MUMBAI: An improvement in India’s exports and business activity in June signaled the worst may be over for the economy, but the rebound probably wasn’t strong enough to prevent the biggest quarterly contraction on record. Four of the eight high-frequency indicators gained last month, two were unchanged and the rest deteriorated. The needle on a dial measuring so-called animal spirits remained static though, as the gauge uses three-month weighted average to smooth out volatility in the single-month readings. Despite the pickup in the monthly performance, gross domestic product is set to shrink 20% in the April-June quarter from a year ago, according to economists. TLTP
