Current Economic Statistics and Review For the
Week | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theme
of the week:
Maharashtra Budget 2008-09
* Taking
into consideration the elections due the next year, the state budget of In
conventional focus, no doubt, the fiscal health of
|
Table
1: Deficit indicators |
|||||||||
|
Rs
in crore |
||||||||
2008-09
BE |
2007-08
RE |
2006-07 |
2005-06 |
2004-05 |
2003-04 |
2002-03 |
2001-02 |
2000-01 |
|
Total
receipts |
95056 |
71745 |
73787 |
72614 |
76329 |
70167 |
61210 |
54330 |
48831 |
(32.5) |
(-2.8) |
(1.6) |
(-4.9) |
(8.8) |
(14.6) |
(12.7) |
(11.3) |
(26.9) |
|
Total
Expenditure |
93417 |
79635 |
73799 |
72362 |
76206 |
70356 |
61215 |
54911 |
48160 |
(17.3) |
(7.9) |
(2.0) |
(-5.0) |
(8.3) |
(14.9) |
(11.5) |
(14.0) |
(25.0) |
|
Fiscal
Deficit |
13158 |
10319 |
11553 |
17630 |
18620 |
17929 |
14881 |
10592 |
8576 |
(27.5) |
(-10.7) |
(-34.5) |
(-5.3) |
(3.9) |
(20.5) |
(40.5) |
(23.5) |
(-14.0) |
|
Revenue
deficit |
-965 |
-2760 |
-810 |
3842 |
10033 |
8310 |
9371 |
8188 |
7834 |
(-65.0) |
(240.7) |
(-121.1) |
(-61.7) |
(20.7) |
(-11.3) |
(14.4) |
(4.5) |
(83.5) |
|
Primary
deficit |
769 |
-1702 |
-103 |
8283 |
9641 |
9593 |
7595 |
4162 |
3351 |
(-145.2) |
(1558.3) |
(-101.2) |
(-14.1) |
(0.5) |
(26.3) |
(82.5) |
(24.2) |
(-34.2) |
|
Note:
Figures in the brackets are percentage change over the previous
year. |
|||||||||
Source:
Budget in brief, Economic Survey of |
The
total receipts of the government have been budgeted to rise by a huge 32.5
per cent to stand at Rs 95,056 crore as against the decline of 2.8 per cent
witnessed during the fiscal year 2007-08 (RE). Till the fiscal year 2006-07,
the total receipts of the state have seen a fluctuating growth since 2000-01
from a high of 26.9 per cent in 2000-01 to a decline of 12.4 per cent in
2005-06. in terms of magnitude, the total receipts have increased from Rs
48,831 crore to Rs 73787 crore during 2000-01 to 2006-07 period.
During
the fiscal year 2008-09, revenue receipts have been budgeted to grow by 15.8
per cent year totalling to Rs 79,911 crore which formed 12.1 per cent to
GSDP. The revenue receipts as a percentage of GSDP had stood at 11.7 per
cent during 2000-01; after which the ratio continued to decline till 2003-04
to reach 10.1 per cent. The ratio has moved upward subsequently since
2004-05 when it had been 10.6 per cent and further to 12.2 per cent in
2006-07, reflecting the growth in the tax revenue of the state. During the
period 2000-01 to 2006-07, the revenue receipts have more than doubled.
Table
2: Receipts of the
|
|||||||||
Rs
in crore |
|||||||||
|
2008-09
BE |
2007-08
RE |
2006-07 |
2005-06 |
2004-05 |
2003-04 |
2002-03 |
2001-02 |
2000-01 |
Revenue
Receipts |
79911 |
68989 |
62195 |
48438 |
41013 |
34371 |
31103 |
30093 |
29567 |
(15.8) |
(10.9) |
(28.4) |
(18.1) |
(19.3) |
(10.5) |
(3.4) |
(1.8) |
(17.0) |
|
Tax
revenue |
60839 |
54211 |
46122 |
38522 |
30605 |
25181 |
22815 |
21304 |
22508 |
(12.2) |
(17.5) |
(19.7) |
(25.9) |
(21.5) |
(10.4) |
(7.1) |
(-5.3) |
(13.3) |
|
Non-tax
revenue |
19072 |
14778 |
16073 |
9916 |
4119 |
3549 |
4517 |
4655 |
7059 |
(29.1) |
(-8.1) |
(62.1) |
(140.7) |
(16.1) |
(-21.4) |
(-3.0) |
(-34.1) |
(30.8) |
|
Capital
receipts |
15145 |
2756 |
11591 |
18435 |
35315 |
35796 |
30107 |
24237 |
19264 |
(449.6) |
(-76.2) |
(-37.1) |
(-47.8) |
(-1.3) |
(18.9) |
(24.2) |
(25.8) |
(45.7) |
|
Recovery
of loans |
348 |
327 |
51 |
551 |
2041 |
482 |
469 |
298 |
2595 |
(6.7) |
(544.1) |
(-90.8) |
(-73.0) |
(323.4) |
(2.8) |
(57.4) |
(-88.5) |
(933.9) |
|
Total
Receipts |
95056 |
71745 |
73787 |
66873 |
76328 |
70167 |
61210 |
54330 |
48831 |
(32.5) |
(-2.8) |
(10.3) |
(-12.4) |
(8.8) |
(14.6) |
(12.7) |
(11.3) |
(26.9) |
|
Note:
Figures in the brackets are percentage change over the previous
year. |
|||||||||
Source:
Same as Table 1
|
As
per the revised estimates for the fiscal year 2007-08, the State’s own tax
revenue has been estimated at Rs 46,612 crore - a lower growth of 16.2 per
cent as compared with 19.6 per cent of growth witnessed during the fiscal
year 2006-07. There has been a deceleration in the growth as the state’s
own tax revenue for the fiscal year 2008-09 have been budgeted to grow by
11.3 per cent totalling to Rs 51,893 crore.
The state’s own tax revenue as a percentage of GSDP, has increased
from 7.9 per cent in 2006-07 to 8.1 per cent in 2007-08 (RE); however, it
has been budgeted that the ratio would decline to 7.9 per cent, as per the
budget estimates, for the year 2008-09. This deceleration can be attributed
to the various tax cuts that have been proposed in this budget. The share of
the states own tax revenue as percentage of total revenue expenditure
measures the tax efforts. It has been estimated at 65.7 per cent for the
year 2008-09 which is budgeted to decline from 70.4 per cent during the
fiscal year 2007-08 (RE). However, the ratio has shown an increasing trend
from the fiscal year 2000-01 which has increased by almost 10 per cent
during the period of 8 years.
