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Annual Report


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Date : May 27, 2021
Inflation, Money and Credit
(Per cent)
Inflation
Consumer Price Index (All India)# Rural Urban Combined
2018-19 2019-20 2020-21 2018-19 2019-20 2020-21 2018-19 2019-20 2020-21
1 2 3 4 5 6 7 8 9 10
General Index (All Groups) 3.0 4.3 5.9 3.9 5.4 6.5 3.4 4.8 6.2
Food and beverages 0.7 4.8 7.1 0.7 8.1 7.7 0.7 6.0 7.3
Housing 6.7 4.5 3.3 6.7 4.5 3.3
Fuel and light 6.0 1.1 0.3 5.2 1.7 7.1 5.7 1.3 2.7
Miscellaneous 6.3 5.1 5.7 5.4 3.7 7.5 5.8 4.4 6.6
Excluding Food and Fuel 5.7 4.1 5.5 5.9 4.0 5.6 5.8 4.0 5.5
Other Price Indices 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
1. Wholesale Price Index (2011-12=100)*                  
All Commodities 7.4 5.2 1.3 -3.7 1.7 2.9 4.3 1.7 1.3
Primary Articles 9.8 9.8 2.2 -0.4 3.4 1.4 2.7 6.8 1.6
of which: Food Articles 9.9 12.3 5.6 2.6 4.0 2.1 0.3 8.4 3.1
Fuel and Power 10.3 7.1 -6.1 -19.7 -0.3 8.2 11.5 -1.8 - 8.0
Manufactured Products 5.4 3.0 2.6 -1.8 1.3 2.7 3.7 0.3 2.7
Non-Food Manufactured Products 4.9 2.7 2.7 -1.8 -0.1 3.0 4.2 -0.4 2.2
2. CPI- Industrial Workers (IW) (2001=100)** 10.4 9.7 6.3 5.6 4.1 3.1 5.4 7.5 5.0
of which: CPI- IW Food 11.9 12.3 6.5 6.1 4.4 1.5 0.6 7.4 5.8
3. CPI- Agricultural Labourers (1986-87=100) 10.0 11.6 6.6 4.4 4.2 2.2 2.1 8.0 5.5
4. CPI- Rural Labourers (1986-87=100) 10.2 11.5 6.9 4.6 4.2 2.3 2.2 7.7 5.5
Money and Credit
  2012-13 2013-14 2014-15 2015-16 2016-17^ 2017-18 2018-19 2019-20 2020-21^^
Reserve Money (RM) 6.2 14.4 11.3 13.1 -12.9 27.3 14.5 9.4 14.2
Currency in Circulation 11.6 9.2 11.3 14.9 -19.7 37.0 16.8 14.5 17.2
Bankers’ Deposits with RBI -10.0 34.0 8.3 7.8 8.4 3.9 6.4 -9.6 0.8
Currency-GDP Ratio$ 12.0 11.6 11.6 12.1 8.7 10.7 11.3 12.0 14.7
Narrow Money (M1) 9.2 8.5 11.3 13.5 -3.9 21.8 13.6 11.2 16.3
Broad Money (M3) 13.6 13.4 10.9 10.1 6.9 9.2 10.5 8.9 11.8
Currency-Deposit Ratio 15.7 15.1 15.2 16.0 11.0 14.4 15.4 16.3 17.3
Money Multiplier (Ratio)## 5.5 5.5 5.5 5.3 6.7 5.8 5.6 5.5 5.4
GDP-M3 Ratio$## 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.0
Scheduled Commercial Banks                  
Aggregate Deposits 14.2 14.1 10.7 9.3 11.3 6.2 10.0 7.9 11.4
Bank Credit 14.1 13.9 9.0 10.9 4.5 10.0 13.3 6.1 5.6
Non-food Credit 14.0 14.2 9.3 10.9 5.2 10.2 13.4 6.1 5.5
Credit-Deposit Ratio 77.9 77.8 76.6 77.7 72.9 75.5 77.7 76.4 72.7
Credit-GDP Ratio$ 52.9 53.4 52.4 52.6 50.9 50.4 51.5 51.0 56.4
# : Base for Consumer Price Index (All India) is 2012=100.
… : CPI Rural for Housing is not compiled.
* : Base for WPI is 2004-05=100 for 2012-13 and 2011-12=100 for the period 2013-14 to 2020-21.
** : Base for CPI-IW is 2001=100 till August 2020 and 2016=100 from September 2020 onwards.
## : Not expressed in per cent.
^ : March 31, 2017 over April 1, 2016 barring RM and its components.
^^ : Data pertain to March 26, 2021.
$ : GDP data from 2011-12 onwards are based on new series i.e., base: 2011-12. GDP refers to GDP at Current Market Prices.
Note: Data refer to y-o-y change in per cent unless specified otherwise.
Source: RBI, NSO, Labour Bureau and Ministry of Commerce and Industry.

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