Indian Economy_May 2008

8/14/2019 Indian Economy_May 2008

http://slidepdf.com/reader/full/indian-economymay-2008 1/20

Current State

Of

Indian Economy May

2008

F e d er a t i o n o f I n d i a n C h a m b e r s o f C o m m e r c e a n d I n d u s t r yN e w D e l h i



1

----- Recent Trends in Indian Economy -----

Industrial Growth :

The recently released numbers by CSO on Industrial production for 2007-08 were the

lowest in 6 years, and show a significant slowdown with respect to growth over theprevious year. In March 2008 Industry recorded a growth of 3% as against the 14.8%recorded in the previous year.

It is felt by the business community that a number of fresh global factors coupled withdomestic factors have impacted the industrial growth; running from recession(slowdown) in the west to rising fuel and commodity prices. Growth for the fiscal 2007-08also suggests slowdown in the overall production.

In 2007-08, growth numbers for all the three constituents of IIP showed slowdown.Mining, manufacturing and electricity grew by 3.8%, 2.9% and 3.7% in March 2008 as

against 8.0%, 16.0% and 7.9% posted in the previous year respectively.

Abysmally low growth was observed in use-based classification. Basic, intermediate and capitalgoods recorded growths that were way too low as compared to the growths posted in theprevious fiscal.

Consumer goods slipped sharply entering the negative territory posting a negative 0.1%growth compared to 15.8% growth in the previous year.

Growth for beverages and tobacco, jute products, wood products, leather items and basicchemicals in 2007-08 surpassed that of the previous year while for the rest of the sector growthremained either subdued or negative. And for the month of March 2007-08, growths of particularly three products, beverages and tobacco, jute products and leather productsrepresented speed up in production while that of metal products, textiles and transport turnednegative.

Core Infrastructure Industries:

In March 2008, core infrastructure industries recorded a growth of 9.6%, marginallylower than the growth of 10.5 % posted in the previous year. During the month we sawgrowth in finished steel and cement surpass the growths posted in the same month of previous year.

Growth comparison between 2007-08 and growth in the previous year showsdeceleration in overall infrastructure industries in 2007-08 compared to the last. It wasonly in the case of coal where production exceed that of the previous year.

Telecommunications:

Falling call charges are bringing 7 million connections on an average every month to themobile phone network. Total phone connection registered crossed 300 million with



3

Stock Market Trends:

The four-month-old gradual meltdown in the Indian stock market is due to the gloom sensed inthe western markets. The blow was also seen to hit the other Asian markets. Series of eventslike the sub prime crisis surfaced in September 2007 and followed by a recession in the US andEuropean markets have impacted the index to fall beyond any quick repair. However favorablestrong domestic indicators have recently overshadowed the global factors making the domesticstock market indices climb up.

Foreign Trade:

Indian merchandise exports fell short by USD 4.5 billion from the target set for the year 2007-08. Cumulatively there has been an increase in merchandise exports by 23% in2007-08 over the previous year. Import bill in US dollar terms increased by 27% in 2007-08 touching USD 235 billion. Trade deficit widened from USD 60 billion to USD 80 billion.

Growth in merchandise exports (in USD terms) of important products to developed

nations was observed to suffer a slowdown while exports to developing nationsaccelerated. Main items for exports that exceeded the growths in the previous year wereagricultural products (rice), ores and minerals and gems and jewelry.

Growth in non-bulk imports increased faster compared to that of last year where asgrowth of bulk items was seen to slow down.

Foreign Exchange Reserves:

Foreign exchange reserves surpassed the USD 300 billion mark in February 2008 andcrossed USD 310 billion in the successive month. Most of the reserve money, more than

90 percent has been in the form of foreign currency assets and stood at 299 billionexpressed in USD terms. In the first week of April 2008 foreign currency assets crossedUSD 300 billon mark and Gold position was seen to widen to USD 10 billion. Reservetranche position in the IMF increased to USD 490 million in April 2008 from USD 427million in the previous month of the year.

Capital Inflows:

Total foreign investment inflows touched USD 60 billon in 2007-08, where direct investmentattracted 50 percent of the total investment and the rest was received as portfolio investments.Foreign direct investment inflows received in 2007-08 were USD 7 billion in excess of direct

inflows received in the previous year.