Table
2A: Receipts of the Percentages
to GSDP |
|||||||||
|
2008-09
BE |
2007-08
RE |
2006-07 |
2005-06 |
2004-05 |
2003-04 |
2002-03 |
2001-02 |
2000-01 |
Revenue
Receipts |
12.14 |
11.93 |
12.21 |
11.06 |
10.59 |
10.07 |
10.35 |
10.98 |
11.72 |
Tax
revenue |
9.25 |
9.37 |
9.05 |
8.79 |
7.90 |
7.38 |
7.59 |
7.77 |
8.92 |
Non-tax
revenue |
2.90 |
2.55 |
3.16 |
2.26 |
1.06 |
1.04 |
1.50 |
1.70 |
2.80 |
Capital
receipts |
2.30 |
0.48 |
2.28 |
4.21 |
9.12 |
10.48 |
10.02 |
8.84 |
7.64 |
Recovery
of loans |
0.05 |
0.06 |
0.01 |
0.13 |
0.53 |
0.14 |
0.16 |
0.11 |
1.03 |
Total
Receipts |
14.45 |
12.40 |
14.49 |
15.27 |
19.70 |
20.55 |
20.37 |
19.82 |
19.36 |
Source:
Same as Table 1
|
The
detailed break-up of the state’s own tax revenue has revealed that for the
budget year 2008-09 revenue from value added tax (VAT) and stamps and
registration fees and state excise duties is expected to rise by 9.1 per
cent, 20 per cent and 18.4 per cent, respectively, these together would
contribute around 83 per cent of the total state’s own tax revenue.
Table
3: State's own Tax Revenue
(Rs in crore) |
|||||||||
|
2008-09 |
2007-08 |
2006-07 |
2005
- 06 |
2004-05 |
2003-04 |
2002-03 |
2001-02 |
2000-01 |
|
(B
E) |
(R
E) |
(Actuals) |
||||||
State's
own Tax Revenue |
51893 |
46612 |
40098 |
33539 |
30605 |
25181 |
22815 |
21304 |
19727 |
(100.0) |
(100.0) |
(100.0) |
(100.0) |
(100.0) |
(100.0) |
(100.0) |
(100.0) |
(100.0) |
|
VAT
/ Sales Tax |
29039 |
26612 |
24131 |
19677 |
18817 |
15326 |
13488 |
12131 |
12196 |
(56.0) |
(57.1) |
(60.2) |
(58.7) |
(61.5) |
(60.9) |
(59.1) |
(56.9) |
(61.8) |
|
Stamps
and Registration
fees |
9600 |
8000 |
6416 |
5266 |
4116 |
3354 |
2823 |
2443 |
2201 |
(18.5) |
(17.2) |
(16.0) |
(15.7) |
(13.4) |
(13.3) |
(12.4) |
(11.5) |
(11.2) |
|
State
excise duties |
4500 |
3800 |
3301 |
2824 |
2219 |
2324 |
1939 |
1787 |
1779 |
(8.7) |
(8.2) |
(8.2) |
(8.4) |
(7.3) |
(9.2) |
(8.5) |
(8.4) |
(9.0) |
|
Electricity
duties. |
2600 |
2318 |
1578 |
1661 |
1674 |
630 |
1149 |
1034 |
934 |
(5.0) |
(5.0) |
(3.9) |
(5.0) |
(5.5) |
(2.5) |
(5.0) |
(4.9) |
(4.7) |
|
Other
Taxes on Income and
Expenditure |
1450 |
1453 |
1246 |
1157 |
1076 |
1019 |
1032 |
986 |
947 |
(2.8) |
(3.1) |
(3.1) |
(3.5) |
(3.5) |
(4.0) |
(4.5) |
(4.6) |
(4.8) |
|
Taxes
on vehicles |
2426 |
2215 |
1841 |
1309 |
1177 |
1206 |
941 |
948 |
786 |
(4.7) |
(4.8) |
(4.6) |
(3.9) |
(3.8) |
(4.8) |
(4.1) |
(4.4) |
(4.0) |
|
Other
Taxes and duties on commodities
and Services Taxes
on goods & passengers |
984 |
924 |
878 |
712 |
737 |
729 |
811 |
687 |
569 |
(1.9) |
(2.0) |
(2.2) |
(2.1) |
(2.4) |
(2.9) |
(3.6) |
(3.2) |
(2.9) |
|
594 |
594 |
225 |
505 |
428 |
232 |
245 |
1027 |
100 |
|
(1.1) |
(1.3) |
(0.6) |
(1.5) |
(1.4) |
(0.9) |
(1.1) |
(4.8) |
(0.5) |
|
Land
Revenue |
700 |
695 |
484 |
429 |
361 |
360 |
387 |
261 |
215 |
(1.3) |
(1.5) |
(1.2) |
(1.3) |
(1.2) |
(1.4) |
(1.7) |
(1.2) |
(1.1) |
|
Taxes
on Agricultural income |
0 |
0 |
0. |
0 |
0 |
0 |
0 |
0 |
0 |
(0.0) |
(0.0) |
(0.0) |
(0.0) |
(0.0) |
(0.0) |
(0.0) |
(0.0) |
(0.0) |
|
Figures
in brackets are percentage share in total state own tax revenue Source:
Same as Table 1 |
The
non-tax revenue consisting of interest payments, dividends and profits,
central grants and fees, fines, penalties, etc., for the fiscal year
2008-09, has been estimated to increase substantially by 29.1 per cent as
against a fall of 8.1 per cent witnessed during the fiscal year 2007-08
(RE). The ratio of non-tax revenue to GSDP has increased between 2004-05 and
2005-06; the ratio has declined from 3.2 per cent in 2006-07 to 2.6 per cent
for 2007-08 (RE). It has been projected at 2.9 per cent for the current
fiscal year.
