Annual Report


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Date : Aug 23, 2012
Macroeconomic and Financial Indicators

Item

Average
2000-01 to
2009-10
(10 years)

Average
2003-04 to
2007-08
(5 years)

2008-09

2009-10

2010-11

2011-12

1

2

3

4

5

6

7

I.

Real Economy

 

 

 

 

 

 

I.1

Overall Real GDP (% change)

7.2

8.7

6.7

8.4

8.4 QE

6.5 RE

 

a) Agriculture (% change)

2.5

4.9

0.1

1.0

7.0

2.8

 

b) Industry (% change)

7.2

8.8

4.1

8.9

6.8

2.6

 

of which :

           

 

Manufacturing (% change)

7.9

9.7

4.3

9.7

7.6

2.5

 

c) Services (% change)

8.8

9.8

9.4

10.0

9.2

8.5

 

Demand Side Aggregates

 

 

 

 

 

 

 

d) Final Consumption Expenditure (% change)

6.3

7.2

7.7

8.3

8.1

5.4

 

of which :

           
 

PFCE (% change)

6.4

7.5

7.2

7.2

8.1

5.5

 

GFCE (% change)

 

 

 

 

 

 

 

e) Gross Fixed Capital Formation (% change)

10.4

16.2

3.5

6.8

7.5

5.5

I.2

Share in GDP

 

 

 

 

 

 

 

a) Agriculture (%)

18.7

18.4

15.8

14.7

14.5

14.0

 

b) Industry (%)

20.3

20.3

20.1

20.2

19.9

19.2

 

c) Services (%)

60.9

61.3

64.1

65.1

65.5

66.8

I.3

Foodgrains Production (Million tonnes)

210.5

213.6

234.5

218.1

244.8

257.4

 

of which :

           
 

Rice

89.2

90.7

99.2

89.1

96.0

104.3

 

Wheat

73.4

72.9

80.7

80.8

86.9

93.9

 

Pulses

13.5

14.1

14.6

14.7

18.2

17.2

I.4

Commercial Crops (Million tonnes) $

343.4

347.9

345.4

353.0

418.6

434.5

 

of which :

           
 

Oilseeds

23.8

26.3

27.7

24.9

32.5

30.0

 

Sugarcane

291.1

291.2

285.0

292.3

342.5

357.7

I.5

Food Stocks (Million tonnes)

 

 

 

 

 

 

 

a) Procurement

42.0

38.4

55.3

58.0

56.8

66.4

 

b) Off-take

39.5

41.5

39.5

48.9

52.9

56.2

 

c) Stocks at end-March

30.1

18.6

35.6

43.4

44.4

53.4

I.6

Index of Industrial Production (% change)

7.4

12.4

2.5

5.3

8.2

2.9

 

Sectoral

 

 

 

 

 

 

 

a) Mining

4.3

4.0

2.6

7.9

5.2

-2.0

 

b) Manufacturing

8.0

14.5

2.5

4.8

8.9

3.0

 

c) Electricity

4.8

6.3

2.7

6.1

5.5

8.2

  Use-Based            

 

d) Basic Goods

5.6

8.0

1.7

4.7

6.0

5.5

 

e) Capital Goods

13.3

30.0

11.3

1.0

14.8

-4.0

 

f) Intermediate Goods

6.2

8.5

0.0

6.0

7.4

-0.6

 

g) Consumer Goods

8.2

14.8

0.9

7.7

8.6

4.4

I.7

Core Infrastructure Industries (% change)

5.5

5.8

2.8

6.6

6.6

4.4

I.8

Gross Domestic Saving Rate (% of GDP)

30.7

33.3

32.0

33.8

32.3

 

 

of which :

           
 

Household

23.2

23.2

23.6

25.4

22.8

 

Private Corporate

6.3

7.2

7.4

8.2

7.9

 

Public

1.2

2.9

1.0

0.2

1.7

I.9

Gross Domestic Investment Rate (% of GDP)

31.3

33.6

34.3

36.6

35.1

II.

