MUMBAI, Nov. 24 -- India's consumption engine appears to have kept humming well past the Diwali rush, with digital payments showing none of the usual post-festival fatigue. Daily spends through UPI, cards and wallets in November have edged above October levels, raising an early question: is this simply the tail-end of festive buying, or a sign that demand is finally breaking out of months of caution.

So far in this month-up to 21 November-Indians have spent an average of Rs.96,017 crore a day through digital channels, compared with Rs.94,385.85 crore in October and Rs.89,675.18 crore in September, according to Reserve Bank of India data. The run-rate has risen steadily since August. Last year, the comparable figures were Rs.82,578 crore ...