HCES shows some reassuring trends, urging CPI and policy overhaul

Shifting household consumption patterns and evolving priorities call for updates to inflation indices and a rethink of food and subsidy policies in India

The 2023-24 iteration of the Household Consumption Expenditure Survey, or HCES, was released by the Ministry of Statistics and Programme Implementation last week. This survey was keenly anticipated, given that many concerns have been raised in recent months about the status of consumer demand in the Indian economy — particularly in metropolitan cities — and what that says about the direction of the broader economy. The data provides some comfort when compared to historical increases. The HCES has been issued for the past two years after an 11-year gap. When household monthly per capita expenditure is compared between the last