The improvement in India’s economic growth after the slowdown in the July-September quarter of the current fiscal year is visible as movement indicators like fuel consumption, vehicles tolled, and air traffic have strengthened. Jefferies, an American multinational independent investment bank and financial services company, today said the combined October-November activity growth at 6.5 percent is a “substantial improvement” over recent months, with growth fastest in five quarters.

The Jefferies economy tracker composite indicator shows growth pick-up sustaining in November with the indicator up 6.4 percent year-on-year, the second fastest growth pace in 13 months. Jefferies’ report also stated that the revival in government capex and liquidity rise on relaxed RBI policies will improve GDP growth in the quarters ahead.

Finance Minister Nirmala Sitharaman also stated in Parliament yesterday that the lower-than-expected GDP growth in the second quarter of the current financial year is a “temporary blip” and growth would pick up in the coming months.

The finance minister pointed out that India has experienced steady and sustained growth, with an average GDP growth rate of 8.3 percent over the past three years and continues to be the fastest-growing major economy.