Theme
of the week:
Recent Trends in Professional Tax Revenue Across States
*
During
late 1980s, the fiscal situation of central as well as state government
had witnessed a major deterioration. The steep rise in expenditures of the
central and state governments in comparison with the revenue resulted in
ballooning revenue deficit’s as well as fiscal deficit to GDP ratios,
this had intensified the need for fiscal reforms. Restructuring the tax
system had been the major focus of state as well as central governments in
the process of fiscal reforms. State governments took various measures to
streamline their taxation system comprising land revenue, vehicles tax,
entertainment tax, sales tax, betting tax, electricity duty, tax on trades
and luxury tax. From 2004-05 onwards there has been a substantial
improvement in the fiscal health of the state governments. During the
current fiscal year, the state government finances have shown better
performances considering their efforts towards pursuing the process of
fiscal consolidation through the enactment of Fiscal Responsibility
Legislation (FRL). In order to
face the revenue constraints, recently some state governments have
approach the central government to increase the professional tax ceiling.
Enhancement of the ceiling would help the States in reducing their revenue
deficits, however it may have an impact on the personal income tax
collections, as professional taxes payments are income tax exempted. In
this note, the attempt has been made to study the trends in the
collections of a professional tax during last 7-8 years with respect to
the state governments, which levy professional tax.
States
own Tax Revenue
The
Seventh Schedule of the Constitution of India demarcates the taxing powers
of
Union
and State Governments and entries 46 through 63 in the State List specify
the items on which States can levy taxes. Accordingly, the major taxes
levied by the States are sales tax, state excise duties, stamp duties and
registration fees, motor vehicles tax, land revenue, agriculture income
tax, entertainment tax, profession tax, electricity duty, and other minor
taxes.
Professional
Tax
In
the tax structure of
India
, the tax on professionals, trades, callings and employment is
constitutionally allocated to the States. All individuals engaged in some
profession or trade or with some form of gainful employment need to pay a
profession tax. Every person, who carries on a trade either by himself or
by an agent or representative, or who follows a profession or calling, or
who is an employment, either wholly or in part within the State shall be
liable to pay profession tax for each financial year.
Although
it is not a part of income tax, the Constitution gives this right to the
states so that they can have some share in this income generated in the
state. Accordingly, it is calculated on the basis of income received by
salaried people or those engaged in any profession. Traders are required
to pay profession tax along with sales tax and the amount payable is
estimated on the basis of their turnover. States can either levy
profession tax itself by adopting in their legislature an appropriate Act
within the Constitutionally imposed constraints, or can delegate the tax
to an authority it deems fit. In
India
several states have not yet levied profession tax. Some states have
imposed profession tax via an Act, while few states have delegated the
power to levy this tax to local bodies, either fully (as in Kerala state
the profession tax is levied by the local bodies) or partially as in
Assam
state.
Profession
tax in usually levied only on those types of employment that are specified
in the act, and residual categories are not taxable. Basically, there are
two types of taxpayers:
1)
individuals
employed in an organization and who are paid salaries or wages,
2)
self
employed professionals, like small traders, doctors, architects,
advocates, chartered accountants and consultants etc.
In
the case of salaried employees, the employers deduct the profession tax at
source whereas self-employed professionals pay the tax to authorities.
Employers are required to register themselves with tax authorities along
with details of persons employed and remuneration paid.
Most
of the states calculate profession tax on a per-professional basis,
usually a slabbed amount based on gross income. A deduction of sum
paid by the taxpayer on account of professional tax is allowed as a
deduction from the income of the individual, under section 37(1) of the
Income-tax Act, 1961. However, the deduction is allowed in the year in
which the tax is actually paid by the individual. Some
states have provided exemption in payment of professional tax, by making
suitable amendment in the Act.
In
Kerala the local bodies levy profession tax. In some of the states this is
a new tax. Rajasthan started levying profession tax from April 1, 2000 but
it was abolished after about a year due to opposition by taxpayers.
Recent
Trends in Profession Tax Revenue
The
professional tax has been levied by most of the States in
India
. Table 1 displays the trends in the professional tax of the various
states over the last nine years period. The time series data on the
professional tax imposed by various states has displayed mixed trends.
Table
1: State-wise Profession Tax Collections
(Amount
in Rs Lakhs)
|
State/Year
|
2006-07
(BE)
|
2005-06
(RE)
|
2004-05
|
2003-04
|
2002-03
|
2001-02
|
2000-01
|
1999-00
|
1998-99
|
Andhra
Pradesh
|
33000
|
30000
|
18021
|
16835
|
15830
|
113717
|
13792
|
12437
|
12167
|
|
(1.0)
|
(1.1)
|
(0.8)
|
(0.9)
|
(0.9)
|
(7.3)
|
(0.9)
|
(1.0)
|
(1.1)
|
Assam
|
12117
|
10708
|
9474
|
8675
|
8120
|
7327
|
6970
|
5862
|
4674
|
|
(1.6)
|
(1.7)
|
(1.8)
