The common man understands it as the price of petrol, onions, tomatoes, cars, scooters, availability of public transport, non-collapsing bridges/overbridges, trains which run on their given tracks, and the bribes that he pays (or doesn't) to do what he needs to do.
The politician who understands this the best, and achieves ease of doing business for the common man (not just for businesses) would probably achieve great success in coming years. After all, the big buzzwords are of no use unless they ease the pain of an average citizen.
We had a combination of good economics and politics in 1991 with the Narasimha Rao-Manmohan Singh team. Hope that happens once again, and India achieves 10% growth in its GDP, and not just 7%.