The
capital receipts of the state as percentage of GSDP have declined over the
years. The ratio has stood at 10.6 per cent in 2003-04, which has been
budgeted at 2.3 per cent for 2008-09 (BE). In absolute terms also, the
capital receipts have declined since 2004-05. The capital receipts for the
fiscal year 2007-08 (RE) have recorded a fall of 76.2 per cent over those in
the previous year; however, capital receipts for the fiscal year 2008-09
have been estimated at Rs 15,145 crore as against Rs 2756 crore in 2007-08
(RE).
Expenditure
pattern of the state
Plan and
Non-plan Expenditure
The
total expenditure of the state has been budgeted at Rs 93417 crore for
2008-09with an increase of 17.3 per cent over that of previous year. The
share of plan expenditure in total expenditure had been very low at around
8.4 to 8.6 per cent during the fiscal years 2000-01 and 2001-02 (graph C).
The share has steadily increased to 12.1 per cent in 2004-05 and jumped up
to 23.2 per cent in 2006-07. The revised estimates for 2007-08 have placed
the share at 26.9 per cent, which has budgeted at a higher share of 28.2 per
cent for the year 2008-09 (Budget Estimates). As a complementary, the share
of non-plan expenditure in total expenditure has declined since 2003-04. It
has stood at 89.2 per cent during the same year and has been budgeted to
reduce to 71.8 per cent for the current fiscal year. Containment in non-plan
expenditure has been achieved by keeping expenditure on establishment under
control.
The
share of expenditure on salaries, pension and interest in revenue
expenditure has declined from 68.4 per cent in 2005-06 to 57.9 per cent in
2006-07. However, for the fiscal year 2008-09, the share has been budgeted
to increase to 64.2 per cent, mainly on account of higher provisions made
for salaries as a result of the recommendations of the 6th pay
commission which will have an influence on the state salary structure. The
expenditure on salaries, pensions and interest payments are committed
expenditures of the government and it is difficult to curtail them. The
share of these three components in total revenue receipts has constituted 58
per cent in 1993-94. Earlier, the ratio had shot up to as much as 91 per
cent in 1999-00 on account of the 5th Pay Commission revision.
Since then the government appears to have taken some efforts to curb these
expenditures, which resulted in the reduction of the share as much as 81 per
cent in 2001-02.
Table
4: Expenditure of the Government of |
|||||||||
|
Rs
in crore |
||||||||
2008-09
BE |
2007-08
RE |
2006-07 |
2005-06 |
2004-05 |
2003-04 |
2002-03 |
2001-02 |
2000-01 |
|
Plan
expenditure |
26306 |
21387 |
17135 |
12980 |
9230 |
7570 |
5167 |
4725 |
6934 |
(23.0) |
(24.8) |
(32.0) |
(40.6) |
(21.9) |
(46.5) |
(9.4) |
(-31.9) |
(19.8) |
|
On
Revenue Account |
14650.25 |
10829.41 |
8205 |
5305 |
4641 |
3620 |
3244 |
2959 |
2864 |
(35.3) |
(32.0) |
(54.7) |
(14.3) |
(28.2) |
(11.6) |
(9.6) |
(3.3) |
(2.0) |
|
On
Capital Account |
11655.29 |
10557.66 |
8930 |
7675 |
4588 |
3950 |
1923 |
1767 |
4070 |
(10.4) |
(18.2) |
(16.4) |
(67.3) |
(16.2) |
(105.4) |
(8.9) |
(-56.6) |
(36.6) |
|
Non-plan
Expenditure |
67111 |
58248 |
56664 |
59381 |
66977 |
62786 |
56048 |
50186 |
41226 |
(15.2) |
(2.8) |
(-4.6) |
(-11.3) |
(6.7) |
(12.0) |
(11.7) |
(21.7) |
(25.9) |
|
On
Revenue Account |
64295.91 |
55399.7 |
53180 |
46974 |
46406 |
39060 |
37230 |
35323 |
34537 |
(16.1) |
(4.2) |
(13.2) |
(1.2) |
(18.8) |
(4.9) |
(5.4) |
(2.3) |
(29.2) |
|
On
Capital Account |
2815.52 |
2847.98 |
3484 |
12407 |
20571 |
23726 |
18817 |
14863 |
6689 |
(-1.1) |
(-18.2) |
(-71.9) |
(-39.7) |
(-13.3) |
(26.1) |
(26.6) |
(122.2) |
(11.1) |
|
Total
Expenditure |
93417 |
79635 |
73799 |
72362 |
76206 |
70356 |
61215 |
54911 |
48160 |
(17.3) |
(7.9) |
(2.0) |
(-5.0) |
(8.3) |
(14.9) |
(11.5) |
(14.0) |
(25.0) |
|
Total
Revenue Expenditure |
78946 |
66229 |
61385 |
52280 |
51047 |
42680 |
40474 |
38282 |
37401 |
(19.2) |
(7.9) |
(17.4) |
(2.4) |
(19.6) |
(5.4) |
(5.7) |
(2.4) |
(26.6) |
|
Total
Capital Expenditure |
14471 |
13406 |
12414 |
20082 |
25160 |
27676 |
20741 |
16630 |
10759 |
(7.9) |
(8.0) |
(-38.2) |
(-20.2) |
(-9.1) |
(33.4) |
(24.7) |
(54.6) |
(19.5) |
|
Note:
Figures in the brackets are percentage change over the previous
year. |
|||||||||
Source:
Same as Table 1 |
The
developmental expenditure of the state has been budgeted to rise by 4.5 per
cent during the current fiscal year. The developmental expenditure on
revenue account would grow by 3.5 per cent on the other hand that on the
capital account would increase by 7.9 per cent over the previous year
2007-08 (RE).
Since
mid-1990s, the fiscal situation of the state has started deteriorating
reflecting an imbalance in budgetary structure due to higher expenditure on
salaries and pensions on account of implementation of fifth pay commission
and huge off-budget borrowings, as referred to earlier. For fiscal
sustainability of the state, the medium-term fiscal reform programme (MTFRP)
has been implemented since 2002-03 with the aim of minimising expenditures
by implementing expenditure reforms.
Afterwards,
the FRBM Act 2005 has further accelerated the fiscal stabilisation of the
state. The government has been making serious efforts to curb
non-developmental expenditures of the state. However, for the year 2008-09,
the non-developmental expenditure of the state has been projected to rise by
44.2 per cent. This huge growth on non-developmental expenditure can be
attributed to the provision made in the budget for salaries which could
arise from the recommendations of the 6th pay commission that are
expected shortly.
