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INDIA- Macro-economic Trends: 1999-2007 [Update: 10 November 2004]

I T E MS 1999 2000 2001 2002 2003 2004 2005 2006 2007


Acual Actual Actual Actual Estimate Projected Projected Projected Projected
POPULATION (Mn; as on Oct 1) 1001 1019 1037 1055 1072 1088 1104 1120 1137
GR Population % 1.83 1.80 1.77 1.70 1.60 1.50 1.50 1.50 1.50
NATIONAL ACCOUNTS (Rupees Bn;fy)
GDP by industry (at const.1993/94 fc) 11484 11986 12678 13183 14245 15093 16127 17280 18579
Agriculture 2870 2867 3053 2894 3158 3095 3157 3251 3381
Industry 3063 3264 3375 3592 3825 4097 4397 4727 5105
Manufacturing 1919 2062 2137 2270 2432 2609 2805 3015 3256
Non-manufacturing 1144 1202 1238 1322 1393 1488 1592 1712 1848
Services 5550 5855 6251 6697 7262 7901 8573 9302 10092
GDP at constant 1993/94 factor cost 11484 11986 12678 13183 14245 15093 16127 17280 18579
Consumption of fixed capital 1291 1361 1425 1501 1593 1660 1774 1901 2044
NDP at factor cost 10193 10625 11253 11682 12652 13433 14353 15379 16535
Net factor income from abroad -112 -116 -80 -115 -115 -135 -140 -145 -150.0
GNP at constant factor cost 11372 11870 12598 13068 14130 14958 15987 17135 18429
NNP at constant factor cost 10081 10509 11173 11567 12537 13298 14213 15234 16385
Indirect taxes less subsidies 1179 1176 1162 1293 1397 1480 1581 1694 1822
GDP at constant 1993/94 market prices 12663 13162 13840 14476 15642 16573 17708 18974 20400
GNP at constant 1993/94 market prices 12551 13046 13760 14361 15527 16438 17568 18829 20250
GDP (const.fc) sectoral shares 100 100 100 100 100 100 100 100 100
Agriculture 25.0 23.9 24.1 22.0 22.2 20.5 19.6 18.8 18.2
Industry 26.7 27.2 26.6 27.2 26.9 27.1 27.3 27.4 27.5
Services 48.3 48.9 49.3 50.8 51.0 52.4 53.2 53.8 54.3

GNP growth rate at constant fc 6.2 4.4 6.1 3.7 8.1 5.9 6.9 7.2 7.6
GDP growth rate at constant mp 7.1 3.9 5.2 4.6 8.1 6.0 6.8 7.2 7.5
GDP growth rate at constant fc 6.1 4.4 5.8 4.0 8.1 6.0 6.8 7.2 7.5
GR agriculture 0.3 -0.1 6.5 -5.2 9.1 -2.0 2.0 3.0 4.0
GR industry 4.8 6.5 3.4 6.4 6.5 7.1 7.3 7.5 8.0
GR manufacturing 4.0 7.4 3.6 6.2 7.1 7.3 7.5 7.5 8.0
GR non-manufacturing 6.2 5.1 3.0 6.8 5.4 6.8 7.0 7.5 8.0
GR services 10.1 5.5 6.8 7.1 8.4 8.8 8.5 8.5 8.5
GDP at current mp (Rupees Bn;fy) 19368 20895 22821 24696 28124 31825 35364 39408 44065
Net factor income from abroad -154 -173 -121 -192 -219 -248 -276 -307 -343
GNP at current mp (Rupees) 19214 20722 22701 24503 27905 31577 35088 39101 43722
NNP at current mp 17390 18743 20523 22153 25228 28548 31723 35351 39528

GDP at current mp (mn US$) 446968 457377 478518 510294 612037 691845 753706 823437 902691
