Did festival demand revive Indian economy's animal spirits in October?

India’s economy showed more signs of a recovery taking hold in October, increasing the likelihood it will exit a pandemic-induced recession in the final quarter of this year.

Demand during the festival season helped boost three of the eight high-frequency indicators tracked by Bloomberg News last month, while three were unchanged and two deteriorated. That kept the needle on a dial measuring so-called ‘Animal Spirits’ steady at 5 -- a level arrived at by using the three-month weighted average to smooth out volatility in the single-month readings.