The non-developmental expenditure on revenue account has been
budgeted to grow by 46.2 per cent during the year, while on capital account
by 33.6 per cent.
Table
5: Trends in developmental and Non-developmental Expenditures |
|||||||
|
|
Dev.
Exp. As
% of Total
Exp |
Dev.
Rev. Exp. As
% of Total
Rev. Exp |
Dev.
Cap. Exp. As
% of Total
Cap. Exp |
Non-Dev.
Exp. As
% of Total
Exp |
Non-Dev.
Rev. Exp. As
% of Total
Rev. Exp |
Non-Dev.
Cap. Exp. As
% of Total
Cap/ Exp |
2008-09
BE |
|
58.03 |
43.49 |
70.19 |
41.97 |
45.15 |
29.81 |
2007-08
RE |
|
65.60 |
49.69 |
74.46 |
34.40 |
36.81 |
25.54 |
2006-07 |
|
62.02 |
46.21 |
72.51 |
37.98 |
40.90 |
27.49 |
2005-06 |
|
62.08 |
42.26 |
71.41 |
37.92 |
41.50 |
28.59 |
2004-05 |
|
51.71 |
37.76 |
42.24 |
48.29 |
43.63 |
57.76 |
2003-04 |
|
46.85 |
32.49 |
36.50 |
53.15 |
46.44 |
63.50 |
2002-03 |
|
45.60 |
36.80 |
25.97 |
54.40 |
44.34 |
74.03 |
2001-02 |
|
42.90 |
37.43 |
18.08 |
57.10 |
46.32 |
81.92 |
2000-01 |
|
54.89 |
47.13 |
34.73 |
45.11 |
39.31 |
65.27 |
1999-00 |
|
64.05 |
44.11 |
85.38 |
35.95 |
42.45 |
14.62 |
Source:
same as Table 1
|
The
share of developmental revenue expenditure to the total revenue expenditure
has stood at 47.1 per cent during 2000-01; it has declined to 42.3 per cent
during 2005-06, which has increased in the next two fiscal years. However,
for the current fiscal year, it has been budgeted at 43.5 per cent - lower
than the revised estimate for 2007-08. The share of developmental
expenditure on capital account in total capital expenditure has been
budgeted at 70.2 per cent for the fiscal year 2008-09.
The
share of developmental expenditure in total expenditure of the state has
seen a rising trend; it has stood at 54.9 per cent during 2000-01, which has
gone up to 62. per cent in 2006-07. This rise in developmental expenditure
has mainly been attributed to the growth in developmental expenditure on
capital account.
The
progress on the fiscal front so far has been satisfactory. The share
non-development expenditure of the state has declined whereas that of
developmental expenditure has seen a reasonable growth. The FRBM targets set
by the government are being attained. The budget has already made a
provision for the expenditure on account of implementation of the
recommendations of the 6th pay commission, which when implemented
also will keep the fiscal indicators within the FRBM bounds. What is more
revealing is the fact that the FRBM Act has truly contained the growth of
productive expenditures on social and economic programmes, particularly
those expected to benefit the agricultural sector and rural households.
---------------------
*(This
note has been prepared by Snehal Nagori)
Highlights of Current Economic Scene
AGRICULTURE
As
per the third advance estimates for 2007-08 released by ministry of
agriculture, total foodgrain production is likely to touch 227.32 million
tonnes during the season (July
2007–June 2008), showing a rise of 4.6 per cent against last year’s
production of 217.28 million tonnes, on account of good
weather conditions, normal rainfall, quality seeds and inputs.
Of the total food grain production, rice
comprises of 95.68 million tonnes, wheat of 76.78 million tonnes, coarse
cereals of 39.67 million tonnes and pulses of 15.19 million tonnes. Among
coarse cereals, jowar and maize is estimated to be 7.73 million tonnes and
18.54 million tonnes, respectively. Production of tur and urad is expected
to be around 3.03 million tonnes and 1.56 million tonnes, respectively.
Oilseeds’ production during the year is estimated to be at 28.21 million
tonnes, up by 3.92 million tonnes, owing to rise in production of
groundnut and soyabean by 8.87 million tonnes and 9.43 million tonnes,
respectively. Production of rapeseed and mustard is expected to decline
marginally to about 1.01 million tonnes to 6.43 million tonnes due to
unfavorable climatic conditions for the crop. Cotton production is
estimated to be at 23.19 million bales of 170 kg each. Production of
sugarcane is pegged at 344.23 million tonnes during 2007-08, which is
expected to be lower by 11.29 million tonnes as compared to 355.52 million
tonnes in 2006-07.
As
per the central government, exports of wheat, pulses and oilmeals have
decreased over the previous year on account of ban on exports, while rice
and sugar exports have increased as compared with last year. Wheat exports
fell sharply to 240 tonnes during the period between April-December 2007,
from 47,830 tonnes over a year. More
over, exports of pulses dropped to 1,40,830 tonnes in the first nine
months of fiscal year 2007-08 and during the same period oilmeals exports
also declined to 4.03 million tonnes, from 6.59 million tonnes of last
year.
Low
procurement of wheat for the central pool during the 2007 and high demand
for wheat in domestic market have led the central government to direct the
four states, namely, Maharashtra, Madhya Pradesh, Rajasthan, and West
Bengal to import wheat from global market, during the period March- May
2008, to meet half of their total wheat requirement under PDS and other
welfare schemes. The central government has scrapped wheat tender, as the
bids quoted were too high and it is expected that global prices would fall
in the near future, as the wheat crop is seen higher in the exporting
countries such as
Shortfall
of rice for consumption, in most of the countries have encouraged
world’s top rice exporter, Thailand, to develop a new hybrid variety of
rice with a potential of producing yield 20 per cent more than other
varieties and it is designated as PTT06001H. It is expected that it can
produce yield at an average of 962 kg per rai or 20 per cent more than two
other varieties that are most popular among local consumers in
The
Directorate General of Foreign Trade (DGFT), has withdrawn various
incentives and benefits under the duty entitled pass book (DEPB) scheme,
Vishesh Krishi and Gram Udyog Yojana and Focus Market schemes for the
exports of Skimmed Milk Products (SMP), Casein and other milk products.
