| Item | Average 2003-04 to 2007-08 (5 years) | Average 2009-10 to 2013-14 (5 years) | Average 2014-15 to 2018-19 (5 years) | 2020-21 | 2021-22 | 2022-23 |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| I. Real Economy | | | | | | |
| I.1 Real GDP at Market Prices (% change)* | 7.9 | 6.7 | 7.4 | -5.8 | 9.1 | 7.0 |
| I.2 Real GVA at Basic Prices (% change)* | 7.7 | 6.3 | 7.0 | -4.2 | 8.8 | 6.6 |
| I.3 Foodgrains Production (Million Tonne)** | 213.6 | 248.8 | 269.8 | 310.7 | 315.6 | 330.5 |
| I.4 a) Food Stocks (Million Tonne)& | 18.6 | 50.1 | 44.6 | 77.9 | 74.4 | 51.7 |
| b) Procurement (Million Tonne) | 39.3 | 61.3 | 66.5 | 99.1 | 107.2 | 77.2 |
| c) Off-take (Million Tonne)&& | 41.5 | 57.0 | 61.5 | 93.1 | 102.3 | 63.5 |
| I.5 Index of Industrial Production (% change)# | 11.2 | 4.6 | 4.0 | -8.4 | 11.4 | 5.1 |
| I.6 Index of Eight Core Industries (% change)# | 5.9 | 4.9 | 4.3 | -6.4 | 10.4 | 7.6 |
| I.7 Gross Domestic Saving Rate (% of GNDI at Current Prices)* | 33.6 | 33.9 | 31.2 | 28.4 | 30.0 | - |
| I.8 Gross Domestic Investment Rate (% of GDP at Current Prices)* | 35.2 | 38.0 | 33.1 | 27.9 | 31.4 | - |
| II. Prices | | | | | | |
| II.1 Consumer Price Index (CPI) Combined (average % change) | - | - | 4.5 | 6.2 | 5.5 | 6.7 |
| II.2 CPI-Industrial Workers (average % change) | 5.0 | 10.3 | 4.9 | 5.0 | 5.1 | 6.1 |
| II.3 Wholesale Price Index (average % change) | 5.5 | 7.1 | 1.3 | 1.3 | 13.0 | 9.4 |
| III. Money and Credit## | | | | | | |
| III.1 Reserve Money (% change) | 20.4 | 12.1 | 10.7 | 18.8 | 13.0 | 10.0 |
| III.2 Broad Money (M3) (% change) | 18.6 | 14.7 | 9.5 | 12.2 | 8.8 | 9.0 |
| III.3 a) Aggregate Deposits of Scheduled Commercial Banks (% change) | 20.2 | 15.0 | 9.5 | 11.4 | 8.9 | 9.6 |
| b) Bank Credit of Scheduled Commercial Banks (% change) | 26.7 | 16.7 | 9.6 | 5.6 | 9.6 | 15.0 |
| IV. Financial Markets | | | | | | |
| IV.1 Interest rates (%) | | | | | | |
| a) Call/Notice Money rate | 5.6 | 7.2 | 6.7 | 3.4 | 3.3 | 5.4 |
| b) 10-year G-sec yield | 7.0 | 8.0 | 7.6 | 6.0 | 6.3 | 7.3 |
| c) 91-Days T-bill yield | 5.8 | 7.1 | 7.0 | 3.3 | 3.5 | 5.6 |
| d) Weighted Average cost of Central Government Borrowings | 7.2 | 8.1 | 7.7 | 5.8 | 6.3 | 7.3 |
| e) Commercial Paper | 7.7 | 8.4 | 7.8 | 4.2 | 4.3 | 6.3 |
| f) Certificate of Deposits | 8.9 | 8.2 | 7.5 | 4.3 | 4.1 | 6.4 |
| IV.2 Liquidity (₹ lakh crore) | | | | | | |
| a) LAF Outstanding~ | - | - | - | 4.1 | 5.9 | 1.3 |
| b) MSS Outstanding~~ | - | - | - | - | - | - |
| c) Average Daily Call Money Market Turnover | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 |
