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Ministry of Finance
Department of Economic Affairs
Economic Division
4(3)/Ec. Dn. /2012
MONTHLY ECONOMIC REPORT
JUNE 2016
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HIGHLIGHTS
As per the provisional estimates of national income released by Central Statistics Office on 31st
May 2016, the growth rate of Gross Domestic Product (GDP) at constant (2011-12) prices for
the year 2015-16 is estimated at 7.6 per cent as compared to the growth of 7.2 per cent in 2014-
15.
The growth in Gross Value Added (GVA) at constant (2011-12) basic prices for the year 2015-16
is estimated at 7.2 per cent as compared to the growth of 7.1 per cent in 2014-15. At the sectoral
level, the growth rate of GVA at constant (2011-12) basic prices for agriculture & allied sectors,
industry and services sectors for the year 2015-16 are estimated at 1.2 per cent, 7.4 per cent,
and 8.9 per cent respectively.
Stocks of food-grains (rice and wheat) held by FCI as on July 1, 2016 was 54.9 million tonnes,
compared to 60.4 million tonnes as on July 1, 2015.
Overall growth in the Index of Industrial Production (IIP) was 1.2 per cent in May 2016 as
compared to 2.5 per cent in May 2015. The IIP growth during 2016-17 (April-May) was (-0.1)
per cent as compared to 2.8 per cent during the corresponding period of previous year.
Eight core infrastructure industries grew by 2.8 per cent in May 2016 as compared to growth of
4.4 per cent in May 2015. The growth of core industries during 2016-17 (April-May ) was 5.5
per cent as compared to 2.1 per cent during the corresponding period of previous year.
The growth of Money Supply on year on year (YoY) basis as on 24th June 2016 stood at 10.4 per
cent as compared to a growth rate of 10.6 per cent recorded in the corresponding period an year
ago.
During April-June 2016, merchandise exports declined by 2.1 per cent while merchandise
imports declined by 14.5 per cent. Merchandise exports increased by 1.3 per cent and
merchandise imports declined by 7.3 per cent (in US dollar terms) in June 2016 over June 2015.
During June 2016, oil imports and non-oil imports declined by 16.4 per cent and 4.1 per cent
over June 2015.
Foreign Exchange Reserves stood at US$ 363.2 billion as on 24th June 2016 as compared to US$
360.2 billion on the end March 2016. The rupee depreciated against the US dollar and Japanese
Yen by 0.6 and 3.8 per cent and appreciated against Pound sterling, and Euro by 1.8 and 0.2 per
cent respectively, in June 2016 over the previous month of May 2016.
The WPI headline inflation increased to 1.6 per cent in June 2016 from 0.8 per cent in May 2016.
CPI inflation remained unchanged at 5.8 per cent in June 2016 as reported in May 2016.
The Budget Estimates of the fiscal deficit as per cent of GDP at current market price for 2016-17
is 3.5 per cent as compared to 3.9 per cent in 2015-16. The Budget estimates for revenue deficit
as proportion of GDP at current market prices for 2016-17 is 2.3 per cent, as compared to 2.5
percent in 2015-16.
(Narendra Jena)
Economic Officer
jena.narendra@nic.in
11. ECONOMIC GROWTH
As per the provisional estimates of national income released by Central Statistics Office on 31st
May 2016, the growth rate of Gross Domestic Product (GDP) at constant (2011-12) prices for
the year 2015-16 is estimated at 7.6 per cent as compared to the growth of 7.2 per cent in 2014-
15 (Table 1).
The growth in Gross Value Added (GVA) at constant (2011-12) basic prices for the year 2015-16
is estimated at 7.2 per cent as compared to the growth of 7.1 per cent in 2014-15. At the sectoral
level, the growth rate of GVA at constant (2011-12) basic prices for agriculture & allied sectors,
industry and services sectors for the year 2015-16 are estimated at 1.2 per cent, 7.4 per cent,
and 8.9 per cent respectively (Table 1).
The share of total final consumption in GDP at current prices in 2015-16 is estimated at 70.1 per
cent as compared to 68.5 per cent in 2014-15. The fixed investment rate (gross fixed capital
formation to GDP) declined from 30.8 per cent in 2014-15 to 29.3 per cent in 2015-16.
The growth in GDP in Q4 of 2015-16 (January-March) is estimated at 7.9 per cent as compared
to the growth of 6.7 per cent in the corresponding quarter of 2014-15. GDP growth during the
first three quarters of 2015-16 was 7.5 per cent, 7.6 per cent and 7.2 per cent respectively (Table
2).
The saving rate (gross saving to GDP) for the years 2014-15 and 2013-14 was at 33.0 per cent as
compared to 33.8 per cent in 2012-13. The investment rate (gross capital formation to GDP) in
2014-15 was 34.2 per cent, as compared to 34.7 per cent and 38.6 per cent in 2013-14 and
2012-13 respectively.
