Economic Survey Volume II Complete PDF

Economic
Survey 2018-19
Volume 2
Government of India
Ministry of Finance
Department of Economic Affairs
Economic Division
North Block
New Delhi-110001
E-mail: cordecdn-dea@nic.in
July, 2019
CONTENTS
Chapter Page Name of the Chapter
No. No.
1 State of the Economy in 2018-19: A Macro View

1 Overview: Global Economic Scenario
4 Overview: Indian Economy
11 Drivers of Growth
17 Supply Side of the Economy
21 Outlook of the Economy
2 Fiscal Developments
35 Central Government Finances
51 State Finances
53 General Government Finances
54 Outlook
3 Monetary Management and Financial Intermediation

64 Monetary Developments during 2018-19
68 Liquidity Conditions and its Management
70 Developments in the G-Sec Market
70 Banking Sector
71 Credit Growth
72 Non-Banking Financial Sector
73 Developments in Capital Market
76 Insurance Sector
77 Insolvency and Bankruptcy Code 2016: Resolving Corporate Stress in a Changed
Paradigm
4 Prices and Inflation

88 Introduction
89 Current Trends in Inflation
92 Drivers of Inflation
95 Rural - Urban Inflation
99 State-Wise Inflation
101 Trends in Global Commodity Prices
102 Efforts to Contain Inflation
103 Conclusion
5 Sustainable Development and Climate Change

104 Introduction
105 Achieving the SDGs
108 Ganga-The Lifeline of India
112 Resource Efficiency
118 Air Pollution
119 Climate Change
124 Developments in the Sustainable Finance Arena
125 International Solar Alliance (ISA)
126 Way Forward
6 External Sector
129 Global Economic Environment
131 India's Balance of Payments Developments
145 Nominal and Real Exchange Rate and Terms of Trade
152 Composition of Trade
154 Trade Policy
155 Trade Facilitation
156 Trade Related Logistics
157 Anti-Dumping and Safeguard Measures
157 Outlook
7 Agriculture and Food Management

172 Introduction
173 Overview of Agriculture and Allied Sectors
174 Gross Capital Formation in Agriculture and Allied Sectors
175 Pattern of Agricultural Landholdings in India
177 Bringing Resource Efficiency in Smallholder Agriculture
183 Role of Extension Services
185 Agricultural Credit
186 Allied Sectors: Animal Husbandry, Dairying and Fisheries
189 Food Security and Food Management in India
8 Industry and Infrastructure

197 Indian Industry: An Overview
198 Index of Industrial Production (IIP)
201 Central Public Sector Enterprises (CPSES)
202 Corporate Sector Performance
202 Gross Capital Formation in Industrial Sector
203 Credit Flow to the Industrial Sector
203 Key Initiatives Taken To Boost Industrial Sector In India
206 Sector Wise Issues and Performance
209 Infrastructure
210 Road Sector
212 Railways
215 Civil Aviation
217 Shipping
218 Telecom Sector
220 Petroleum & Natural Gas
222 Power Sector
223 Housing
224 Smart Cities Mission
226 Infrastructure Financing: Public Private Partnerships (PPPs)
226 Way Forward
9 Services Sector
228 Services Sector Performance in India: An Overview
228 India's Gross Value Added in The Services Sector
231 Trade in Services Sector
235 FDI Into Services Sector
235 Services Sector Gross Value Added Versus Employment
237 Major Services: Sector-Wise Performance and Some Recent Policies
238 Tourism
240 ITBPM Services
242 Media and Entertainment Services
248 Space Services
10 Social Infrastructure, Employment and Human Development

251 Introduction
252 Human Development Index
255 Gender Issues
257 Trends in Social Sector Expenditure
260 Education for All
263 Skill Development
265 Employment Scenario
266 Health for All
273 Rural Development
277 The Way Forward
Acknowledgements
The Economic Survey is a result of teamwork and collaboration. Contributions to the Survey from the Economic
Division include: Sanjeev Sanyal, Sushmita Dasgupta, Arun Kumar Jha, Arun Kumar, Rajiv Mishra, Rajasree
Ray, A Srija, Surbhi Jain, A. Prathibha, S. Arputhaswamy, Nikhila Menon, Ashwini Lal, Abhishek Acharya,
Rajani Ranjan, Sindhumannickal Thankappan, Prerna Joshi, Dharmendra Kumar, Aakanksha Arora, M. Rahul,
Rabi Ranjan, Tulsipriya Rajkumari, Shamim Ara, J.D. Vaishampayan, Arya B.K., Abhishek Anand, Sonal
Ramesh, Sanjana Kadyan, Amit Sheoran, Shreya Bajaj, Subhash Chand, Riyaz Ahmad Khan, Md. Aftab Alam,
Pradyut Kumar Pyne, Narendra Jena, Sribatsa Kumar Parida, Mritunjay Kumar, Rajesh Sharma and Amit Kumar
Kesarwani, Arpitha Bykere, Naveen Bali, Mahima, Ankur Gupta, Lipi Budhraja, Sonum Gayatri Malhotra and
Lavisha Arora.
The Survey has benefitted from the valuable comments and insights of the Hon'ble Finance Minister Smt
Nirmala Sitharaman and the Hon'ble Minister of State for Finance Shri Anurag Singh Thakur.
The Survey benefitted from the comments and inputs from officials spread across various Ministries/
Departments and organisations, specifically Shri Pranab Kumar Mukhopadhyay, DG, DGCI&S, Kolkata; Shri
Ajay Srivastava, Economic Adviser, Department of Commerce; Ms. Shruti Shukla, Joint Director, DGCI&S,
Kolkata; Dr. M. D. Patra, Executive Director, Reserve Bank of India (RBI); Shri Rajan Goyal, Adviser, Reserve
Bank of India (RBI); Prof. K. S. James and Prof. Chander Shekhar, International Institute for Population
Sciences; Prof. Suresh Sharma and Vandana Sharma, Institute of Economic Growth; Mr. Surya Prakash B. S.,
Fellow and Programme Director; Shri Rajiv Jain, Director, RBI; Shri Dhirendra Gajbhiye, Assistant Adviser,
Reserve Bank of India (RBI); Siddharth Mandrekar Rao, Research Associate, Daksh; Ms. Soumasree Tewari,
Research Officer, RBI; Shri Sukhbir Singh, CAAA, Department of Economic Affairs, Ministry of Finance; Shri
Abhay Bakre, Director General, Bureau of Energy Efficiency; Dr. Ashok Kumar , Director, Bureau of Energy
Efficiency; Dr. Surya P Sethi and Shri Sameer Kumar- Joint Secretary, Ministry of Drinking Water and
Sanitation.
Apart from the above, various ministries, departments and organisations of the Government of India made
contributions in their respective sectors. Several ministries directly interacted with the CEA via presentations
to provide their inputs. The Economic Survey is gratified for their valuable time, engagement and contributions.
Able administrative support was given by K. Rajaraman, Rajkumar Tiwari, Jasbir Singh, Suresh Kumar, Anupam
Shukla, Sadhna Sharma, Arun Gulati, Sushil Sharma, Manish Panwar, Muna Sah, Suresh Kumar, Jodh Singh,
Ombir Singh, R R Meena, Subash Chand, Raj Kumar, Ram Niwas, Kesar Singh, Bal Kishan, Satish Kumar,
Gajender Singh and other staff and members of the Economic Division and the Office of CEA. The cover
page for the Survey was designed by India Brand Equity Foundation. Viba Press Pvt. Ltd. undertook the printing
of the English and Hindi version of the Survey.
Finally, the Economic Survey owes deep gratitude to the families of all those involved in its preparation for
being ever so patient, understanding and encouraging and for extending their unflinching emotional and physical
support throughout the preparation. The families, indeed, are the silent pillars of strength for the dedicated
contributors to the Economic Survey.
Krishnamurthy V. Subramanian
(Chief Economic Adviser)
Ministry of Finance
Government of India
(vii)
ABBREVIATIONS
AAI Airports Authority of India CECPA Comprehensive Economic Cooperation and
AFD Agence Française de Dévelopment Partnership Agreement
AH Area Operated by Operational Land Holdings CEPA Comprehensive Economic Partnership Agreement
AI Artificial Intelligence CEPI Custodian of Enemy Property

