that supports paperless, presenceless and cashless transactions at scale; and new cohorts of small finance & payment banks with greater agility to drive banking & finance for underserved segments. At the same time, disruptive innovation in the private sector has galvanized a fast emerging fintech sector (enabled by open APIs), deeper smartphone penetration, and precipitous reductions in data costs.
Middle India has been neglected in the last two decades after India’s first wave of economic reforms of the 1990s. If Middle India continues to be left behind, then domestic demand is unlikely to be strong enough to help drive India’s growth acceleration. Middle India is therefore critical to India’s economic takeoff. This report assesses the prospects of transforming Middle India into the middle class of India using detailed household income and expenditure survey data produced by Rama Bijapurkar, Rajesh. Shukla, and others in 2014 in the research report Middle India: Key to Inclusive Growth and a Prosperous Future India, published by People Research on India’s Consumer Economy (PRICE).
The payments business in India is on the cusp of a revolution. With rapid growth and modernization of the economy, there is no doubt that a majority of India’s 1.2 billion plus citizens will demand and get modern financial services far superior to what their parents’ generation enjoyed. It is simply a matter of when the supply side catches up. This report is the product of a research effort that analyzed the most pertinent policy documents, reports, scholarship, expert interviews, and payments data. It is the second in a series of country reports on The Cost of Cash by the Institute for Business in the Global Context (IBGC).