The
Animal Husbandry Department had urged central government to impose ban on
exports of oilmeal in view of rising prices of milk, eggs and meat and to
review the decision to ban export of cooking oils, since hardly
10,000-15,000 tonnes were being imported. But the ministry of agriculture
has withdrawn the concept of banning oilmeals and has decided to
re-examine the ban on export of oils in small packets.
Exports
of castor seed meal from
Latest
report by United States Department of Agriculture (USDA) (April 2008) has
projected that world cotton production would be at 119.7 million bales in
2007-08 (August-July), which is 0.25 per cent higher than its previous
estimates made in December 2007. The increase is expected to come mainly
form the countries like
Total
shipment of cashew kernels during the period between April-February
2007-08 has stood at 1,03,139 tonnes valued at Rs 2,033 crore as compared
with 1,06,975 tonnes valued at Rs 2,222.15 crore during the corresponding
period of last year. The value realisation in dollar terms during the
first 11 months of current fiscal has increased by US $15.25 million to US
$ 505.14 million from US $ 489.89 million during the same period a year
ago.
According
to government data, the
state of Andhra
Pradesh had received
only 20.96 lakh tonnes last year against a total requirement of 28.88 lakh
tonnes of complex fertilisers, ,
experiencing a shortfall of fertilisers. Hence, to have enough stock of
fertilisers this year, state government has given
permission to the Andhra Pradesh State Co-operative Marketing Federation
Ltd (AP Markfed) to raise a loan of Rs 500 crore for purchasing
fertilisers for ensuing kharif season. The interest of the loan would be
borne by the state government. The state has planned to distribute 10 lakh
tonnes of fertilisers during Kharif 2009. So far, it has purchased around
48,653 tonnes of fertilisers and distributed 5,000 tonnes and remaining
43,000 tonnes are stored in different government godowns, which would be
distributed by the kharif season.
The
state government of Uttar Pradesh has opened up agriculture retail segment
for corporate’s. The
government has granted licenses to more than 40 companies for purchasing
agriculture produce directly from farmers, so that farmers would receive
better prices for their produce.
As
per National Egg Coordination Committee (NECC), prices of poultry had
dropped due to outbreak of bird flu and breeders reducing production on
account of lower sales. In the view of soaring prices of vegetables and
pulses, the demand for the poultry products has been rising, pushing their
prices to surge by 15 per cent.
Industry
A
pick up in the index of industrial production has been seen during
February 2008 as compared to February 2007. The growth in the index of
industrial production during February 2008 at 8.6 is less than half that
recorded in February 2007 (11.0 per cent). All the three major groups
contributed for this pick up. As a result during the fiscal so far
registered IIP index rose by 8.7 per cent as compared to 11.2 per cent
last year. Mining sector and electricity sector grew by 7.5 per cent and
9.8 per cent during the month. The growth of manufacturing sector is at
8.6 per cent during February has been much below to that of 12.0 per cent
recorded last February. Out of the 17 industries, two industries declined
and eight industries registered double digit growth.. As per use-based
classification, the sectoral growth rates in February 2008 over February
2007 are 7.3 per cent in basic goods industries, 10.4 per cent in capital
goods and 8.2 per cent in intermediate goods. Consumer goods recorded an
increase of 9.2 per cent.
Infrastructure
Riding
on the back of good performance of coal, electricity and cement the index
of six core infrastructure industries having a combined weight of 26.7 per
cent in the index of industrial production with base 1993-94 registered an
impressive growth of 8.7 per cent during February 2008 as compared to 7.6
per cent in February 2007. This impressive performance exhibited by
the core industries in
February 2008 resulting the core index registering a growth of 5.6 per
cent during the fiscal so far as against 8.7 last year. All the six-core
industries witnessed better performance during February 2008 compared to
January 2008.. Thus refinery products, electricity, cement, steel and coal
all contributed for the higher rate of growth.
Inflation
The
annual rate of inflation calculated on a point-to-point basis, rose by
7.33 per cent for the week ended April 12,2008 as compared 6.34 per cent
as on April 14,2007.
Index
of Primary Articles group rose by 0.5 per cent to 237.1 from 236.0 for the
previous week. Food articles group rose by 1.6 per cent. Index of non-food
articles rose by 0.4 per cent. Minerals group rose by 5.8 per cent due to
higher prices of iron ore and other minerals. due to fall in prices of
rape and mustard seed.
The
index for the major group Fuel, Power, Light and Lubricants rose by 0.03
per cent to 342.1 due to higher prices of bitumen and lubricants.
Manufactured
products rose remained stationary at its previous week’s level.
The
final WPI for all commodities had been revised upward from 218.8 to 220.4
for the week ended February 16,2008. As a result the rate of inflation
calculated on a point-to-point basis stood at 5.66 per cent as compared to
4.89 per cent provisional.
Banking
South
African private bank, FirstRand is opening its representative office in
Mumbai. The bank has also sought permission from the RBI to open branches
in Gurgaon, Chennai,
Kotak
Mahindra Bank marked its foray into credit card business with the launch
of a visa-enabled credit card. Initially, the bank is launching the card
in 10 cities.
UK-based
private equity major, 3i Group Plc has announced that it has raised $1.2
billion for its 3i India Infrastructure Fund, which is about 20 per cent
higher than the initial $1 billion target.
Standard
Chartered Bank, the largest international bank in
Financial
Sector
Capital
Markets
Primary
Market
New
Fund Offers (NFOs) are making a comeback after a lull in the previous two
months, due to a stabilising equity market. This is in contrast to last
year when investors were lured by a flood of NFOs. The fund houses are now
rolling out products, which were held over for the last few months owing
to weak market sentiments. Confidence of investors as well as fund houses
to come up with the new products encouraged by attractive valuations and
strengthened liquidity. Sundaram BNP Paribas Mutual Fund recently launched
its Financial Opportunities and Entertainment Opportunities Fund, AIG
Investments launched world gold fund, and ICICI Prudential launched
Focused Equity Fund.