2. AGRICULTURE AND FOOD MANAGEMENT
Rainfall: The cumulative South-West Monsoon rainfall received for the country as a whole,
during the period 1st June – 20th July 2016, has been 1 per cent above normal. The actual
rainfall received during this period has been 352.6 mm as against the normal at 348.0 mm. Out
of the total 36 meteorological subdivisions, 8 subdivisions received excess season rainfall, 22
subdivisions received normal season rainfall and the remaining 6 subdivisions received
deficient/scanty/no season rainfall.
All India production of food grains: As per the 3rd Advance Estimates released by Ministry of
Agriculture & Farmers Welfare on 9th May 2016, production of foodgrains during 2015-16 is
estimated at 252.2 million tonnes as compared to 252.0 million tonnes in 2014-15 (Table 3).
Procurement: Procurement of rice as on 30th June 2016 was 34.0 million tonnes during Kharif
Marketing Season 2015-16 (KMS is under progress) whereas procurement of wheat as on 30th
June 2016 was 22.9 million tonnes during Rabi Marketing Season 2016-17 (Table 4).
Off-take: Off-take of rice during the month of April 2016 was 24.2 lakh tonnes. This comprises
22.8 lakh tonnes under TPDS/NFSA (offtake against the allocation for the month of May, 2016)
and 1.5 lakh tonnes under other schemes. In respect of wheat, the total off-take was 21.2 lakh
tonnes comprising 19.4 lakh tonnes under TPDS/NFSA (offtake against the allocation for the
month of May, 2016) and 1.8 lakh tonnes under other schemes. Cumulative off-take of food
grains during 2016-17 (till April, 2016) is 8.5 million tonnes (Table 5).
Stocks: Stocks of food-grains (rice and wheat) held by FCI as on July 1, 2016 was 54.9 million
tonnes, compared to 60.4 million tonnes as on July 1, 2015 (Table 6).
23. INDUSTRY AND INFRASTRUCTURE
Index of Industrial Production (IIP)
IIP registered a growth of 1.2 per cent in May 2016 as compared to 2.5 per cent in May 2015.
However, during April-May, 2016, there was a marginal decline in IIP growth (-0.1 per cent), as
compared to 2.5 per cent growth during the corresponding period of the previous year. The low
growth in IIP is mainly due to negative growth in capital goods and consumer non – durable
goods sectors (Table 7).
The mining sector grew at 1.3 per cent in May 2016 as compared to 2.1 per cent growth in May
2015. The lower growth in mining sector is due to fall in production of crude oil and natural gas.
The production of manufacturing sector grew by 0.7 per cent in May 2016 as compared to 2.1
per cent growth in the corresponding month of previous year.
In terms of use based classification, sectors like basic goods, intermediate goods and consumer
durables have registered positive growth, while capital goods and consumer non-durables have
registered negative growth in May 2016.
Basic goods attained positive growth at 3.9 per cent in May 2016 while the capital goods
production declined by 12.4 per cent in May 2016
The production of intermediate goods have increased by 3.6 per cent in May 2016. The
consumer durable goods production increased by 6.0 per cent in May 2016 while the production
of consumer non-durable goods declined by 2.2 per cent.
Eight Core Industries
Eight core industries registered a growth of 2.8 per cent in May 2016 as compared to a growth of
4.4 per cent in May 2015. During April-May 2016, core sectors grew by 5.5 per cent as compared
to 2.1 per cent growth in the corresponding period of the previous year (Table 8).
Coal production increased by 5.5 per cent in May 2016 as compared to 7.6 per cent growth in
May 2015.
Crude oil and natural gas production declined by 3.3 per cent and 6.9 per cent respectively
during May 2016.
Fertilizers production achieved a growth of 14.8 per cent in May 2016 as compared to 1.3 per
cent in May 2015.
Steel production grew by 3.2 per cent in May 2016 as compared to 2.0 per cent growth in May
2015.
Cement production registered a growth of 2.4 per cent in May 2016 as compared to 2.7 per cent
growth in May 2015.
Comparison of Core Industry Growth and IIP Growth
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3Some Infrastructure Indicators
The number of telephone subscribers in India declined from 1059.3 million at end-April 2016 to
1058.0 million at end- May 2016. The overall tele-density in India stood at 83.1 per hundred
individuals at end-May 2016; the urban tele-density was 152.3 and rural tele-density was 51.8.
The traffic handled in major ports grew by 6.3 per cent, to 107.5 million tonnes in May 2016
from 101.1 million tonnes in May 2015.
Power Sector Scenario
As per the Central Electricity Authority, electricity generation grew by 4.6 per cent in
May 2016. Growth of electricity generation was 9.4 per cent during April-May (2016-17).