CER Corporate Environmental Responsibility
AIR All India Radio
CFPI Consumer Food Price Index
AITIGA ASEAN India Trade in Goods Agreement
CGA Controller General of Accounts
AM Alternative Mechanism
CGST Central Goods and Services Tax
AMC Asset Management Company
CHCs Custom Hiring Centres
AMFFRI Agricultural Marketing and Farmer Friendly
Reforms Index CIB Centre for Insolvency and Bankruptcy
AMRUT Atal Mission for Rejuvenation and Urban CIC Currency in Circulation
Transformation CII Confederation of Indian Industries
ANC Ante-Natal Care CIL Coal India Limited
APL Above Poverty Line CIP Central Issue Price
APMC Agricultural Produce Market Committee CIRP Corporate Insolvency Resolution Process
APWRIMS Andhra Pradesh Water Resources Information & CLAF City Level Advisory Forums
Management Systems CMIE Centre for Monitoring Indian Economy
AQI Air Quality Index CoC Committee of Creditors
AR Augmented Reality CPCB Central Pollution Control Board
ASEAN Association of South-East Asian Nations CPI Consumer Price Index
ASER Annual Status of Education Report CPI (AL) Consumer Price Index (Agricultural Labourers)
ASI Annual Survey of Industries CPI (IW) Consumer Price Index (Industrial Workers)
ASK Available Seat Kilometers CPI (RL) Consumer Price Index (Rural Labourers)
AYUSH Ayurveda, Yoga and Naturopathy, Unani, Siddha CPI-C Consumer Price Index (Combined)
and Homoeopathy CPSE Central Public Sector Enterprise
B2B Business to business CRAR Capital to Risk-weighted Asset Ratio
B2C Business to Consumer CRF Central Road Fund
BARC Broadcasting Audience Research Council CRIF Central Road and Infrastructure Fund
BBBP Beti Bachao Beti Padhao CSL Cochin Shipyard Limited
BCD Basic Customs Duty CSO Central Statistics Office
BE Budget Estimates CSR Corporate Social Responsibility
BHEL Bharat Heavy Industries Limited CSS Centrally Sponsored Scheme
BOD Biological Oxygen Demand CVD Countervailing Duty
BoP Balance of Payments CwP Currency with Public
BOT Build-Operate-Transfer D.Ed Diploma in Elementary Education
BPL Below Poverty Line DARE Department of Agricultural Research and
BRE Bureau of Resource Efficiency Education
BSE Bombay Stock Exchange DB Doing Business

DBT Direct Benefit Transfer
BTIA Bilateral Trade and Investment Agreement
DCIL Dredging Corporation of India Limited
BU Billion Units
DD Doordarshan
BUR Biennial Update Report
DDP Department of Defence Production
C&D Construction & Demolition
DDUGJY Deen Dayal Upadhyay Gram Jyoti Yojana
CAD Current Account Deficit
DE Departmental Enterprises
CAG Comptroller Auditor General of India
DEA Department of Economic Affairs
CAGR Compound Annual Growth Rate
DGAD Directorate General of Anti-dumping and Allied
CBDR-RC Common but Differentiated Responsibilities and Duties
Respective Capabilities
DGCA Directorate General of Civil Aviation
CBM Coal Bed Methane
DGCI&S Directorate General of Commercial Intelligence
CCAP Climate Change Action Programme and Statistics
CCEA Cabinet Committee on Economic Affairs DGTR Directorate General of Trade Remedies
CE Circular Economy DIDF Dairy Processing and Infrastructure Development
CECA Comprehensive Economic Cooperation Agreement Fund
(ix)
DIPAM Department of Investment and Public Asset GCF Gross Capital Formation
Management GDP Gross Domestic Product
DISC Defence India Start-up Challenges GER Gross Enrolment Ratio
DMEO Development Monitoring & Evaluation Office GFCE Government Final Consumption Expenditure
DoE Department of Expenditure GFCF Gross Fixed Capital Formation
DPIIT Department for Promotion of Industry and Internal GFSI Global Food Security Index
Trade
Gg Gigagram
DPSU Defence Public Sector Undertaking
GHG Greenhouse Gas
DTH Direct to Home
GIP Graduate Insolvency Programme
DWT Dead Weight Tonnage
GNI Gross National Income
EaEU Eurasian Economic Union
GNPA Gross Non-Performing Assets
EAG Empowered Action Group
GPI Gender Parity Index
EAP Externally Aided Projects
GPIs Grossly Polluting Industries
EBR Extra Budgetary Resources
GRR Global Restructuring Review
ECBs External Commercial Borrowings
GRSE Garden Reach Shipbuilders & Engineers Ltd
ECOWAS Economic Community of West African States
GRT Gross Registered Tonnage
EFTA European Free Trade Association
GSAT Geosynchronous Satellites
ELVs End-of-Life Vehicles(s)
G-Sec Government Security
EM Emerging Market
GSLV Geosynchronous Satellite Launch Vehicle
EMDEs Emerging Market and Developing Economies
GSMA Global System for Mobile Communication
EME Emerging Market Economies Association
e-NAM Electronic National Agriculture Market GST Goods and Services Tax
EPC Engineering, Procurement and Construction GSTR Goods and Services Tax Return
EPF Employees' Provident Fund GSVA Gross State Value Added
EPR Extended Producer Responsibility GTR Gross Tax Revenue
ESAG Educational Statistics at a Glance GTT Gross Terms of Trade
ESDM Electronics System Design and Manufacturing GVA Gross Value Added
ESI Employees' State Insurance Scheme Ha Hectare
ETCA Economic and Technology Cooperation Agreement HAM Hybrid Annuity Mode
ETF Exchange Traded Funds HDI Human Development Index
EU European Union HP-HT High Pressure-High Temperature
EY Ernst & Young HPI Housing Price Index
FALLCR Facility to Avail Liquidity for Liquidity Coverage HSCC Hospital Services Consultancy Corporation
Ratio
IBBI Insolvency and Bankruptcy Board of India
FAO Food and Agriculture Organization
IBC Insolvency and Bankruptcy Code
FC Financial Creditor
ICAR Indian Council of Agricultural Research
FCI Food Corporation of India
ICE Internal Combustion Engine
FDI Foreign Direct Investment
ICRA Investment Information and Credit Rating Agency
FFPI FAO Food Price Index of India
FICCI Federation of India Chambers of Commerce and ICRIER Indian Council for Research on International
Industry Economic Relations
FIDF Fisheries and Aquaculture Infrastructure ICT Information and Communications Technology
Development Fund
IDERA Irrevocable De-registration & Export Request
FII Foreign Institutional Investors Authorization
FM Frequency Modulation iDEX Innovation for Defence Excellence
FMCG Fast Moving Consumer Goods IEBR Internal and Extra Budgetary Resources
FMD Foot and Mouth Disease IFPRI International Food Policy Research Institute
FPI Foreign Portfolio Investment IFS International Financial Statistics
FPO Further Public Offer IGST Integrated Goods and Services Tax
FPSs Fair Price Shops IICA Indian Institute of Corporate Affairs
FRBMA Fiscal Responsibility and Budget Management Act IIP International Investment Position
FTA Free Trade Agreement IL Industrial License
FTP Foreign Trade Policy ILC Insolvency Law Committee
FY Financial Year IMCECA India and Malaysia Implement Comprehensive
GCA Gross Cropped Area Economic Cooperation Agreement
(x)
IMF International Monetary Fund MMT Million Metric Tonnes
IMG Inter-Ministerial Group MMTPA Million Metric Tonnes Per Annum
InvITs Infrastructure Investment Trusts MNP Mobile Number Portability
IOCL Indian Oil Corporation Limited MoEF&CC Ministry of Environment, Forest and Climate
IoT Internet-of-Things Change
IP Insured Persons MoHUA Ministry of Housing and Urban Affairs
IPCC Intergovernmental Panel on Climate Change MoP Margin of Preference
IPO Initial Public Offer MORTH Ministry of Road Transport and Highways
IPPU Industrial Processes and Product Use MOSPI Ministry of Statistics and Programme
Implementation
IR Indian Railways
MOVCDNER Mission Organic Value Chain Development for
IRCON Indian Railway Construction Company Limited North Eastern Region
IRCTC Indian Railways Catering and Tourism Corporation MoWCD Ministry of Women and Child Development
IRF Insolvency Research Foundation MPC Monetary Policy Committee
IRFC Indian Railway Finance Corporation MPI Municipal Performance Index
ISA International Solar Alliance MRA Mutual Recognition Agreement
ISLFTA India-Sri Lanka Free Trade Agreement MRFs Material Recovery Facilities
ISRO Indian Space Research organisation MRO Maintenance, Repair & Overhaul
IT Information Technology MSEI Metropolitan Stock Exchange of India Limited
ITA International Tourist Arrivals MSF Marginal Standing Facility
IT-BPM Information Technology - Business Process MSME Micro Small Medium Enterprises
Management
MSO Multi System Operators
ITC Input Tax Credit
MSP Minimum Support Price
ITT Income Terms of Trade
MSTC Metal Scrap Trade Corporation
IU Information Utilities
MT Metric Tonne
IWMP Integrated Watershed Management Programme
MT Million Tonnes
IWP Irrigation Water Productivity
MTFP Medium Term Fiscal Policy
JFSG Joint Feasibility Study Group MTPA Million Tonnes per Annum
KIOCL Kudremukh Iron Ore Company Limited MW Mega Watt
KVKs Krishi Vigyan Kendras MWP Minimum Work Programme
LAF Liquidity Adjustment Facility NAAQS National Ambient Air QualityStandards
LCO Local Cable Operators NABARD National Bank for Agriculture and Rural
LCR Liquidity Coverage Ratio Development
LFPR Labour Force Participation Rate NAFTA North America Free Trade Agreement
LIDAR Light Detection and Ranging NALCO National Aluminium Company Limited
LPI Logistics Performance Index NAM National Ayush Mission
LSG Local Self Government NAMP National Air Quality Monitoring Programme
LULUCF Land use, Land-Use Change and Forestry NAPCC National Action Plan on Climate Change
M0 Reserve Money NAS National Achievement Survey
M2M Machine-to-Machine NASSCOM National Association of Software and Services
M3 Broad Money Companies
MCA Ministry of Corporate Affairs NBCC National Buildings Construction Corporation
MeitY Ministry of Electronics and Information NBFC Non-Banking Financial Companies

