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Annual Report


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Date : May 30, 2024
Macroeconomic and Financial Indicators
Item Average 2003-04 to 2007-08 (5 years) Average 2009-10 to 2013-14 (5 years) Average 2014-15 to 2018-19 (5 years) 2021-22 2022-23 2023-24
1 2 3 4 5 6 7
I. Real Economy            
I.1 Real GDP at Market Prices (% change)* 7.9 6.7 7.4 9.7 7.0 7.6
I.2 Real GVA at Basic Prices (% change)* 7.7 6.3 7.0 9.4 6.7 6.9
I.3 Foodgrains Production (Million Tonnes)** 213.6 248.8 269.8 315.6 329.7 309.3
I.4 a) Food Stocks (Million Tonnes)*** 18.6 50.1 44.6 74.0 51.7 60.7
b) Procurement (Million Tonnes) 39.3 61.3 66.5 107.2 77.2 79.4
c) Off-take (Million Tonnes) 41.5 57.0 61.5 105.7 92.7 66.9
I.5 Index of Industrial Production (% change) 11.2 4.6 4.0 11.4 5.2 5.8
I.6 Index of Eight Core Industries (% change) 5.9 4.9 4.3 10.4 7.8 7.5
I.7 Gross Domestic Saving Rate (% of GNDI at Current Prices)* 33.6 33.9 31.2 30.8 29.7 -
I.8 Gross Domestic Investment Rate (% of GDP at Current Prices)* 35.2 38.0 33.1 32.4 32.2 -
II. Prices#            
II.1 Consumer Price Index (CPI) Combined (average % change) - - 4.5 5.5 6.7 5.4
II.2 CPI-Industrial Workers (average % change) 5.0 10.3 4.9 5.1 6.1 5.3
II.3 Wholesale Price Index (average % change) 5.5 7.1 1.3 13.0 9.4 -0.7
III. Money and Credit##            
III.1 Reserve Money (% change) 20.4 12.1 10.7 13.0 7.8 6.7
III.2 Broad Money (M3) [% change] 18.6 14.7 9.5 8.8 9.0 11.2
III.3 a) Aggregate Deposits of Scheduled Commercial Banks (% change) 20.2 15.0 9.5 8.9 9.6 12.9
b) Bank Credit of Scheduled Commercial Banks (% change) 26.7 16.7 9.6 9.6 15.0 16.3
IV. Financial Markets            
IV.1 Interest rates (%)            
a) Call/Notice Money rate 5.6 7.2 6.7 3.3 5.4 6.6
b) 10-year G-sec yield 7.0 8.0 7.6 6.3 7.3 7.2
c) 91-Days T-bill yield 5.8 7.1 7.0 3.5 5.6 6.8
d) Weighted Average cost of Central Government Borrowings 7.2 8.1 7.7 6.3 7.3 7.2
e) Commercial Paper 7.7 8.4 7.8 4.3 6.3 7.4
f) Certificates of Deposit 8.9 8.2 7.5 4.1 6.4 7.2
IV.2 Liquidity (₹ lakh crore)            
a) LAF Outstanding - - - 5.9 1.3 0.6
b) MSS Outstanding~ - - - - - -
c) Average Daily Call Money Market Turnover 0.2 0.3 0.3 0.2 0.2 0.2
d) Average Daily G-sec Market Turnover 0.1 0.2 0.6 0.4 0.4 0.6
e) Variable Rate Repo~~ - - - 0.0 0.0 1.0
f) Variable Rate Reverse Repo~~ - - - 2.8 0.0 0.0
g) MSF~~ - - - 0.0005 0.3 0.9
h) SDF~~ - - - - 2.3 2.5
V. Government Finances            
V.1 Central Government Finances (% of GDP)$            
a) Revenue Receipts 10.0 9.2 8.6 9.2 8.8 9.2
b) Capital Outlay 1.6 1.6 1.5 2.3 2.3 2.7
c) Total Expenditure 14.9 15.0 12.8 16.1 15.6 15.3
d) Gross Fiscal Deficit 3.7 5.4 3.7 6.7 6.4 5.9
V.2 State Government Finances$$            
a) Revenue Deficit (% of GDP) 0.3 -0.1 0.1 0.4 0.3 0.5
b) Gross Fiscal Deficit (% of GDP) 2.7 2.3 2.8 2.8 2.7 3.3
c) Primary Deficit (% of GDP) 0.3 0.6 1.2 1.0 1.0 1.6