The addition to power generation capacity was 1510 MW during April-May 2016, as
compared to 965.0 MW during April-May 2015. During April-March (2015-16), the
addition to power generation capacity was 23,976.6 MW, as compared to 22,566.3 MW
during the previous year.
The total installed capacity for electricity generation was 303083.2 MW as at end May
2016, of which the share of thermal, hydro, renewable and nuclear sources was 69.8 per
cent, 14.1 per cent , 14.1 per cent and 1.9 per cent respectively.
4. FINANCIAL MARKETS
Money and Banking
Broad Money(M3) or Money Supply: Growth of money supply on YoY basis as on 24th June 2016
stood at 10.4 per cent as compared to a growth rate of 10.6 per cent recorded in the corresponding
period in the previous year. As regards the components of money supply, the growth of ‘currency with
the public’ registered a growth of 15.8 per cent in June 2016, as against 9.9 per cent registered during
June 2015. The growth rate of time deposits with banks was 9.5 per cent as on 24th June 2016, as against
11 per cent in recorded in the corresponding period a year ago. On the other hand, demand deposits
increased by 9.8 per cent in June 2016, as against 7.1 per cent during the same period last year. The
details of sources of money supply is given in the Table 9 .
Growth of Deposits, Credit and Investments by Scheduled Commercial Banks (SCBs)
Growth of aggregate deposits of Scheduled Commercial Banks (SCBs) as on 24th June 2016 was 9.7 per
cent on YoY basis as against 10.7 per cent recorded during the corresponding date of the previous year.
In terms of bank credit, YoY growth was 9.4 per cent in June 2016 as against 8.8 per cent in June 2015.
The YoY growth of investment in Government and other approved securities by SCBs was 6.1 per cent
in June 2016, as compared to 13.9 per cent in the corresponding month of the previous year.
Lending and deposit rates
The base lending rate as on 24th June 2016 was 9.30/9.70 per cent as compared to 9.75/10.00 per cent
during the corresponding period a year ago. The term deposit rates for above one year was 7.00/7.5 per
cent in June 2016 as against 8.00/8.50 per cent during the corresponding period a year ago.
45. EXTERNAL SECTOR
Foreign trade: During April-June 2016, merchandise exports declined by 2.1 per cent while
merchandise imports declined by 14.5 per cent. Merchandise exports increased by 1.3 per cent
and merchandise imports declined by 7.3 per cent (in US dollar terms) in June 2016 over June
2015. During June 2016, oil imports and non-oil imports declined by 16.4 per cent and 4.1 per
cent over June 2015 (Table 10).
Balance of Payments: India’s current account deficit narrowed to US$ 22.2 billion (1.1 per cent
of GDP) in 2015-16, as compared to US$ 26.8 billion (1.3 per cent of GDP) in 2014-15. Net
invisibles’ earning was placed at US$ 107.9 billion in 2015-16, as against US$ 118.1 billion over
corresponding period of the previous year. Net capital inflows, however, declined to US$ 40.1
billion (1.9 per cent of GDP) in 2015-16 from US$ 88.2 billion (4.3 per cent of GDP) in 2014-15.
Foreign Exchange Reserves: Foreign Exchange Reserves stood at US$ 363.2 billion as on 24th
June 2016 as compared to US$ 360.2 billion in end March 2016. (Table 11).
Exchange Rate: The rupee depreciated against the US dollar and Japanese Yen by 0.6 and 3.8
per cent, while appreciated against Pound sterling and Euro by 1.8 and 0.2 per cent respectively
in June 2016 over May 2016. (Table 12).
External Debt: India’s external debt remains within manageable limits as indicated by the
external debt-GDP ratio of 23.7 per cent at end-March 2016. India’s external debt stood at US$
485.6 billion at end-March 2016, recording an increase of 2.2 per cent over the level at end-
March 2015. Long-term debt accounted for 82.8 per cent of total external debt at end-March
2016 (82.0 per cent at end-March 2015). Short-term external debt was US$ 83.4 billion at end-
March 2016, as compared to US$ 85.5 billion at end-March 2015.
Exchange Rate Rupee per US Dollar
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56. INFLATION
The Inflation based on Consumer Price Indices (CPI): The all India CPI inflation (New Series-
Combined) remained unchanged at 5.8 per cent in June 2016, as reported in May 2016. Food
inflation based on consumer food price index (CFPI) increased to 7.8 per cent in June 2016 from
7.5 per cent in May 2016 mainly on account of rise in inflation of ‘cereals & products’, vegetables
and ‘sugar & confectionery’. CPI fuel & light inflation remained at 2.9 per cent in June 2016, as
reported in May 2016 (Table 15).