|
(2.0)
|
(2.2)
|
(2.2)
|
(2.3)
|
(2.2)
|
(2.0)
|
Chhattisgarh
|
1873
|
1703
|
2714
|
4296
|
4241
|
4762
|
2855
|
---
|
---
|
|
(0.2)
|
(0.3)
|
(0.5)
|
(1.0)
|
(1.2)
|
(1.5)
|
(2.3)
|
---
|
---
|
Gujarat
|
16050
|
15000
|
13276
|
9941
|
9380
|
9331
|
10480
|
8305
|
---
|
|
(0.8)
|
(0.8)
|
(0.9)
|
(0.8)
|
(0.9)
|
(0.9)
|
(1.0)
|
(0.8)
|
---
|
Karnataka
|
34218
|
29420
|
27794
|
24529
|
18020
|
16723
|
15156
|
13279
|
11426
|
|
(1.3)
|
(1.3)
|
(1.4)
|
(1.6)
|
(1.4)
|
(1.3)
|
(1.3)
|
(1.3)
|
(1.3)
|
Madhya
Pradesh
|
16073
|
15521
|
15496
|
19320
|
19706
|
18218
|
17191
|
18458
|
10954
|
|
(0.9)
|
(1.0)
|
(1.2)
|
(1.8)
|
(2.0)
|
(2.2)
|
(1.6)
|
(2.0)
|
(1.4)
|
Maharashtra
|
110003
|
110000
|
107657
|
101876
|
102856
|
98198
|
94221
|
80796
|
54627
|
|
(2.3)
|
(2.6)
|
(3.1)
|
(3.6)
|
(4.1)
|
(4.1)
|
(4.2)
|
(4.1)
|
(3.2)
|
Manipur
|
1365
|
1288
|
1150
|
1165
|
1164
|
1287
|
961
|
958
|
560
|
|
(2.9)
|
(2.9)
|
(3.1)
|
(3.8)
|
(4.6)
|
(6.7)
|
(4.5)
|
(2.2)
|
(1.5)
|
Meghalaya
|
115
|
74
|
102
|
97
|
92
|
89
|
38
|
40
|
73
|
|
(0.2)
|
(0.1)
|
(0.2)
|
(0.2)
|
(0.3)
|
(0.3)
|
(0.1)
|
(0.1)
|
(0.2)
|
Mizoram
|
430
|
430
|
438
|
408
|
397
|
363
|
332
|
238
|
213
|
|
(1.4)
|
(1.6)
|
(2.2)
|
(2.5)
|
(3.2)
|
(5.8)
|
(3.3)
|
(0.7)
|
(0.7)
|
Nagaland
|
1404
|
1375
|
1357
|
1263
|
1211
|
1200
|
800
|
670
|
520
|
|
(3.6)
|
(3.8)
|
(5.7)
|
(3.9)
|
(7.6)
|
(6.8)
|
(5.8)
|
(1.2)
|
(1.1)
|
Orissa
|
6500
|
6000
|
5907
|
5263
|
4661
|
3986
|
1130
|
---
|
---
|
|
(0.6)
|
(0.6)
|
(0.7)
|
(0.8)
|
(0.8)
|
(0.8)
|
(0.2)
|
---
|
---
|
Rajasthan
|
---
|
---
|
185
|
2012
|
1723
|
---
|
---
|
---
|
---
|
|
---
|
---
|
(0.0)
|
(0.2)
|
(0.2)
|
---
|
---
|
---
|
---
|
Sikkim
|
3600
|
3000
|
2909
|
---
|
---
|
---
|
---
|
---
|
---
|
|
(11.9)
|
(10.5)
|
(13.0)
|
---
|
---
|
---
|
---
|
---
|
---
|
Tripura
|
2100
|
2000
|
2047
|
1728
|
1217
|
1159
|
1120
|
1056
|
586
|
|
(2.8)
|
(3.0)
|
(3.3)
|
(3.2)
|
(2.8)
|
(3.0)
|
(3.1)
|
(1.7)
|
(1.1)
|
Uttaranchal
|
387
|
352
|
259
|
224
|
241
|
218
|
104
|
---
|
---
|
|
(0.1)
|
(0.1)
|
(0.1)
|
(0.1)
|
(0.2)
|
(0.2)
|
(0.3)
|
---
|
---
|
Uttar
Pradesh
|
600
|
981
|
907
|
632
|
370
|
1453
|
444
|
585
|
643
|
|
(0.0)
|
(0.0)
|
(0.0)
|
(0.0)
|
(0.0)
|
(0.1)
|
(0.0)
|
(0.0)
|
(0.0)
|
West Bengal
|
30038
|
26738
|
23743
|
22989
|
22334
|
21587
|
20691
|
19219
|
14000
|
|
(1.4)
|
(1.5)
|
(1.5)
|
(1.6)
|
(1.9)
|
(2.0)
|
(2.0)
|
(2.4)
|
(1.9)
|
All
States
|
269873
|
254590
|
233374
|
221304
|
211564
|
299743
|
186379
|
161905
|
117976
|
|
(1.0)
|
(1.1)
|
(1.0)
|
(1.0)
|
(1.1)
|
(1.7)
|
(1.1)
|
(1.1)
|
(0.9)
|
Figures
in brackets are percentages to total tax revenue.
Source:
RBI, State Finances a Study of Budgets of 2006-07 and earlier
issues
|
Amongst
all state, the tax collected by the government of
Maharashtra
has stood as the highest. This can be attributed to the higher economic
activity and larger number of taxpayers in the state. In the year 1998-99,
the professional tax at Rs 546 crore constituted 3.2 per cent of the total
tax revenue of the state. It has increased to Rs 1028.6 crore in 2002-03,
forming 4.1 per cent of the total tax revenue of the state. After 2002-03,
although the absolute amount of the professional tax has shown a rising
trend its percentage to total tax revenue has seen a gradual decline. For
the current fiscal year the professional tax has been budgeted at Rs 1100
crore, which constitutes 2.3 per cent of the total tax revenue of the
state. The states like Karnataka, Andhra Pradesh and
West Bengal
have also collected a significant amount as professional tax, however its
percentage to total tax revenue has remained within a smaller range of 1
per cent to 2.5 per cent during the last three years. There has been a
declining tendency as far as the ratio to the total tax revenue is
concerned. The states like
Sikkim
, Nagaland that are less developed have greater percentage ratio as
compared to the developed states mainly because of the lower tax-SDP
ratio. Considering all states the revenue from professional tax has not
constituted more than 2 per cent to the total tax revenue.
Recent
state-wise trends in professional tax revenue of major states have been
discussed in following paras.
Maharashtra
The
government of
Maharashtra
levied profession tax from April 1, 1975. In fact the state government
imposed a special tax – the profession tax on the salarised class –
whose entire proceeds were to be used only for the Employment Guarantee
Scheme (EGS), with the government required to provide an additional
matching grant of an equal amount. The EGS was born after the devastating
drought that stuck
Maharashtra
and the rest of the country in 1972-73.
However,
the
Maharashtra
government has exempted professional tax by making an amendment in the
Act, for instance, in accordance with the amendment to Section 27A of
Maharashtra Act XVI of 1975 as appeared in “Maharashtra Shasan Rajpatra
Asadharan” of March 26th, 1987 bona fide blind persons were exempted
from payment of professional tax. As well, the government
has exempted senior citizens from payment of profession tax.
The
profession tax is calculated on the basis of gross income. The latest slab
rates for collecting profession tax is as follows:
Table
2: Slabs of Profession Tax for salaried employees in
the
state of
Maharashtra
|
Monthly
Salary/Wage
|
Profession
Tax per month (In Rs)
|
Profession
Tax per annum (In Rs)
|
Upto
Rs 2,000
|
Nil
|
Nil
|
Rs
2,001 – 2,500
|
30
|
360
|
Rs
2,501 – 3,500
|
60
|
720
|
Rs
3,501 – 5,000
|
120
|
1440
|
Rs
5,001 – 10,000
|
175
|
2100
|
Rs
10,001 – 15,000
|
200
|
2400
|
Rs
15,001 and above
|
200
|
2400
|
For
an annual income of Rs 24,000 profession tax is nil, whereas for an annual
income of Rs 24,000 – Rs 30,000 the profession tax is Rs 360 per annum.