Trends in the Exchange Rates:

Indian Rupee against the USD turned weak, strongly favoring the Indian exports andraising the import bill. Indian Rupee is heading towards Rs 44/ USD level . It touched Rs43.15 in May 2008 and gradually began to trade weak at Rs 40 from the third week of April 2008 . From January to May 22nd Rupee depreciated by 7% as against the USdollar. Rupee ro was also seen to pick up from Rs 57/ Euro in January 2008 to Rs 68/Euro in May 2008, weakening by 11%.



4

LIST OF TABLES

`

Table-1.1 GDP by industry 5

Table-2.1 Growth in six core infrastructure industries-1 6Table-2.2 Growth in six core infrastructure industries-2 6

Table-3.1 Growth of telecommunication network 7

Table-4.1 Monthly trends in Wholesale Price Index: 1-.9 8Table-4.10 Monthly trends in consumer prices 8

Table-5.1 Monetary indicators 9

Table-6.1 Month trends in major stock market indices 13

Table-7.1 Trends in tax collections of central government 14Table-7.2 Trends in central government finances 15

Table-8.1 Monthly trends in growth of merchandize trade 16

Table-9.1 Monthly trends in foreign investments 17

Table-10.1 Monthly trends in foreign exchange reserves 18

Table-11.1 Monthly trends in exchange rate of Rupee 19



5

1. Industrial Growth :

1.1: Growth Of Industry: Recent Trends (in percentage)

WeightsMarch

2006-07

March

2007-08Industry 100 14.8 3.0

Mining 10.2 8.0 3.8

Manufacturing 79.4 16.0 2.9

Electricity 10.5 7.9 3.7

Use Based ClassificationBasic 35.6 11.1 3.1

Intermediate 26.5 15.3 3.5

Capital 9.3 18.1 8.6

Consumer Goods 28.7 15.8 -0.1

Consumer non Durables 23.3 20.2 0.6

Consumer Durables 5.4 3.8 -2.1

16 industry sectors

Food Products 9.1 27.5 0.1

Beverages, Tobacco and RelatedProducts 2.4 3.3 11.0

Cotton Textiles 5.5 20.7 -1.8

Wool, Silk and man-made fibre textiles 2.3 12.3 9.7

Jute and other vegetable fibreTextiles (except cotton) 0.6 -37.7 62.7

Textile Products (including WearingApparel) 2.5 15.7 -5.5

Wood and Wood Products; Furnitureand Fixtures 2.7 114.1 -5.8

Paper & Paper Products and Printing,Publishing & Allied Industries 2.6 10.3 2.7

Leather and Leather & Fur Products 1.1 -7.9 12.7

Basic Chemicals & Chemical Products(except products of Petroleum & Coal) 14.0 16.0 1.3

Rubber, Plastic, Petroleum and CoalProducts 5.7 17.9 4.3

Non-Metallic Mineral Products 4.4 10.3 0.1

Basic Metal and Alloy Industries 7.5 23.5 5.7

Metal Products and Parts, exceptMachinery and Equipment 2.8 48.0 -25.8

Machinery and Equipment other thanTransport equipment 9.6 13.6 6.0

Transport Equipment and Parts 4.0 13.6 -0.1Source: Central Statistical Organization



6

2: Core infrastructure industries

Table-2.1: Growth in six-core infrastruc ture industr ies (% change)

All infrastructureindustries

Finished steel CementCrude

petroleum

2006-07

2007-08

2006-07

2007-08

2006-07

2007-08

2006-07

2007-08

April 7.3 7.4 10.1 8.4 12.2 5.1 -1.8 1.4

May 7.2 8.7 10.7 11.8 6.8 9.4 1.2 -1.6

June 7.7 5.3 10.2 5.6 11.7 5.6 0.2 -0.7

July 10.9 6.3 15.0 7.9 14.0 9.0 4.1 0.9

August 6.6 9.0 9.5 8.5 2.9 16.2 12.0 6.4

September 10.6 6.0 10.6 10.3 16.5 5.0 9.4 -0.7

October 9.9 4.5 10.6 4.8 9.4 7.0 9.3 -0.1

November 9.6 5.3 9.3 5.8 11.8 4.5 9.8 0.3

December 9.0 4.0 10.2 5.1 8.0 3.9 10.7 -1.5

January 8.3 4.2 8.5 5.5 7.2 5.2 4.7 -0.2February 7.6 8.7 13.5 8.2 5.8 12.4 4.9 2.3