Inflation based on CPI-IW for May 2016 increased to 6.6 per cent from 5.9 per cent in the
previous month. Inflation based on CPI-AL and CPI-RL remained at 6.0 per cent and 6.1 per cent
respectively in May and June 2016 (Table 15).
Wholesale Price Index (WPI): The headline WPI inflation increased to 1.6 per cent in June
2016 from 0.8 per cent in May 2016. WPI food inflation (food articles + food products) increased
to 8.2 per cent from 7.8 per cent in the previous month mainly on account of cereals, fruits &
vegetables, milk and sugar. Inflation in fuel & power stood at (-)3.6 per cent in June 2016 as
compared to (-)6.1 per cent in the previous month. Inflation for manufactured products and
non-food manufactured products (core as defined by RBI) stood at 1.2 per cent and (-)0.3 per
cent respectively in June 2016 as compared to 0.9 per cent and (-)0.5 per cent in the previous
month.
Global Commodity Prices (based on the World Bank Pink Sheet data): Food inflation based
on World Bank Food index increased to 8.9 per cent in June 2016 from 4.2 per cent in May 2016.
Energy prices as measured by the World Bank energy index dropped by 22.1 per cent (y-o-y) and
‘metals & minerals’ declined by (-)14.5 per cent in June 2016 (Table 14).
Inflation based on WPI and CPI (in per cent)
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WPI headline WPI food CPI headline CPI food (CFPI)
7. PUBLIC FINANCE
The Budget Estimates of the fiscal deficit as a proportion of GDP at current market price for
2016-17 is 3.5 per cent as compared to 3.9 per cent in 2015-16. The Budget estimates for
revenue deficit as a proportion of GDP at current market price for 2016-17 is 2.3 per cent, as
compared to 2.5 per cent in 2015-16.
6The growth in provisional figures for 2016-17(April-May) over 2015-16 are as follows:
Gross tax revenue for the financial year 2016-17 (April-May) was Rs. 1,31,858 crore,
recording a growth of 38.3 per cent over 2015-16.
Revenue Receipts (net to Centre) increased by 25.5 per cent in 2016-17(April-May) and
were Rs. 65,691 crore.
Tax revenue (net to Centre) increased to Rs. 49,690 crore, a growth of 149.8 per cent over
2015-16.
Non-tax revenue was Rs. 16,001 crore, lower by 50.7 per cent.
Non-plan expenditure increased by 3.4 per cent.
Plan expenditure increased by 45.8 per cent.
Total expenditure amounting Rs. 2,98,046 crore, increased by 13.4 per cent.
8. SOME MAJOR ECONOMIC DECISIONS IN JUNE 2016
The Union Cabinet approved setting up the India Post Payments Bank as a Public Limited Company
under the Department of Posts, with 100 per cent Government of India equity.
The Union Cabinet approved the National Mineral Exploration Policy (NMEP). The NMEP primarily
aims at accelerating exploration through enhanced private participation.
The Union Cabinet approved the implementation of the recommendations of 7th Central Pay
Commission on pay and pensionary benefits.
The Union Cabinet approved the civil aviation policy; this is the first time since independence that an
integrated civil aviation policy has been brought out by the Ministry of Civil Aviation.
The Government launched the flagship smart city mission into implementation mode with the launch
of 14 projects of Pune’s smart city plan.
The Cabinet Committee on Economic Affairs approved the increase in the Minimum Support Prices
for all kharif crops of 2016-17 season. Further, to incentivise cultivation of pulses and oilseeds,
government announced a bonus on these crops, payable over and above the approved MSP.
The Cabinet Committee on Economic Affairs approved a new broad gauge line between Mau Station
of North Eastern Railway and Tarighat Terminal station of East Central Railway.
Asian Development Bank and Government of India signed a $200 million loan agreement to help
upgrade 176 km of state roads in state of Jharkhand and another loan agreement of $120 million to
improve irrigation and water management infrastructure in Odisha.
The Ministry of Commerce & Industry approved the establishment of mega leather cluster at Kota
Mandal, Nellore district, Andhra Pradesh.
The Cabinet Committee on Economic Affairs approved disinvestment of 10 per cent paid up equity of
Housing and Urban Development Corporation Ltd out of Government of India’s shareholding of 100
per cent through initial public offering in the domestic market as per the Securities and Exchange
Board of India Rules and Regulation.
Ministry of New and Renewable Energy launched a scheme for setting up of 1000 MW Wind Power
Project connected to transmission network of central transmission utility to facilitate supply of wind
power to the non-windy states at a price discovered through transparent bidding process.
The Cabinet Committee on Economic Affairs approved the development of four laning of
Aurangabad-Telwadi Section of NH-211 in Maharashtra, Angul-Sambalpur Section of NH-42 (New
NH-55) in Odisha and Phagwara-Rupnagar Section of NH-344A in Punjab.
