In the 1980s, a Brazilian leader, commenting on the economic reforms and structural adjustment in his country said ‘the economy does well, but the people do poorly’.1 At the end of two decades of similar economic reforms in India, this statement is equally true for the majority of people in India. Structural adjustment policies have led to a widening of socioeconomic inequities in society. This has implications for health outcomes among different social groups. We use data from the National Family Health Survey (NFHS) and other sources to discuss issues related to health disparities based on class, caste and gender.