| Item | Average 2003-04 to 2007-08 (5 years) | Average 2009-10 to 2013-14 (5 years) | 2015-16 | 2016-17 | 2017-18 |
| 1 | 2 | 3 | 4 | 5 | 6 |
| I. Real Economy | | | | | |
| I.1 Real GDP at market prices (% change)* | 8.8 | 7.4 | 8.2 | 7.1 | 6.7 |
| I.2 Real GVA at basic prices (% change)* | 8.7 | 7.1 | 8.1 | 7.1 | 6.5 |
| I.3 Foodgrains Production (Million tonnes) | 213.6 | 248.8 | 251.6 | 275.1 | 279.5 |
| I.4 a) Food Stocks (Million tonnes at end-March) | 18.6 | 50.0 | 43.6 | 38.0 | 43.3 |
| b) Procurement | 39.4 | 61.3 | 65.3 | 60.2 | 68.2 |
| c) Off-take | 41.5 | 56.9 | 63.7 | 67.4 | 59.2 |
| I.5 Index of Industrial Production (% change)** | 10.4 | 3.5 | 3.3 | 4.6 | 4.3 |
| I.6 Index of Eight Core Industries (% change)** | 5.9 | 5.6 | 3.0 | 4.8 | 4.3 |
| I.7 Gross Domestic Saving Rate (% of GNDI at current prices)*** | 32.5 | 32.8 | 30.7 | 29.6 | … |
| I.8 Gross Domestic Investment Rate (% of GDP at current prices)*** | 33.6 | 36.9 | 32.3 | 30.6 | … |
| II. Prices | | | | | |
| II.1 Consumer Price Index (CPI) Combined (average % change) | … | … | 4.9 | 4.5 | 3.6 |
| II.2 CPI- Industrial Workers (average % change) | 5.0 | 10.3 | 5.6 | 4.1 | 3.1 |
| II.3 Wholesale Price Index (average % change)# | 5.5 | 7.1 | -3.7 | 1.7 | 2.9 |
| III. Money and Credit | | | | | |
| III.1 Reserve Money (% change) | 20.4 | 12.1 | 13.1 | -12.9 | 27.3 |
| III.2 Broad Money (M3) (% change) | 18.6 | 14.7 | 10.1 | 6.9 | 9.2 |
| III.3 a) Aggregate Deposits of Scheduled Commercial Banks (% change) | 20.2 | 15.0 | 9.3 | 11.3 | 6.2 |
| b) Bank Credit of Scheduled Commercial Banks (% change) | 26.7 | 16.7 | 10.9 | 4.5 | 10.0 |
| IV. Financial Markets | | | | | |
| IV.1 Interest rates (%) | | | | | |
| a) Call/Notice Money rate | 5.6 | 7.2 | 7.0 | 6.2 | 5.9 |
| b) 10 year G-Sec yield | 7.0 | 8.0 | 7.8 | 7.0 | 7.0 |
| c) 91-Days T-bill yield | … | … | 7.4 | 6.4 | 6.2 |
| d) Weighted Average Cost of Central Government Borrowings | … | … | 7.9 | 7.2 | 7.0 |
| e) Commercial Paper | 7.7 | 8.4 | 8.1 | 7.4 | 7.1 |
| f) Certificate of Deposits## | 8.9 | 8.2 | 7.8 | 6.9 | 6.7 |
| IV.2 Liquidity (₹ billion) | | | | | |
| a) LAF Outstanding~ | … | … | -2,995.2 | 3,140.7 | -574.8 |
| b) MSS Outstanding~~ | … | … | 0.0 | 0.0 | 0.0 |
| c) Average Daily Call Money Market Turnover | 184.9 | 255.3 | 269.5 | 305.8 | 282.1 |
| d) Average Daily G-Sec Market Turnover### | 77.1 | 241.4 | 474.9 | 829.9 | 537.7 |
| e) Variable Rate Repo$ | … | … | 2,635.7 | 129.9 | 2,622.1 |
| f) Variable Rate Reverse Repo$ | … | … | … | 2,032.0 | 153.1 |
| g) MSF$ | … | … | 600.5 | 19.3 | 525.9 |
| V. Government Finances | | | | | |
| V.1 Central Government Finances (% of GDP) & | | | | | |
| a) Revenue Receipts | 9.8 | 9.1 | 8.7 | 9.0 | 8.6 |
| b) Capital Outlay | 1.2 | 1.5 | 1.6 | 1.6 | 1.5 |
| c) Total Expenditure | 14.4 | 14.8 | 13.0 | 12.9 | 12.8 |
| d) Gross Fiscal Deficit | 3.6 | 5.3 | 3.9 | 3.5 | 3.5 |
| V.2 State Government Finances&& | | | | | |
| a) Revenue Deficit (% of GDP) | 0.4 | 0.0 | 0.0 | 0.3 | 0.4 |
| b) Gross Fiscal Deficit (% of GDP) | 2.7 | 2.2 | 3.1 | 3.5 | 3.1 |