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7TABLES
Table 1: Growth of GVA at Basic Prices by Economic Activity (at 2011-12 Prices) (in per cent)
Growth Share in GVA
2013-14 2014-15 2015-16 2013-14 2014-15 2015-16
Sector (PE) (PE)
Agriculture, forestry & fishing 4.2 -0.2 1.2 17.5 16.3 15.4
Industry 5.0 5.9 7.4 31.6 31.2 31.3
Mining & quarrying 3.0 10.8 7.4 2.9 3.0 3.1
Manufacturing 5.6 5.5 9.3 17.4 17.1 17.5
Electricity, gas ,water supply &
other utility services 4.7 8.0 6.6 2.2 2.2 2.2
Construction 4.6 4.4 3.9 9.0 8.8 8.5
Services 7.8 10.3 8.9 51.0 52.5 53.4
Trade, hotels, transport,
communication and
broadcasting services 7.8 9.8 9.0 18.4 18.9 19.2
Financial, real estate &
professional services 10.1 10.6 10.3 20.3 21.0 21.6
Public administration, defence
and other Services 4.5 10.7 6.6 12.3 12.7 12.6
GVA at basic prices 6.3 7.1 7.2 100.0 100.0 100.0
GDP at market prices 6.6 7.2 7.6 --- --- ---
Source: Central Statistics Office (CSO). PE: Provisional Estimates.
Table 2: Quarter-wise Growth of GVA at Constant (2011-12) Basic Prices (per cent)
Sectors 2013-14 2014-15 2015-16 (PE)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Agriculture, forestry & fishing 2.7 4.0 5.0 4.6 2.3 2.8 -2.4 - 2.6 2.0 -1.0 2.3
1.7
Industry 5.9 5.2 5.2 3.9 8.0 5.9 3.8 5.7 6.7 6.3 8.6 7.9
Mining & quarrying -1.5 3.0 2.1 8.1 16.5 7.0 9.1 10. 8.5 5.0 7.1 8.6
1
Manufacturing 7.4 4.4 6.4 4.5 7.9 5.8 1.7 6.6 7.3 9.2 11.5 9.3
Electricity, gas ,water 2.7 6.4 3.8 5.8 10.2 8.8 8.8 4.4 4.0 7.5 5.6 9.3
supply & other utility
services
Construction 6.6 7.2 4.4 0.8 5.0 5.3 4.9 2.6 5.6 0.8 4.6 4.5
Services 8.4 9.6 7.8 5.6 8.6 10.7 12.9 9.3 8.8 9.0 9.1 8.7
Trade, hotels, transport, 5.0 7.6 10.5 7.8 11.6 8.4 6.2 13. 10.0 6.7 9.2 9.9
communication and services 1
related to broadcasting
Financial, real estate & 10.8 14.8 7.1 6.7 8.5 12.7 12.1 9.0 9.3 11.9 10.5 9.1
professional services
Public administration, 9.1 3.9 4.7 0.9 4.2 10.3 25.3 4.1 5.9 6.9 7.2 6.4
defence and Other Services
GVA at Basic Price 6.7 7.4 6.3 4.9 7.4 8.1 6.7 6.2 7.2 7.3 6.9 7.4
GDP at market prices 6.7 7.8 6.4 5.8 7.5 8.3 6.6 6.7 7.5 7.6 7.2 7.9
Source: Central Statistics Office (CSO).
8Table 3: Production of Major Agricultural Crops (3rdAdv. Est.)
Crops Production (in Million Tonnes)
2012-13 2013-14 2014-15 2015-16
(3rd AE)
Total Foodgrains 257.1 265.0 252.0 252.2
Rice 105.2 106.7 105.5 103.4
Wheat 93.5 95.9 86.5 94.0
Total Coarse Cereals 40.0 43.3 42.9 37.8
Total Pulses 18.3 19.3 17.2 17.1
Total Oilseeds 30.9 32.8 27.5 25.9
Sugarcane 341.2 352.1 362.3 346.7
Cotton# 34.2 35.9 34.8 30.5
Source: DES, DAC&FW, M/o Agriculture & Farmers Welfare, 3rdAE : Third Advance Estimates, . # Million bales of 170 kgs. each.
Table 4 : Procurement of Crops in Million Tonnes
Crops 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
Rice# 35.0 34.0 31.8 32.2 34.0β -
Wheat@ 28.3 38.2 25.1 28.0 28.1 22.9 β
Total 63.4 72.2 56.9 60.2 62.1 -
Source: DFPD, M/o Consumer Affairs and Public Distribution ; # Kharif Marketing Season (October-September), @ Rabi Marketing
Season (April-March), β Position as on 30.06.2016.