Profession
tax has been a steady source of revenue in state in the initial years. In
1999-00 the profession tax revenue of
Maharashtra
state increased by 48 per cent to Rs 808 crore from Rs 546 crore in
1998-99, as a result the ratio of profession tax revenue as percentage of
total tax revenue rose to 4.1 per cent from 3.2 per cent in 1998-99.
In 2002-03, the profession tax revenue’s year-on-year (y-o-y)
growth declined by 1 per cent to Rs 1,019 crore despite of 13.8 per cent
y-o-y growth in total tax revenue. However, in 2004-05, the profession tax
revenue again increased by 5.7 per cent to Rs 1,077 crore but its share in
total tax revenue declined to 3.6 per cent from 4.1 per cent in 2002-03
(Table 3).
Table
3: Growth rates of Profession Tax Revenue and Total Tax Revenue
for
the state of
Maharashtra
|
Year
|
Profession
Tax Revenue
(Rs
Lakh)
|
y-o-y
growth
(%)
|
Total
Tax Revenue
(Rs
Lakh)
|
y-o-y
growth
(%)
|
1998-99
|
54627
(3.2)
|
-
|
1712426
|
-
|
1999-00
|
80796
(4.1)
|
47.9
|
1987362
|
16.1
|
2000-01
|
94221
(4.2)
|
16.6
|
2250795
|
13.3
|
2001-02
|
98198
(4.1)
|
4.2
|
2375640
|
5.5
|
2002-03
|
102856
(4.1)
|
4.7
|
2507942
|
5.6
|
2003-04
|
101876
(3.6)
|
-1.0
|
2855164
|
13.8
|
2004-05
|
107657
(3.1)
|
5.7
|
3420078
|
19.8
|
2005-06
(RE)
|
110000
(2.6)
|
2.2
|
4160731
|
21.7
|
2006-07
(BE)
|
110003
(2.3)
|
0.003
|
4712995
|
13.3
|
Figures
in brackets are percentages to total tax revenue.
Source:
RBI, State Finances a Study of Budgets of 2006-07 and earlier
issues.
|
In
2004-05, the profession tax revenue again increased by 5.7 per cent to Rs
1,077 crore compared to Rs 1,019 crore in 2003-04, but however, its share
in total tax revenue declined to 3.6 per cent from 4.1 per cent in 2002-03
(Table 3). In the year 2005-06, as per the revised estimates the
profession tax revenue increased by 2.2 per cent to Rs 1,100 crore.
Gujarat
Gujarat
State Profession, Trade, Commerce and Employment Act, 1976 has been
implemented in the State since 1st April 1976. The powers and
responsibility to implement this law has been entrusted to sales tax
department.
Table
4: Profession Tax Revenue for the State of
Gujarat
.
|
Year
|
No.
of self employed enrolled
|
No.
of registered employers
|
TOTAL
|
Revenue
realised (Rs. in crores)
|
Annual
growth rate of revenue
(%)
|
(1)
|
(2)
|
(3)
|
(4=2+3)
|
(5)
|
(6)
|
1977-78
|
180025
|
7005
|
187030
|
4.45
|
22.6
|
1978-79
|
427176
|
8095
|
435271
|
6.46
|
45.2
|
1979-80
|
443508
|
9566
|
453074
|
7.16
|
10.8
|
1980-81
|
456485
|
10714
|
467199
|
7.99
|
11.6
|
1981-82
|
465503
|
12015
|
477518
|
9.22
|
15.4
|
1982-83
|
478172
|
13608
|
491780
|
10.96
|
18.9
|
1983-84
|
493839
|
15267
|
509106
|
13.19
|
20.4
|
1984-85
|
512134
|
16996
|
529130
|
16.02
|
21.5
|
1985-86
|
536963
|
18984
|
555947
|
18.64
|
16.4
|
1986-87
|
556318
|
20930
|
577248
|
21.56
|
15.7
|
1987-88
|
573171
|
23198
|
596369
|
26.74
|
24.0
|
1988-89
|
590982
|
25541
|
616523
|
30.49
|
14.0
|
1989-90
|
609421
|
28552
|
637973
|
44.81
|
46.9
|
1990-91
|
623880
|
30836
|
654716
|
38.05
|
-15.1
|
1991-92
|
642856
|
33536
|
676392
|
38.85
|
2.2
|
1992-93
|
657933
|
36611
|
694544
|
40.64
|
4.6
|
1993-94
|
686217
|
42364
|
728581
|
44.35
|
9.1
|
1994-95
|
705553
|
46503
|
752056
|
43.71
|
-1.4
|
1995-96
|
725294
|
50809
|
776103
|
45.74
|
4.6
|
1996-97
|
740726
|
54895
|
795621
|
48.02
|
2.3
|
1997-98
|
752696
|
55662
|
808358
|
61.46
|
28.0
|
1998-99
|
757688
|
54077
|
811765
|
74.65
|
21.5
|
1999-00
|
787451
|
61091
|
848542
|
82.72
|
10.8
|
2000-01
|
837903
|
63228
|
901131
|
103.46
|
25.1
|
2001-02
|
843233
|
64930
|
908163
|
92.12
|
-11.0
|
The
profession tax revenue for Gujarat state shows a fluctuation with revenue
realised increasing from 4.45 crore in 1977-78 to 44.81 crore in 1988-89,
thereafter it dipped to 38.05 crore in the next year but rose again to
44.35 crore in 1993-94 and sipped again to 43.71 crore. But thereafter it
rose continuously to 103.46 crore in 2000-01 but fell sharply to 92.12
crore in 2001-02 (Table 4).
Karnataka
In
order to augment the revenues of the State, the Karnataka government in
the year 1976 levied a tax on professionals, trade, callings and
employment. The
latest slab rates for collecting profession tax is as follows:
Table
5: Slabs of Profession Tax for salaried employees in the state of
Karnataka
|
Monthly
Salary/Wage
|
Profession
Tax per month
(In
Rs)
|
Profession
Tax per annum
(In
Rs)
|
Upto
Rs 2,000
|
Nil
|
Nil
|
2,001
- 5,000
|
30
|
360
|
5,001
- 8,000
|
60
|
720
|
8,001
– 10,000
|
100
|
1200
|
10,001
– 15,000
|
150
|
1800
|
15,001
and above
|
200
|
2400
|
Interestingly,
Karnataka state’s profession tax revenue as percentage of total tax
revenue for the last 8 years from 1998-99 to 2005-06 has been almost
constant in the range of 1.3 to 1.4 per cent, except in 2003-04 when it
reached to 1.6 per cent. However, the collection of profession tax has
increased by almost 1.5 times during the last 8 years, from Rs 114 crore
in 1998-99 to Rs 294 crore in 2005-06 (Table 6).
