New Delhi, Sept. 20 -- India's private consumption expanded by 7.1% in real terms in the first quarter of 2026-27. That is encouraging news for an economy whose prospects depend substantially on domestic demand. But a growth rate is not a market strategy. It tells businesses that expenditure is expanding, not which consumers sustain which markets, what they can afford or how much financial leeway remains after meeting their expenses.

The distinction matters because India has several overlapping economic maps. The distribution of income differs from the distribution of consumption, which differs still more from the distribution of saving. Businesses that mistake one for another risk misunderstanding both the scale and the character of the...