On
April 23,2008, Pawan Kumar Bansal informed in Parliament that, more than
half of the total number of IPOs listed on the bourses in the last two
years are trading below their offer price, with one-third trading at a
discount of 40-60 per cent. During April 1, 2006-March 31, 2008, the
number of IPOs listed on the BSE stood at 150, of which 86 are trading
below their offer price, of these, 36 IPOs were trading at a discount of
more than 40-60 per cent of the issue price. On the National Stock
Exchange, of the 162 IPOs listed during the same period, 88 were trading
below the issue price and 38 at a discount of more than 40 per cent of the
issue price.
The
Ahmedabad-based company Kiri Dyes and Chemicals Ltd, a manufacturer of
reactive dyes and dye intermediates, made its debut at Rs 184 on the NSE
and at Rs 151 on the BSE on April 22, 2008. The stock opened at a premium
of 22.6 per cent on the NSE, closed at Rs 158.95, at a premium of 6 per
cent against its offer price of Rs 150. On the BSE, it ended the day at Rs
158.55, a premium of 5.7 per cent.
Secondary
Market
Firm
global markets and good Q4 results provided a strong foundation to the
markets. A 50 bps hike in CRR could not stop the BSE Sensex from moving up
nearly 4 per cent to end the week at 17,126. During the week, BSE Sensex
gained 645 points in which more than half of the gains came on Friday
following steady build-up of fresh positions in the derivatives segment on
the first day of May 2008 series. The 30-share BSE Sensex galloped 404.90
points. Settlement week went through with net gains and the Nifty closed
up 3.09 per cent at 5111.7 points. The BSE Mid-Cap index rose 219.82
points or 3.22 per cent to 7,056.21 in the week. The BSE Small-Cap index
slumped 196.36 points or 2.30 per cent to 8,727.72.
Among
the sectoral indices of BSE except IT, all other major indices registered
gains over the week. Metal, Bankex and Reality experienced the highet gain
with 7.33 per cent, 6.90 per cent and 6.69 per cent respectively. BSE IT
has been the only indice, which recorded negative gains over the week.
According
to sources, amongst the emerging markets,
On
April 21, 2008, the Securities & Exchange Board of India (SEBI) came
out with a clear definition of the term shareholders that the shareholders
cannot hold more than 49 per cent of the total stake in the bourses, who
also have trading rights in stock exchanges like sub-brokers and spouses.
As per the demutualisation process, each stock exchange has to bring down
the proportion of shares held by those having trading rights in stock
exchanges up to 49 per cent. The rest 51 per cent or more will have to be
offloaded in favour of those who do not have trading rights in the stock
exchange.
Paving
the way for domestic asset management companies (AMCs) to invest directly
in real estate, market regulator SEBI unveiled the much-awaited guidelines
for real estate mutual funds (REMFs), which mandated that at least 35 per
cent of the corpus of a scheme been invested directly in real estate
assets. The remaining funds can be allocated for mortgage-backed
securities and instruments of companies in the sector. A statement issued
by the capital market regulator said that investment in real estate assets
and real estate-related securities have to be less than 75 per cent of the
net assets of the scheme.
According
to the latest report by domestic brokerage company Sharekhan, mutual funds
(MFs) are gathering on Rs 23,545 crore of cash, which is waiting to be
deployed in the market. Of this, Rs 19,214 crore lies with existing MFs,
while the remaining Rs 4,331 crore has been mobilised through NFOs. As the
market continued with uncertainity, fund managers have decided to play it
safe as is quite evident from the cash position (percentage of net assets)
of the various funds. According to an analysis of the equity portfolios of
March, funds are on a strict liquid diet. This will not only insulate the
fund from abrupt fluctuations as much as possible, but also give the fund
managers ample leeway to cherry pick as and when the market throws up
great opportunities. Out of the entire MFs industry, diversified equity
funds were having cash of Rs 7,859 crore (8.64 per cent of the total
assets) at the end of March against Rs 4,773 crore (4.46 per cent of total
assets) in January 2008. According to Value Research, 108 diversified
equity funds increased their cash allocation expressed as percentage of
net assets, while 33 saw a decline. The 11.6 per cent fall in the overall
fund flow was due to the 31 per cent reduction in the amounts mobilised
through NFOs coupled with a 27 per cent rise in redemption volumes, it
stated. In line with the sharp fall in equity markets, all sector funds
had generated negative returns in February 2008. Fast moving consumer
goods funds gave the highest returns in February 2008, followed by
pharmaceutical and automobile funds. MFs have slashed their exposure to
banks, power and housing and construction companies and have bought stocks
in pharmaceutical, telecom and oil and gas sectors.
Private
equity (PE) investments in
Derivatives
The
Reserve Bank of India (RBI) has initiated talks with accounting standards
regulator Institute of Chartered Accountants of India (ICAI) to advance
the mandatory implementation of accounting standards for derivatives
transactions by Indian banks and companies from its present 2011 deadline.
Now, for banks and companies, the new accounting standard AS-30 is
optional till March 31, 2011. The RBI wants banks to adopt AS 30 and AS 31
from 2009-10, fearing that derivative deals could affect banks and their
profitability.
The
market surged in settlement week although volumes were very thin.
Intra-day volatility dropped and the VIX also stayed at low levels.
Sentiment seems to be positive heading into the new settlement. Volumes
were exceedingly low with daily F&O turnovers down below the Rs 35,000
crore mark. In the index
futures market, liquidity and prices reflected the higher level of trading
confidence. The liquidity in non-Nifty contracts were significantly better
than one would expect two sessions into a settlement.
The Nifty closed at 5112 in spot and it has been settled at 5126,
5120 and 5117 in May, June and July respectively. The premium on Nifty May
futures suggests that the market remains optimistic. Other indices only
had OI in May. The Junior closed at 8964 in spot and it has been settled
at 8954.5. The BankNifty closed at 7616 and it has been settled at 7628.
The CNX IT closed at 4165 and settled at 4166 while the Midcaps-50 closed
at 2664,and settled at 2660. The Bank Nifty had the best OI almost a lakh.
The differential in the BankNifty will probably ease on Monday because the
spot is likely to catch up. The PCR (OI) is bullish overall at 1.39 while
the May PCR is 1.24 and PCR for June-July combined is 1.82, which is
tending to oversold.
Government
Securities Market
Primary
Market
RBI
auctioned 10 year paper maturing in 2018, for the notified amounts of
Rs.6,000 crore at the cut-off yields of
8.24 per cent on April 21, 2008.