Table
6: Growth rates of Profession Tax Revenue and Total Tax Revenue
for
the state of Karnataka
|
Year
|
Profession
Tax Revenue
(Rs
Lakh)
|
y-o-y
growth
(%)
|
Total
Tax Revenue
(Rs
Lakh)
|
y-o-y
growth
(%)
|
1998-99
|
11426
(1.3)
|
|
1712426
|
|
1999-00
|
13279
(1.3)
|
16.2
|
1987362
|
16.1
|
2000-01
|
15156
(1.3)
|
14.1
|
2250795
|
13.3
|
2001-02
|
16723
(1.3)
|
10.3
|
2375640
|
5.5
|
2002-03
|
18020
(1.4)
|
7.8
|
2507942
|
5.6
|
2003-04
|
24529
(1.6)
|
36.1
|
2855164
|
13.8
|
2004-05
|
27794
(1.4)
|
13.3
|
3420078
|
19.8
|
2005-06
(RE)
|
29420
(1.3)
|
5.9
|
4160731
|
21.7
|
2006-07
(BE)
|
34218
(1.3)
|
16.3
|
4712995
|
13.3
|
Figures
in brackets are percentages to total tax revenue.
Source:
RBI, State Finances a Study of Budgets of 2006-07 and earlier
issues.
|
Karnataka
government witnessed the highest y-o-y growth of profession tax revenue in
the year 2003-04 to Rs 245 crore as against Rs 180 crore in the previous
year registering a growth of 36 per cent. However the y-o-y growth
declined to 13.3 per cent in 2004-05.
West
Bengal
During the period 1998-2003,
West Bengal
’s profession tax revenue as percentage of total tax revenue’s ratio
has been in the range of 1.9 to 2 per cent, except in 1999-00 it reached
to 2.4 per cent. Further, the ratio declined to 1.6 per cent in 2003-04
and remained at 1.5 per cent during 2004-06.
In
order to improve the fiscal consolidation, most of the state governments
have stressed on expanding the scope of revenue of the state, mainly in
the form of raising the tax collections of the state through the measures
like introduction of new taxes, improvement in tax administration etc.
Enhancement of the ceiling of professional tax has been considered as one
of the source to augment the state government revenue. Hence some of the
states have approached the Centre for enhancement of the professional tax
ceiling to capture more professions and enlarge the scope. Almost all the
states have reached the ceiling of Rs 2,500 per person fixed under Article
276 of the Constitution. This ceiling was fixed in the 60th Amendment in
1988. Enhancement of the ceiling would help the States in reducing their
revenue deficits and tax coverage.
In
addition, some of the states have also asked the Centre for allowing some
flexibility to realise greater revenues from information technology and
business process outsourcing (BPO), in view of their high tax paying
abilities. This was especially in States such as Karnataka, Andhra
Pradesh, Maharashtra, Tamil Nadu and the
New Delhi
where most of the IT/BPO entities were concentrated.
References:
Purohit
M C (2006): ‘Tax Efforts and Taxable Capacity of Central and State
Governments’ EPW XLI, No.8, February 25 – March 3, 2006, Mumbai.
Sarma
J V M, ‘An Overview of Sate Tax System in
India
(Other than Sales Taxation).
RBI
(2006): State Finances A Study of Budget of 2006-07, November 30 and
earlier issues.
*
This note is prepared by Bipin K Deokar and Snehal Nagori.
Highlights of
Current Economic Scene
AGRICULTURE
As
a part of the central government’s strategy to restrain the rising
prices of agricultural products in the domestic market, it is considering
setting up a price stabilisation fund along with a market intervention
plan for all agriculture products. With the proposed plan, the government
would be able to intervene if the price of a particular product rise
beyond a threshold limit or fall below a floor price.
In
the view of current wheat crop estimated at 72.5 million tonnes, lower
than the expected 74 million tonnes, the government has banned wheat
exports for the whole of 2007 in order to control the rising prices of
wheat and to ensure the sufficient procurement of wheat by the Food
Corporation of India (FCI) during the year.
Last year, FCI’s procurement fell sharply to 9.2 million tonnes
from 14.8 million tonnes in the previous year, forcing the government to
import 5.5 million tonnes. The ban has come into effect since February 9,
2007.
The
central government has been considering several plans to procure higher
quantity of wheat such as imposing country-level stock limits to keep
private and MNC traders away from procurement, of paying a higher bonus to
farmers above the minimum support price (MSP), if the need arises and
asking private and MNC traders to procure their requirements from other
wheat-producing states such as Madhya Pradesh, Gujarat and Rajasthan
instead of from Punjab, Haryana and Uttar Pradesh. It has set a target of
purchasing 15 million tonnes of during the marketing season 2007-08. The
procurement activities would commence 5-days in advance of scheduled date,
that is from March 15, 2007 in Madhya Pradesh, while in
Punjab
and Haryana from April 01, 2007 and by the second week of April in Uttar
Pradesh.
The
country has so far received 4.99 million tonnes imported wheat as against
5.5 million tonnes contracted by the central government. The balance 5.57
lakh tonnes imported wheat is expected to reach the ports by the end of
February 2007. Of the total imported wheat that has reached Indian shores
so far, about 4.91 million tonnes has already been discharged from ships,
and 4.22 million tonnes has been moved to the Food Corp. warehouses.
National
Agricultural Cooperative Marketing Federation of India Ltd (Nafed) is
likely to procure about 20 lakh tonne of mustard in the current rabi
season as the market price has slid below the minimum support price (MSP)
of Rs 1,715 per quintal. The current market price of mustard is in the
range of Rs 1,550-1,650 per quintal.
The
retail egg prices in the domestic market have touched an all time high of
Rs 3 per piece (against Rs 2 last year) owing to and. Factors like culling
of large number of birds in 2006 after the outbreak of bird flu resulting
in shortage in production, rising feed cost such as that of maize and
higher demand for eggs from the northern parts owing to unseasonal rains
have been considered responsible for this price-hike. The egg production
for 2006-07 is estimated to fall by 20 per cent at about 30,000 million
eggs from 37,500 million eggs produced in calendar year 2005-06.