GNP at current mp (mn US$) 443406 453593 475984 506318 607268 686454 747834 817022 895658
NNP at current mp (mn US$) 401323 410275 430325 457751 549017 620608 676100 738651 809744

Average Exchange Rate (Rupees/US$) 43.33 45.68 47.69 48.40 45.95 46.00 46.92 47.86 48.82
REER (1993-94=100, 5 country) 96.74 100.76 102.09 97.88 99.60 100.80 100.00 100.00 100.00
NEER (1993-94=100, 5 country) 74.22 73.77 73.18 68.78 67.36 66.14 65.48 64.82 64.18
Implicit GDP deflator (1993/94=100) 153 159 165 171 180 192 200 208 216
GR GDP deflator 3.8 3.8 3.9 3.5 5.4 6.8 4.0 4.0 4.0
Implicit GNP deflator (1993/94=100) 153 159 165 171 180 192 200 208 216
GR GNP deflator 3.4 3.8 3.9 3.4 5.3 6.9 4.0 4.0 4.0
INDIA- Macro-economic Trends: 1999-2007 [Update: 10 November 2004]
I T E MS 1999 2000 2001 2002 2003 2004 2005 2006 2007
Acual Actual Actual Estimate Projected Projected Projected Projected Projected
CPI :Ind.Workers 1982=100 428 444 463 482 500 525 546 568 591
GR : Consumer Price Index 3.4 3.8 4.3 4.0 3.9 5.0 4.0 4.0 4.0
WPI :1993/94=100 145.3 155.7 161.3 166.9 175.9 187.9 195.4 203.2 211.3
GR : Wholesale Price Index 3.3 7.2 3.6 3.5 5.4 6.8 4.0 4.0 4.0
Expend. on GDP;Current mp;Rs.Bn 19368 20895 22821 24696 28124 31825 35364 39408 44065
total consumption 15188 16229 17753 19021 21234 24028 26700 29753 33269
private consumption 12677 13586 14910 15933 17718 20050 22279 24827 27761
government consumption 2511 2642 2843 3088 3515 3978 4420 4926 5508
total investment 4907 5088 5279 5750 6630 7535 8869 10454 12254
gross fixed cap. formation 4219 4592 5004 5552 6430 7285 8569 10104 11904
increase in stocks 364 135 86 86 200 250 300 350 350
exports of goods and services 2277 2902 3076 3759 4061 4855 5707 6581 7585
less: imports of goods and services 2657 3061 3218 3853 3660 4434 5382 6395 7501
statistical discrepancy -346 -263 -69 19 -141 -159 -530 -985 -1542
Investment financing: curr.mp;Rs.Bn
gross domestic capital formation 4907 5088 5279 5750 6630 7535 8869 10454 12254
-- Private sector 3562 3773 3949 4346 4973 5651 6652 7841 9191
-- Public sector 1345 1315 1330 1404 1658 1884 2217 2614 3064
gross domestic saving 4687 4960 5352 5977 7031 7956 9195 10640 12338
-- Household sector 4044 4582 5190 5593 6328 7001 7957 8867 10135
-- Private corporate sector 843 861 788 842 984 1114 1238 1576 1763
-- Public sector+A101 -200 -484 -627 -457 -281 -159 0 197 441
GR GDS 25.1 5.8 7.9 11.7 17.6 13.2 15.6 15.7 16.0
GR GDI 24.8 3.7 3.8 8.9 15.3 13.6 17.7 17.9 17.2
GR Total Consumption 12.7 6.9 9.4 7.1 11.6 13.2 11.1 11.4 11.8
GDI as % of GDP 25.3 24.4 23.1 23.3 23.6 23.7 25.1 26.5 27.8
-- Private sector 18.4 18.1 17.3 17.6 17.7 17.8 18.8 19.9 20.9
