MUMBAI, March 26 Reuters The yawning divide between the superrich and middleclass in India39;s booming economy is set to persist, if the underperformance of consumer stocks in the raging stock market is anything to go by.

Stock prices of consumer firms selling soap, hair oil and refrigerators are seeing doubledigit gains but are still lagging benchmark Indian stock indexes as low income growth and volatile inflation hurt demand for everyday goods. Meanwhile, luxury goods are flying off the shelves.

The macro trends bear that out. Asia39;s thirdlargest economy is set for a 7.6 expansion in the financial year ending this month, but private consumption, which contributes 60 of economic growth, is expected to grow at just 3 the slowest in two decades, excluding the COVID19 pandemic years.

The wealth gap has widened. The wealth concentrated in the richest 1 of the world39;s most populous nation is at its highest in six decades, research group World Inequality Lab said.

There is a drastic shift in household income from lower to higher middle class and from higher to upper class that is the driving engine for the growth in the premium segment, said Vineet Arora, managing director at Singaporebased NAV Capital, which manages 8 billion rupees 95.95 million in its Global Opportunities Fund.

The premium segment, comprising companies that sell cars, highend electronics, expensive watches and jewellery, is seeing brisk business and soaring share prices. Tata groupowned Titan…