Technology NCAP National Clean Air Program
MEP Minimum Export Price NCLAT National Company Law Appellate Tribunal
MGNREGA Mahatma Gandhi National Rural Employment NCLT National Company Law Tribunal
Guarantee Act NCR National Capital Region
MHA Ministry of Home Affairs NCTF National Committee on Trade Facilitation
MI Micro Irrigation NDE Non-Departmental Enterprises
MI Mission Indradhanush NDTL Net Demand and Time Liabilities
MI Mixed Income NEEPCO North Eastern Electric Power Corporation Limited
MIDHANI Mishra Dhatu Nigam NEER Nominal Effective Exchange Rate
MLD Million Litres per Day NeSL National e-Governance Services Limited
MMR Maternal Mortality Ratio NFC Non Food Credit
MMSCM Million Metric Standard Cubic Meters NFSA National Food Security Act
(xi)
NGNF Non-Governmental Non-Functional PAN Permanent Account Number
NHAI National Highway Authority of India PAWP Paris Agreement Work Programme
NHB National Housing Bank PDS ?Public Distribution System
NHIDCL National Highways and Infrastructure PFC Power Finance Corporation Limited
Development Corporation Limited PFCE Private Final Consumption Expenditure
NHM National Health Mission PFRDA Pension Fund Regulatory and Development
NHP National Hydrology Project Authority
NHPC National Hydroelectric Power Corporation PGI Performance Grading Index
NIFAP National lnland Fisheries and Aquaculture Policy PIP Pool Issue Price
NIIP Net International Investment Position PKVY Paramparagat Krishi Vikas Yojana
NIUA National Institute of Urban Affairs PLFS Periodic Labour Force Survey
NIUA National Institute of Urban Affairs PM10 Suspended Particulate Matter
NLC Neyveli Lignite Corporation Limited PM2.5 Fine Particulate Matter
NLH Number of Operational Land Holdings PMAY Pradhan Mantri Awas Yojana
NMCG National Mission for Clean Ganga PMAY- G Pradhan Mantri Awas Yojana (Gramin)
NMDC National Mineral Development Corporation PMGSY Pradhan Mantri Gram Sadak Yojana
NMSA National Mission for Sustainable Agriculture PMI Purchasing Managers' Index
NNI Net National Income PMJDY Pradhan Mantri Jan-Dhan Yojana
NO2 Oxides of Nitrogen PM-KISAN Pradhan Mantri Kisan Samman Nidhi
NOCs National Oil Companies PMKVY Pradhan Mantri Kaushal Vikas Yojana
NPA Non-Performing Assets PMSMA Pradhan Mantri Surakshit Matritva Abhiyan
NPCC National Projects Construction Corporation PMUY Pradhan Mantri Ujjwala Yojana
Limited POL Petroleum, Oil and Lubricants
NPCDCS National Programme for the Prevention and PPP Public-Private Partnership
Control of Cancer, Diabetes, Cardiovascular
Diseases and Stroke PPP Purchasing Power Parity
NPE National Policy on Electronics PPR Peste des Petis Ruminants
NPS National Pension Scheme PRASHAD Pilgrimage Rejuvenation and Spiritual Heritage
Augmentation Drive
NPT Net Production Tax
PRO Producer Responsibility Organizations
NRHM National Rural Health Mission
PSB Public Sector Bank
NRI Non-resident Indian
PSF Price Stabilization Fund
NSE National Stock Exchange
PSLV Polar Satellite Launch Vehicle
NSSF National Social Security Fund
PSU Public Sector Undertaking
NSSO National Sample Survey Office
PTA Preferential Trade Agreement
NTT Net Terms of Trade
PTR Pupil Teacher Ratio
NUHM National Urban Health Mission
QE Quick Estimates
NUIH National Urban Innovation Hub
R & D Research and Development
O&M Operation & Maintenance
RBI Reserve Bank of India
OCEMS Online Continuous Effluent Monitoring Systems
RCEP Regional Comprehensive Economic Partnership
ODA Official Development Assistance
RCS Regional Connectivity Scheme
OECD Organization for Economic Cooperation and
Development RE Resource Efficiency
OF Ordinance Factories RE Revised Estimates
OFB Ordinance Factory Board REC Rural Electrification Corporation
OFS Offer for Sale REER Real Effective Exchange Rate
OIL Oil India Limited REITs Real Estate Investment Trusts
OMO Open Market Operations ReMS Rashtriya e-Market Services
OMSS Open Market Sale Scheme RERA Real Estate (Regulation and Development) Act
ONGC Oil and Natural Gas Corporation RGM Rashtriya Gokul Mission
OOPE Out of Pocket Expenditure RHS Right hand side
OS Operating Surplus RITES Railway Infrastructure Technical & Economic

Services
OT Operation Theatre
RKM Route kilometers
OTT Over the Top
RKVY Rashtriya Krishi Vikas Yojana
P Provisional
RMNCH+A Reproductive, Maternal, New-born, Child plus
PA Provisional Actuals Adolescent Health
(xii)
RNI Registrar of Newspapers of India TEPA Trade and Economic Partnership Agreement
RoA Return on Assets TFA Trade Facilitation Agreement
RoE Return on Equity THE Total Health Expenditure
ROGEP Regional Off-grid Electrification Project TMT Thousand Metric Tonnes
RPK- Revenue Passenger Kilometers ToT Terms of Trade
RSA Restructured Standard Advances TPD Tons per Day
RTWQMS Real Time Water Quality Monitoring Stations TPDS Targeted Public Distribution System
RWA Resident Welfare Association TRAI Telecom Regulatory Authority of India
SA Stressed Advances TWRIS Telengana Water Resources Information &
Management Systems
SAARC South Asian Association for Regional Cooperation
U5MR Under Five Mortality Rate
SACU Southern African Custom Union
UAE United Arab Emirates
SAPCC State Action Plans on Climate Change
UBC Use Based Classification
SAUBHAGYA Sahaj Bijli Har Ghar Yojana
UC Universal Control
SBM Swachh Bharat Mission
UDAN Ude Desh ka Aam Naagarik
SC Scheduled Caste
UDISE Unified District Information on School Education
SCB Scheduled Commercial Bank
ULBs Urban Local Bodies
SCI Shipping Corporation of India
UN United Nations
SCM Smart Cities Mission
UNFCCC United Nations Framework Convention on Climate
SDG Sustainable Development Goals Change
SDR Special Drawing Right UNFPA United Nation Population Fund
SEBI Securities and Exchange Board of India USA United States of America
SECC Socio-Economic Caste Census USD United States Dollar
SHDI Subnational Human Development Index UTs Union Territories
SLSC State Level Sanctioning Committee VFX Visual Effects
SMAM Sub Mission on Agricultural Mechanization VR Virtual reality
SO2 Sulphur Dioxide WACR Weighted Average Call Rate
SPCB State Pollution Control Board WAPCOS Water and Power Consultancy Services
SPMGs State Project Management Groups WEF World Economic Forum
SPP Sustainable Public Procurement WEO World Economic Outlook
SPVs Special Purpose Vehicles WPI Wholesale Price Index
SRMI Solar Risk Mitigation Initiative WPR Worker Population Ratio
ST Scheduled Tribe WTO World Trade Organization
STPs Sewage Treatment Plants YoY Year-on-Year
TDS Tax Deduction at Source ZBNF Zero Budget Natural Farming
(xiii)
State of the Economy in 2018-19:
A Macro View
01
CHAPTER
For the global economy, the year 2018 was difficult, with the world output growth
falling from 3.8 per cent in 2017 to 3.6 per cent in 2018. Growth rate of world
output is projected to fall further to 3.3 per cent in 2019 as growth of both advanced
economies and emerging & developing economies are expected to decline.
Growth of the Indian economy moderated in 2018-19 with a growth of 6.8
per cent, slightly lower than 7.2 per cent in 2017-18. Yet, India continued to
be the fastest growing major economy in the world. India maintained its
macroeconomic stability by containing inflation within 4 per cent and by
maintaining a manageable current account deficit to GDP ratio. The current
account deficit to GDP was higher in 2018-19 as compared to 2017-18, primarily
due to higher oil prices, which were about 14 $/bbl higher in 2018-19 vis-à-vis
the previous year. However, the current account deficit started to narrow in the
third quarter of the year. The manufacturing sector was characterised by higher
growth in 2018-19 while the growth in agriculture sector witnessed tapering.
Growth in investment, which had slowed down for many years, has bottomed
out and has started to recover since 2017-18. In fact, growth in fixed investment
picked up from 8.3 per cent in 2016-17 to 9.3 per cent in 2017-18 and further
to 10.0 per cent in 2018-19. Net FDI inflows grew by 14.2 per cent in 2018-19.
Capital expenditure of Central Government grew by 15.1 per cent in 2018-19
leading to increase in share of capital expenditure in total expenditure. Given
the macroeconomic situation and the structural reforms being undertaken by the
government, the economy is projected to grow at 7 per cent in 2019-20.
OVERVIEW: GLOBAL Figure 1: Growth rate of real GDP (per cent)

