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Annual Report


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Date : Aug 25, 2020
Inflation, Money and Credit
(Per cent)
Inflation
Consumer Price Index (All India)# Rural Urban Combined
2017-18 2018-19 2019-20 2017-18 2018-19 2019-20 2017-18 2018-19 2019-20
1 2 3 4 5 6 7 8 9 10
General Index (All Groups) 3.6 3.0 4.3 3.6 3.9 5.4 3.6 3.4 4.8
Food and beverages 2.4 0.7 4.8 1.8 0.7 8.1 2.2 0.7 6.0
Housing 6.5 6.7 4.5 6.5 6.7 4.5
Fuel and light 6.5 6.0 1.1 5.6 5.2 1.7 6.2 5.7 1.3
Miscellaneous 4.3 6.3 5.1 3.1 5.4 3.7 3.8 5.8 4.4
Excluding Food and Fuel 4.7 5.7 4.1 4.6 5.9 4.0 4.6 5.8 4.0
Other Price Indices 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
1. Wholesale Price Index (2011-12=100)*                  
All Commodities 8.9 7.4 5.2 1.3 -3.7 1.7 2.9 4.3 1.7
Primary Articles 9.8 9.8 9.8 2.2 -0.4 3.4 1.4 2.7 6.8
of which : Food Articles 7.3 9.9 12.3 5.6 2.6 4.0 2.1 0.3 8.4
Fuel and Power 14.0 10.3 7.1 -6.1 -19.7 -0.3 8.2 11.5 -1.8
Manufactured Products 7.3 5.4 3.0 2.6 -1.8 1.3 2.7 3.7 0.3
Non-Food Manufactured Products 7.3 4.9 2.7 2.7 -1.8 -0.1 3.0 4.2 -0.4
2. CPI- Industrial Workers (IW) (2001=100) 8.4 10.4 9.7 6.3 5.6 4.1 3.1 5.4 7.5
of which : CPI- IW Food 6.3 11.9 12.3 6.5 6.1 4.4 1.5 0.6 7.4
3. CPI- Agricultural Labourers (1986-87=100) 8.2 10.0 11.6 6.6 4.4 4.2 2.2 2.1 8.0
4. CPI- Rural Labourers (1986-87=100) 8.3 10.2 11.5 6.9 4.6 4.2 2.3 2.2 7.7
Money and Credit
  2011-12 2012-13 2013-14 2014-15 2015-16 2016-17^ 2017-18 2018-19 2019-20
Reserve Money (RM) 3.6 6.2 14.4 11.3 13.1 -12.9 27.3 14.5 9.4
Currency in Circulation 12.4 11.6 9.2 11.3 14.9 -19.7 37.0 16.8 14.5
Bankers’ Deposits with RBI -15.9 -10.0 34.0 8.3 7.8 8.4 3.9 6.4 -9.6
Currency-GDP Ratio$ 12.2 12.0 11.6 11.6 12.1 8.7 10.7 11.3 12.0
Narrow Money (M1) 6.0 9.2 8.5 11.3 13.5 -3.9 21.8 13.6 11.2
Broad Money (M3) 13.5 13.6 13.4 10.9 10.1 6.9 9.2 10.5 8.9
Currency-Deposit Ratio 16.1 15.7 15.1 15.2 16.0 11.0 14.4 15.4 16.3
Money Multiplier (Ratio)## 5.2 5.5 5.5 5.5 5.3 6.7 5.8 5.6 5.5
GDP-M3 Ratio$## 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2
Scheduled Commercial Banks                  
Aggregate Deposits 13.5 14.2 14.1 10.7 9.3 11.3 6.2 10.0 7.9
Bank Credit 17.0 14.1 13.9 9.0 10.9 4.5 10.0 13.3 6.1
Non-food Credit 16.8 14.0 14.2 9.3 10.9 5.2 10.2 13.4 6.1
Credit-Deposit Ratio 78.0 77.9 77.8 76.6 77.7 72.9 75.5 77.7 76.4
Credit-GDP Ratio$ 52.8 52.9 53.4 52.4 52.6 50.9 50.4 51.5 51.0
# : 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 the period 2011-12 to 2012-13 and 2011-12=100 for the period 2013-14 to 2019-20.
## : Not expressed in per cent.
^ : March 31, 2017 over April 1, 2016 barring RM and its components.
$ : 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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