The festive season has brought with it some cheer, at least for a large part of the formal economy. Most automakers have reported a sharp surge in Navratri sales.

It's a 100 percent increase for Tata Motors compared to last year, while Hyundai and Kia Motors told CNBC-TV18 that they are having a hard time keeping up with demand. Even luxury automaker Mercedes Benz has reported record sales this season.

Industrial and commercial activity also seems to be gathering pace. India's power consumption grew 11.45 percent in the first half of October compared to the same period last year. That is the first double digit increase in the number since March this year.

That's not all, earnings from freight rose 11 percent versus last year and loading was up 18 percent.

The good news is that all this data is coinciding with a sharp reduction in COVID-19 cases in the country. Active cases saw the biggest single-day drop today and the recovery rate is now close to 91 percent.

Speaking at the India Energy Forum at the Cera Week, the finance minister struck an optimistic note as well. According to her we are seeing a steady and sustainable recovery as PMI data begins to look up, festive demand increases and FDI inflows show a steady increase.

To discuss the greenshoots in the economy, Shereen Bhan spoke to Rashesh Shah Chairman & CEO of Edelweiss Group, Ajay Sahai Dir General & CEO of FIEO and Anil Bhardwaj Secretary General of FISME.

Rashesh Shah said the crisis is over but there is a challenge of investment and growth. He expects liquidity, interest rate cut, credit transmission will help the economy.

Moreover Ajay Sahai said that the recovery has been faster than anticipated and there is a huge demand coming into the country.

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