The near-sensational market performance though, isn’t nearly as well reflected in macro outcomes. Not yet, anyway. Recent quarterly GDP growth numbers, at 13.5% off a low base last year, came in 2-3% lower than both RBI and market expectations. To put numbers in context, India’s real GDP, that is, adjusted for inflation, is barely 5% above its pre-Covid peak. Private consumption, after recovering strongly from the Covid-era crater, has remained flat for the last three quarters now. A range of high-frequency indicators – sales of 2 wheelers, soaps, shampoos – remain flat to (sometimes even below) pre-Covid levels. Jobs remain a sticky issue, with Labour Participation Ratio below 50% (which means less than 50% of those in the right age-groups are offering themselves in the jobs market) and unemployment rate stubbornly high at 8%. What is doing rather better is “top of the pyramid” activities – demand for luxury homes, hi-end cars and electronics, leisure travel remains strong.