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Sharp virus surge, rising risk of renewed lockdowns throw India's steady recovery in doubt

India’s consumption demand and business activity looked steady in February, although chances of a strong recovery appeared doubtful after a sharp surge in virus cases and the increasing risk of renewed lockdowns.

The dial on a gauge measuring so-called animal spirits showed activity cruising at a steady pace for the fifth straight month, with all eight high-frequency indicators tracked by Bloomberg News holding their ground last month. The number was arrived at by using the three-month weighted average to smooth out volatility in the single-month scores.