-- Public sector 6.9 6.3 5.8 5.7 5.9 5.9 6.3 6.6 7.0
GDS as % of GDP 24.2 23.7 23.5 24.2 25.0 25.0 26.0 27.0 28.0
-- Household sector 20.9 21.9 22.7 22.6 22.5 22.0 22.5 22.5 23.0
-- Private corporate sector 4.4 4.1 3.5 3.4 3.5 3.5 3.5 4.0 4.0
-- Public sector -1.0 -2.3 -2.7 -1.9 -1.0 -0.5 0.0 0.5 1.0
Resource gap (GDS-GDI) -1.1 -0.6 0.3 0.9 1.4 1.3 0.9 0.5 0.2
GDI as % of GNP 25.5 24.6 23.3 23.5 23.8 23.9 25.3 26.7 28.0
GDS as % of GNP 24.4 23.9 23.6 24.4 25.2 25.2 26.2 27.2 28.2
Resource gap (GDS-GDI) -1.1 -0.6 0.3 0.9 1.4 1.3 0.9 0.5 0.2
Per Capita GDP ( Rupees ):
Current market prices 19349 20505 22007 23417 26247 29262 32036 35172 38747
constant 1993/94 factor cost 11472 11762 12226 12500 13294 13878 14609 15422 16336
GR per capita GDP at constant fc 4.2 2.5 3.9 2.2 6.4 4.4 5.3 5.6 5.9
Per Capita NNP at constant 1993/94 fc 10071 10313 10774 10968 11700 12227 12875 13596 14407
GR per capita NNP at constant fc 4.3 2.4 4.5 1.8 6.7 4.5 5.3 5.6 6.0
Per Capita GNP ( Rupees ):
Current market prices 19195 20336 21891 23234 26043 29034 31786 34898 38445
constant 1993/94 market prices 12538 12803 13269 13617 14491 15115 15915 16805 17806
GR per capita constant GNP 5.3 2.1 3.6 2.6 6.4 4.3 5.3 5.6 6.0
INDIA- Macro-economic Trends: 1999-2007 [Update: 10 November 2004]
I T E MS 1999 2000 2001 2002 2003 2004 2005 2006 2007
Acual Actual Actual Actual Estimate Projected Projected Projected Projected
BALANCE OF PAYMENTS (US$ Mn; fy)
Merchandise exports, fob 37542 44894 44915 52512 62952 75542 89140 102511 117888
Merchandise imports, cif 55383 59264 57618 65422 79658 96386 114700 133625 153669
Trade balance -17841 -14370 -12703 -12910 -16706 -20844 -25560 -31114 -35781
Other goods, services and income 505 -2354 976 1830 5981 8500 9000 9500 10000
Non factor services 4064 2478 4577 6765 10684 13000 14000 15000 16000
Investment income -3559 -4832 -3601 -4935 -4703 -4500 -5000 -5500 -6000
Unrequited income 12638 13134 12509 15217 19444 21500 23500 25500 27500
Private transfers 12256 12798 12125 14807 18885 21000 23000 25000 27000
Official transfers 382 336 384 410 559 500 500 500 500
Net invisibles 13143 10780 13485 17047 25425 30000 32500 35000 37500
GR invisibles 42.7 -18.0 25.1 26.4 49.1 18.0 8.3 7.7 7.1
Current account balance & off. transfer -4698 -3590 782 4137 8719 9156 6940 3886 1719
growth rates : Fiscal Year
merchandise exports 9.5 19.6 0.0 16.9 19.9 20.0 18.0 15.0 15.0
merchandise imports 16.5 7.0 -2.8 13.5 21.8 21.0 19.0 16.5 15.0
capital inflows (US$ million; fy) 10840 9420 10975 12843 22702 10650 14000 13500 15500
External assistance,net 901 410 1117 -2460 -2661 1800 1000 500 500
