A banking liquidity crunch and weak business sentiment before state elections this year outweighed signs of a revival in consumer demand during India’s main festival season, keeping the outlook for the world’s fastest-growing major economy muted.
An overall activity indicator measuring animal spirits -- a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action -- was unchanged in October despite a slew of data from two-wheeler vehicle sales to consumer demand showing an improvement from the previous month. The measure, compiled by Bloomberg News, reflects a sharp drop in a liquidity indicator, a sign