Economic indicators can be inherently underwhelming. Purchasing manager indices are important, but unexciting, particularly if monthly changes often look like splitting hairs (how different is 50.1 to 49.9?).
India, the world's third-largest economy, offers some interesting alternatives that are more significant than they may seem. For instance, 'two-wheeler' registrations, which include scooters and motorbikes, are finally back to 2019 levels after climbing steadily in the past year, as per Goldman Sachs data.
This data feeds into a consumer index that also includes domestic air travel and petrol consumption. All of these metrics are pointing to growing consumption and a changing country, in which the number of people in the middle class is soaring and even lower earners have far more access to education, healthcare and finance.