External commercial borrowings,net 313 3737 -1576 -2344 -1853 850 1000 -500 -1000
Direct foreign investment 2157 3272 4741 3611 3137 3500 4000 4500 5000
Portfolio investment 3024 2590 1951 944 11355 1000 2500 3000 4000
IMF, net -260 -26 0 0 0 0 0 0 0
NRI deposits,net 1540 2317 2754 2976 3628 -1000 500 1000 2000
Other capital,net 3165 -2880 1988 10116 9096 4500 5000 5000 5000
Change of reserves [increase (-) ] -6142 -5830 -11757 -16980 -31421 -19806 -20940 -17386 -17219
Foreign exchange reserves ($ mn, end fy) 38036 42281 54106 71086 102507 122313 143254 160640 177859
Foreign Reserves (in months of imports) 8.2 8.6 11.3 13.0 15.4 15.2 15.0 14.4 13.9
As % of GDP at current mp :
merchandise exports 8.4 9.8 9.4 10.3 10.3 10.9 11.8 12.4 13.1
merchandise imports 12.4 13.0 12.0 12.8 13.0 13.9 15.2 16.2 17.0
current balance -1.1 -0.8 0.2 0.8 1.4 1.3 0.9 0.5 0.2
MONEY AND BANKING (Rs.Bn; end fy)
Narrow money supply (M1) 3418 3795 4228 4736 5767 6812 7950 9283 10848
Currency with the public 1891 2096 2408 2716 3155 3628 4136 4715 5375
Demand deposits 1497 1663 1792 1988 2560 3124 3748 4498 5398
Other deposits with RBI 30 36 29 32 51 60 65 70 75
Time deposits with banks 7824 9338 10755 12444 14265 16119 18198 20546 23196
Broad money supply (M3) 11242 13132 14984 17180 20031 22931 26148 29829 34044
Foreign assets (net) 2056 2498 3110 3937 5266 6846 8899 11569 15040
Domestic credit 10279 11912 13492 15755 17634 20117 23350 27151 31625
Claims on govt. sector 4414 5120 5896 6765 7455 7902 8693 9562 10518
Claims on private sector 5866 6792 7596 8990 10179 12215 14658 17589 21107
Govt's currency liabilities to the public 46 54 64 71 73 74 75 76 77
less, banking sector's non-monetary liabl. 1140 1331 1683 2583 2942 4106 6177 8967 12698
Broad money supply (M3) 11242 13132 14984 17180 20031 22931 26148 29829 34044
GR M1 10.6 11.0 11.4 12.0 21.8 18.1 16.7 16.8 16.9
GR M3 14.6 16.8 14.1 14.7 16.6 14.5 14.0 14.1 14.1
INDIA- Macro-economic Trends: 1999-2007 [Update: 10 November 2004]
I T E MS 1999 2000 2001 2002 2003 2004 2005 2006 2007
Acual Actual Actual Actual Actual Estimate Projected Projected Projected
Central govt.finance(Rs.Bln.fy)
Current revenue 1815 1926 2013 2317 2630 3093 3490 3943 4457
Taxes 1283 1367 1335 1594 1875 2339 2690 3093 3557
Non-taxes including external grants 532 559 678 723 755 754 800 850 900
Current expenditure, of which 2491 2778 3015 3396 3629 3855 4250 4575 4925
Interest payments 902 993 1075 1178 1246 1295 1350 1400 1460
Current surplus(+)/deficit(-) -676 -852 -1002 -1079 -999 -762 -760 -632 -468
Capital receipts, of which 1157 1342 1625 1824 2112 1685 1765 1895 2020
Recovery of loans 101 120 164 342 646 271 300 350 400