Prices

 

 

 

 

 

 

II.1

Wholesale Price Index Annual Average (% change)

 

 

 

 

 

 

 

All Commodities

5.4

5.5

8.1

3.8

9.6

8.9

 

All Commodities-Point to Point (end-year)

1.6

10.4

9.7

7.7

 

Primary Articles

6.4

6.0

11.0

12.7

17.7

9.8

 

of which :

 

 

 

 

 

 

 

Food Articles

5.8

5.2

9.1

15.3

15.6

7.3

 

Non-food Articles

6.1

5.5

12.9

5.5

22.3

9.6

 

Fuel and Power

8.9

7.3

11.6

-2.1

12.3

14.0

 

Manufactured Products

4.1

5.0

6.2

2.2

5.7

7.3

 

of which :

 

 

 

 

 

 

 

Food Products

4.7

4.8

8.7

13.5

3.7

7.1

 

Non-Food Products

4.0

5.0

5.7

0.2

6.1

7.3


APPENDIX TABLE 1: MACROECONOMIC AND FINANCIAL INDICATORS (Contd.)

Item

Average
2000-01 to
2009-10
(10 years)

Average
2003-04 to
2007-08
(5 years)

2008-09

2009-10

2010-11

2011-12

1

2

3

4

5

6

7

II.2

Consumer Price Index (CPI) (Average % Change)

 

 

 

 

 

 

 

a) CPI- Industrial Workers

5.9

5.0

9.1

12.4

10.4

8.4

 

of which :

           

 

CPI- Industrial Workers Food

6.2

5.5

12.3

15.2

9.9

6.3

 

b) CPI- Agricultural Labourers

5.4

5.1

10.2

13.9

10.0

8.2

III.

Money and Credit

 

 

 

 

 

 

III.1

Reserve Money (M0) (% change)

15.4

20.4

6.4

17.0

19.1

3.7

 

Adjusted Reserve Money (% change)

19.0

13.0

18.2

9.6

 

a) Currency in Circulation (% change)

15.1

15.9

17.0

15.7

18.8

12.5

 

b) Bankers’ Deposits with RBI (% change)

17.9

33.1

-11.3

21.0

20.2

-15.9

III.2

Narrow Money (M1) ( % change)

16.0

19.6

9.0

18.2

10.0

5.9

III.3

Broad Money (M3) ( % change)

17.5

18.6

19.3

16.9

16.1

13.1

 

a) Currency with Public (% change)

15.1

15.9

17.1

15.3

18.8

12.6

 

b) Bank Credit to Commercial Sector (% of GDP)

42.9

44.4

53.5

54.1

55.2

56.0

 

c) Bank Credit to Government (% of GDP)

23.1

21.5

22.7

25.8

25.9

26.8

 

d) Currency-Deposit Ratio (%)

17.8

17.8

16.1

15.9

16.3

16.2

 

e) Money Multiplier

4.6

4.6

4.9

4.8

4.7

5.2

III.4

Scheduled Commercial Banks

 

 

 

 

 

 

 

a) Aggregate Deposits (% change)

18.1

19.0

19.9

17.2

15.9

13.5

 

b) Time Deposits (% change)

18.5

18.5

23.9

16.2

18.7

15.7

 

c) Demand Deposits (% change)

16.4

21.9

-0.2

23.4

-0.6

-2.6

 

d) Bank Credit (% change)

21.8

25.5

17.5

16.9

21.5

17.0

 

e) Non-food Credit (% change)

22.4

26.7

17.8

17.1

21.3

16.8

 

f) Investment in Government Securities (% change)

17.7

13.3

20.6

19.3

8.6

15.9

 

g) Credit-Deposit Ratio (%)

64.8

68.0

72.4

72.2

75.7

78.0

 

h) Credit-GDP Ratio (%)

37.4

39.3

49.3

50.2

51.4

52.1

IV.

