| 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) | 2022-23 | 2023-24 | 2024-25 |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| I. Real Economy | | | | | | |
| I.1 Real GDP at Market Prices (% change)* | 7.9 | 6.7 | 7.4 | 7.6 | 9.2 | 6.5 |
| I.2 Real GVA at Basic Prices (% change)* | 7.7 | 6.3 | 7.0 | 7.2 | 8.6 | 6.4 |
| I.3 Foodgrains Production (Million Tonnes)** | 213.6 | 248.8 | 269.8 | 329.7 | 332.3 | 330.9 |
| I.4 a) Food Stocks (Million Tonnes)*** | 18.6 | 50.1 | 44.6 | 51.7 | 60.7 | 74.9 |
| b) Procurement (Million Tonnes) | 39.3 | 61.3 | 66.5 | 73.1 | 78.7 | 77.9 |
| c) Off-take (Million Tonnes) | 41.5 | 57.0 | 61.5 | 93.1 | 67.7 | 64.9 |
| I.5 Index of Industrial Production (% change) | 11.2 | 4.6 | 4.0 | 5.2 | 5.9 | 4.0 |
| I.6 Index of Eight Core Industries (% change) | 5.9 | 4.9 | 4.3 | 7.8 | 7.6 | 4.5 |
| I.7 Gross Domestic Saving Rate (% of GNDI at Current Prices)* | 33.6 | 33.9 | 31.2 | 30.2 | 30.3 | - |
| I.8 Gross Domestic Investment Rate (% of GDP at Current Prices)* | 35.2 | 38.0 | 33.1 | 32.6 | 31.4 | - |
| II. Prices | | | | | | |
| II.1 Consumer Price Index (CPI) Combined (average % change) | - | - | 4.5 | 6.7 | 5.4 | 4.6 |
| II.2 CPI-Industrial Workers (IW) [average % change] | 5.0 | 10.3 | 4.9 | 6.1 | 5.2 | 3.4 |
| II.3 Wholesale Price Index (WPI) [average % change]# | 5.5 | 7.1 | 1.3 | 9.4 | -0.7 | 2.3 |
| III. Money and Credit## | | | | | | |
| III.1 Reserve Money (% change) | 20.4 | 12.1 | 10.7 | 7.8 | 5.6 | 3.3 |
| III.2 Broad Money (M3) [% change] | 18.6 | 14.7 | 9.5 | 9.0 | 11.1 | 9.6 |
| III.3 a) Aggregate Deposits of Scheduled Commercial Banks (% change) | 20.2 | 15.0 | 9.5 | 9.6 | 12.9 | 10.6 |
| b) Bank Credit of Scheduled Commercial Banks (% change) | 26.7 | 16.7 | 9.6 | 15.0 | 16.3 | 12.1 |
| IV. Financial Markets | | | | | | |
| IV.1 Interest rates (%) | | | | | | |
| a) Call/Notice Money rate | 5.6 | 7.2 | 6.7 | 5.4 | 6.6 | 6.5 |
| b) 10-year G-sec yield | 7.0 | 8.0 | 7.6 | 7.3 | 7.2 | 6.9 |
| c) 91-Days T-bill yield | 5.8 | 7.1 | 7.0 | 5.6 | 6.8 | 6.6 |
| d) Weighted Average cost of Central Government Borrowings | 7.2 | 8.1 | 7.7 | 7.3 | 7.2 | 7.0 |
| e) Commercial Paper | 7.7 | 8.4 | 7.8 | 6.3 | 7.4 | 7.4 |
| f) Certificates of Deposit | 8.9† | 8.2 | 7.5 | 6.4 | 7.2 | 7.2 |
| IV.2 Liquidity (₹ lakh crore) | | | | | | |
| a) LAF Outstanding~ | - | - | - | 1.3 | 0.6 | 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 | 0.4 | 0.8 | 0.7 | 0.9 | 1.1 |
| e) Variable Rate Repo~ | - | - | - | 0.0 | 1.0 | 2.7 |
| f) Variable Rate Reverse Repo~ | - | - | - | 0.0 | 0.0 | 0.0 |
| g) MSF~ | - | - | - | 0.3 | 0.9 | 0.1 |
| h) SDF~ | - | - | - | 2.3 | 2.5 | 4.1 |
| V. Government Finances | | | | | | |
| V.1 Central Government Finances (% of GDP)$ | | | | | | |
| a) Revenue Receipts | 10.0 | 9.2 | 8.6 | 8.9 | 9.1 | 9.3 |
| b) Capital Outlay | 1.6 | 1.6 | 1.5 | 2.3 | 2.6 | 2.6 |
| c) Total Expenditure | 14.9 | 15.0 | 12.8 | 15.6 | 14.8 | 14.2 |
| d) Gross Fiscal Deficit | 3.7 | 5.4 | 3.7 | 6.5 | 5.5 | 4.7 |
| V.2 State Government Finances$$ | | | | | | |
| a) Revenue Deficit (% of GDP) | 0.3 | -0.1 | 0.1 | 0.2 | 0.3 | 0.6 |
| b) Gross Fiscal Deficit (% of GDP) | 2.7 | 2.3 | 2.8 | 2.7 | 3.0 | 3.6 |
| c) Primary Deficit (% of GDP) | 0.3 | 0.6 | 1.2 | 1.0 | 1.3 | 1.8 |
| 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) | 2022-23 | 2023-24 | 2024-25 |
| 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 | 6.3 | -3.2 | 1.8 |
| b) Merchandise Imports (% change) | 32.3 | 9.7 | 2.7 | 16.6 | -4.9 | 7.8 |
| c) Trade Balance/GDP (%) | -5.5 | -9.1 | -6.2 | -7.9 | -6.7 | -7.9 |