As
per the Solvent Extractors’ Association, the imports of edible oil have
increased by a robust 36 per cent to 312,584 tonnes in the standalone
month of January 2006 as against a year ago though it has been 15 per cent
lower from that in December 2006. a similar trend has been observed in
case of non-edible oil imports as well, which have surged by 52.8 per cent
to 36,110 tonnes during January 2007 from 23,626 tonnes a year ago,
however down from 72,890 tonnes in December. As per the industry experts,
edible oil imports had risen sharply in December 2006 in the wake of lower
kharif oilseed output estimates. During November-January 2006-07, the
country’s edible oil imports have stood at 932,214 tonnes, 20 per cent
higher compared with the same period a year ago and that of non-edible oil
have surged by 7.8 per cent to 158,792 tonne, during the same period.
As
per the latest data from Tea Board, tea exports from the country have
touched a record level of 203.86 million kg in 2006. A monthly shipment of
20 million kg from October 2006 onwards has helped the industry to record
total exports last year. The gaining market share of Indian tea in the
Pakistani market, which consumes 140 million kg annually and slump in the
Kenyan production in the first half due to a drought are the major factors
that have contributed to higher tea exports from
India
during 2006.
India
’s coffee exports are expected to fall by at least 15
per cent in the calendar year 2007 on account of lower crop and opening
stocks and growers holding back arabica variety in the hope of better
prices. The opening stocks have dwindled below 10,000 tonnes in 2007 as
against the average level of around 30,000 tonnes.
The
US shrimp exports from the country to US has hampered badly, by nearly 50
per cent due to imposition of anti-dumping duty to the extent of 10.17 per
cent, which has been coupled with a matching customs bond during the
calendar year 2006. The shrimp exports have dipped to $252 million during
2006 from exports worth $485 million in 2005.
Board
for Reconstruction of Public Sector Enterprises (BRPSE) has given approval
to revive closed fertiliser units of Fertiliser Corporation of India (FCI)
and Hindustan Fertiliser Corporation (HFC). Under the current proposal,
brown-field plants would be set at the existing sites on the basis of
their physical condition. Iinitially four plants - at
Durgapur
, Brauni, Sindri and
Gorakhpur
- would be made operationalised, with an investment of about Rs 1,000
crore. Once revived, these units will add about 50 lakh additional urea
capacity from the domestic sector, saving about $ 1.25 billion on costly
imports annually. This would also bring down the subsidy burden
substantially.
To
take advantage of lifting clamps on import of mangoes from India by the
Japanese and US Government, the central government has plans to open two
pack houses one at Tirupati (Chittoor district) and other at Nuziveedu
(Krishna district) that include vapour heat treatment (VHT) systems. The
AGROS (AP State Agro Industries Development Corporation) has would work as
a nodal agency for setting up the two pack houses, which would also have
facilities for grading, sorting, packaging and cold storage facilities.
HDFC
Bank has entered into an agreement with Godrej Aadhaar, the agri services
and retail initiative of Godrej Agrovet Ltd, to offer agri-credit facility
in the rural areas. The farmers, associated with Godrej Aadhaar, would be
able to avail themselves of cash credit and term loans post-assessment of
their land holdings and cropping patterns at a preferential interest rate.
These farmers could also get loan facility for their farm mechanisation
needs such as tractors, combine harvesters and other agri-related
implements.
Industry
Growth
in IIP
Riding
on strong growth in the production of capital goods, the Index of
Industrial Production (IIP) has grown by 11.1 per cent during December
2006 as against 5.7 per cent in December 2005. The growth in production of
capital goods has stood at 20.2 per cent compared with 12.9 per cent while
the output of intermediate goods has improved by 11.2 per cent (0.9 per
cent). Production in the basic goods sector has improved by 11.7 per cent
and consumer non-durables output has increased by 8.7 per cent compared
with 5.7 per cent and 6 per cent, respectively. Production of consumer
durables, however, has decelerated to 3.3 per cent in December 2006 as
against a buoyant growth of 12 per cent in December 2005. For the
nine-month period of April-December 2006, basic goods output has increased
by 9.7 per cent, capital goods production by 17.5 per cent and
intermediate goods output by 11.1 per cent. Simultaneously, consumer goods
output has gone up by 9.5 per cent. While consumer durables production
during the nine months has increased by 11.4 per cent, that of consumer
non-durables has recorded an increase of 8.9 per cent. The overall
increase in the IIP during the April-December period has stood at 10.8 per
cent as against 8 per cent during April-December 2005.
FICCI
Recommendations
To
take the share of the manufacturing sector in the GDP to 22 per cent from
the present 15 per cent by 2015, the FICCI has asked the government to
reform the labour laws and incentivise innovation and technology. The
chamber has also sought the bridging of the skill gap in the sector,
speedy development of infrastructure and reducing transaction cost for the
purpose. The FICCI has pointed out that a serious gap between the
availability of skilled manpower and the requirement of industry. In the
next few years, around five million people will be required mainly at the
basic skill level in the sector out of which four million are required for
the garment sector only. This will require massive expansion and
modernisation of training institutes across the country that can be done
with public private partnership scheme. On infrastructure requirements,
the chamber has noted that the effective cost of power for manufacturers,
adding the cost of erratic and supplemented power to the base cost, is
very high vis-à-vis their counterparts in China, Thailand, and Indonesia.
Also, the chamber highlighting the latest World Bank Indices of Doing
Business 2007 has pointed that cost associated with all the procedures
required to export in India is $864 per container vis-à-vis $335 per
container in China. Similarly, cost associated with all the procedures
required to import in
India
is $1,244 per container vis-à-vis $375 in
China
. Restrictive labour laws impact the competitiveness and growth of the
manufacturing sector; there are 154 laws related directly or indirectly to
labour which are to be complied with by the manufacturers, according to
the chamber. Besides addressing these macro-policy issues, the government
also need to address sector specific issues relating to leather, textiles,
metal products and parts, electronics, food processing.
Policy
Initiative
The
commerce ministry has proposed a more liberal import and fiscal regime to
ease supply pressures, as a part of the steps to rein in the rising
prices. Supply side constrains driven mainly by the unprecedented economic
growth have been cited as the main reasons for the rising prices. The
commerce ministry has proposed a review of duties on imports, especially
cement, metals and paper. Stating that while some amount of price rise is
accepted in a rapidly growing economy, it has gone beyond acceptable
levels, the ministry has asked manufacturers to keep the prices of their
products under control.
Infrastructure
Infrastructure
Funding
Srei
Infrastructure Finance has launched a new business model that involves
rate of interest-based bidding. Under the scheme infrastructure project
developers can bid for equipment to cut down costs which would prove
viable for project developers who depend on equipment that are leased out
since the machineries are returned once the project is completed. While
the assets are given away by the bidding companies at an open auction,
participants bid for lower rates of interest for these assets. The
concept, known as Paison ki Nilami, therefore makes available the bank of
equipment from the manufacturers to project developers with Srei
performing the hand-holding role. The model is particularly useful for
those developers for whom buying the equipment could prove to be
prohibitive; equipment typically make up over 30 per cent of the cost of
projects, especially in sectors like roads or other civil construction
works.