March 10.5 9.6 16.6 21.8 5.5 9.3 3.2 -0.3

April- March 9.2 5.6 13.1 5.1 9.1 8.1 5.6 0.4

Source: Ministry of Industry

Table-2.2: Growth in six-core infrastructure industries (% change)

Petroleum refinery Coal Power

2006-07 2007-08 2006-07 2007-08 2006-07 2007-08

April 13.1 15.1 3.4 0.5 5.9 8.7

May 12.1 14.9 8.3 0.9 5.1 9.3

June 10.5 9.8 11.8 1.3 4.9 6.8

July 12.6 4.6 9.1 1.1 8.9 7.5

August 12.1 8.2 0.6 8.7 4.1 8.8

September 13.5 6.9 -0.8 6.2 11.5 4.3

October 18.0 2.8 1.9 9.2 9.7 4.2

November 16.4 5.2 4.9 7.7 8.8 5.8

December 10.8 2.0 2.9 8.4 9.1 3.8

January 11.2 5.3 9.9 4.8 8.3 3.3February 11.3 5.8 6.6 11.7 3.3 9.6

March 13.4 0.0 10.6 9.3 8.0 3.6

April- March 12.5 6.5 5.9 6.0 7.2 6.3

Source: Ministry of Industry



7

3: Telecommunications

Table-3.1 - Growth of the telecommunication network (in million)

Fixed line(including WLL fixed)

Cellular mobi le phones(including WLL mobile)

Total phones

1996-97 14.5 0.3 14.9

1997-98 17.8(3.3) 0.9(0.5) 18.7(3.8)

1998-99 21.6(3.8) 1.2(0.3) 22.8(4.2)

1999-00 26.8(5.2) 1.9(0.7) 28.7(5.8)

2000-01 33.0(6.2) 3.6(1.7) 36.6(7.9)

2001-02 39.1(6.2) 6.4(2.9) 45.6(9.0)

2002-03 41.5(2.4) 13.0(6.6) 54.5(8.9)

2003-04 42.6(1.1) 33.6(20.6) 76.2(21.7)

2004-05 45.9(3.3) 52.2(18.6) 98.1(21.9)

2005-06 49.7(3.8) 90.0(37.8) 139.8(41.7)2006-07 40.71(-9.0) 166.0(76.0) 206.8(67.0)

2007-08( upto March) 39.42(-1.28) 261.09(95.09) 300.51(93.71)

Source: Telecom Regulatory Authority of India

1 WLL subscribers of all the service providers are now counted as mobile subscribers by TRAI



8

4. Inflation Trends

Table-4.1. Monthly trends in Wholesale price index- monthly average (% change)

2007 2008

Feb March Feb March All Commodities 6.3 6.6 5.3 7.5

I Primary Arti cle 11.4 11.8 7.3 9.7(A) Food Articles 10.3 10.2 3.3 5.9(B) Non-Food Articles 13.2 14.8 11.3 13.0

II Fuel Power Light & Lubr icants 1.8 1.3 4.9 6.8III Manufactured Products 6.2 6.7 4.6 6.8

(A) Food Products 3.7 5.0 7.1 8.9(B) Beverages, Tobacco & Tobacco Products 7.7 9.7 9.3 7.5(C) Textiles 2.1 1.9 -4.0 -3.3(D) Wood & Wood Products 4.5 3.6 -0.6 0.1

(E) Paper & Paper Products 7.0 3.4 1.3 1.1(F) Leather & Leather Products -1.5 2.6 -0.7 -0.3(G) Rubber & Plastic Products 7.7 9.0 8.1 7.1(H) Chemicals & Chemical Products 2.6 3.2 7.3 5.9(I) Non-Metallic Mineral Products 11.3 11.9 8.8 5.8(J) Basic Metals Alloys & Metals Products 16.4 16.5 3.5 16.9(K) Machinery & Machine Tools 7.9 8.3 4.1 3.8(L) Transport Equipment & Parts 1.4 1.9 4.9 4.5