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) Average 2014-15 to 2018-19 (5 years) 2021-22 2022-23 2023-24
1 2 3 4 5 6 7
VI. External Sector@            
VI.1 Balance of Payments            
a) Merchandise Exports (% change) 25.3 12.2 1.6 44.8 6.3 -6.0
b) Merchandise Imports (% change) 32.3 9.7 2.7 55.3 16.6 -7.3
c) Trade Balance/GDP (%) -5.5 -9.1 -6.2 -6.0 -7.9 -7.4
d) Invisible Balance/GDP (%) 5.2 5.8 4.8 4.8 5.9 6.2
e) Current Account Balance/GDP (%) -0.3 -3.3 -1.4 -1.2 -2.0 -1.2
f) Net Capital Flows/GDP (%) 4.7 3.8 2.7 2.7 1.8 2.5
g) Reserve Changes (BoP basis) [US $ billion] [(Increase (-)/Decrease (+)] -40.3 -6.6 -28.2 -47.5 9.1 -32.9
VI.2 External Debt Indicators@@            
a) External Debt Stock (US$ billion) 156.5 359.0 500.6 619.0 624.3 648.2
b) Debt-GDP Ratio (%) 17.8 20.9 21.4 20.0 19.0 18.7
c) Import Cover of Reserves (in Months) 14.0 8.5 10.3 11.8 9.6 11.0
d) Short-term Debt to Total Debt (%) 13.6 21.3 18.6 19.7 20.6 19.5
e) Debt Service Ratio (%) 8.3 5.6 7.7 5.2 5.3 6.5
f) Reserves to Debt (%) 113.7 84.8 76.2 98.1 92.7 96.0
VI.3 Openness Indicators (%)            
a) Export plus Imports of Goods/GDP 30.7 41.0 32.0 33.1 35.1 31.8
b) Export plus Imports of Goods & Services/GDP 41.3 53.2 43.7 45.8 50.2 46.4
c) Current Receipts plus Current Payments/GDP 47.1 59.4 49.4 51.7 57.0 53.7
d) Gross Capital Inflows plus Outflows/GDP 37.3 50.4 45.2 45.4 38.4 43.5
e) Current Receipts & Payments plus Capital Receipts & Payments/GDP 84.4 109.8 94.6 97.0 95.3 97.3
VI.4 Exchange Rate Indicators            
a) Exchange Rate (Rupee/US Dollar)            
End of Period 43.1 51.1 65.6 75.8 82.2 83.4
Average 44.1 51.2 65.6 74.5 80.4 82.8
b) 40-Currency REER (% change) 3.1^ 0.8 1.8 1.2 -1.7 0.9
c) 40-Currency NEER (% change) 1.7^ -4.9 0.2 -0.8 -2.0 -0.6
d) 6-Currency REER (% change) 5.7^ 2.3 2.0 0.4 -0.3 -0.01
e) 6-Currency NEER (% change) 2.6^ -5.1 -1.1 -1.6 -1.3 -2.7
- : Not Available/Not Applicable.
* : Data are at 2011-12 base year series.
** : Data for 2023-24 are only for kharif and rabi crops (excluding summer) as per second advance estimates for agriculture production.
*** : Data pertain to stocks as on March 31 for all years.
# : Data for Wholesale Price Index for 2023-24 are provisional; data for CPI-Industrial Workers for 2023-24 pertain to April-January.
## : Data for 2023-24 for reserve money pertain to March 29, 2024, while that of money supply relate to March 22, 2024.
† : Data in column 2 pertains to April 13, 2007 - March 28, 2008.
~ : Outstanding as on last Friday of the financial year.
~~ : Outstanding as on March 31.
$ : Data for 2023-24 are revised estimates. Ratios may vary from those published in the Union Budget due to revision in GDP numbers.
$$ : Data till 2021-22 pertain to all states and union territories (UT) with legislatures. Data for 2022-23 and 2023-24 are accounts and revised estimates, respectively, for 27 states/UTs, out of which 19 states/UTs have presented their final budgets and remaining states have presented Vote on Account budgets.
@ : Data for 2023-24 are provisional and pertain to April-December 2023, unless indicated otherwise.
@@ : Data for 2023-24 are provisional and pertain to end-December 2023.
^ : Data in column 2 is average of period 2005-06 to 2007-08.
Note : 1. For Index of Industrial Production, data in columns 2, 3 and 4 are at 2011-12 base year.
2. Base year for Consumer Price Index (All India) is 2012=100; base year for WPI is 2011-12=100 for annual data and 2004-05=100 for average of 5 years inflation; base for CPI-IW is 2001=100 till August 2020 and 2016=100 from September 2020 onwards.
3. For Average Daily G-sec Market Turnover, outright trading turnover is in central government dated securities (based on calendar days).
4. LAF negative value means injection.
5. Base year for 6- and 40-currency NEER/REER indices is 2015-16=100. REER figures are based on Consumer Price Index.
Source : RBI, National Statistical Office, Ministry of Agriculture & Farmers Welfare, Ministry of Commerce and Industry, Ministry of Finance, Food Corporation of India (FCI), Labour Bureau and Budget documents of the central and state governments.


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