ECONOMIC SCENARIO 9.0
8.0 India
1.1 India continues to remain the fastest
7.0
growing major economy in the world in 2018-
6.0 Emerging Market &
19, despite a slight moderation in its GDP Developing Economies
5.0
growth from 7.2 per cent in 2017-18 to 6.8 per
4.0
cent in 2018-19. On the other hand, the world 3.0
output growth declined from 3.8 per cent in 2.0
World
2017 to 3.6 per cent in 2018. The slowdown 2011 2012 2013 2014 2015 2016 2017 2018 2019
(F)
in the world economy and Emerging Market Data source: WEO, April 2019 database, CSO for
and Developing Economies (EMDEs) in India, 2019 projection for India is survey’s projection.
2 Economic Survey 2018-19 Volume 2
Table 0.1 : Key Indicators
Data categories Unit 2015-16 2016-17 2017-18 2018-19

GDP and Related Indicators
GDP at current market prices ` Crore 13771874 15362386 17095005 19010164a
GDP at constant market prices ` Crore 11369493 12298327 13179857 14077586a
Growth Rate (per cent) 8.0 8.2 7.2 6.8a
GVA at constant basic prices ` Crore 10491870 11318972 12104165 12906936a
Growth Rate (per cent) 8.0 7.9 6.9 6.6a
Gross Savings % of GDP 31.1 30.3 30.5 NA
Gross Capital Formation % of GDP 32.1 30.9 32.3 NA
Per Capita Net National Income
` 94797 104659 114958 126406a
(at current prices)
Production
Million
Food grains 251.5 275.1 285.0 283.4b
tonnes
Index of Industrial Production
(per cent) 3.3 4.6 4.4 3.6
(growth)
Electricity Generation (growth) (per cent) 5.6 4.7 4.0 3.5
Prices
WPI inflation (average) (per cent) -3.7 1.7 3.0 4.3
CPI (Combined) inflation (average) (per cent) 4.9 4.5 3.6 3.4
External Sector
Merchandise export growth (in US$
(per cent) -15.5 5.2 10.0 8.8
term)
Merchandise import growth (in US$
(per cent) -15.0 0.9 21.1 10.4
term)
Current Account Balance % of GDP -1.1 -0.6 -1.9 -2.6c
Foreign Exchange Reserves (end of
US$ billion 360.2 370.0 424.5 412.9
year)
Average Exchange Rate ` /US$ 65.5 67.1 64.5 69.9
Money and Credit
Broad Money (M3) growth (per cent) 10.1 10.1 9.2 10.5
Scheduled Commercial Bank Credit
(per cent) 10.9 8.2 10.0 13.3
(Growth Rate)
Fiscal Indicators (Centre)
Gross Fiscal Deficit % of GDP 3.9 3.5 3.5 3.4d
Revenue Deficit % of GDP 2.5 2.1 2.6 2.3d
Primary Deficit % of GDP 0.7 0.4 0.4 0.3d
Notes:
NA: Not Available,
a: Provisional estimates, b: Third advance estimate,
c: (April-December) 2018, d: Provisional Actual
State of the Economy in 2018-19: A Macro View 3
2018 followed the escalation of US China 1.2 India is the seventh largest economy
trade tensions, tighter credit policies in in terms of Gross Domestic Product (GDP)
China, and financial tightening alongside the in current US$ and has emerged as the
normalization of monetary policy in the larger fastest growing major economy (Figure 2).
advanced economies. In 2019, when the The average growth rate of India was not
world economy and EMDEs are projected to only higher than China’s during 2014-15 to
slow down by 0.3 and 0.1 percentage points 2017-18 but much higher than that of other
respectively, growth of Indian economy is top major economies (measured in terms of
forecast to increase (Figure 1). Crucially, GDP at current US$ terms) as well. With
India forms part of 30 per cent of the global Purchasing Power Parity (PPP) adjustments,
economy, whose growth is not projected to India’s GDP at current international dollar,
decline in 2019 (World Economic Outlook ranks third in the world (as shown by the size
(WEO), April 2019 of IMF). of circles in Figure 2).
Figure 2: Global comparison among top ten economies
10.0
Annual average GDP growth (%) in 2014-2018
8.0
India
China
6.0
4.0
United States
Germany
United Kingdom
2.0 Canada
France
Japan Italy
0.0 Brazil
0 2 4 6 8 10
-2.0
-4.0
Rank (as per 2018 current US$)
Data source: WEO, April 2019 database

Note: For France and Italy GDP of the year 2018 is the estimated figure of International Monetary Fund. Size of
circle represents GDP (PPP) at current international dollar terms.
1.3 The contribution of the Indian economy forward, the growth of world economy will
to the GDP of EMDEs and world economy be bolstered mainly by growth in China and
has increased consistently over the years India and their increasing weights in world
(Figure 3). In a span of less than a decade, income. In EMDEs group, India and China
India’s contribution to EMDEs GDP has are the major drivers of growth. The global
increased by around 1.3 percentage points economy—in particular the global growth
and to the world economy by around 0.7 powerhouse, China—is rebalancing, leading
percentage points. India’s share in GDP to an increasing role for India. Hence, India’s
of EMDEs stood at 8 per cent in 2018. As contribution has become much more valuable
per the WEO, April 2019 of IMF, going to the global economy.
Figure 3: India’s share in GDP of EMDEs food prices may have contributed to inducing
and World (per cent) farmers to produce less. On the demand
8.3
side, lower growth of GDP in 2018-19 was
8.1
7.1
7.8
accounted for, by a decline in growth of
6.8
6.4 6.2
6.6
government final consumption, change in
stocks and contraction in valuables.
3.3
2.5 2.4 2.4 2.6 2.8 3.0 3.2
1.5 When we examine the growth pattern
within the various quarters of 2018-19, we
note that the moderation in real GDP growth
2011 2012 2013 2014 2015 2016 2017 2018
has been experienced in all quarters of 2018-
Contribution to World GDP Contribution to EMDE's GDP
19 (Figure 4) with the fourth quarter (Q4)
Data source: WEO, April 2019 database registering a growth of 5.8 per cent. The
base effect arising from a high growth of
OVERVIEW: INDIAN ECONOMY 8.1 per cent in the Q4 of 2017-18 also led
1.4 India’s growth of real GDP has been to this lower growth in Q4 of 2018-19. In
high with average growth of 7.5 per cent this quarter, election related uncertainty may
in the last 5 years (2014-15 onwards). have also contributed to growth moderation.
The Indian economy grew at 6.8 per cent Figure 4: Quarterly real GDP growth
in 2018-19, thereby experiencing some (per cent)
moderation in growth when compared to the
9.5
previous year. This moderation in growth 9.0
momentum is mainly on account of lower 8.5
growth in ‘Agriculture & allied’, ‘Trade, 8.0

7.5
hotel, transport, storage, communication and 7.0
services related to broadcasting’ and ‘Public 6.5
administration & defence’ sectors. Acreage