Petroleum,
Petroleum Products and Natural Gas
The
union minister for petroleum and natural gas has informed the
parliamentary consultative committee (PCC) attached to his ministry that
with exploration and development efforts made under NELP, natural gas
production in the country is likely to be doubled from about 95 million
cubic metre per day to over 190 million cubic metre per day by March 2009.
In addition, Coal Bed Methane (CBM) is expected to be produced in
India
in 2007-08, thus, the country will join the select club of countries that
commercially produce CBM. CBM gas production is envisaged as 3.78 billion
cubic metres or about 10 million cubic metres per day. The government has
signed contracts for 26 blocks covering an area of 13,600 sq. km. The
total committed investment in these blocks is of the order of Rs 675 crore.
As on April 1, 2006, the operating companies in CBM blocks have already
invested Rs 170 crore. In five rounds of bidding under NELP, production
sharing contracts (PSCs) for 110 exploration blocks have been signed in
addition to 28 exploration blocks signed prior to NELP.
India
’s demand for oil products has risen by 4 per cent in
December 2006 to 10.5 million tonne (mt) as against 10.1 mt a year ago, on
the back of increase in diesel consumption. The sale of diesel in the
country has increased by 7 per cent to 3.939 mt as compared to 3.684 mt in
December 2005 as per data released by the petroleum ministry. In the same
time, petrol demand has jumped 9.6 per cent to 8,03,600 tonne while fuel
oil sales have been down by 3.8 per cent to 1.07 mt. Aviation turbine fuel
(ATF) or jet fuel sales have soared 19 per cent to 3,71,000 tonne in
December as compared to 3,13,100 tonne in the same month of the previous
year. Naphtha demand has increased by 13.4 per cent to 1.22 mt as against
1.07 mt last year while LPG consumption has risen by 3.1 per cent to
9,60,200 tonne but kerosene demand has remained almost flat in December
2006.
Power
The
budget for 2006-07 may prove favourable for many standalone companies and
corporate groups who are contemplating setting up captive power plants to
meet their requirements instead of depending on uncertain supplies from
the state electricity boards or through the national grid. This is
because, in order to encourage industrial units to achieve
self-sufficiency with respect of their power requirements, the government
is examining the option of reducing customs tariff for captive power
plants and their spare parts from the existing 12.5 per cent to 5 per
cent. However, the plan does not include similar exemption for non-captive
units even though they might qualify to be small and medium sized units.
As of now, not only did the import of all capital goods required for
setting up small and medium power project attract a 12.5 per cent duty,
taking into account a 16.32 per cent countervailing duty and an additional
4 per cent special countervailing duty, the net effect adds up to 36.73
per cent.
Non-Conventional
Energy
With
the government encouraging banks to offer loans for solar energy systems
counting this as priority lending in an effort to popularise renewable
energy products, the demand for loans for solar energy products has
increased considerably. The demand for Canara Bank's loan scheme called
`Can Solar' for solar water heaters has picked up well in the last two
years; it has provided loans to the tune of Rs 42 crore for about 18,300
units so far. Can Solar was introduced in Karnataka about 11 years ago,
and was extended to the rest of the country about two years ago. Canara
Bank was one of the pioneering banks to participate in the Solar Water
Heating Programme of the Ministry of New and Renewable Energy. Now, about
ten public-sector banks, four non-banking financial corporations, two
private banks and 10 scheduled co-operative banks participate in this
programme.
Ports
The
union shipping minister, Mr T.R. Baalu, has stressed the need for a highly
efficient logistic support in the shape of modern port infrastructure
considering the GDP growth rate in the country. The ministry has conceived
a very ambitious National Maritime Development Programme (NMDP) to build
modern port infrastructure recognising the critical importance of
development and expansion of port infrastructure. He has pointed out that
the Indian exports have grown at 35 per cent and imports 33 per cent in
the first half of the current fiscal year and in order to sustain the
level of growth, there is a
need to set up better infrastructure facilities in the port sector.
Further, citing that 95 per cent of
India
's export-import trade takes place through ports, the minister emphasised
that well developed and modern rail and road connectivity is essential for
the efficient functioning of ports, especially for fast clearance and
evacuation of cargo and better use of port storage area.
Railways
Indian
railways is planning a major overhaul of its infrastructure during the
Eleventh Plan period in order to meet the requirements of its increasing
business; while its freight business is expected to increase to 1,100
million tonne (mt) by 2011-12, it is likely to ferry 8,400 million
passengers by the said period. The railways plans to give top priority to
upgrade its technology, especially those used in tracks, locomotives,
coaches, wagons, signaling and its information technology services while
another focus area would be an upgrade of its rolling stock. It also
targets to bring in 62,000 more wagons, 1,800 diesel and electric locos,
each, as well as 17,500 coaches and to double its rail transport capacity
to 1,500 mt for freight traffic and ferry 10,000 million passengers.
Doubling of tracks, upgrade of lines for heavy axle load movement as well
as laying of new lines would help in this. The dedicated freight corridor
would also help in capacity augmentation. The railways also plans to bring
down further its unit cost of transportation.as well as an increase in the
speed of trains so as to compete with the road and air transport sectors.
The
railways ministry has projected an increased annual plan size of about Rs
34,000 crore for the coming fiscal year, mainly to expand capacity; the
annual plan size for the current year is at Rs 23,475 crore. While the
ministry is looking for a budgetary allocation of about Rs 7,500 crore, it
hopes to generate at least Rs 20,000 crore internally and going by its
estimated surplus of Rs 20,000 crore for this year, the target seems quite
achievable. In 2006-07, the railways received Rs 6,800 crore as budgetary
support.
Inflation
The
annual point-to-point inflation rate based on wholesale price index (WPI)
rose by 6.73 percent for the week ended February 03,2007 as compared to
6.58 per cent in the last week or at a lower rate of 3.98 per cent during
the corresponding week last year.
During
the week under review, the WPI rose to 209.2 from 208.8 in the previous
weeks’ level (Base: 1993-94=100). The index of ‘primary articles’
group, (weight 22.02 per cent), rose by 0.5 percent to 216.1from its
previous week’s level of 215.0 mainly due to higher prices of ‘food
article like pork, eggs, mutton, urad, masur, moong, condiments, spices,
fruits, vegetables and bajra.. However, prices of barley and wheat showed
a decline. The index of ‘fuel, power, light and lubricants’ group
(weight 14.23 per cent) declined by 0.4 per cent to 320.8 from 322.1 due
to lower prices of aviation turbine fuel and naptha , furnace oil and
electricity. The rise of 0.3 per cent in the index of ‘manufactured
products’ group can be attributed to the spurt in prices of food
products some edible oils, butter, and bran. However the fall in the
prices of imported edible oils, gur, rawa, maida and atta had a sobering
effect in the rise in the index of manufactured products.