Disinvestment of govt.equity in PSUs 17 21 36 32 145 40 40 45 45
Govt. borrowings & other liabilities 1039 1200 1425 1451 1321 1374 1425 1500 1575
Capital expenditure 490 478 608 745 1114 923 1005 1263 1552
Capital a/c surplus(+)/deficit(-) 667 864 1017 1079 999 762 760 632 468
Budget deficit (-)/ Surplus (+) -9 12 15 0 0 0 0 0 0
Gross Fiscal Deficit(-)/Surplus(+) -1047 -1188 -1410 -1451 -1321 -1374 -1425 -1500 -1575
Primary deficit (-) -145 -195 -335 -273 -75 -79 -75 -100 -115
Financing of gross fiscal deficit (Rs.Bln):
Domestic borrowing 1018 1137 1383 1533 1285 1354 1400 1475 1550
Foreign borrowing and grants 12 75 56 -135 36 20 25 25 25
Others (use of cash balances) 9 -12 -15 53 0 0 0 0 0
Note:Borrowing & other liabilities 1039 1200 1425 1451 1321 1374 1425 1500 1575
As percentage of GDP at current mp
Govt. exp. (current+capital) 15.4 15.6 15.9 16.8 16.9 15.0 14.9 14.8 14.7
Total revenue (current+capital) 15.3 15.6 15.9 16.8 16.9 15.0 14.9 14.8 14.7
Gross fiscal balance -5.4 -5.7 -6.2 -5.9 -4.7 -4.3 -4.0 -3.8 -3.6
Revenue balance -3.5 -4.1 -4.4 -4.4 -3.6 -2.4 -2.1 -1.6 -1.1
Primary balance -0.7 -0.9 -1.5 -1.1 -0.3 -0.2 -0.2 -0.3 -0.3
As percentage of GNP at current mp
Govt. exp. (current+capital) 15.5 15.7 16.0 16.9 17.0 15.1 15.0 14.9 14.8
Total revenue (current+capital) 15.5 15.8 16.0 16.9 17.0 15.1 15.0 14.9 14.8
Gross fiscal deficit -5.4 -5.7 -6.2 -5.9 -4.7 -4.4 -4.1 -3.8 -3.6
States finance combined (Rs.Bln)
Fiscal deficit (+) 915 895 960 1021 1404 1123
Primary deficit (+) 463 378 335 321 567 206
Budget deficit (+) 31 -23 -26 -44 123 5
Revenue deficit (+) 538 536 592 552 722 483
States finance combined (% of GDP)
Fiscal deficit (+) 4.7 4.3 4.2 4.1 5.0 3.5
Primary deficit (+) 2.4 1.8 1.5 1.3 2.0 0.6
Budget deficit (+) 0.2 -0.1 -0.1 -0.2 0.4 0.0
Revenue deficit (+) 2.8 2.6 2.6 2.2 2.6 1.5
Centre & States combined (% of GDP)
Fiscal deficit (+) 9.5 9.5 9.9 9.5 9.4 7.9
Primary deficit (+) 3.9 3.6 3.7 3.1 2.9 1.7
Budget deficit (+) 0.2 -0.1 -0.1 -0.2 0.4 0.0
Revenue deficit (+) 6.3 6.6 7.0 6.6 6.2 4.0
INDIA- Macro-economic Trends: 1999-2007 [Update: 10 November 2004]
I T E MS 2000 2001 2002 2003 2004 2005 2006 2007 2008
Acual Actual Actual Actual Actual Projected Projected Projected Projected
External Debt (US$ Mn. End-March)
Total outstanding and disbursed 98263 101132 98757 104869 112593 114507 117257 118507 120257
Long-term, of which 94327 97504 96012 100300 107857 109507 112007 113007 114507
Government debt 46852 44027 43619 43716 44303 46103 47103 47603 48103
non-government debt 47475 53477 52393 56584 63554 63404 64904 65404 66404