6.0
5.5
in 2018-19 for the rabi crop was marginally Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015-16 2016-17 2017-18 2018-19
lower than last year, which affected
agricultural performance. The contraction in Data source: Central Statistics Office
Table 1: Quarter-wise growth in Gross Value Added (per cent)

2017-18 2018-19
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Agriculture and allied 4.2 4.5 4.6 6.5 5.1 4.9 2.8 -0.1
Industry 0.8 6.9 8.0 8.1 9.8 6.7 7.0 4.2
(of which) Manufacturing -1.7 7.1 8.6 9.5 12.1 6.9 6.4 3.1
Services 9.4 6.8 8.0 8.2 7.1 7.3 7.2 8.4
GVA at basic prices 5.9 6.6 7.3 7.9 7.7 6.9 6.3 5.7
GDP at market prices 6.0 6.8 7.7 8.1 8.0 7.0 6.6 5.8
Source: Central Statistics Office
1.6 There was contraction in ‘Agriculture three quarters. Growth of industry sector
& allied’ sector in the last quarter of 2018-19, also experienced tempering in successive
though growth was reasonable in the previous quarters of 2018-19 mostly on account of
growth deceleration in the manufacturing decelerated in many segments of the
sector (Table 1). This is also seen in Index of automobile sector, including passenger vehicles,
Industrial Production (IIP) of manufacturing tractor sales, three and two wheeler sales (Figure
sector, which grew at 0.3 per cent in Q4 of 5). Stress in Non-Banking Financial Companies
2018-19, as compared to 7.5 per cent in the (NBFC) sector also contributed to the slow
same quarter of previous year. Manufacturing down by adversely impacting consumption
sector was affected by the slowdown in the finance (Figure 6). Despite the moderation of
auto sector as well, where the production manufacturing growth within 2018-19, overall
growth for all categories, apart from growth in the year was higher than in 2017-18,
commercial vehicles declined in 2018- due to a high growth of 12.1 per cent in first
19, as compared to 2017-18. Sales growth quarter of 2018-19.
Figure 5: Change in cumulative auto Figure 6: Growth of loans and advances

sales (per cent) of NBFCs (per cent)
25.0 35.0
Sales -Passenger Vehicle Sales-Two wheelers
20.0 30.0
15.0
25.0
10.0
20.0
5.0
15.0
0.0
10.0
Aug-17
Dec-17
Aug-18
Dec-18
Apr-17
Apr-19
Jun-17
Oct-17
Feb-18
Apr-18
Jun-18
Feb-19
Oct-18
-5.0
5.0
-10.0
0.0
-15.0
Dec-16
Dec-17
Dec-18
Jun-16
Sep-16
Sep-17
Sep-18
Mar-17
Jun-17
Mar-18
Jun-18
Mar-19
-20.0
Data source: Society of Indian Automobile Manufacturers Data source: Reserve Bank of India
Note: Growth rates (Year on Year) are for cumulative sales Note: Data on loans and advances pertains to deposit
from April to respective months of the year. taking NBFCs and Non-Deposit taking systematic
important NBFCs including Government companies; Data
from March 2018 onwards are provisional.
1.7 From the demand side, the decline reduced significantly. Thus, the GDP deflator,
in GDP growth during 2018-19 arose which is a weighted average of Consumer
primarily from deceleration in private final Prices Index (CPI) and Wholesale Price
consumption in the final two quarters. This Index (WPI), became smaller.
could have been due to low farm incomes
in rural areas arising from low food prices 1.9 This is reflected in a consistent
and also due to the stress in NBFCs, which decline in CPI inflation during the last few
affected its lending. The Q4 of 2018-19 also years (Figure 8). In 2013-14, CPI headline
saw growth of exports declining. inflation was close to double digits, but
gradually declined thereafter to be within
1.8 Although growth rate of real GDP was the target of 4 (+/- 2) per cent. Headline CPI
high during the last few years, the coterminous declined to 3.4 per cent in 2018-19 from 3.6
decline in the nominal GDP growth from per cent in 2017-18.
2010-11 onwards, points towards a secular
decline in inflation. As seen in Figure 7, the 1.10 Headline WPI inflation stood at 4.3
gap between nominal and real growth rate has per cent in 2018-19, higher as compared to
3.0 per cent in 2017-18. The increase in WPI 2018-19. Increase in WPI led to marginal
inflation was broad based, which saw increase pick-up in GDP deflator from 3.8 per cent in
in inflation of all the groups except food in 2017-18 to 4.1 per cent in 2018-19.
Figure 7: Growth in GDP (per cent) Figure 8: Significant moderation in

Inflation
20.0 12.0
CPI-C Annual inflation
18.0 10.0
Month-wise CPI-C
16.0 8.0 inflation
14.0 6.0
Nominal growth
12.0
4.0
10.0
2.0
8.0
Real growth 0.0
6.0
Aug-13
Dec-15
Aug-16
Dec-13
Aug-14
Dec-16
Aug-17
Dec-17
Aug-18
Apr-13
Dec-14
Aug-15
Dec-18
Apr-14
Apr-16
Apr-17
Apr-15
Apr-18
Apr-19
4.0 -2.0
2.0 -4.0
0.0 -6.0 WPI month-wise
inflation
-8.0
Data source: Central Statistics Office Data source: Central Statistics Office
Note: CPI-C stands for CPI-Combined.
1.11 Core Gross Value Added (GVA) the core GVA growth was higher than
(measured as GVA except ‘Agriculture & overall GVA growth, as ‘Agriculture
allied’ activities, and ‘Public administration & allied’ and ‘Public administration &
& defence’) shows higher growth than that defence’ experienced the largest decline
of overall GVA in 2018-19. Core GVA in growth rates relative to other sectors.
growth picked up from 6.5 per cent in But in Q4 of 2018-19, the growth of core
2017- 18 to 7.0 per cent in 2018-19, whereas GVA also decelerated by 1 percentage point
GVA growth slowed down marginally from over previous quarter, largely on account
6.9 per cent in 2017-18 to 6.6 per cent in of lower growth in manufacturing sector
2018-19. For all quarters of 2018-19, (Figure 9).
Figure 9: Real GVA and real core GVA growth (per cent)
12.0
11.0 GVA growth Core GVA growth
10.0
9.0
8.0
7.0
6.0
5.0
4.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015-16 2016-17 2017-18 2018-19
Data source: Central Statistics Office

1.12 On the external front, current account merchandise imports, which reduced from
deficit (CAD) increased from 1.9 per cent 21.1 per cent to 10.4 per cent. Growth of
of GDP in 2017-18 to 2.6 per cent in April- merchandise imports declined as oil price
December 2018 (refer Figure 11). The driven increase in growth of oil imports was
widening of the CAD was largely on account more than offset by contraction in value of
of a higher trade deficit driven by rise in gold imports and lower growth in the value
international crude oil prices (Indian basket). of non-oil non-gold imports. The crude oil
The trade deficit increased from US$ 162.1 prices, however, showed movements in both
billion in 2017-18 to US$ 184 billion in the directions within the year. As the year
2018-19. commenced, crude prices increased and
reached above 80 US$/bbl. in October 2018.
1.13 Nominal growth of both merchandise Thereafter, it started to decline before increasing
exports and imports declined in US dollar again after December 2018 (Figure 10). Overall
terms in 2018-19, as compared to 2017-18. the oil prices were substantially higher in 2018-
However, the decline was much sharper in 19, as compared to previous year.
Figure 10: Crude oil price (Indian basket in US$ per barrel)
140.0
Annual Average
120.0
Crude Oil price
100.0
80.0
60.0
40.0
20.0
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Data source: Petroleum Planning & Analysis Cell
1.14 Growth in service exports and imports to `69.2 per US dollar at end March
in US dollar terms declined to 5.5 per cent 2019. Rupee depreciated in the first half
and 6.7 per cent respectively in 2018-19, from of the year due to concerns related to
18.8 per cent and 22.6 per cent respectively widening of CAD owing to rising crude
in 2017-18. oil prices coupled with tighter financial
conditions in US caused by increase in
1.15 Rupee depreciated by 7.8 per cent vis- Federal Funds rate by the US Federal
à-vis US dollar, 7.7 per cent against Yen, and Reserve. However, rupee performed better
6.8 per cent against Euro and Pound Sterling than some of the other major emerging
in 2018-19. During 2018-19, Indian rupee market currencies, such as, Argentine Peso,
traded with a depreciating trend against Turkish Lira, Brazilian Real, and Russian
US dollar and touched `74.4 per US Ruble, which depreciated more than 10 per
dollar in October 2018 before recovering cent vis-à-vis US dollar. Not only in terms
of bilateral exchange rate with US dollar, due to RBI’s intervention to modulate