Table 5: Off-Take of Food Grains (Million Tonnes)
Crops 2012-13 2013-14 2014-15 2015-16 2016-17
(Till April)
Rice 32.6 29.2 30.7 31.8 4.6
Wheat 33.2 30.6 25.2 31.8 3.9
Total 65.8 59.8 55.9 63.6 8.5
(Rice & Wheat)
Source: DFPD, M/o Consumer Affairs and Public Distribution
Table 6: Stocks of Food Grains (Million Tonnes)
Crops July 1, 2015 July 1, 2016
1. Rice 15.9 19.4
2. Unmilled Paddy# 8.6 7.8
3. Converted Unmilled Paddy in terms of 5.8 5.3
Rice
4. Wheat 38.7 30.2
Total (Rice & Wheat)(1+3+4) 60.4 54.9
# Since September, 2013, FCI gives separate figures for rice and unmilled paddy lying with FCI & state
agencies in terms of rice.
9Table 7: Percentage Change in Index of Industrial Production
Industry Group April-May. 2015-16 April-May. 2016-17 May. 2015 May. 2016
General index 2.8 -0.1 2.5 1.2
Mining 0.7 1.2 2.1 1.3
Manufacturing 3.0 -1.5 2.1 0.7
Electricity 2.8 9.4 6.0 4.7
Basic goods 4.4 4.3 6.2 3.9
Capital goods 4.3 -18.9 3.0 -12.4
Intermediate goods 1.8 3.0 1.2 3.6
Consumer goods 0.3 -0.4 -2.2 1.1
Durables -1.4 8.9 -3.9 6.0
Non-durables 1.4 -6.6 -1.0 -2.2
Source: CSO.
Table 8: Production Growth (per cent) in Core Infrastructure-Supportive Industries
Industry April-May (2015-16) April-May (2016-17) May 2015 May 2016
Coal 7.8 2.3 7.6 5.5
Crude oil -0.9 -2.8 0.8 -3.3
Natural Gas -3.3 -6.9 -3.0 -6.9
Refinery Products 2.6 9.0 7.8 1.2
Fertilizers 0.7 11.6 1.3 14.8
Steel 1.1 4.6 2.0 3.2
Cement 0.7 3.4 2.7 2.4
Electricity 2.8 9.4 6.0 4.6
Overall growth 2.1 5.5 4.4 2.8
Source: Office of the Economic Adviser, DIPP (Ministry of Commerce & Industry)
Table 9: Broad Money (M3) and its sources
Item Outstanding as on
2016 YoY growth
March 31 June 24 Per cent Per cent
(₹ Billion) June June
2015 2016
M3 1,16,543.4 1,19,366.0 10.6 10.4
Sources
Net Bank Credit to Government 32,410.3 35,970.1 3.8 12.2
Bank Credit to Commercial Sector 78,219.1 77,908.4 8.7 9.1
Net Foreign Exchange Assets of Banking Sector 24,907.1 25,459.0 19.6 8.1
Government's Currency Liabilities to the Public 219.1 219.1 11.8 9.5
Banking Sector's Net Non-Monetary Liabilities 19,212.1 20,190.5 2.0 5.9
Source: RBI
10Table 10 : Merchandise Exports and Imports (in US$ million)
Item 2015-16 2015 2016 % Change 2015-16 2016-17 % Change
June (April-June)
Exports 262004 22289 22572 1.3 66691 65312 -2.1
Imports 380356 33117 30689 -7.3 98917 84546 -14.5
Oil Imports 82880 8676 7252 -16.4 24658 18847 -23.6
Non-Oil 297476 24440 23436 -4.1 74259 65699 -11.5
Imports
Trade Deficit -118353 -10827 -8116 - -32226 -19234 -
Source: Provisional data as per the Press Note of the Ministry of Commerce and Industry
Table 11: Foreign Exchange Reserves (in Billion)
End of Financial Year Foreign Exchange Reserves Variation
(Rupees ) (US Dollar) (Rupees ) (US Dollar )
At the end of year (Variation over last year)
2012-13 15884 292.0 823 -2.4
2013-14 18284 304.2 2400 12.2
2014-15 21376 341.6 3093 37.4
2015-16 23787 360.2 2411 18.6
At the end of month (Variation over last month)
April-2015 22110 351.9 733 10.2
May-2015 22437 352.5 328 0.6
June-2015 22660 356.0 222 3.5
July-2015 22580 353.5 -80 -2.5
August-2015 23199 351.4 619 2.1
September -2015 22940 350.3 -259 1.1
October-2015 23025 354.2 85 3.9
November-2015 23285 350.2 260 -3.9
December 2015 23135 350.4 -150 0.1
January 2016 23586 349.6 370 -2.4
February 2016 23744 348.4 158 -1.2
March 2016 23787 360.2 44 11.8
April 2016 24040 363.0 253 2.9
May 2016⃰ 24021 360.2 -19 -2.9
June 2016** 24363 363.2 342 3.0
Source: RBI * : upto 27th May, 2016; upto 24th June 2016
Table 12 : Rupee per unit of foreign currency*
US dollar Pound sterling Japanese yen Euro
March 2013** 54.4046 82.0190 0.5744 70.5951
March 2014 61.0140 101.4083 0.5965 84.3621
March 2015 62.4498 93.4422 0.5190 67.5548
March 2016 67.0581 95.3894 0.5935 74.4543
2015-16
April 2015 62.7532 93.9083 0.5253 67.7934
May 2015 63.8003 98.8205 0.5283 71.2135
June 2015 63.8607 99.3620 0.5165 71.5874
2016-17
April 2016 66.4695 95.2721 0.6070 75.4092
May 2016 66.9067 97.2485 0.6148 75.6918
June 2016 67.2969 95.5533 0.6389 75.5728
Source: Reserve Bank of India.