| d) Average Daily G-sec Market Turnover | 0.1 | 0.2 | 0.6 | 0.4 | 0.4 | 0.4 |
| e) Variable Rate Repo~ | - | - | - | 0.005 | 0.0 | 0.0 |
| f) Variable Rate Reverse Repo~ | - | - | - | 0.0 | 2.8 | 0.0 |
| g) MSF~ | - | - | - | 0.001 | 0.0005 | 0.3 |
| V. Government Finances | | | | | | |
| V.1 Central Government Finances (% of GDP)$ | | | | | | |
| a) Revenue Receipts | 10.0 | 9.2 | 8.6 | 8.2 | 9.2 | 8.6 |
| b) Capital Outlay | 1.6 | 1.6 | 1.5 | 1.6 | 2.3 | 2.3 |
| c) Total Expenditure | 14.9 | 15.0 | 12.8 | 17.7 | 16.2 | 15.4 |
| d) Gross Fiscal Deficit | 3.7 | 5.4 | 3.7 | 9.2 | 6.8 | 6.5 |
| V.2 State Government Finances$$ | | | | | | |
| a) Revenue Deficit (% of GDP) | 0.3 | -0.1 | 0.1 | 1.9 | 0.4 | 0.6 |
| b) Gross Fiscal Deficit (% of GDP) | 2.7 | 2.3 | 2.8 | 4.1 | 2.7 | 3.5 |
| c) Primary Deficit (% of GDP) | 0.3 | 0.6 | 1.2 | 2.1 | 0.5 | 1.4 |
| APPENDIX TABLE 1: MACROECONOMIC AND FINANCIAL INDICATORS (Concld.) |
| Item | Average 2003-04 to 2007-08 (5 years) | Average 2009-10 to 2013-14 (5 years) | Average 2014-15 to 2018-19 (5 years) | 2020-21 | 2021-22 | 2022-23 |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| VI. External Sector@ | | | | | | |
| VI.1 Balance of Payments | | | | | | |
| a) Merchandise Exports (% change) | 25.3 | 12.2 | 1.6 | -7.5 | 44.8 | 9.4 |
| b) Merchandise Imports (% change) | 32.3 | 9.7 | 2.7 | -16.6 | 55.3 | 24.3 |
| c) Trade Balance/GDP (%) | -5.5 | -9.1 | -6.2 | -3.8 | -6.0 | -8.5 |
| d) Invisible Balance/GDP (%) | 5.2 | 5.8 | 4.8 | 4.7 | 4.8 | 5.8 |
| e) Current Account Balance/GDP (%) | -0.3 | -3.3 | -1.4 | 0.9 | -1.2 | -2.7 |
| f) Net Capital Flows/GDP (%) | 4.7 | 3.8 | 2.7 | 2.4 | 2.7 | 2.1 |
| g) Reserve Changes [(BoP basis) (US $ billion)] [(Increase (-)/Decrease (+)] | -40.3 | -6.6 | -28.2 | -87.3 | -47.5 | 14.7 |
| VI.2 External Debt Indicators@@ | | | | | | |
| a) External Debt Stock (US$ billion) | 156.5 | 359.0 | 500.6 | 573.7 | 619.1 | 613.1 |
| b) Debt-GDP Ratio (%) | 17.8 | 20.9 | 21.4 | 21.2 | 20.0 | 19.1 |
| c) Import Cover of Reserves (in Months) | 14.0 | 8.5 | 10.3 | 17.4 | 11.8 | 9.3 |
| d) Short-term Debt to Total Debt (%) | 13.6 | 21.3 | 18.6 | 17.6 | 19.7 | 21.1 |
| e) Debt Service Ratio (%) | 8.3 | 5.6 | 7.7 | 8.2 | 5.2 | 5.3 |
| f) Reserves to Debt (%) | 113.7 | 84.8 | 76.2 | 100.6 | 98.1 | 91.8 |
| VI.3 Openness Indicators (%) | | | | | | |
| a) Export plus Imports of Goods/GDP | 30.7 | 41.0 | 32.0 | 26.0 | 33.3 | 35.6 |
| b) Export plus Imports of Goods & Services/GDP | 41.3 | 53.2 | 43.7 | 38.1 | 46.0 | 50.5 |
| c) Current Receipts plus Current Payments/GDP | 47.1 | 59.4 | 49.4 | 44.3 | 51.9 | 57.0 |