rupee also depreciated when measured as exchange rate volatility. India’s foreign
trade based weighted exchange rates in exchange reserves continue to be comfortably
2018-19. Nominal Effective Exchange Rate placed at US$ 422.2 billion, as on 14th June
(NEER) (36 currency trade based bilateral 2019 (Figure 13).
weights) of rupee depreciated by 5.6 per cent
in 2018-19. Correspondingly, Real Effective 1.17 Net Foreign Direct Investment (FDI)
Exchange Rate (REER) also depreciated by inflows grew by 14.2 per cent in 2018-
4.8 per cent in 2018-19 (Figure 12). 19. Among the top sectors attracting FDI
equity inflows, services, automobiles and
1.16 The foreign exchange reserves in chemicals were the major categories. By and
nominal terms (including the valuation large, FDI inflows have been growing at a
effects) decreased by US$ 11.6 billion high rate since 2015-16 (Figure 14). This
at end-March 2019 over end-March pick-up indicates the improvement in
2018. Within the year, foreign exchange confidence of the foreign investors in the
reserves were declining until October 2018 Indian economy.
Figure 11: Current Account Balance Figure 12: Index of REER and `/US$
(per cent of GDP) exchange rate
125 76.0
0.0 REER Rs. per US$ (Right scale)
74.0
-0.5 120 72.0
-1.0 70.0
115
-1.5 68.0
66.0
-2.0 110
64.0
-2.5
105 62.0
-3.0
60.0
2014-15 Q1
2014-15 Q2
2014-15 Q3
2014-15 Q4
2015-16 Q1
2015-16 Q2
2015-16 Q3
2015-16 Q4
2016-17 Q1
2016-17 Q2
2016-17 Q3
2016-17 Q4
2017-18 Q1
2017-18 Q2
2017-18 Q3
2017-18 Q4
2018-19 Q1
2018-19 Q2
2018-19 Q3
100 58.0
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Oct-15
Oct-14
Jan-15
Jan-16
Oct-16
Jan-17
Oct-17
Jan-18
Oct-18
Jan-19
Apr-14
Apr-17
Apr-15
Apr-16
Apr-18
Figure 13: Foreign Exchange Reserve Apr-19 Figure 14: Net FDI inflows
(US$ billion) (US$ billion)
440 18.0
Average quarterly inflow
16.0
420 Quarterly inflow
14.0
400 12.0
10.0
380
8.0
360
6.0
340 4.0
2.0
320
0.0
300
2012-13 Q1
2012-13 Q3
2013-14 Q1
2013-14 Q3
2014-15 Q1
2014-15 Q3
2015-16 Q1
2015-16 Q3
2016-17 Q1
2016-17 Q3
2017-18 Q1
2017-18 Q3
2018-19 Q1
2018-19 Q3
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Apr-14
Jul-14
Oct-15
Apr-16
Oct-17
Apr-18
Oct-14
Apr-15
Jul-15
Jul-16
Oct-16
Apr-17
Jul-17
Jul-18
Oct-18
Apr-19
Data source: Reserve Bank of India (from figure 11 to 14)

Note: FDI inflow for the fourth quarter of 2018-19 (in Figure 14) is calculated on the basis of information published
in the RBI Bulletin – May 2019.
1.18 As per Provisional Actuals (PA) for rests on the twin pillars of reducing debt and
2018-19, fiscal deficit stood at 3.4 per cent of fiscal deficit. There has been consolidation
GDP. In 2018-19, direct taxes grew by 13.4 of revenue expenditure while expenditure
per cent (PA) owing to improved performance quality has improved with gradual tilt
of corporate tax. However, indirect taxes fell towards capital spending of the Central
short of budget estimates by about 16 per
Government in 2018-19. There has been a
cent, following a shortfall in GST revenues
progressive reduction in primary and fiscal
(including CGST, IGST and compensation
cess) as compared to the budget estimates. deficits. Primary deficit (amount by which a
GST was implemented in July 2017. After government’s total expenditure exceeds its
the initial transitional issues following the total revenue, excluding interest payments
roll-out of GST, revenue collection picked on its debt) of the central government
up from annual average of `89.8 thousand has been consistently declining and now
crore in 2017-18 to `98.1 thousand crore in stands at 0.3 per cent of GDP in 2018-19 (PA)
2018-19 (Figure 15). Accordingly, Gross Tax from 0.7 per cent in 2015-16. Total liabilities
Revenue as a proportion of GDP declined to of the Central Government, as a ratio of GDP,
10.9 per cent of GDP in 2018-19 (PA), lower have declined, as an outcome of both fiscal
by 0.3 percentage points as compared to
consolidation efforts as well as relatively
2017-18.
high GDP growth.
1.19 Total expenditure of central
government grew by 7.9 per cent in 2018- 1.21 State’s Gross Fiscal deficit reduced
19 (PA), with the growth of 15.1 per cent from 3.5 per cent of GDP in 2016-17 to 3.0
in capital expenditure leading to increase per cent in 2017-18 (RE), and is budgeted to
in share of capital expenditure in total decline to 2.6 per cent in 2018-19 (as per data
expenditure (Figure 16). The corrosponding available from RBI). The combined liabilities
growth in total expenditure was 8.4 per cent of General Government (Centre and States)
and capital expenditure, (-)7.5 per cent has declined to 67 per cent of GDP as on
in 2017-18. end-March 2018. Fiscal deficit of general
1.20 Government stood by its path of fiscal government is further expected to decline to
consolidation in 2018-19. The new targeting 5.8 per cent of GDP in 2018-19 (BE) from
framework was adopted in 2018-19 which 6.4 per cent of GDP in 2017-18 (RE).
Figure 15: GST revenue collections Figure 16: Expenditure of Central

(` crore) Government (in ` crore)
15 FD to GDP (Right scale) (%) 6.5
115
14 Cap. Exp. to total exp. (%) 6.0
110
13 5.5
105 12 5.0
Monthly average
100 11 4.5
95
10 4.0
9 3.5
90
8 3.0
85 7 2.5
80 6 2.0
Aug-17
Nov-17
Mar-18
Aug-18
Nov-18
Mar-19
Dec-17
Jan-18
Dec-18
Jan-19
Sep-17
Oct-17
Feb-18
Apr-18
Jul-18
Sep-18
May-18
Oct-18
Feb-19
Apr-19
May-19
Jun-18
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
Data source: Press Information Bureau Data source: Controller General of Accounts
1.22 Indian banking sector has been dealing sector (domestic operations), and PSBs in
with twin balance sheet problem, which particular, improved in 2018-19. NPAs as a
refers to stressed corporate and bank balance percentage of Gross Advances of Scheduled
sheets. The increase in Non-Performing Commercial Banks (SCBs) decreased from
Assets (NPA) of banks led to stress on 11.5 per cent to 10.1 per cent between March
balance sheets of banks, with the Public 2018 and December 2018 (Figure 17). The
Sector Banks (PSBs) taking in more stress. decline was sharper for PSBs from 15.5 per
However, the performance of the banking cent to 13.9 per cent during the same period.
Figure 17: Non performing assets as a percentage of Gross Advances
12
10
0
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
Data source: Reserve Bank of India
1.23 During 2018-19, the 10-year benchmark to harden in August again which continued
Government Security (G-Sec) yields was into September as well, increasing the yields
volatile (Figure 18) and closely tracked the from end-July to mid-September, by 40 bps.
movement in oil prices, domestic liquidity and Yields started softening towards the end of
rupee exchange rate. It hardened in the first September reflecting the measures taken
quarter but witnessed intermittent softening in for containing rupee volatility along with
the second and third quarters. The hardening expectations of lower market borrowings
of yields in the first quarter may be attributed by the central government in H2 of 2018-
to rising crude oil prices, the firming up of US 19. In the third quarter of 2018-19, the
treasury yields, concerns regarding the pace OMO purchase of `1.36 lakh crore along
of rate hikes by the US Fed, and upside risks with the decline in crude oil prices and CPI
to domestic inflation. Later, with the decline inflation rate, caused the yields to soften
in crude oil prices in July 2018, and with the once again. Consequent upon the policy
announcement of Open Market Operations rate cut announced by the Monetary Policy
(OMO) purchases, the yields softened in Committee in February, April and June 2019,
July. However, the currency depreciation in the yields have further softened. The 10-year
August 2018 due to rising crude oil prices G-Sec yield dropped to 6.97 per cent as on 10
and rising US interest rates, caused the yields June 2019.
Figure 18: Yield on 10 year and 91 day T Bill
9.5
91-Day Treasury Bill (Primary) Yield 10-Year G-Sec Par Yield (FBIL)
9.0
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
Oct- 15
Aug- 16
Oct- 16
Mar- 17
Nov- 17
Jun- 14
Nov- 14
Mar- 16
Jun- 18
Nov- 18
Jul- 15
Jan- 17
Jun- 17
Aug- 17
Jan- 18
Apr- 14
Apr- 18
Sep- 14
May- 15
Dec- 15
Feb- 15
May- 16
Sep- 18
Feb- 19
May- 19
DRIVERS OF GROWTH as a big market for businesses. Growth in

private final consumption expenditure (PFCE)
1.24 Consumption has always been a strong increased to 8.1 per cent in 2018-19, although
and major driver of growth in the economy. within the year, the growth momentum slowed
Within total final consumption, it is the private in the last two quarters. Although the share of
final consumption expenditure that has a private consumption in GDP remains high,
major share (close to 60 per cent) in the the pattern of consumption has undergone
economy’s GDP, with its growth rate mostly some change over time – from essentials
being higher than the overall GDP growth rate to luxuries and from goods to services
(Table 2). The huge size of the economy serves (Box 1).
Table 2: Components of aggregate demand
Real growth (per cent) Share at current prices (per cent)

