India, Oct. 6 -- About two weeks ago, before the impact of GST 2.0 was felt in the markets during Navratri, and the time when the social media platforms were in a frenzy over expected price cuts, this columnist singled out a product category that would prove to be the acid test. Its sales would establish the success of Narendra Modi's regime in incentivising consumer spends by lowering GST rates, and reducing slabs. The product was the more-humble two-wheeler.

The argument was that the purchases of motorcycles and scooters, more than the cars and SUVs, represented the real purchasing power, and actual buying intent, of a vast majority of the so-called middle-class Indians. While the SUVs grab headlines, and hog social conversations, the ...