Source: RBI

Table-4.2: Monthly trends in consumer prices (% change)

CPI-IW CPI-UNME CPI-AL CPI-RL

2006-07

2007-08

2006-07

2007-08

2006-07

2007-08

2006-07

2007-08

April 5.0 6.7 5.2 7.7 5.6 9.4 5.2 9.1

May 6.3 6.6 5.8 6.8 6.4 8.2 6.4 7.9

June 7.7 5.7 6.5 6.1 7.2 7.4 7.2 7.5

July 6.7 6.5 5.7 6.9 6.3 8.6 5.9 8.0

August 6.3 7.3 6.1 6.4 6.5 8.8 6.2 8.5

September 6.8 6.4 6.6 5.7 7.3 7.9 7.0 7.6

October 7.3 5.5 7.2 5.5 8.4 7.0 8.1 6.7

November 6.3 5.5 6.7 5.1 8.3 6.2 8.0 5.9December 6.9 5.5 6.9 5.1 8.9 5.9 8.3 5.6

January 6.7 5.5 7.4 5.1 9.5 5.6 8.9 5.9

February 7.6 7.8 9.8 9.5

March 6.7 NA 9.5 9.2

April-January 6.6 6.1 6.3 6.1 7.5 7.5 7.3 7.1

Source: Ministry of Labor, Center for Monitoring Indian Economy



9

5. Monetary Indicators:

Table-5.1: Monetary sector indicators – up to February

Variation in M3 (Rs crore) Variation in M3 (%)2006-07 2007-08 2006-07 2007-08

April 42834 24852 1.6 1.8

May 49734 28328 1.8 0.9

June 55411 78638 2.0 2.4July 106964 140792 4.0 4.3

August 166054 165806 6.1 5.0

September 223812 264149 8.2 8.0October 216784 297906 7.9 9.0

November 263713 365815 9.7 11.1

December 286763 392516 10.5 11.9January 382152 546563 14.0 16.5

February 459429 555364 16.8 16.8

March 582228 682794 21.3 20.6Variation in net bank credit togovernment (Rs crore)

Variation in net bank creditto government (%)

2006-07 2007-08 2006-07 2007-08April 38413 32071 5.0 3.9

May 27727 25887 3.6 3.1

June 23431 18976 3.1 2.3July 38221 74427 5.0 8.9

August 34787 40458 4.5 4.8


November 43694 25060 5.7 3.0

December 24402 2688 3.2 0.3

January 46972 24888 6.1 3.0February 58866 17399 7.7 2.1

March 61974 9350 8.1 1.1Variation in bank credit tocommercial sector (Rs crore)

Variation in bank credit tocommercial sector (%)

2006-07 2007-08 2006-07 2007-08

April -20751 -33982 -1.2 -1.6

May -13066 -39111 -0.8 -1.8June 14930 -25063 0.9 -1.2

July 44262 -5445 2.6 0.3

August 92023 39877 5.4 1.9September 159135 108519 9.4 5.1

October 152669 108937 9.0 5.1

November 183151 160039 10.8 7.5December 237233 207488 14.0 9.8

January 300601 292883 17.9 13.8



10

February 352420 341060 20.8 16.1

March 438101 432664 25.9 20.3Variation in net foreign exchangeassets of banks (Rs crore)

Variation in net foreignexchange assets of banks(%)

2006-07 2007-08 2006-07 2007-08

April 46064 -29024 6.3 -3.0May 68341 -35519 9.4 -3.8June 58087 -2745 8.0 -0.3

July 74130 27735 10.2 3.0

August 84213 69317 11.6 7.6


November 94482 194112 13.0 21.3


February 197740 318273 27.2 34.9

March 186985 354704 25.7 38.8Variation in non-monetary liabilitiesof banks (Rs crore)

Variation in non-monetaryliabilities of banks (%)

