The government of India published “The factsheet of household consumption expenditure survey (HCES) 2022-23”, the first HCES after a gap of 11 years. Not surprisingly, it garnered a lot of attention, which will increase further after the detailed data/report is released.

       There are two important facts that emerge from the factsheet: 1) the (consumption-based) inequality measured by the Gini coefficient has declined in the past 11 years (i.e., between 2011-12 and 2022-23) at a much faster pace than the fall witnessed in the past; and 2) the average consumption growth in the past 11 years has weakened compared to the

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