RBI
re-issued 8.33 per cent 2036 for Rs.4,000 crore on April 21, 2008 at the
cut-off yields of 8.77 per cent.
On
April 23, 2008, RBI auctioned 91-day and 364-day T-bills for the notified
amounts of Rs.2,500 crore (out of which Rs.2,000 crore under MSS) and
Rs.2,000 crore (out of which Rs.1,000 crore under MSS), respectively. The
cut-off yields for 91-day and 364-day T-bills were 7.44 per cent and 7.69
per cent respectively.
Four
State Governments auctioned 10-year paper maturing in 2018, through an
yield based auction using multiple price auction method on April 22, 2008
at cut-off yields ranging from 8.50-8.60 with the lowest for Uttarakhand
and Kerala and the highest for
Secondary
Market
Inter-bank
call rates mostly lingered in the range of 5-6 per cent during the week,
indicating comfortable liquidity in the system. However, quotes rose above
6 per cent on occasions, as banks appeared reluctant to lend ahead of the
CRR hike taking effect and some auctions lined up. At the weekend
liquidity adjustment facility (LAF), the mop-up through reverse repurchase
auctions were Rs 32,765 crore owing to surfeit liquidity in the banking
system. At the LAF, RBI absorbed an average of Rs 27,013 crore through the
reverse repo window. Bonds paused ahead of the Credit Policy as fears of a
slowdown and inflation loomed large.
The
bond market expects the central bank to adopt a hawkish stance when it
unveils it annual monetary policy statement on April 29,2008. At a time
when inflation has remained over 7 per cent for three consecutive weeks
now and ten year bond yields hovering over 8 per cnnt, the bond market
does not rule out some more tightening measures by RBI governor Y V Reddy
in his policy statement.
Bond
Market
As
per the Asian Development Bank’s report,
The
curve shifted higher and flattened with shorter-tenor yields rising
sharply while beyond the nearer segment yields rose by a lesser margin.
The rise was in reaction to the CRR hike and market activity remained low.
AAA 5-year bond yield rose to 9.62 per cent from 9.56 per cent and the
spread was at 137 bps from 132 bps.
Some
banks and public sector companies have put on hold resource-raising
through corporate bonds due to uncertainty of interest rates. Market
participants are keenly watching out for the monetary policy to be
announced by the RBI on April 29, 2008. According to the Fixed Income
Money Market and Derivatives Association (FIMMDA), the total corporate
bond issuances have been just Rs 11.58 billion this month so far. In April
2007, total corporate bond issuances were around Rs 15 billion.
Punjab
State Electricity Board tapped the market by issuing bonds to mobilise Rs
250 crore by offering 9.40 per cent for 10 years. The bond has been rated
A- (so)+BBB (so) by Care and Icra.
Foreign
Exchange Market
The
rupee fell to a month’s low level of 40.25 per dollar owing to a surge
in corporate demand and brief NDF arbitrage. The rupee closed the week at
40.12 per dollar from 39.95/$. Earlier, the rupee started with a spike to
39.82 per dollar, but state-owned banks entered the market soon and bid
the dollar back up to around 39.95 per dollar. The rupee continued to
hover around 39.95 per dollar with support from the stock market and
improving global conditions but inflows were not particularly strong and
crude oil prices started weighing on the unit. Forward premia shot up in
knee-jerk reaction to the CRR hike, but since came off gradually in a
correction. Forward premia for one, three and 12 months widened. Six
months premium softened due to anticipated inflows from exporters. Premia
for one, 3, 6, and 12 months were 0.60 per cent (0.75 per cent), 2.29 per
cent (2.10 per cent), 2.19 per cent (2.30 per cent) and 1.89 per cent
(1.70 per cent).
As
per experts’ views, Reserve Bank of India (RBI) should come out with
"unambigious clarification" with regard to forex derivatives
trading, which has landed many banks including ICICI Bank and Axis Bank in
courts. In addition to ICICI
Bank and Axis Bank, several small and medium enterprises have filed cases
in different high courts against Yes Bank and Kotak Mahindra Bank that are
trying to recover losses from the corporates. Companies in all these cases
are resisting recovery of losses incurred by banks.
Commodities
Futures derivatives
Commodity
markets regulator, Forward Markets Commission (FMC), has been considering
a ban on hedge funds and PE funds from trading on the country’s commexes.
FMC’s chairman, BC Khatua, stated that although hedge and PE funds play
a major role in foreign markets, they would not like hedge and PE funds to
come into commodity markets.
The
government may soon announce a reduction in the commodities transaction
tax in line with a recommendation by the Prime Minister’s Economic
Advisory Council, headed by C Rangarajan. Prime Minister Manmohan Singh
had asked the council to review the proposal, announced in the 2008-09
Union budget, following representations from industry and FMC. The council
has submitted its report to the prime minister, recommending a partial
withdrawal of CTT, saying that the new tax would be detrimental to
commodities trading, which is still in its nascent stage.
After
a firming trend during the week, crude oil on Friday retreated to $115 a
barrel as a stronger dollar extended a sell-off and investors shifted cash
to equities, but concerns over supply constraints limited losses. Gold,
silver and copper futures prices weakened during the week, as gold in
With
the inflation rate hovering over 7 per cent in recent weeks, the
government is looking at more subtle measures to control prices even after
a slew of duty cuts and price control measures. The government may impose
stringent ‘policing provisions’ on the commodity futures market having
an average daily turnover of Rs 15,000 crore. This is aimed at curbing
manipulation in the commodity futures trading, perceived to be fuelling
inflation, the idea is to tighten the know-your-client (KYC) norms to
adequately ascertain the source of funds flowing into the commodities
market. Following a sharp hike in inflation, RBI has already started
reviewing credit facilities to commodity traders and companies for select
commodities, especially oilseeds. This was aimed at discouraging hoarding
of such commodities.
The
inter-ministerial group on inflation-control measures is preparing to
bring back steel and its products under the ambit of the Essential
Commodities Act, 1955 a year after declassified it from the list of
essential commodities. The Act gives essential commodities at a fair price
and gives power to the government to control production, supply and
distribution of steel and its products.