2006-07 2007-08 2006-07 2007-08

April 19859 -54687 4.3 -9.1May 32289 -77071 6.9 -12.9

June 40117 -87299 8.6 -15.2

July 48810 -43905 10.5 7.7

August 44146 -16138 9.5 -2.8September 50447 -19238 10.8 3.4

October 53524 -20033 11.5 -3.5

November 56966 13804 12.3 2.4


February 148991 121932 32.0 21.3March 104339 114893 22.4 20.1

Variation of aggregate deposits of SCB (Rs crore)

Variation in aggregatedeposit s of SCB (%)

2006-07 2007-08 2006-07 2007-08

April 25689 5857 1.2 0.2

May 27960 14406 1.3 0.6June 84185 94550 4.0 3.6

July 94504 162203 4.6 6.2August 146525 163715 6.9 6.3

September 202662 255988 9.6 9.8

October 177849 269646 8.4 10.3November 222224 315998 10.5 12.1

December 279096 344338 13.2 13.2

January 317588 481231 15.1 18.4



11

February 381878 472550 18.1 18.1

March 502885 580208 23.8 22.2Variation in investments of SCB (Rscrore)

Variation in investments of SCB (%)

2006-07 2007-08 2006-07 2007-08

April 29377 17598 4.1 2.2

May 28381 24897 4.0 3.1

June 37432 57456 5.2 7.3July 43784 81850 6.1 10.4

August 48807 114420 6.8 14.5


November 47429 174105 6.7 22.0


February 85298 196420 11.9 24.8

March 74062 181222 10.3 22.9

Variation in total credit of SCB (Rscrore)

Variation in total credit of SCB (%)

2006-07 2007-08 2006-07 2007-08

April -21299 -33645 -1.4 -1.7

May -13644 -36672 -0.9 -1.9June 44406 -14549 2.9 -0.8

July 49266 -11682 3.3 -0.6

August 89137 31159 5.9 1.6


November 202421 162149 13.4 8.4


February 339932 322300 22.6 16.7

March 424112 417304 28.1 21.6

Variation in food credit of SCB (Rs crore)

2006-07 2007-08

April -3433 3366

May -1628 -1657June -2735 -3733

July -4615 -5462

August -4162 -8031September -7233 -9512October -4058 -10654

November -2011 -8823

December 1470 -5509January 2812 -5329

February 4299 -2209

March 5830 -2121



12

Variation in non-food credit of SCB(Rs crore)2005-06 2007-08

April -17867 -37001

May -12016 -35015June 47141 -10815

July 53880 -6220August 93300 39190

September 161647 105998

October 151070 107620November 178191 154803

December 261468 224689

January 286224 283728

February 335633 324509March 418282 419426

Source: Reserve Bank of India



13

6:Stock Market Trends

Table-6.1: Monthly trends in s tock market indices (beginning of mont h figures)Date BSE Sensex % Change S&P CNX NIFTY % Change