| d) Invisible Balance/GDP (%) | 5.2 | 5.8 | 4.8 | 5.9 | 6.0 | 6.6 |
| e) Current Account Balance/GDP (%) | -0.3 | -3.3 | -1.4 | -2.0 | -0.7 | -1.3 |
| f) Net Capital Flows/GDP (%) | 4.7 | 3.8 | 2.7 | 1.8 | 2.5 | 0.8 |
| g) Reserve Changes (BoP basis) [US $ billion] [Increase (-)/Decrease (+)] | -40.3 | -6.6 | -28.2 | 9.1 | -63.7 | 13.8 |
| VI.2 External Debt Indicators@@ | | | | | | |
| a) External Debt Stock (US$ billion) | 156.5 | 359.0 | 500.6 | 623.9 | 668.8 | 717.9 |
| b) Debt-GDP Ratio (%) | 17.8 | 20.9 | 21.4 | 19.1 | 18.5 | 19.1 |
| c) Import Cover of Reserves (in Months) | 14.0 | 8.5 | 10.3 | 9.6 | 11.3 | 10.5 |
| d) Short-term Debt to Total Debt (%) | 13.6 | 21.3 | 18.6 | 20.6 | 19.1 | 19.4 |
| e) Debt Service Ratio (%) | 8.3 | 5.6 | 7.7 | 5.3 | 6.7 | 6.6 |
| f) Reserves to Debt (%) | 113.7 | 84.8 | 76.2 | 92.7 | 96.7 | 88.6 |
| VI.3 Openness Indicators (%)@ | | | | | | |
| a) Export plus Imports of Goods/GDP | 30.7 | 41.0 | 32.0 | 35.2 | 31.0 | 30.4 |
| b) Export plus Imports of Goods & Services/GDP | 41.3 | 53.2 | 43.7 | 50.4 | 45.3 | 45.5 |
| c) Current Receipts plus Current Payments/GDP | 47.1 | 59.4 | 49.4 | 57.1 | 52.5 | 53.5 |
| d) Gross Capital Inflows plus Outflows/GDP | 37.3 | 50.4 | 45.2 | 38.4 | 44.4 | 58.9 |
| e) Current Receipts & Payments plus Capital Receipts & Payments/GDP | 84.4 | 109.8 | 94.6 | 95.5 | 96.9 | 112.3 |
| VI.4 Exchange Rate Indicators | | | | | | |
| a) Exchange Rate (Rupee/US Dollar) | | | | | | |
| End of Period | 43.1 | 51.1 | 65.6 | 82.2 | 83.4 | 85.6 |
| Average | 44.1 | 51.2 | 65.6 | 80.4 | 82.8 | 84.6 |
| b) 40-Currency REER (% change) | 3.1^ | 0.8 | 1.8 | -1.8 | 0.9 | 1.5 |
| c) 40-Currency NEER (% change) | 1.7^ | -4.9 | 0.2 | -2.1 | -0.5 | 0.3 |
| d) 6-Currency REER (% change) | 5.7^ | 2.3 | 2.0 | -0.4 | -0.1 | 1.1 |
| e) 6-Currency NEER (% change) | 2.6^ | -5.1 | -1.1 | -1.3 | -2.7 | -1.5 |
- : Not Available/Not Applicable.
* : Data are at 2011-12 base year series.
** : Data for 2024-25 are for kharif and rabi crops only (excluding summer crops) as per second advance estimates for agriculture production.
*** : Data pertain to stocks of rice and wheat as on March 31 for all years.
# : Data for 2024-25 are provisional.
## : Data for 2024-25 for Reserve Money pertain to March 28, 2025, while that of Money Supply relate to March 21, 2025.
† : Data in column 2 pertains to April 13, 2007 to March 28, 2008.
~ : Outstanding as on March 31.
~~ : Outstanding as on last Friday of the financial year.
$ : Data for 2024-25 are revised estimates. Ratios may vary from those published in the Union Budget due to revision in GDP numbers.
$$ : Data pertains to 28 states and 3 union territories (UTs). Data for 2023-24 and 2024-25 are accounts data and revised estimates, respectively.
@ : Data for 2024-25 are provisional and pertain to April-December 2024.
@@ : Data for 2024-25 are provisional and pertain to end-December 2024.
^ : Data in column 2 is average of period 2005-06 to 2007-08.
Note : 1. For Index of Industrial Production and Index of Eight Core Industries, data in columns 2, 3 and 4 are at 2011-12 base year.
2. Base year for CPI (All India) is 2012=100; 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.
3. For Average Daily G-sec Market Turnover, outright trading turnover is in central government dated securities (based on trading days).
4. LAF positive value means absorption.
5. Base year for 6- and 40-currency NEER/REER indices is 2015-16=100. REER figures are based on CPI.
Source : RBI, National Statistical Office (NSO), 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. |