Indian consumers’ confidence is plumbing new lows, adding to a string of grim data in an economy clobbered by the world’s worst coronavirus outbreak. The current situation index fell to a record 48.5 in May from 53.1 in March, according to the Reserve Bank of India’s consumer confidence survey, where 100 is level that divides pessimism from optimism. Respondents were also bleak about the year-ahead prospects, with the future expectations index dropping to 96.4 from 108.8 in the period under review, the RBI said. “Household spending also weakened in the latest survey round,” according to the RBI, which cited consumers’ concern about about the economic situation and job prospects. Even essential spending was “showing signs of moderation while non-essential spending continues to contract.” That’s bad news for an economy primarily driven by consumption, with high-frequency indicators progressively showing weakness in everything from retail activity to road congestion and power […]