Short-term (all on non-govt account) 3936 3628 2745 4569 4736 5000 5250 5500 5750

Total debt servicing 11543 12821 10863 14407 20949 17000 14000 14000 15500
principal repayments 7059 8359 6776 10843 16949 12500 9500 9000 9500
interest payments (LT, ST) 4484 4462 4087 3564 4000 4500 4500 5000 6000
Exports & gross invisibles (XGS) 67472 79342 81220 95475 114332 125765 138342 152176 167393

Debt-service ratio (to XGS in per cent) 17.1 16.2 13.4 15.1 18.3 13.5 10.1 9.2 9.3
Debt-service to GDP ratio (per cent) 2.6 2.8 2.3 2.8 3.4 2.5 1.9 1.7 1.7
Debt/GDP ratio (in per cent) 22.0 22.1 20.6 20.6 18.4 16.6 15.6 14.4 13.3
Debt/exports ratio (in per cent) 262 225 220 200 179 152 132 116 102
Short term debt/ Total Debt ratio (%) 4.0 3.6 2.8 4.4 4.2 4.4 4.5 4.6 4.8
Govt external debt/ Total Debt ratio (%) 47.7 43.5 44.2 41.7 39.3 40.3 40.2 40.2 40.0

I T E MS 1999 2000 2001 2002 2003 2004 2005 2006 2007


Acual Actual Actual Actual Estimate Projected Projected Projected Projected
Memo Items:
As per cent of GDP at current mp:
Merchandise exports, fob 8.4 9.8 9.4 10.3 10.3 10.9 11.8 12.4 13.1
Merchandise imports, cif 12.4 13.0 12.0 12.8 13.0 13.9 15.2 16.2 17.0
Trade balance -4.0 -3.1 -2.7 -2.5 -2.7 -3.0 -3.4 -3.8 -4.0
Other goods, services and income 0.1 -0.5 0.2 0.4 1.0 1.2 1.2 1.2 1.1
Non factor services 0.9 0.5 1.0 1.3 1.7 1.9 1.9 1.8 1.8
Investment income -0.8 -1.1 -0.8 -1.0 -0.8 -0.7 -0.7 -0.7 -0.7
Unrequited income 2.8 2.9 2.6 3.0 3.2 3.1 3.1 3.1 3.0
Private transfers 2.7 2.8 2.5 2.9 3.1 3.0 3.1 3.0 3.0
Official transfers 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Net invisibles 2.9 2.4 2.8 3.3 4.2 4.3 4.3 4.3 4.2
Current account balance & official transfer -1.1 -0.8 0.2 0.8 1.4 1.3 0.9 0.5 0.2
Total capital inflows, net 2.4 2.1 2.3 2.5 3.7 1.5 1.9 1.6 1.7
External assistance,net 0.2 0.1 0.2 -0.5 -0.4 0.3 0.1 0.1 0.1
External commercial borrowings,net 0.1 0.8 -0.3 -0.5 -0.3 0.1 0.1 -0.1 -0.1
Direct foreign investment 0.5 0.7 1.0 0.7 0.5 0.5 0.5 0.5 0.6
Portfolio investment 0.7 0.6 0.4 0.2 1.9 0.1 0.3 0.4 0.4
IMF, net -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NRI deposits,net 0.3 0.5 0.6 0.6 0.6 -0.1 0.1 0.1 0.2
Other capital,net 0.7 -0.6 0.4 2.0 1.5 0.7 0.7 0.6 0.6
Change in reserves [increase (-)] -1.4 -1.3 -2.5 -3.3 -5.1 -2.9 -2.8 -2.1 -1.9
Foreign exchange reserves at end year 8.5 9.2 11.3 13.9 16.7 17.7 19.0 19.5 19.7
Total foreign investment 1.2 1.3 1.4 0.9 2.4 0.7 0.9 0.9 1.0
INDIA- Macro-economic Trends: 1999-2007 [Update: 10 November 2004]
I T E MS 1999 2000 2001 2002 2003 2004 2005 2006 2007
Acual Actual Actual Actual Estimate Projected Projected Projected Projected
Memo Items:
As per cent of GDP at current mp:
Expenditure on GDP;Current mp;Rs.Bn 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
total consumption 78.4 77.7 77.8 77.0 75.5 75.5 75.5 75.5 75.5
private consumption 65.5 65.0 65.3 64.5 63.0 63.0 63.0 63.0 63.0
government consumption 13.0 12.6 12.5 12.5 12.5 12.5 12.5 12.5 12.5
total investment 25.3 24.4 23.1 23.3 23.3 23.6 23.7 25.1 26.5
gross fixed cap. formation 21.8 22.0 21.9 22.5 22.9 22.9 24.2 25.6 27.0
increase in stocks 1.9 0.6 0.4 0.3 0.7 0.8 0.8 0.9 0.8
exports of goods and services 11.8 13.9 13.5 15.2 14.4 15.3 16.1 16.7 17.2
less: imports of goods and services 13.7 14.6 14.1 15.6 13.0 13.9 15.2 16.2 17.0
statistical discrepancy -1.8 -1.3 -0.3 0.1 -0.5 -0.5 -1.5 -2.5 -3.5

MONEY AND BANKING (As % of GDP at current mp):


Narrow money supply (M1) 17.6 18.2 18.5 19.2 20.5 21.4 22.5 23.6 24.6
Currency in circulation 9.8 10.0 10.6 11.0 11.2 11.4 11.7 12.0 12.2
Demand deposits 7.7 8.0 7.9 8.0 9.1 9.8 10.6 11.4 12.2
Other deposits with RBI 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Time deposits with banks 40.4 44.7 47.1 50.4 50.7 50.6 51.5 52.1 52.6
Broad money supply (M3) 58.0 62.8 65.7 69.6 71.2 72.1 73.9 75.7 77.3
Foreign assets (net) 10.6 12.0 13.6 15.9 18.7 21.5 25.2 29.4 34.1
Domestic credit 53.1 57.0 59.1 63.8 62.7 63.2 66.0 68.9 71.8
Claims on govt. sector 22.8 24.5 25.8 27.4 26.5 24.8 24.6 24.3 23.9
Claims on private sector 30.3 32.5 33.3 36.4 36.2 38.4 41.4 44.6 47.9
Govt's currency liabilities to the public 0.2 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2
less, banking sector's non-monetary liabl. 5.9 6.4 7.4 10.5 10.5 12.9 17.5 22.8 28.8
Broad money supply (M3) 58.0 62.8 65.7 69.6 71.2 72.1 73.9 75.7 77.3

CENTRAL GOVT. FINANCE (As % of GDP at current mp):


current revenue 9.4 9.2 8.8 9.4 9.4 9.7 9.9 10.0 10.1
taxes 6.6 6.5 5.9 6.5 6.7 7.3 7.6 7.8 8.1
non-taxes including external grants 2.7 2.7 3.0 2.9 2.7 2.4 2.3 2.2 2.0
current expenditure 12.9 13.3 13.2 13.8 12.9 12.1 12.0 11.6 11.2
current surplus(+)/deficit(-) -3.5 -4.1 -4.4 -4.4 -3.6 -2.4 -2.1 -1.6 -1.1
capital receipts 6.0 6.4 7.1 7.4 7.5 5.3 5.0 4.8 4.6
recovery of loans 0.5 0.6 0.7 1.4 2.3 0.9 0.8 0.9 0.9
disinvestment of govt.equity in PSUs 0.1 0.1 0.2 0.1 0.5 0.1 0.1 0.1 0.1
govt. borrowings & other liabilities 5.4 5.7 6.2 5.9 4.7 4.3 4.0 3.8 3.6
capital expenditure 2.5 2.3 2.7 3.0 4.0 2.9 2.8 3.2 3.5
capital a/c surplus(+)/deficit(-) 3.4 4.1 4.5 4.4 3.6 2.4 2.1 1.6 1.1
Total expenditure 15.4 15.6 15.9 16.8 16.9 15.0 14.9 14.8 14.7
Budget deficit (-)/ Surplus (+) 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Gross Fiscal Deficit(-)/Surplus(+) -5.4 -5.7 -6.2 -5.9 -4.7 -4.3 -4.0 -3.8 -3.6
