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The India example you cite suggests that the undernourishment variable cannot be used as a reliable guide to under-nutrition status.  However, regarding its use as a measure of differential access to food, the statistical note in the WDI database says that the variable measures "food deprivation based on average food available for human consumption per person, the level of inequality in access to food, and the minimum calories required for an average person."  This suggests that it does capture some aspect of differential access to food by income or socioeconomic status level. Perhaps not very well?