Components
2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
Total consumption 7.8 8.6 8.3 69.6 70.0 70.6
Government consumption 5.8 15.0 9.2 10.3 11.0 11.2
Private consumption 8.2 7.4 8.1 59.3 59.0 59.4
Fixed investment 8.3 9.3 10.0 28.2 28.6 29.3
Change in stock -48.2 21.2 4.8 0.9 1.0 1.0
Valuables -18.9 27.4 -9.0 1.1 1.3 1.0
Exports of goods and services 5.1 4.7 12.5 19.2 18.8 19.7
Imports of goods and services 4.4 17.6 15.4 21.0 22.0 23.6
GDP at market prices 8.2 7.2 6.8 100 100 100
Note: For 2018-19, figures are as per provisional estimate.
Box 1: India’s high income elasticity of consumption

and its changing pattern over time
The relationship between per capita consumption and per capita national income shows a very
high elasticity of consumption, implying that the growth rate of consumption per capita is
almost the same as that of per capita income. The elasticity of consumption may have reduced
a bit over time, but still remains very high. Growth of real per capita PFCE is slightly higher
than that of per capita GDP or per capita net national income (NNI) (Table A).
Figure a: Income elasticity of Figure b: Income elasticity of

consumption consumption
(Old GDP series) (New GDP series)
12
11.7
ln(per-capita consumption)
11
2012-13 2018-19
ln(per-capita consumption)
10 11.2
8 10.7
7
10.2
6
1950-51
5
9.7 2004-05
5 6 7 8 9 10 11 12
ln(per-capita NNI) 9.7 10.2 10.7 11.2 11.7
ln(per-capita NNI)

Note: Old GDP series means series at 2004-05 base and new GDP series means series at 2011-12 base.
Table A: Level and growth of per capita income and consumption
Level in Rupees Real growth

(in per cent)
Nominal Real
2017-18 2018-19 2017-18 2018-19 2017-18 2018-19
Per-capita GDP 129901 142719 100151 105688 5.8 5.5
Per-capita NNI 114958 126406 87623 92565 5.7 5.6
Per-capita PFCE 76619 84760 56364 60185 6.0 6.8
Even though the elasticity of consumption has remained very high, its composition has changed
in the past few years. From food & beverages, transport & communication, which are more of
necessities, the spending has been shifting towards clothing & footwear, health & education,
housing & maintenance (Figure c). This shows an increase in discretionary spending by the
households as compared to the necessities. This shift is also visible in the change in pattern of
spending from consumption of goods to services. There has been a decline in share of goods
in total final consumption, which has correspondingly increased the share of services by more
than 1 percentage point (Figure d).
Figure c: Share of consumption Figure d: Changes in consumption

expenditure among major purposes share (per cent)
(per cent)
Housing & maintenance
53.6
52.4
Health & education
Clothing and footwear 47.6

46.4
Transport & communication
Food & beverages Goods Services
2011-12 to 2013-14 2014-15 to 2017-18

0 5 10 15 20 25 30 35
2014-15 to 2017-18 2011-12 to 2013-14
Data Source: Central Statistics Office
The data from NSSO Household Consumption survey also shows the increase in share of non-food
expenditure in total consumption over time. First interesting point to note is that the share of food in
total consumption is more than 10 percentage points lower in urban areas (in 1999-00, 2004-05 and
2011-12 as well) as compared to rural areas. Secondly, share of food in total consumption has gone
down by around 6.5 percentage points in rural areas and 5.5 percentage points in urban areas from
1999-00 to 2011-12. Within food, cereals have accounted for almost the entire decline. The share of
cereals has reduced to half between 1999-00 to 2011-12 in both urban and rural areas. Overall, the
share of non-food expenditure has increased with the expenditure share increasing for education,
medical, conveyance and durable goods (Table B). This shows that the shift towards discretionary
spending has been increasing while with the spending on necessities has been gradually decreasing.
In 2011-12 as well, the share of non-food expenditure was higher by almost 10 percentage points in
urban area as compared to rural areas, same as that in 1999-00. The share of spending on education
was almost double in urban areas as compared to rural areas in 2011-12 (Table B).
Table B: Share of monthly per capita consumption expenditure in total (per cent)
Rural Urban
1999-00 2004-05 2011-12 1999-00 2004-05 2011-12
Food 59.4 55.1 52.9 48.1 42.5 42.6
(of which)
Cereals 22.2 18.1 10.8 12.3 10.1 6.7
Milk & Milk products 8.8 8.4 8.0 8.7 7.9 7.0
Vegetables 6.2 6.1 6.6 5.1 4.5 4.6
Non food 40.6 44.9 47.1 51.9 57.5 57.4
(of which)
Clothing & footwear 8.0 5.4 7.0 7.2 4.7 6.3
Education 1.9 2.7 3.5 4.3 5.0 6.9
Medical 6.1 6.6 6.6 5.1 5.2 5.6
Conveyance 2.9 3.8 4.2 5.5 6.6 6.5
Durable goods 2.6 3.4 4.5 3.6 4.1 5.3
Source: NSSO Reports on Household consumption expenditure
1.25 The second component of consumption biological resources and intellectual property
is the government final consumption products are the other two components of
expenditure (GFCE). Growth of GFCE fixed investment, although they constitute a
decelerated from 15.0 per cent in 2017- very small share.
18 to 9.2 per cent in 2018-19. GFCE
1.27 Decline in investment rate and fixed
is calculated using growth of revenue
investment rate since 2011-12, seems to
expenditure net of interest payments and
have bottomed out with some early signs of
subsidies. GFCE comprises government’s
recovery since 2017-18 (Figure 19). Fixed
(revenue) expenditure on compensation
investment growth picked up from 8.3 per
of employees, net purchase of goods and
cent in 2016-17 to 9.3 per cent in 2017-
services and consumption of fixed capital.
18 and further to 10.0 per cent in 2018-19.
This lower growth in GFCE is consistent
The decline in fixed investment until 2016-
with lower revenue expenditure growth of
17 was mainly by the household sector,
the government in 2018-19. On average,
with fixed investment by public sector and
annual growth of GFCE in the last 5 years
private corporate sector remaining almost
has been 9.0 per cent.
at same levels (Figure 20). The ‘household’
1.26 The third major component of demand sector here includes ‘quasi-corporates’ as
is investment. Investment (Gross Capital well. Unincorporated enterprises belonging
Formation) accounts for nearly 32 per cent of to households, which have complete sets
GDP, within which fixed investment (Gross of accounts, are called quasi-corporates.
fixed capital formation) accounts for about 29 Household sector mostly invests in
per cent of GDP. The other two components dwellings and other structures and the quasi-
of investment are change in stocks and corporates invest in machinery & equipment.
valuables, each having a share of around 1 per This decline in household sector fixed
cent in GDP. Fixed investment mainly refers investment is due to decline in investment
to the value of new machinery and equipment in dwellings. This is borne out by a decline
and the value of new construction activity of in physical savings of household sector
dwellings and other structures. Cultivated as well.
Figure 19: Investment rate (measured Figure 20: Sector-wise fixed investment
as percentage of GDP) rate (percentage share in GDP)
40.0
16.0
GFCF GCF
14.0
35.0
12.0
30.0 10.0
8.0
25.0
6.0
20.0 4.0
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Public sector Private corporates Household sector