The
latest final index of WPI for the week ended December 2,2006 has been
revised upwards; as a result both, the absolute index and the implied
inflation rate stood at 208.3 and 5.63 per cent as against their
provisional levels of 207.7 and 5.32 per cent, respectively.
Banking
The
Reserve Bank of India (RBI) has increased the cash reserve ratio (CRR) by
50 basis points to 6 per cent in two stages. The first hike of 25 basis
points will be effective from February 17 and the second from March 3,
2007. The RBI’s move is aimed at checking liquidity from fanning the
flames of inflation and comes less than a fortnight after the central bank
raised its overnight lending (repo) rate on January 31, 2007.
ICICI
Bank has raised $500 million from a bond sale for its
UK
unit. The bank priced the five-year floating-rate notes to pay interest of
0.62 percentage point above the three-month LIBOR.
Financial
Markets
Capital
Markets
Primary
Market
The
book Running Lead Manager to the issue of Vijayeswari Textiles Limited,
has informed the Exchange that the issue will close on February 19, 2007
instead of the earlier closing day of February 13, 2007. Further price
band has been revised from Rs.115/- to Rs.130/- per share to Rs.100/- to
Rs.115/- per share
During
the week, Evinix Accessories Ltd, Idea Cellular Ltd and Raj Television
Network Ltd. Have tapped the market.
Secondary
Market
A
host of factors like fears of a further rise in domestic interest rates, a
large number of IPOs lined up for the next few weeks, rising inflation,
heavy unwinding of leveraged derivative positions and a surprise CRR hike
were behind the havoc. The BSE sensex shed 183.35 for the week ended 15
February 2007, to settle at 14,355.55, while the NSE nifty lost 41.20
points, to end at 4,146.20. On 12 February 2007 (Monday), the BSE Sensex
plunged 348.20 points, to settle at 14,190.70. It stayed in the red for
the entire session as plenty of stop losses were triggered due to highly
leveraged positions in the derivatives market. Weak global markets also
played spoilsport. The sensex lost 99.72 points on Tuesday (13 February
2007), to settle at 14,090.98, in highly volatile trading. The benchmark
index shed 81.08 points, to end at 14,009.90 on Wednesday (14 February
2007). It had plunged to a low of 13,805.36, but recovered on
short-covering in the later half of the day’s trading session. The
initial fall was because of the Reserve Bank of India (RBI) announcing a
surprise hike in the cash reserve ratio (CRR) to 6 per cent from 5.5 per
cent in two stages, the first on 17 February 2007 and the second on 3
March 2007, to curb inflation and credit growth. The sensex rebounded,
after falling for the past four trading sessions, taking cue from firm
Asian markets and short covering in derivatives ahead of the expiry of
February 2007 derivative contracts on Thursday (15 February 2007). It
jumped 345.65 points, to settle at 14,355.55 that day. The market was
closed on 16 February 2007 for Mahashivratri.
On
Wednesday (14 February 2007), the Bombay Stock Exchange (BSE) sold 5 per
cent stake to Germany's Deutsche Börse for Rs 189 crore, at Rs 5,200 per
share. The transaction values the BSE at Rs 3,777 crore ($854 million).
Derivatives
The
Nifty closed at 4146 in the spot market after swinging between 3950-4160
in last week. It was settled at 4160 in the February series. The March
Nifty was settled at 4158
Government
Securities Market
Primary
Market
The
Government of India have announced the issue of "8.20 per cent
Government Stock 2022" for an aggregate amount of Rs.1,632.33 crore
(nominal), "8.24 per cent Government Stock 2027" for an
aggregate amount of Rs.4,388.55 crore (nominal) and "8.28 per cent
Government Stock 2032" for an aggregate amount of Rs. 2,687.11 crore
(nominal) to 19 nationalized banks. These Stocks are issued in lieu of
outstanding amount of "10 per cent Nationalised Banks'
Recapitalisation Bonds, 2006" aggregating to Rs.4818.78 crore
(nominal) and "10 per cent Nationalised Banks' (non-transferable)
Special Security, 2006" aggregating to Rs.3889.21 crore (nominal)
held by these nationalized banks. These Stocks will be reckoned as an
eligible investment for the purpose of Statutory Liquidity Ratio (SLR).
These Stocks will be transferable and eligible for ready forward
transactions (Repo).
Seven
State Governments have announced the sale of 10-year State Development
Loans for an aggregate amount of Rs.3,399.57 crore through a yield based
auction using multiple price auction method on February 22, 2007.
The
Government of India issued '8.23 per cent Government of India FCI Special
Bonds, 2027' for Rs.6,200 crore (nominal) to Food Corporation of India (FCI)
as part of settlement of the outstanding dues of FCI. The investment in
the Special Bonds by the banks will not be reckoned as an eligible
investment in Government securities by banks and insurance companies for
their statutory requirements.
The
Government of India issued '8.20 per cent Oil Marketing Companies
Government of India Special Bonds, 2024' for Rs.5,000 crore (nominal) to
three Oil Marketing Companies as compensation The investment in the
Special Bonds by the banks will not be reckoned as an eligible investment
in Government securities by banks and insurance companies for their
statutory requirements.
RBI
has announced that the two State Governments viz., Orissa and Rajasthan
will buy back certain specified State Development Loans (SDLs) issued by
them. The buyback of securities will take place through a multi security
auction using multiple price auction method. The auction will be conducted
on February 22, 2007 and settlement will be on February 26, 2007. The
buyback auction will be conducted on the existing NDS Primary Auction
module.
Secondary
Market
As
an initiative to curb the inflationary pressures, the Petroleum Minister
has cut the petrol and diesel prices by Rs.2 per litre and Re.1 per litre
respectively effective February 16, 2007.
The
inflation rate, as measured by the wholesale price index (WPI), increased
to 6.73 per cent for the week ended February 3, 2007 as compared 6.58 per
cent for the week ended January 27, 2007. The inflation rate for the
comparable week one year back (February 4, 2006) was 3.98 per cent.