* FEDAI Indicative Market Rates (on monthly average basis).
** Data from March, 2013 onwards are based on RBI’s reference rate.
11Table 13: External Assistance and Debt Service Payments (` crore)*
June 2016 2016-17 June 2015 2015-16
(Apr.-June) (Apr.-June)
External Assistance (Government Account)
1) Gross Disbursement 6,031.2 12,058.1 4,975.3 7,951.2
2) Repayments 4,323.5 6,785.4 3,506.7 5,745.7
3) Interest Payments 521.6 1,073.0 404.9 825.1
4) Net Disbursement (1-2) 1,707.8 5,272.7 1,468.6 2,205.5
5) Net Transfers (4-3) 1,186.2 4,199.8 1,063.6 1,380.3
External Assistance (Non-Government Account)
1) Gross Disbursement 0.0 35.3 1,262.7 1,482.9
2) Repayments 172.5 479.6 809.5 1,116.2
3) Interest Payments 24.9 50.6 116.3 140.0
4) Net Disbursement (1-2) -172.5 -444.3 453.2 366.8
5) Net Transfers (4-3) -197.4 -494.8 336.9 226.7
Government Grants
1) Gross Disbursement 17.9 106.7 594.3 761.6
2) Repayments 0.0 0.0 0.0 0.0
3) Interest Payments 0.0 0.0 0.0 0.0
4) Net Disbursement (1-2) 17.9 106.7 594.3 761.6
5) Net Transfers (4-3) 17.9 106.7 594.3 761.6
Non-Government Grants
1) Gross Disbursement 0.0 0.0 0.0 8.0
2) Repayments 0.0 0.0 0.0 0.0
3) Interest Payments 0.0 0.0 0.0 0.0
4) Net Disbursement (1-2) 0.0 0.0 0.0 8.0
5) Net Transfers (4-3) 0.0 0.0 0.0 8.0
Grand Total
1) Gross Disbursements 6,049.1 12,200.1 6,832.3 10,203.6
2) Repayments 4,495.9 7,264.9 4,316.2 6,861.9
3) Interest Payments 546.5 1,123.5 521.2 965.2
4) Net Disbursement (1-2) 1,553.2 4,935.2 2,516.0 3,341.8
5) Net Transfers (4-3) 1,006.7 3,811.7 1,994.9 2,376.6
*: Data are provisional. Source: Office of the Controller of Aid, Accounts and Audit, Ministry of Finance
Table 14: Year-on-Year global inflation for major groups/sub-groups (in per cent)
June 2015 April 2016 May 2016 June 2016
Energy -41.9 -29.3 -27.2 -22.1
Non-energy -14.4 -6.0 -5.2 -1.8
Agriculture -14.3 -2.3 1.5 4.3
Beverages -6.7 -1.7 -2.7 -3.0
Food -17.3 -2.4 4.2 8.9
Raw Materials -10.0 -2.4 -3.3 -3.6
Fertilizers 1.6 -17.2 -20.3 -23.5
Metals & Minerals -16.6 -14.0 -19.6 -14.5
Precious Metals -10.1 2.6 4.1 7.5
Source: World Bank
12Table 15: Year-on-Year inflation based on WPI and CPI’s (in per cent)
WPI CPI-IW CPI-AL CPI-RL CPI (NS-Combined)
Base : 2004-05 2001 1986-87 1986-87 2012
2014-15 2.0 6.3 6.6 6.9 5.9
2015-16 -2.5 5.6 4.4 4.6 4.9
May-2015 -2.2 5.7 4.4 4.6 5.0
Jun-2015 -2.1 6.1 4.5 4.7 5.4
Jul-2015 -4.0 4.4 2.9 3.2 3.7
Aug-2015 -5.1 4.3 3.0 3.2 3.7
Sep-2015 -4.6 5.1 3.5 3.7 4.4
Oct-2015 -3.7 6.3 4.4 4.7 5.0
Nov-2015 -2.0 6.7 4.9 5.0 5.4
Dec-2015 -1.1 6.3 5.7 5.8 5.6
Jan-2016 -1.1 5.9 5.6 5.7 5.7
Feb-2016 -0.9 5.5 5.0 5.3 5.3
Mar-2016 -0.5 5.5 5.0 5.1 4.8
Apr-2016 0.3 5.9 5.3 5.6 5.5
May-2016 0.8 6.6 6.0 6.1 5.8
June- 2016 1.6 - 6.0 6.1 5.8
Note: WPI inflation for last two months and CPI (New Series-Combined) inflation for last one month are provisional.
