Asia’s third-largest economy, India, could rebound this year on signs of a sharp pickup in business activity in January. Consumer demand in the country still remains subdued.

According to a gauge measuring so-called animal spirits, activity has accelerated for a second straight month. Most of the eight high-frequency indicators tracked by Bloomberg News held their ground last month.

“Animal spirits” is a term coined by British economist John Maynard Keynes. It refers to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month readings. (RT)