During
the week, the weighted average call rates during the period ranged between
6.51 per cent and 8.12 per cent, while weighted average repo rates ranged
between 5.20 per cent and 7.51 per cent and the weighted average CBLO
rates ranged between 5.97 per cent and 7.17 per cent. The average volumes
of Call, Repo and CBLO segments were Rs.13,253 crore, Rs.7504 crore and
Rs.18,608 crore respectively. The daily average outstanding amounts in the
LAF (reverse repo) and LAF (repo) operations conducted during the period
were Rs.3285 crore and Rs.2981 crore respectively.
RBI
has increased the Cash Reserve Ratio (CRR) from 5.5 per cent to 6 per cent
(in two phases) to absorb around Rs.14,000 crore of banks' resources. In
the first phase, CRR has been increased from 5.50 per cent to 5.75 per
cent, effective February 17, 2007 and in second phase, it has been
increased to 6 per cent, effective March 3, 2007.
In
the address on "Current Challenges to Monetary Policy Making in
India", Dr Rakesh Mohan, Deputy Governor, RBI said that the RBI would
respond "swiftly' and use all monetary tools to contain runaway
inflation, which could dampen the growth momentum. "In crafting
appropriate monetary policy, it is important to undertake a careful
assessment of the manner in which inflation is evolving. Primary articles
have contributed significantly to WPI during 2006-07."
The
weighted average YTM of G.S 2017 8.07 per cent bond was 8.0821 per cent on
February 15, 2007 due to upsurge in inflation rate as compared to 7.7659
per cent on February 09, 2007. The 1-10 year YTM spreads increased by 4
bps to 26bps.
Bond
Market
Syndicate
Bank is to tap the market to mobilise Rs 240 crore through issue of upper
tier-II bonds offering coupon of 9.30 per cent for 15-year paper.
Foreign
Exchange Market
The
six-month forward premia closed at 3.71 per cent (annualized) on February
15, 2007 vis-à-vis 3.21 per cent on February 09, 2007.
Commodities
Futures derivatives
Potato
hit the upper circuit across all contracts on the Multi Commodity
Exchange(MCX) on Monday as rains have disrupted harvesting in
north-eastern states. In the spot market, prices jumped approximately by
25 per cent to Rs 5-6 per kg from Rs 4-5 on Saturday.
Potato
for March, April, May deliveries jumped by 6 per cent to close the day at
Rs 572 a quintal, Rs 560 a quintal and Rs 539.80 a quintal compared with
Rs 539.60, Rs 528.40 and Rs 539.80 on Saturday.
Corporate
Sector
Kumar
Mangalam controlled Hindalco Industries, the company’s largest aluminum
producer, has announced the acquisition of Atlanta-based Novelis for an
enterprise value of nearly $6 billion in cash, which will help it gain
large customers like Coca-Cola, Ford and General Motors. The deal
envisages a payment of $44.93 per share, which is 16.5 per cent more than
its last closing prices, to Novelis shareholders, amounting to a total of
$3.5 billion. In addition, Hindalco will take on its books Novelis’s
debt of $2.4 billion. The acquisition, which requires approval of 66 per
cent of Novelis’ shareholders, is expected to be completed by the second
quarter of 2007.
British
telecom giant Vodafone emerged victorious in the battle for Hutchison
Essar Ltd,
India
’s third largest private mobile services operator, with an offer that
gives the company an enterprise value of about $19.3 billion. Ending the
two-month long drama, the Hutchison Telecommunications International Board
met in
London
and chose Vodafone over the Anil Ambani controlled Reliance
Communications, the Ruias of Essar and the Hindujas for sale of 67 per
cent stake in Hutchison Essar. Vodafone has paid a price of around $794
per subscriber to clinch the deal. The valuation is in line with the $33
billioin market capitalization of Bharati Airtel, the country’s largest
private mobile services operator, and the $22 bilion market capitalization
of Reliance Communication, the second largest operator. The acquisition
will give Vodafone, which has over 200 million subscribers globally, a
strong presence in the fastest growing market for mobile services –
Hutchison Essar has close to 24 million customers. Vodafone, which has a
9.9 per cent stake in Bharti Airtel, is now expected to sell it soon.
Pricewaterhouse
Coopers (PwC),
India
’s second largest professional services firm, is set to acquire RSM, the
fifth largest player. The deal, expected to be announced in next week,
will make PwC the leasing player in the sector.
Table
1 : Index Numbers of Industrial Production (1993-94 =100)
|
Table
2 : Production in Infrastructure Industries (Physical Output Series)
|
Table
3: Procurment, Offtake and Stock of foodgrains
|
Table
4: Index Numbers of Wholesale Prices (1993-94 = 100)
|
Table
5 : Cost of Living Indices
|
Table
6 : Budgetary Position of Government of India
|
Table
7 : Government Borrowing Programmes and Performance
|
Table
8 : Scheduled Commercial Banks -
Business
in India
|
Table
9 : Money Stock : components and Sources
|
Table
10 : Reserve Money : Components and Sources
|
Table
11 : Average Daily Turnover in Call Money Market
|
Table
12 : Assistance Sanctioned and Disbursed by All-India Financial
Institutions
|
Table
13 : Capital Market
|
Table
14 : Foreign Trade
|
Table
15 : India's Overall Balance of Payments
|
Table
16 : Foreign Investment Inflows
|
Table
17 : Foreign Collaboration Approvals (Route-Wise)
|
Table
18 : Year-Wise (Route-Wise) Actual Inflows of Foreign Direct Investment
(FDI/NRI)
|
Table
19 : NRI Deposits - Outstandings
|
Table
20 : Foreign Exchange Reserves
|
Table
21 : Indices REER and NEER of the Indian Rupee
|
Table
22 : Turnover in Foreign Exchange Market
|
Table
23 : India's Template on International Reserves and Foreign Currency Liquidity [As reported under the IMFs special data dissemination standards
(SDDS)
|
Table
24 : Settlement Volume and Netting Factor for Government
Securities Transactions Settled at CCIL - Monthly, Quarterly and
Annual Basis.
|
Table
25 : Inter-Catasegory Distribution of All Types of Trade in
Government Securities Settled at CCIL (With Market Share in
Respective Trade Types)
|
Table
26 : Category-wise Market Share in Settlement Volume of
Government Securities Transactions (in Per Cent)
|
Table
27 : Settlement Volume and Netting Factor for Total Forex
Transactions Settled at CCIL - Monthly, Quarterly and Annual
Basis.
|
Table
28 : Inter-Category Distribution of Total Foreign Exchange
Transactions Settled at CCIL (With Market Share in Respective Trade
Types)
|

*These statistics and the
accompanying review are a product arising from the work undertaken under
the joint ICICI research centre.org-EPWRF Data Base Project.
|