| c) Primary Deficit (% of GDP) | 0.3 | 0.6 | 1.5 | 1.9 | 1.3 |
| 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) | 2015-16 | 2016-17 PR | 2017-18 P |
| 1 | 2 | 3 | 4 | 5 | 6 |
| VI. External Sector | | | | | |
| VI.1 Balance of Payments | | | | | |
| a) Merchandise Exports (% change) | 25.3 | 12.2 | -15.9 | 5.2 | 10.3 |
| b) Merchandise Imports (% change) | 32.3 | 9.7 | -14.1 | -1.0 | 19.5 |
| c) Trade Balance/GDP (%) | -5.4 | -9.0 | -6.2 | -4.9 | -6.1 |
| d) Invisible Balance/GDP (%) | 5.1 | 5.7 | 5.1 | 4.3 | 4.3 |
| e) Current Account Balance/GDP (%) | -0.3 | -3.3 | -1.1 | -0.6 | -1.9 |
| f) Net Capital Flows/GDP (%) | 4.6 | 3.7 | 2.0 | 1.6 | 3.5 |
| g) Reserve Changes [(BoP basis) (US$ billion) [(Increase (-)/Decrease (+)] | -40.3 | -6.6 | -17.9 | -21.6 | -43.6 |
| VI.2 External Debt Indicators | | | | | |
| a) External Debt Stock (US$ billion) | 156.5 | 359.0 | 484.8 | 471.3 | 529.7 |
| b) Debt-GDP Ratio (%) | 17.7 | 20.8 | 23.4 | 20.0 | 20.5 |
| c) Import Cover of Reserves (in Months) | 14.0 | 8.5 | 10.9 | 11.3 | 10.9 |
| d) Short-term Debt to Total Debt (%) | 13.6 | 21.3 | 17.2 | 18.7 | 19.3 |
| e) Debt Service Ratio (%) | 8.3 | 5.6 | 8.8 | 8.3 | 7.5 |
| f) Reserves to Debt (%) | 113.7 | 84.8 | 74.3 | 78.5 | 80.2 |
| VI.3 Openness Indicators (%) | | | | | |
| a) Export plus Imports of Goods/GDP | 30.4 | 40.7 | 31.5 | 29.6 | 29.9 |
| b) Export plus Imports of Goods & Services/GDP | 40.8 | 52.8 | 42.9 | 41.0 | 41.9 |
| c) Current Receipts plus Current Payments/GDP | 46.6 | 59.0 | 48.8 | 46.6 | 47.4 |
| d) Gross Capital Inflows plus Outflows/GDP | 36.8 | 50.0 | 46.6 | 46.8 | 46.0 |
| e) Current Receipts & Payments plus Capital Receipts & Payments/GDP | 83.5 | 109.0 | 95.3 | 93.4 | 93.4 |
| VI.4 Exchange Rate Indicators | | | | | |
| a) Exchange Rate (Rupee/US Dollar) | | | | | |
| End of Period | 43.1 | 51.1 | 66.3 | 64.8 | 65.0 |
| Average | 44.1 | 51.2 | 65.5 | 67.1 | 64.5 |
| b) 36 - Currency REER (% change) | 3.1^ | 0.8 | 2.9 | 2.2 | 4.5 |
| c) 36 - Currency NEER (% change) | 1.7^ | -4.9 | 0.9 | -0.1 | 3.1 |
| d) 6 - Currency REER (% change) | 4.4^ | 1.9 | 2.3 | 2.0^^ | 3.8 |
| e) 6 - Currency NEER (% change) | 1.6^ | -5.4 | -1.6 | -1.0^^ | 1.9 |
Note: … : Not Available. PR: Partially Revised. P: Provisional.
* : 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 2015-16, 2016-17 and 2017-18, 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 pertain 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 signs indicate injection).
~~ : Outstanding as on last Friday of the financial year.
$ : Outstanding as on March 31.
& : Data for 2017-18 are provisional accounts.
&& : Data for 2017-18 corresponds to Revised Estimates.
^ : Average of period 2005-06 to 2007-08.
^^ : Data are Provisional.
Note : Real Effective Exchange Rate (REER) are based on CPI (combined).
Source : RBI, Central Statistics Office (CSO), Ministry of Agriculture & Farmers’ Welfare, Ministry of Commerce and Industry, Food Corporation of India (FCI), Labour Bureau and Budget documents of the central and state governments. |