India, Dec. 2 -- We have a split economy. Well, let us call it a double-faced one. On the one hand, there is stupendous growth, almost eight per cent in the past two quarters. At the same time, the stock markets are stalling, with a year-to-date rise of seven per cent, with most of it happening since September, 2025. Consumer spending seems to have revived, with private consumption up in the second quarter. Yet, corporate earnings seem to be under pressure, at least across sectors. Just to add to the confusion, there are two sides to the GDP coin, one side being marked a huge plus, and other minus.

How is this possible? Either there is growth, or there is not. Either, the growth in the first half of this fiscal year was an unexpected eig...