Annual Report

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Date :

Aug 30, 2017

Macroeconomic and Financial Indicators

Item

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

Average 2009-10 to 2013-14 (5 years)

2014-15

2015-16

2016-17

I. Real Economy

I.1 Real GDP at market prices (% change)*

8.8

7.4

7.5

8.0

7.1

I.2 Real GVA at basic prices (% change)*

8.7

7.1

7.2

7.9

6.6

I.3 Foodgrains Production (Million tonnes)

213.6

248.8

252.0

251.6

275.7

I.4 a) Food Stocks (Million tonnes at end-March)

18.6

50.0

41.3

43.6

38.0

b) Procurement

39.4

61.3

59.6

62.2

60.2

c) Off-take

41.5

56.9

55.9

63.7

67.4

I.5 Index of Industrial Production (% change)**

11.0

3.5

4.1

3.4

4.4

I.6 Index of Eight Core Industries (% change)**

5.9

5.8

4.9

3.0

4.8

I.7 Gross Domestic Saving Rate (% of GNDI at current prices)***

32.5

32.8

32.3

31.6

…

I.8 Gross Domestic Investment Rate (% of GDP at current prices)***

33.6

36.9

34.2

33.2

…

II. Prices

II.1 Consumer Price Index (CPI) Combined (average % change)

…

5.8

4.9

4.5

II.2 CPI- Industrial Workers (average % change)

5.0

10.3

6.3

5.6

4.1

II.3 Wholesale Price Index (average % change)^#

5.5

7.1

1.3

-3.7

1.7

III. Money and Credit

III.1 Reserve Money (% change)

20.4

12.1

11.3

13.1

-12.9

III.2 Broad Money (M₃) (% change)

18.6

14.7

10.9

10.1

7.3

III.3 a) Aggregate Deposits of Scheduled Commercial Banks (% change)

20.2

15.0

10.7

9.3

11.8

b) Bank Credit of Scheduled Commercial Banks (% change)

26.7

16.7

9.0

10.9

5.1

IV. Financial Markets

IV.1 Interest rates (%)

a) Call/Notice Money rate

5.6

7.2

8.0

7.0

6.2

b) 10 year G-Sec yield

7.0

8.0

8.3

7.8

7.0

c) 91-Days T-bill yield

…

8.5

7.4

6.4

d) Weighted Average cost of Central Government Borrowings

…

8.5

7.9

7.2

e) Commercial Paper

7.7

8.4

8.8

8.1

7.4

f) Certificate of Deposits^##

8.9

8.2

8.7

7.8

6.9

IV.2 Liquidity (₹ billion)

a) LAF Outstanding^~

…

-1,938.8

-2,995.2

3,140.7

b) MSS Outstanding^~~

…

0.0

c) Average Daily Call Money Market Turnover

184.9

255.3

255.7

269.5

305.8

d) Average Daily G-Sec Market Turnover^###

77.1

241.4

501.2

474.9

829.9

e) Variable Rate Repo^$

…

1,628.7

2,635.7

129.9

f) Variable Rate Reverse Repo^$

…

2,032.0

g) MSF^$

…

416.4

600.5

19.3

V. Government Finances^&

V.1 Central Government Finances (% of GDP)

a) Revenue Receipts

9.8

9.1

8.9

8.7

9.1

b) Capital Outlay

1.2

1.5

1.3

1.7

c) Total Expenditure

14.4

14.8

13.4

13.1

13.0

d) Gross Fiscal Deficit

3.6

5.3

4.1

3.9

3.5

V.2 State Government Finances^&&

a) Revenue Deficit (% of GDP)

0.4

0.0

0.4

0.1

0.3

b) Gross Fiscal Deficit (% of GDP)

2.7

2.2

2.6

2.5

2.9

c) Primary Deficit (% of GDP)

0.3

0.6

1.1

1.2

1.5

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

Item

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

Average 2009-10 to 2013-14 (5 years)

2014-15

2015-16

2016-17

VI. External Sector

VI.1 Balance of Payments

a) Merchandise Exports (% change)

25.3

12.2

-0.6

-15.9

5.2

b) Merchandise Imports (% change)

32.3

9.7

-1.0

-14.1

-1.0

c) Trade Balance/GDP (%)

-5.4

-9.0

-7.1

-6.2

-5.0

d) Invisible Balance/GDP (%)

5.1

5.7

5.8

5.2

4.3

e) Current Account Balance/GDP (%)

-0.3

-3.3

-1.3

-1.1

-0.7

f) Net Capital Flows/GDP (%)

4.6

3.7

4.4

2.0

1.6

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

-40.3

-6.6

-61.4

-17.9

-21.6

VI.2 External Debt Indicators

a) External Debt Stock (US$ billion)

156.5

359.0

474.7

485.0

471.9

b) Debt-GDP Ratio (%)

17.7

20.7

23.9

23.5

20.2

c) Import cover of Reserves (in Months)

14.0

8.5

8.9

10.9

11.3

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

13.6

21.3

18.0

17.2

18.6

e) Debt Service Ratio (%)

8.3

5.6

7.6

8.8

8.3

f) Reserves to Debt (%)

113.7

84.8

72.0

74.3

78.4

VI.3 Openness Indicators (%)

a) Export plus Imports of Goods/GDP

30.4

40.7

38.2

31.7

29.7

b) Export plus Imports of Goods & Services/GDP

40.8

52.8

50.0

43.1

41.1

c) Current Receipts plus Current Payments/GDP

46.6

59.0

56.2

49.0

46.7

d) Gross Capital Inflows plus Outflows/GDP

36.8

50.0

49.7

46.8

47.0

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

83.5

109.0

105.9

95.9

93.8

VI.4 Exchange Rate Indicators

a) Exchange Rate (Rupee/US Dollar)

End of Period

43.1

51.1

62.6

66.3

64.8

Average

44.1

51.2

61.1

65.5

67.1

b) 36 - Currency REER (% change)

3.1^

0.8

5.5

2.9

2.2

c) 36 - Currency NEER (% change)

1.7^

-4.9

2.4

0.9

-0.1

d) 6 - Currency REER (% change)

4.4^

1.9

6.3

2.3

2.7

e) 6 - Currency NEER (% change)

1.6^

-5.4

1.2

-1.6

-0.5

… : Not Available.
* : Data from 2003-04 to 2011-12 are at 2004-05 base, while those from 2012-13 onwards are at 2011-12 base.
** : Data for average 2003-04 to 2007-08 and 2009-10 to 2013-14 are based on 2004-05 base year series. For 2014-15, 2015-16 and 2016-17, data are based on the new series with base year 2011-12.
*** : Data from 2003-04 to 2010-11 are at 2004-05 base, while those from 2011-12 onwards are at 2011-12 base.
# : Base year for WPI is 2011-12=100 for annual data and 2004-05=100 for average of 5 years inflation.
## : Data for column 2 pertains to April 13, 2007 to March 28, 2008.
### : Outright trading turnover in central government dated securities (based on calendar days).
~ : LAF outstanding as on March 31 (negative means injection).
~~ : Outstanding as on last Friday of the financial year.
$ : Outstanding as on March 31.
& : Data for 2015-16 are actuals and for 2016-17 are provisional estimates.
&& : Data for 2015-16 onwards are provisional and pertain to budgets of 26 states.
^ : Average of period 2005-06 to 2007-08.
Note : Real Effective Exchange Rate (REER) are based on CPI (combined).

Annual Report

Date :

Macroeconomic and Financial Indicators

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