1.1.05 6679 7.2 2115 7.81.2.05 6552 -1.9 2058 -2.7

1.3.05 6651 1.5 2084 1.3

1.4.05 6605 -0.7 2068 -0.8

1.5.05 6195 -6.2 1917 -7.3

1.6.05 6730 8.6 2088 8.9

1.7.05 7210 7.1 2211 5.9

1.8.05 7669 6.4 2318 4.8

1.9.05 7876 2.7 2406 3.8

1.10.05 8492 7.8 2574 6.9

1.11.05 7944 -6.5 2387 -7.3

1.12.05 8944 12.5 2699 4.8

2.01.06 9390 5.0 2835 5.01.02.06 9859 5.0 2971 4.8

1.03.06 10566 7.7 3123 5.1

3.04.06 11564 9.4 3473 11.2

1.05.06 12128 4.9 3605 3.8

1.06.06 10071 -17.0 2962 -17.8

3.07.06 10695 6.1 3150 6.3

1.08.06 10751 0.5 3147 -0.1

1.09.06 11778 9.5 3435 9.1

3.10.06 12366 5.0 3569 3.9

1.11.06 13033 5.4 3767 5.5

1.12.06 13844 6.2 3997 6.1

2.01.07 13942 0.7 4007 0.3

1.02.07 14267 2.3 4137 3.21.03.07 13159 -7.7 3811 -7.8

2.04.07 12455 -5.3 3633 -4.7

3.05.07 14078 13.0 4150 14.2

1.06.07 14570 3.5 4297 3.5

2.07.07 14664 0.6 4313 0.4

1.08.07 14935 1.8 4345 0.7

3.09.07 15422 3.2 4474 2.9

1.10.07 17328 12.3 5068 13.2

1.11.07 19724 15.7 5866 13.8

1.12.07 19363 -1.8 5762 -1.8

1.01.08 20300 4.8 6144 6.6

1.02.08 18242 -10.1 5317 -13.53.03.08 16677 -8.5 4953 -6.8

1.04.08 15626 -6.3 4739 -4.3

2.05.08 17600 12.6 5228 10.3




14

7: Fiscal Trends

Table-7.1: Trends in cumulative tax collections of central government (%)

Gross tax revenue Corporation tax Income tax

2006-07 2007-08 2006-07 2007-08 2006-07 2007-08

April 128.3 5.4 238.6 -36.2 40.5 -4.1

May 40.0 35.0 271 231.8 35.4 22.1

June 32.1 28.1 50.0 48.2 29.3 25.6

July 35.0 25.7 80.6 49.3 31.9 32.4

August 32.0 24.1 71.2 46.1 27.3 34.4

September 30.5 24.5 49.2 38.6 24.3 35.3

October 29.8 25.8 47.5 43.0 28.5 34.5

November 31.1 25.2 53.8 41.7 27.8 37.8

December 32.7 27.0 55.2 37.1 27.0 42.7January 31.5 26.1 50.1 36.6 27.8 42.2

February 29.6 26.7 44.1 37.1 29.9 42.4

March 29.3 41.6 35.4

Customs Excise duties Other taxes2006-07 2007-08 2006-07 2007-08 2006-07 2007-08

April 17.9 30.1 -42.7 29.6 69.6 29.6

May 25.8 23.1 0.5 13.5 75.1 37.1

June 31.9 19.8 6.6 11.3 81.0 43.5

July 32.7 19.6 6.2 6.3 69.3 32.1

August 33.1 18.6 6.9 4.9 66.4 33.9

September 32.7 15.8 7.4 3.4 63.7 40.2October 31.3 18.2 7.1 3.8 58.4 37.4

November 33.6 16.6 6.7 4.3 61.7 37.0

December 32.9 16.9 6.8 5.1 64.3 44.3

January 33.4 18.0 7.7 4.8 60.9 39.9

February 34.4 19.1 5.8 6.0 59.7 41.0

March 32.7 5.8 NA

Source: Controller General of Accounts



15

Table-7.2 Trends in central government finances: April-February

Actual to budget estimates( in Rs crores) Growth (%) YoY

2006-07 2007-08 2006-07 2007-08Revenue receipts 344050 436389 27.8 26.8

Tax revenue 276932 352356 33.2 27.2

Non tax revenue 67118 84033 9.5 25.2

Non debt capitalreceipts

4977 42342-52.9 750.8

Recovery of loans 4972 4542 -44.7 -8.6

Total receipts 349027 478731 24.8 37.2

Non plan expenditure 334933 412850 11.8 23.3

On revenue account 311675 345686 11.9 10.9

On capital account 23258 67164 9.9 188.8

Plan expenditure 135911 171283 21.0 26.0

On revenue account 114786 145669 28.4 26.9

On capital account 21125 25614 -8.0 21.2

Total expenditure 470844 584133 14.3 24.1

Fiscal deficit 121817 105402 -7.9 -13.5

Revenue deficit 82411 54966 -16.5 -33.3

Primary deficit -4152 -38938 -119.7 -837.8Source: Controller General of Accounts



16

8: Foreign Trade

Table-8.1: Monthly trends in growth of merchandize trade (% change) up to March

Exports Oil imports Non-oil imports Total imports

2006-07

2007-08

2006-07

2007-08

2006-07

2007-08

2006-07

2007-08

April 27.0 23.0 34.6 11.4 14.5 54.2 20.5 40.6

May 29.6 18.0 27.3 2.9 19.2 41.5 21.6 26.3

June 40.1 14.0 55.6 9.8 9.8 52.2 23.9 36.6

July 40.6 18.5 32.8 8.7 20.4 25.8 42.8 20.4

August 20.5 18.9 27.2 19.5 4.4 39.5 11.6 32.6

September 41.2 19.2 25.8 7.9 24.3 0.1 49.1 2.3

October 19.0 35.6 55.4 14.5 28.9 28.8 39.3 24.2

November 54.8 26.8 48.3 16.7 40.4 35.3 60.6 29.2December 7.7 16.0 43.3 23.7 31.2 15.3 21.9 18.0

