New Delhi, Dec. 1 -- Multiple sets of economic data have been released over the past few days-from gross domestic product (GDP) growth figures to the latest fiscal deficit numbers. Mint breaks them down to assess the state of the economy. Are animal spirits returning?

India's GDP growth for July-September (Q2FY26) surprised almost everyone, coming in at a six-quarter high of 8.2%. Most forecasts had pegged it at around 7%. A year ago, Q2 growth was just 5.6%, and in Q1 of the current fiscal it was 7.8%.

The government also reported that fiscal deficit touched 52.6% of the annual target as of October, compared to 46.5% a year earlier, driven by higher expenditure and lower-than-budgeted revenues.

A combination of strong manufacturing, s...