Annual Report


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Date : May 27, 2021
Macroeconomic and Financial Indicators
Item Average 2003-04 to 2007-08 (5 years) Average 2009-10 to 2013-14 (5 years) 2018-19 2019-20 2020-21
1 2 3 4 5 6
I. Real Economy          
I.1 Real GDP at market prices (% change)* 7.9 6.7 6.5 4.0 -8.0
I.2 Real GVA at basic prices (% change)* 7.7 6.3 5.9 4.1 -6.5
I.3 Foodgrains Production (Million tonnes) 213.6 246.4 285.2 297.5 303.3
I.4 a) Food Stocks (Million tonnes) 18.6 50.1 72.7 74.0 77.2
b) Procurement (Million tonnes) 39.3 61.3 77.7 79.2 97.2
c) Off-take (Million tonnes) 41.5 57.0 65.9 62.2 83.3
I.5 Index of Industrial Production (% change)** 11.2 4.6 3.8 -0.8 -8.6
I.6 Index of Eight Core Industries (% change) 5.9 4.9 4.4 0.4 -7.0
I.7 Gross Domestic Saving Rate (% of GNDI at current prices)* 33.6 33.9 30.1 30.9 -
I.8 Gross Domestic Investment Rate (% of GDP at current prices)* 35.2 38.0 32.7 32.2 -
II. Prices          
II.1 Consumer Price Index (CPI) Combined (average % change) - - 3.4 4.8 6.2
II.2 CPI-Industrial Workers (average % change)# 5.0 10.3 5.4 7.5 5.0
II.3 Wholesale Price Index (average % change)# 5.5 7.1 4.3 1.7 1.3
III. Money and Credit          
III.1 Reserve Money (% change) 20.4 12.1 14.5 9.4 14.2
III.2 Broad Money (M3) (% change) 18.6 14.7 10.5 8.9 11.8
III.3 a) Aggregate Deposits of Scheduled Commercial Banks (% change) 20.2 15.0 10.0 7.9 11.4
b) Bank Credit of Scheduled Commercial Banks (% change) 26.7 16.7 13.3 6.1 5.6
IV. Financial Markets          
IV.1 Interest rates (%)          
a) Call/Notice Money rate 5.6 7.2 6.3 5.4 3.4
b) 10 year G-sec yield 7.0 8.0 7.7 6.7 6.0
c) 91-Days T-bill yield - - 6.6 5.5 3.3
d) Weighted Average cost of Central Government Borrowings - - 7.8 6.9 5.8
e) Commercial Paper 7.7 8.4 7.6 6.6 4.2
f) Certificate of Deposits## 8.9 8.2 7.3 5.9 4.3
IV.2 Liquidity (₹ lakh crore)          
a) LAF Outstanding~ - - -1.5 2.6 4.1
b) MSS Outstanding~~ - - 0.0 0.0 0.0
c) Average Daily Call Money Market Turnover 0.2 0.3 0.4 0.3 0.2
d) Average Daily G-sec Market Turnover### 0.1 0.2 0.4 0.6 0.4
e) Variable Rate Repo$ - - 1.639 0.895 0.005
f) Variable Rate Reverse Repo$ - - 0.0 1.2 0.0
g) MSF$ - - 0.943 0.020 0.001
V. Government Finances          
V.1 Central Government Finances (% of GDP)&          
a) Revenue Receipts 10.0 9.2 8.2 8.3 7.9
b) Capital Outlay 1.6 1.6 1.5 1.5 1.7
c) Total Expenditure 14.9 15.0 12.3 13.2 17.6
d) Gross Fiscal Deficit 3.7 5.4 3.4 4.6 9.4
V.2 State Government Finances&&          
a) Revenue Deficit (% of GDP) 0.3 -0.1 0.1 0.7 1.5
b) Gross Fiscal Deficit (% of GDP) 2.7 2.3 2.4 2.4 4.1
c) Primary Deficit (% of GDP) 0.3 0.6 0.8 0.9 2.4

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) 2018-19 2019-20 2020-21
1 2 3 4 5 6
VI. External Sector          
VI.1 Balance of Payments@          
a) Merchandise Exports (% change) 25.3 12.2 9.1 -5.0 -15.9
b) Merchandise Imports (% change) 32.3 9.7 10.3 -7.6 -27.6
c) Trade Balance/GDP (%) -5.5 -9.1 -6.7 -5.5 -3.2
d) Invisible Balance/GDP (%) 5.2 5.8 4.6 4.6 4.9
e) Current Account Balance/GDP (%) -0.3 -3.3 -2.1 -0.9 1.7
f) Net Capital Flows/GDP (%) 4.7 3.8 2.0 2.9 2.7
g) Reserve Changes [(BoP basis) (US $ billion) [(Increase (-)/Decrease (+)] -40.3 -6.6 3.3 -59.5 -83.9
VI.2 External Debt Indicators&&&          
a) External Debt Stock (US$ billion) 156.5 359.0 543.1 558.2 563.5
b) Debt-GDP Ratio (%) 17.8 20.9 19.9 20.6 21.4
c) Import cover of Reserves (in Months) 14.0 8.5 9.6 12.0 18.6
d) Short-term Debt to Total Debt (%) 13.6 21.3 20.0 19.1 18.4
e) Debt Service Ratio (%) 8.3 5.6 6.4 6.5 9.0
f) Reserves to Debt (%) 113.7 84.8 76.0 85.6 104.0
VI.3 Openness Indicators (%)@          
a) Export plus Imports of Goods/GDP 30.7 41.0 31.6 27.8 24.9
b) Export plus Imports of Goods & Services/GDP 41.3 53.2 44.0 39.7 37.4
c) Current Receipts plus Current Payments/GDP 47.1 59.4 49.8 45.6 43.9
d) Gross Capital Inflows plus Outflows/GDP 37.3 50.4 38.2 39.6 46.1
e) Current Receipts & Payments plus Capital Re-ceipts & Payments/GDP 84.4 109.8 87.9 85.2 89.9
VI.4 Exchange Rate Indicators          
a) Exchange Rate (Rupee/US Dollar)          
End of Period 43.1 51.1 69.2 75.4 73.5
Average 44.1 51.2 69.9 70.9 74.2
b) 40-Currency REER (% change) 3.1^ 0.8 -5.0 2.6 0.3
c) 40-Currency NEER (% change) 1.7^ -4.9 -5.6 0.6 -4.2
d) 6-Currency REER (% change) 5.7^ 2.3 -5.9 3.3 -1.8
e) 6-Currency NEER (% change) 2.6^ -5.1 -7.2 0.8 -6.8
- : Not Available. P: Provisional.
* : Data are at 2011-12 base year series.
** : Data are at 2011-12 base year series for column 2 and 3.
# : 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.
## : 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 2020-21 are revised estimates.
&& : Upto 2019-20 data pertains to all States and Union Territories (UT) with legislatures, while for 2020-21 data are for 17 States/UTs. Data for 2019-20 are provisional accounts and for 2020-21 are revised estimates.
@ : Data in columns 6 are provisional and pertain to April-December 2020.
&&&: Data for 2020-21 are provisional and pertain to end-December 2020.
^ : Average of period 2005-06 to 2007-08.
Note : 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, Food Corporation of India (FCI), Labour Bureau and Budget documents of the central and state governments.

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