| d) Gross Capital Inflows plus Outflows/GDP | 37.3 | 50.4 | 45.2 | 42.5 | 45.6 | 39.2 |
| e) Current Receipts & Payments plus Capital Receipts & Payments/ GDP | 84.4 | 109.8 | 94.6 | 86.7 | 97.6 | 96.2 |
| VI.4 Exchange Rate Indicators | | | | | | |
| a) Exchange Rate (Rupee/US Dollar) | | | | | | |
| End of Period | 43.1 | 51.1 | 65.6 | 73.5 | 75.8 | 82.2 |
| Average | 44.1 | 51.2 | 65.6 | 74.2 | 74.5 | 80.4 |
| b) 40-Currency REER (% change) | 3.1^ | 0.8 | 1.8 | 0.3 | 1.1 | -1.8 |
| c) 40-Currency NEER (% change) | 1.7^ | -4.9 | 0.2 | -4.2 | -0.8 | -2.0 |
| d) 6-Currency REER (% change) | 5.7^ | 2.3 | 2.0 | -1.7 | 0.4 | -0.2 |
| e) 6-Currency NEER (% change) | 2.6^ | -5.1 | -1.1 | -6.8 | -1.6 | -1.2 |
- : Not Available/Not Applicable.
* : Data are at 2011-12 base year series.
** : Data for 2022-23 are third advance estimates for agriculture production.
& : Data for 2022-23 are as on March 31, 2023, unless indicated otherwise.
&& : Data for 2022-23 pertain to end-December 2022 and excludes the data for June 2022.
# : Data for 2022-23 pertain to April 2022 - March 2023, unless indicated otherwise.
## : Data for 2022-23 are as on March 24, 2023.
~ : Outstanding as on March 31.
~~ : Outstanding as on last Friday of the financial year.
$ : Data for 2022-23 are revised estimates. Ratios may vary from those published in the Union Budget due to revision in GDP numbers.
$$ : Data till 2020-21 pertains to all states and union territories (UT) with legislatures. Data for 2021-22 and 2022-23 are accounts and revised estimates, respectively, for 26 states/UTs.
@ : Data for 2022-23 pertain to April-December 2022, unless indicated otherwise.
@@ : Data for 2022-23 pertain to end-December 2022.
^ : Data in column 2 is average of period 2005-06 to 2007-08.
Note : 1. Data for 2022-23 are provisional.
2. For Index of Industrial Production and Eight Core Industries, data in columns 2, 3 and 4 are at 2011-12 base year.
3. Base year for WPI is 2011-12=100 for annual data and 2004-05=100 for average of 5 years inflation. Base for CPI-IW is 2001=100 till August 2020 and 2016=100 from September 2020 onwards.
4. For Average Daily G-sec Market Turnover, outright trading turnover is in central government dated securities (based on calendar days).
5. LAF negative value means injection.
6. Base year for 6- and 40-currency NEER/REER indices is 2015-16=100. REER figures are based on Consumer Price Index.
Source: RBI, National Statistical Office, Ministry of Agriculture & Farmers Welfare, Ministry of Commerce and Industry, Food Corporation of India (FCI), Labour Bureau and Budget documents of the central and state governments. |