INDIA- Macro-economic Trends: 1999-2007 [Update: 10 November 2004]
I T E MS 1995 1998 1999 2000 2001 2002 2003 2004
Acual Actual Actual Actual Actual Actual RE BE
Finance of Centre & States (Rs.Bln)
Total expenditure 2931 4654 5428 5865 6534 7261 8853 8988
Expenditure on social sector 781 1282 1471 1618 1767 2059 2450 2580
Education 346 588 623 657 687 748 860 915
Health 143 267 256 279 298 342 380 425
Others 292 427 593 681 782 970 1210 1240
As percentage of GDP:
Total expenditure 24.7 26.7 28.0 28.1 28.6 29.4 31.5 28.2
Expenditure on social sector 6.6 7.4 7.6 7.7 7.7 8.3 8.7 8.1
Education 2.9 3.4 3.2 3.1 3.0 3.0 3.1 2.9
Health 1.2 1.5 1.3 1.3 1.3 1.4 1.4 1.3
Others 2.5 2.5 3.1 3.3 3.4 3.9 4.3 3.9
As % of total expenditure:
Expenditure on social sector 26.6 27.6 27.1 27.6 27.1 28.4 27.7 28.7
Education 11.8 12.6 11.5 11.2 10.5 10.3 9.7 10.2
Health 4.9 5.7 4.7 4.8 4.6 4.7 4.3 4.7
Others 9.9 9.2 10.9 11.6 12.0 13.4 13.7 13.8
As % of expend. on social sector
Education 44 46 42 41 39 36 35 35
Health 18 21 17 17 17 17 16 16
Others 37 33 40 42 44 47 49 48
Memo item:
GDP at current mp (Rupees billion) 11880 17410 19368 20895 22821 24696 28124 31825
Domestic Debt of the centre and state combined at end March:A319
Item 2000 2001 2002 2003 2004 2005 2006 2007 2008

Domestic debt combined (Rs.billion) 13827 16007 18815 21857 24828 28420
Centre 9626 11026 12949 14996 16771 19311
State 4201 4981 5867 6861 8057 9109
External debt combined (Rs.billion) 2044 2052 2130 2019 1834 1735
Centre 2044 2052 2130 2019 1834 1735
State 0 0 0 0 0 0
Total govt. debt combined (Rs.billion) 15871 18059 20946 23876 26662 30155
Centre 11670 13078 15079 17015 18605 21046
State 4201 4981 5867 6861 8057 9109
Domestic debt as % of GDP (combined) 71.4 76.6 82.4 88.5 88.3 89.3
Centre 49.7 52.8 56.7 60.7 59.6 60.7
State 21.7 23.8 25.7 27.8 28.6 28.6
External debt as % of GDP (combined) 10.6 9.8 9.3 8.2 6.5 5.5
Centre 10.6 9.8 9.3 8.2 6.5 5.5
State 0.0 0.0 0.0 0.0 0.0 0.0
Total govt.debt as % of GDP (comb) 81.9 86.4 91.8 96.7 94.8 94.8
Centre 60.3 62.6 66.1 68.9 66.2 66.1
State 21.7 23.8 25.7 27.8 28.6 28.6
Interest payments combined (Rs.billion) 1105 1247 1424 1584 1800 1917
Centre 902 993 1075 1178 1246 1295
State 202 254 349 406 554 622
Revenue receipts combined (Rs.billion) 3437 3788 4002 4505 5292 6054
Centre 1815 1926 2014 2317 2630 3093
State 1623 1862 1987 2187 2662 2961
Interest payment as % GDP 5.7 6.0 6.2 6.4 6.4 6.0
Centre 4.7 4.8 4.7 4.8 4.4 4.1
State 1.0 1.2 1.5 1.6 2.0 2.0
Interest payment as % revenue 32.1 32.9 35.6 35.2 34.0 31.7
Centre 49.7 51.6 53.3 50.8 47.4 41.9
State 12.5 13.6 17.6 18.6 20.8 21.0