Financial Markets

 

 

 

 

 

 

IV.1

Interest rates (%)

 

 

 

 

 

 

 

a) Call / Notice Money rate

6.1

5.6

7.1

3.2

5.8

8.2

 

b) 10 year G-Sec yield

7.5

7.0

7.6

7.2

7.9

8.4

 

c) 91-Days T-bill yield

6.1

5.8

7.1

3.6

6.2

8.4

 

d) Weighted Average interest rate on Central Government Borrowings

7.8

7.2

7.7

7.2

7.9

8.5

 

e) Commercial Paper

8.2

7.7

10.8

5.1

8.6

9.8

IV.2

Liquidity ( ` billion)

 

 

 

 

 

 

 

a) LAF Outstanding ^

14.9

9.9

-1060.1

-1691.6

 

b) MSS Outstanding ~

880.8

27.4

0.0

0.0

 

c) Average Daily Call Money Market Turnover

184.9

224.4

159.2

177.3

267.0

 

d) Average Daily G-Sec Market Turnover ^^

77.1

108.8

139.4

142.4

171.3

V.

Government Finances

 

 

 

 

 

 

V.1

Central Government Finances (% of GDP) #

 

 

 

 

 

 

 

a) Total Revenue Receipts

9.5

9.9

9.6

8.9

10.3

8.7

 

i) Tax Revenue

7.2

7.6

7.9

7.1

7.4

7.3

 

ii) Non Tax Revenue

2.3

2.3

1.7

1.8

2.8

1.4

 

b) Total Expenditure

15.4

14.8

15.7

15.9

15.6

14.9

 

i) Revenue Expenditure

12.9

12.2

14.1

14.1

13.6

13.1

 

of which :

           

 

Interest Payment

4.0

3.8

3.4

3.3

3.0

3.1

 

ii) Capital Expenditure

2.5

2.6

1.6

1.7

2.0

1.8

 

c) Revenue Deficit

3.4

2.3

4.5

5.2

3.3

4.5

 

d) Fiscal Deficit

4.8

3.6

6.0

6.5

4.9

5.9

 

e) Primary Deficit

0.9

-0.2

2.6

3.2

1.8

2.8

 

f) Domestic Debt

56.8

58.2

53.9

52.6

49.3

48.6

V.2

State Finances #

 

 

 

 

 

 

 

a) Revenue Deficit (% of GDP)*

1.0

0.5

-0.2

0.5

-0.1

-0.1

 

b) Gross Fiscal Deficit (% of GDP)*

3.1

2.7

2.4

2.9

2.1

2.3

 

c) Primary Deficit (% of GDP)*

0.8

0.3

0.6

1.2

0.5

0.8

 

d) Outstanding Liabilities (% of GDP)*

29.3

30.1

26.1

25.5

23.4

22.5


APPENDIX TABLE 1: MACROECONOMIC AND FINANCIAL INDICATORS (Concld.)

Item

Average
2000-01 to
2009-10
(10 years)

Average
2003-04 to
2007-08
(5 years)

2008-09

2009-10

2010-11

2011-12

1

2

3

4

5

6

7

VI.

External Sector

 

 

 

 

 

 

VI.1

Balance of Payments

 

 

 

 

 

 

 

a) Merchandise Exports (% change) ∆

17.7

25.3

13.7

-3.5

37.3

23.7

 

Oil Exports (% change) ∆

505.4 ×

62.6

-2.9

2.3

46.9

34.3

 

Non Oil Exports (% change) ∆

15.7 ×

21.9

17.2

-4.5

35.5

21.6

 

b) Merchandise Imports (% change) ∆

19.5

32.3

19.8

-2.6

26.7

31.1

 

Oil Imports (% change) ∆

22.9

35.7

17.6

-7.0

21.6

46.9

 

Non Oil Imports (% change) ∆

18.5

31.0

20.7

-0.6

28.8

25.0

 

c) Trade Balance/GDP (%)

-5.3

-5.4

-9.8

-8.7

-7.8

-10.3

 

d) Invisible Balance/GDP (%)

4.8

5.1

7.5

5.9

5.0

6.0

 

e) Current Account Balance/GDP (%)

-0.5

-0.3

-2.3

-2.8

-2.7

-4.2

 

f) Net Capital Flows /GDP(%)

3.3

4.6

0.6

3.8

3.7

3.7

 

g) Current Account Balance (US$ billion)

-8.3

-4.7

-27.9

-38.2

-45.9

-78.2

 

Net Invisibles

44.2

45.8

91.6

80.0

84.6

111.6

 

of which :

