Indian wages contracted last quarter for the first time since the pandemic, curbing the economy’s breakneck speed as consumers cut spending and corporate profits slump. Inflation-adjusted employment costs for listed non-financial companies — a proxy for real urban wages — declined 0.5 per cent in July to September from a year ago, according to data from Elara Securities Inc. Figures from others, like Motilal Oswal Financial Services Ltd, also show a steady slowdown in wage growth, alongside a spike in inflation — pointing to financial stress for India’s urban middle class despite optimistic data showing the economy grew more than 8 per cent last fiscal year.