Some of India's latest activity data are showing signs of improvement. For example, industrial production has accelerated over the past few months. Measures of expenditure and income tell a similar story. There has been a pick-up in new capital expenditure projects in the first half of 2015, while growth in private corporate sales has also risen. But while this should give reason for cheer, all of these measures of activity suggest that growth remains subdued by past standards. At best, and in contrast to what the official GDP data suggest, the economy appears to be in the early stages of a recovery from years of tepid growth.
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