           

 

Services

21.6

23.4

53.9

36.0

48.8

64.1

 

Private Transfers

27.9

27.6

44.6

51.8

53.1

63.5

 

Investment Income

-5.0

-4.9

-6.6

-7.2

-16.4

-16.5

 

h) Net Capital Flows (US$ billion)

31.0

44.4

7.4

51.6

62.0

67.8

 

of which : FDI to India

16.7

15.3

41.7

33.1

25.9

33.0

 

FIIs

7.1

10.6

-15.0

29.0

29.4

16.8

 

NRI Deposits

2.5

2.0

4.3

2.9

3.2

11.9

 

i) Reserve Changes (BoP basis) (US $ billion)
[(Increase (-)/Decrease (+)]

-22.9

-40.3

20.1

-13.4

-13.1

12.8

VI.2

External Debt Indicators

 

 

 

 

 

 

 

a) External Debt Stock (US$ billion)**

157.3

156.5

224.5

260.9

305.9

345.8

 

b) Debt-GDP Ratio (%)

19.1

17.7

20.3

18.3

17.8

20.0

 

c) Import cover of Reserves (in Months) **

12.5

14.0

9.8

11.1

9.6

7.1

 

d) Short-term Debt to Total Debt (%)

11.8

13.6

19.3

20.0

21.2

22.6

 

e) Debt Service Ratio (%)

9.8

8.3

4.4

5.8

4.3

6.0

 

f) Reserves to Debt (%) **

95.6

113.7

112.1

106.8

99.6

85.1

VI.3

Openness Indicators (%)

 

 

 

 

 

 

 

a) Export plus Imports of Goods/GDP

29.5

30.4

40.6

35.5

37.5

43.8

 

b) Export plus Imports of Goods & Services/GDP

39.2

40.8

53.6

47.0

50.4

55.7

 

c) Current Receipts plus Current Payments/GDP

45.1

46.6

60.6

53.6

56.0

61.5

 

d) Gross Capital Inflows plus Outflows/GDP

33.6

36.8

51.0

47.0

55.6

48.2

 

e) Current Receipts & Payments plus Capital Receipts & Payments /GDP

78.8

83.5

111.6

100.6

111.6

109.6

VI.4

Exchange Rate Indicators

 

 

 

 

 

 

 

a) Exchange Rate (Rupee/US Dollar)

 

 

 

 

 

 

 

End of Period

45.4

43.1

50.9

45.1

44.6

51.2

 

Average

45.6

44.1

45.9

47.4

45.6

47.9

 

b) 36 - Currency REER (Percentage Change)

0.4

1.0

-9.9

-3.2

8.0

-3.2

 

c) 36 - Currency NEER (Percentage Change)

-0.3

0.5

-10.9

-2.6

3.1

-6.4

 

d) 6 - Currency REER (Percentage Change)

1.5

2.5

-9.3

-0.3

13.0

-6.8

 

e) 6 - Currency NEER (Percentage Change)

-1.4

0.4

-13.6

-3.7

5.6

-7.9

QE : Quick Estimates. RE : Revised Estimates.
$ : Includes oilseeds, sugarcane, cotton (lint) and raw jute and mesta.
- : Not Available/Not applicable.
^ : LAF outstanding as on March 31 (negative means injection).
^^ : Average daily outright trading turnover in central government dated securities.
# : Data for 2011-12 relate to Revised estimates.
* : Data for 2010-11 and 2011-12 pertain to 28 states.
∆ : Based on DGCI&S data.
× : Figure pertains to average during 2000-01 to 2008-09.
** : At end-March.
@@ : Average of 1994-95 to 1999-2000.
~ : Outstanding as on last Friday of the financial year.
Notes : 1. PFCE: Private Final Consumption Expenditure; GFCE: Government Final Consumption Expenditure; REER: Real Effective Exchange Rate.
2. Agricultural production figures for 2011-12 are based on Fourth Advance Estimates.
3. Average growth rate in the 4th column for item I.6 and I.7 are calculated with the new base year (2004-05). Average growth rate of 3 years, i.e., 2005- 06, 2006-07 and 2007-08 are given in column.


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