As
per data from the FMC, the total value of commodity trading in the second
fortnight of March 2008 was Rs 2,12,465 crore, a significant 26 per cent
rise from Rs 1,67,478 crore in the same period in the previous year. The
cumulative value of trade in 2007-08 was Rs 40,65,990 crore, up 10.5 per
cent from the Rs 36,76,927 crore traded in 2006-07.
According
to FMC Chairman B C Khatua, a uniform tax structure and free movement of
goods throughout the country were critical to the growing significance of
spot trade in
Amid
fears that the Centre may ban futures trading on agri commodities as part
of its ongoing battle against inflation, the volumes of these commodities
on MCX and NCDEX have started drying up. Both exchanges have witnessed a
sharp decline in the daily trading volumes in terms of value. The daily
volume of all agri commodity futures come down at NCDEX to Rs 2,000 to Rs
2,500 crore from Rs 3,000 to Rs 3,500 crore. Volume of agri commodities
futures at MCX have also taken a beating, coming down to Rs 300 to Rs 500
crore.
After
14 months of deliberation, the five-member Abhijit Sen Committee on
futures trading has failed to reach a consensus on whether to support or
oppose the ban on futures trading in all farm commodities. The committee
has decided that all its members, including the chairman, will attach
separate notes to the main report, which has been expected to be submitted
within two to three days. The committee, which met to sort out the
differences among the members, decided that the common minimum report
would not take a view on the contentious issue of banning or not banning
commodity futures trading. Earlier, the committee had planned to recommend
continuation of the existing ban on futures trading in some farm
commodities and had included it in its draft report. The government had
suspended futures trading in tur, urad, wheat and rice last year.
Gold,
silver and copper futures prices weakened during the week as gold in
After
a strong beginning in 2008, prices of industrial commodities, barring
crude oil, were expected to cool down in the second half of the year.
According to data compiled by the Economist Intelligence Unit (EIU), a
London-based research agency, the prices of base metals are likely to fall
1.5 per cent as against a growth of 10.5 per cent last year.
According to EIU estimates, the Industrial Raw Materials (IRM)
price index will rise by an average of 1.1 per cent in 2008 despite spot
prices of major raw materials, including coke, copper concentrates,
alumina, iron ore, ferro allows, having nearly doubled in the last one
year.
The
European Climate Exchange (ECX) has decided to introduce options contracts
on Certified Emission Reductions (CERs) which will be available for
trading from May16, 2008. The contract, formally known as the ICE ECX CFI
CER Options Contract, will be listed and admitted to trading on the ICE
platform and cleared by LCH Clearnet. The European Climate Exchange (ECX)
manages the marketing and product development for ECX Carbon Financial
Instruments (ECX CFIs), listed and admitted to trading on the ICE Futures
electronic platform. Commenting on the new product, ECX chief executive,
Patrick Birley, said, “Listed options on CERs will enable market
participants to manage price rise more efficiently and take advantage of
the underlying volatility. Following the successful start of CER futures,
we believe this contract will further help the development of the maturing
market for products linked to the Clean Development Mechanism.” ECX
contracts are standardised and all trades are cleared by LCH Clearnet.
More than 80 leading businesses have signed up for membership to trade ECX
products. In addition, several thousand clients can access the market via
banks and brokers. ECX and ICE futures is the most liquid, pan-European
platform for carbon emissions trading, attracting over 80 per cnnt of the
exchange-traded volume in the market.
Corporate
Sector
The
construction division of Larsen & Toubro (L&T) has secured Rs
2,000 crore order from Bombay Dyeing for development at the latter’s
Textile Mills & Spring Mills complexes at Worli and Wadala in Mumbai.
In
one of the biggest public private partnership initiative, Tata Power (TPL)
will enter into an agreement with state-owned Bhel for sourcing equipments
for all its future power projects. This would be the first time a private
sector company placing a bulk order for a series of power projects with
Bhel.
Reliance
Industries Ltd (RIL) has recorded a rise of 63 per cent in its net profit
to Rs 19,458 crore for the fiscal ended March 2008 compared with Rs 11,943
crore in 2007. However, this included exceptional gains of Rs 4,733 crore
in 2007-08, on account of transactions concerning shares of subsidiary
Reliance Petroleum Ltd. RIL sold 4.01 per cent of its stake in Reliance
Petroleum. Excluding this, net profit for the fiscal increased by 28 per
cent to Rs 15,261 crore in 2007-08.
The
world’s largest truck manufacturer Daimler AG and the Munjals-owned Hero
Group will be investing Rs 4,400 crore in the next five years through a
joint-venture to develop and manufacture commercial vehicles in the
country by 2010. Both the companies have signed a joint venture agreement
in which the German partner will have 60 per cent stake and the rest will
be with the Hero group in a company named Daimler Hero Motor Corporation.
Information
Technology
TCS,
Telecom
San
Diego-based, global patent holder for CDMA chip, Qualcomm Inc will be
investing in Indian start-up companies offering innovative technologies
and services that enhance wireless communications and semi-conductor
ecosystems.
Canadian
telecom equipment and technology solutions provider Nortel plans to exit
Sasken Communications Technologies Ltd., a Bangalore-based telecom R&D
outsourcing firm. Nortel holds about 11.31 per cent stake in Sasken,
bought in April 2005 at $10 million.
Tata
Teleservices (TTSL) has decided to proceed with the rollout of BlackBerry
services, without waiting for the government permission. The company has
told the government the delay was costing it “significant loss of
business opportunity and recurring revenues”. Other operators like
Bharti Airtel, Vodafone Essar, BPL and Reliance Communications currently
offer BlackBerry services. Apparently, these companies never sought the
government’s approval for launching the services.
The
Department of Telecommunications (DoT) has announced that the mergers and
acquisitions (M&As) of telecom licenses would not be allowed if the
number of service providers would fall below four after the M&A. Both
parties would also need prior approval of DoT for any M&A to take
place. The revised guidelines for intra-services-area merger of cellular
and UAS licenses are in line with the TRAI.
Macroeconomic Indicators |
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 |
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 : Settlement Volume and Netting Factor for Total Forex Transactions Settled at CCIL - Monthly, Quarterly and Annual Basis. |
Table 27 : Inter-Category Distribution of Total Foreign Exchange Transactions Settled at CCIL (With Market Share in Respective Trade Types) |
Memorandum Items |
*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.
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