Lower inequality amid slower growth: A mixed bag

What other broad macroeconomic implications can be inferred from the household consumption expenditure survey factsheet?

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