January 5.5 20.4 15.0 60.8 27.3 65.0 23.4 63.5

February 22.8 35.2 -1.8 39.5 39.7 26.3 30.1 30.5

March 8.8 26.5 9.3 76.6 16.5 18.7 14.4 35.2

Apri l-March 23.8 23.0 30.3 35.2 24.7 23.3 29.3 27.0Source: Ministry of Commerce



17

9: Capital Inflows

Table-9.1: Monthly trends in foreign investments ($ million)

Foreign directinvestments

Portfolio investments Total foreigninvestments

2006-07 2007-08 2006-07 2007-08 2006-07 2007-08

April 661 1551 3711 1974 4372 3525

May 538 2120 -3334 1852 -2796 3972

June 523 1238 -903 3571 -380 4809

July 1127 705 -309 6713 818 7418

August 619 831 1212 -2747 1831 -1916

September 916 713 1238 7081 2154 7794

October 1698 2027 1755 9564 3453 117591

November 1151 1864 2236 -107 3387 1757

December 5130 1558 -429 5294 4701 6852January 1921 1767 1602 6739 3523 8506

February 698 5670 2630 -8904 3328 -3234

March 603 4438 -2406 -1600 -1803 2838

April-March 22079 29893 7003 29395 29082 59288




18

10 Foreign Exchange Reserves

Table-10.1: Monthly trends in foreign exchange reserves ($ billion)

2004-05

%Change

2005-06

%Change

2006-07

%Change

2007-08

%Change

April 118.5 5.5 141.8 0.3 160.6 5.9 204.1 2.5

May 119.4 0.9 138.9 -2.9 164.5 2.4 208.3 2.0

June 119.5 0.1 138.4 -0.5 162.9 -0.9 213.4 2.4

July 118.4 -1.1 140.5 2.1 164.0 0.6 229.3 7.4

August 118.2 -0.2 143.8 3.3 166.4 1.4 228.8 -0.2

September 119.6 1.4 143.0 -0.6 165.3 -0.6 247.7 8.2

October 121.3 1.7 143.7 0.5 167.1 1.1 262.4 5.9

November 128.2 6.9 142.1 -1.1 175.5 5.0 273.5 4.2

December 131.2 3.0 137.2 -3.4 177.2 1.0 275.9 0.8January 129.5 -1.8 139.5 1.7 180.0 1.6 288.3 4.4

February 135.9 6.4 143.1 2.5 194.6 8.1 301.2 4.4

March 141.5 5.6 151.6 5.9 199.1 2.3 309.7 2.8




19

11 Trends in the Exchange Rates

Graph 1.1: Exchange rate of Rupee (per unit of other cur rencies).

34

36

38

40

42

44

46

48

A p r - 0 6

M a y - 0 6

J u n - 0 6

J u l - 0 6

A u g - 0 6

S e p - 0 6

O c t - 0 6

N o v - 0 6

D e c - 0 6

J a n - 0 7

F e b - 0 7

M a r - 0 7

A p r - 0 7

M a y - 0 7

J u n - 0 7

J u l - 0 7

A u g - 0 7

S e p - 0 7

O c t - 0 7

N o v - 0 7

D e c - 0 7

J a n - 0 8

F e b - 0 8

M a r - 0 8

A p r - 0 8

M a y - 0 8

R e / U S D

4850

52

54

56

58

60

62

64

66

68

R e / E u r o

Re/USD Re/ Euro

For any data requests please write to [email protected]

Indian Economy_May 2008

Documents

Transcript of Indian Economy_May 2008