Source: Office of Economic Adviser- DIPP, Labour Bureau and Central Statistics Office.
Table 16: Fiscal Indicators- Rolling Targets as Percentage of GDP
(at current market prices)
2014-15 Revised Provisional Budget Targets for
Estimates Actual Estimates
2015-16 2015-16 2016-17 2017-18 2018-19
Gross Tax Revenue 10.0 10.8 10.7 10.8 10.9 11.1
Tax Revenue (net to Centre) 7.2 7.0 7.0 7.0 7.1 7.2
Non-Tax Revenue 1.6 1.9 1.8 2.1 2.0 1.8
Total Expenditure 13.3 13.2 13.1 13.1 12.6 12.2
Major Subsidy 2.0 1.8 1.8 1.5 1.4 1.3
Total Defence Expenditure 1.76 1.66 1.66 1.65 1.6 1.6
Total outstanding liabilities at # 47.6 # 47.1 46.8 44.4
the end of the year
Revenue Deficit 2.9 2.5 2.5 2.3 1.8 1.3
Effective Revenue Deficit 1.9 1.5 1.6 1.2 0.6 0.0
Fiscal Deficit 4.1 3.9 3.9 3.5 3.0 3.0
Notes:
1. The ratio to GDP at current market prices are based on the CSO’s National Accounts 2011-12 Series.
2. “Total outstanding liabilities” include external public debt at current exchange rates. For projections,
constant exchange rates have been assumed. Liabilities do not include part of NSSF and total MSS
liabilities which are not used for Central Government deficit.
# Note available
13Table 17: Trends in Central Government Finances : April-May 2016-17
Items Budget Growth Growth
Estimates April-May (April- (April-
May ) May)
2016-17(Rs. 2015-16 2016-17
2015- 2016-17
Crore) (Rs Crore) (Rs. Crore)
16 (Per (Per
cent) cent)
1 2 3 4 5 6
1.Revenue Receipts 1377022 52361 65691 36.0 25.5
Gross tax revenue⃰ 1630888 95332 131858 12.8 38.3
Tax (net to Centre) 1054101 19889 49690 -30.6 149.8
Non Tax Revenue 322921 32472 16001 229.5 -50.7
2.Capital Receipts 601038 210470 232355 -13.0 10.4
of which
Recovery of loans 10634 238 390 -76.1 63.9
Other Receipts 56500 1608 2979 - 85.3
Borrowings and other liabilities 533904 208624 228986 -13.4 9.8
3.Total Receipts (1+2) 1978060 262831 298046 -6.2 13.4
4.Non-Plan Expenditure 1 4 2 8 0 5 0 200725 207476 -9.1 3.4
(a)+(b)
(a) Revenue Account 1327408 181357 190206 -8.3 4.9
of which:
Interest payments 492670 48447 54714 -11.7 12.9
Major Subsidies 231782 49557 45751 -30.4 -7.7
Pensions 123368 15671 18870 6.1 20.4
(b) Capital Account 100642 19368 17270 -15.4 -10.8
5.Plan Expenditure (i)+(ii) 550010 62106 90570 4.2 45.8
(i) Revenue Account 403628 43731 74609 -4.4 70.6
(ii) Capital Account 146382 18375 15961 32.5 -13.1
6.Total Expenditure 1978060 262831 298046 -6.2 13.4
(4)+(5)=(a)+(b)
(a)Revenue Expenditure 1731036 225088 264815 -7.6 17.6
(b)Of which Grants for creation 166840 22138 33863 3.2 53.0
of Capital Assets
(c)Capital Expenditure 247024 37743 33231 2.7 -12.0
7.Revenue Deficit 354014 172727 199124 -15.8 15.3
8.Effective Revenue Deficit (7-6(b)) 187174 150589 165261 -18.0 9.7
9.Fiscal Deficit 533904 208624 228986 -13.4 9.8
10.Primary Deficit 41234 160177 174272 -13.9 8.8
Source: Controller Genral of Accounts, *: Gross Tax Revenue is prior to devolution to the States.
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