India’s economy gathered momentum in May 2022 driven by pent up demand for services and higher output from industries as reopening continued from pandemic restrictions.
- Five of the eight high-frequency indicators compiled by Bloomberg News showed improvement, pushing the needle on a dial measuring so-called ‘Animal Spirits’ to 6, from 5, for the first time since July 2021 and the first upward move in more than a year.
- Pent-up demand describes a rapid increase in demand for a service or product, usually following a period of subdued spending.
- Consumers tend to hold off making purchases during a recession, building up a backlog of demand that is unleashed when signs of a recovery emerge.
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