Note: Investment data and sectoral break up of fixed investment is available only upto 2017-18.
1.28 Green shoots in the investment activity 2016 and 2017, but has started picking up
appear to be taking hold as also seen in the in 2018. Credit growth to large industry
pickup in credit growth to industry. Credit started declining since March 2016 and
to, both, large and micro, small & medium entered negative territory by October 2016.
enterprises has seen pickup in growth. It has recovered since early 2017-18 and the
The growth of bank credit to micro, small momentum has picked up in the second half
& medium enterprises was contracting in of 2018 (Figure 21).
Figure 21: Deployment of Bank Credit in industry sector: month wise growth (per cent)
15.0
Micro,
Medium,Small & Medium
Micro & Small Large
10.0
5.0
0.0
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Oct-14
Jan-15
Oct-15
Jan-16
Oct-16
Jan-17
Oct-17
Jan-18
Oct-18
Jan-19
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
-5.0
-10.0
1.29 At the sectoral level, investment rates physical savings comprises gold and silver
have been declining since 2011-12, though and physical assets including construction
the investment rate in services is displaying and machinery and equipment, with
signs of bottoming out (Figure 22). In year physical assets forming the major share.
2011-12, industry sector had the highest The decline in physical savings is reflected
investment rate, followed by services, whereas in decline in gold imports or low growth
the agriculture sector had investment rate of gold imports since 2011-12 (Figure 23).
much less than half of that of services. In 2017-
18, investment rate in services sector became Figure 22: Ratio of GCF to GVA across
the highest. Investment rate in agriculture still sectors
continues to lag behind and now is half the
investment rate in the industry sector. 50
45
Agriculture Industry Services
40
1.30 Simultaneously, there has been a 35
decline in savings rate as well, with the 30

25
household sector entirely contributing to the 20
15
decline. Household savings declined from 10
23.6 per cent in 2011-12 to 17.2 per cent 5

0
in 2017-18. Almost this entire decline is in
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
physical savings of the households, with

only marginal decline in financial savings in
2016-17 and 2017-18 (Table 3). Household Data source: Central Statistics Office
Table 3: Gross Savings as percentage of GDP
2011-12 2014-15 2015-16 2016-17 2017-18

Gross Savings 34.6 32.2 31.1 30.3 30.5
Public 1.5 1.0 1.2 1.7 1.7
Private corporates 9.5 11.7 11.9 11.5 11.6
Household sector 23.6 19.6 18.0 17.1 17.2
Net financial savings 7.4 7.1 8.1 6.3 6.6
Physical savings 16.3 12.5 9.9 10.8 10.6
Figure 23: Gold imports (in US$ billion) of current account deficit to GDP ratio.
60.0 1.32 The fourth component of demand is net
50.0 exports. Exports are the external component
40.0 of demand of domestic goods, and imports
30.0
are a leakage of income of the country for
20.0
demand of products from other countries.
The contribution of exports and imports to
10.0
GDP would matter in rupee terms for national
2007-08
2011-12
2015-16
2008-09
2009-10
2010-11
2012-13
2013-14
2014-15
2016-17
2017-18
2018-19
accounting purposes rather than US dollar.

Data source: Directorate General of Commercial Intelligence
Hence, the discussion in this section is based
and Statistics, Kolkata on growth in rupee terms. Interestingly, the
1.31 As the saving rate has declined, so has trend of growth of exports and imports was
the investment rate. However, the decline different in 2018-19 in rupee and US dollar
in investment rate has been greater than the terms (Figure 24 & 25). While the growth
decline in the saving rate leading to continuous of both export and import declined in US$
narrowing of the saving-investment gap. The terms, it increased in rupee terms (at current
saving investment gap narrowed from (-)4.8 prices) in 2018-19.This happened due to the
per cent of GDP in 2012-13 to (-)1.8 per cent in depreciation of rupee vis-à-vis US dollar in
2017-18. This is also reflected in the narrowing 2018-19 (Figure 12).
Figure 24: Nominal Growth in exports Figure 25: Nominal Growth in exports
and imports in USD terms (per cent) and imports in Rupee terms (per cent)
25.0 35.0
Exports Imports
20.0 30.0 Exports Imports
25.0
15.0
20.0
10.0
15.0
5.0
10.0
0.0
5.0
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2018-19
2017-18
-5.0 0.0
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
-10.0 -5.0
-15.0 -10.0
Data source: Reserve Bank of India Data source: Central Statistics Office
1.33 After contraction in exports in 2015- of GVA reflected a decline in economic

16, the performance of exports growth activity, registering a growth of 6.6 per
started to improve from 2016-17. Exports cent in 2018-19, lower than 6.9 per cent in
of both service and merchandise (in rupee 2017-18 (Table 4). Growth of net indirect
terms) picked up in 2018-19 in nominal taxes was 8.8 per cent in 2018-19, lower
terms. Nominal growth of imports also than that of 2017-18, on account of loss of
picked up in 2018-19 but the pickup momentum of economic activity.
in nominal export growth was much
1.37 Real growth in 'Agriculture & allied'
higher. So although growth of export in dollar
sector was lower in 2018-19 at 2.9 per cent,
terms declined, the positive growth in rupee
after two years of good agriculture growth
terms, because of depreciation has insured a
(Table 4). As per the 3rd Advance Estimates
steady growth in the export earnings.
released by Ministry of Agriculture &
1.34 Import prices as compared to export Farmers Welfare, the total production of food
prices in rupee terms increased sharply in grains during 2018-19 is estimated at 283.4
2018-19, vis-à-vis 2017-18. Growth in Unit million tonnes, as compared to 285 million
Value Index of merchandise exports and tonnes in 2017-18 (final estimate). There
imports was 1.1 per cent and (-)1.9 per cent was a significant decline in food prices in
respectively in 2017-18, but increased to 6.9 2018-19 as indicated by nearly zero per cent
per cent and 17 per cent respectively in April- consumer food price inflation in 2018-19 with
December 2018-19. Due to increase in price prices contracting straight for five months in
of imports, real growth of imports in rupee the year (Figure 26). This is reflected in the
terms fell in 2018-19 possibly reflecting the decline of the nominal growth rate of GVA
softening of GDP growth in the year. On the in agriculture from 7.0 per cent in 2017-18 to
other hand, real growth of exports picked up 4.0 per cent in 2018-19. Share of agriculture
in 2018-19. sector in total GVA has been consistently
falling and now stands at 16.1 per cent in
1.35 As India is a net importer, net exports 2018-19.
are always negative. However, the growth
contribution of net exports is positive in many 1.38 Agriculture sector in India typically
years. In 2018-19, there was improvement in goes through cyclical movement in terms
contribution of net exports to GDP growth, of growth and production. As per the
owing to higher growth of exports and lower latest data series, crop sector’s growth rate
growth of imports at constant prices as remains volatile largely because of vagaries
compared to previous year. Going forward, of nature, although the growth in livestock
the prospects of export growth are dependent and fishing has remained stable during the
on the impact of rising trade protectionism past four years. There has been a modest
and effectiveness of export promotion compositional shift within the ‘Agriculture
and allied’ sectors i.e., from crop to livestock
measures of Goverment.
sectors and within crop sector from cereals
Supply side of the economy to horticultural produce. The share of crops
in GVA has reduced from 12.1 per cent in
1.36 Gross Value Added (GVA), reflects the 2013-14 to 10.0 per cent in 2017-18, and that
supply or production side of the economy of livestock increased from 4.1 per cent to 4.9
to which net indirect taxes on products are per cent (at current prices) during the same
added to get GDP at market prices. Growth period.
Table 4: Gross Value Added at Basic Prices by Economic Activity
Real growth (per cent) Share at current prices (per cent)

2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
Agriculture, forestry & fishing 6.3 5.0 2.9 17.9 17.2 16.1
Industry 7.7 5.9 6.9 29.4 29.3 29.6
Mining & quarrying 9.5 5.1 1.3 2.3 2.3 2.4
Manufacturing 7.9 5.9 6.9 16.8 16.4 16.4
Electricity, gas, water supply 10.0 8.6 7.0 2.5 2.7 2.8
& other utility services
Construction 6.1 5.6 8.7 7.8 7.8 8.0
Services 8.4 8.1 7.5 52.7 53.5 54.3
Trade, hotel, transport, storage, 7.7 7.8 6.9 18.2 18.2 18.3
communication & services
related to broadcasting
Financial, real estate & 8.7 6.2 7.4 20.9 21.0 21.3
professional services
Public administration, defence 9.2 11.9 8.6 13.6 14.3 14.7
and other services
GVA at basic prices 7.9 6.9 6.6 100.0 100.0 100.0
Note: Data for 2018-19 are as per the Provisional Estimates.
Figure 26: Decline in Food Inflation 1.40 The GVA of the private corporate
(per cent) sector, with around 70 per cent share of
10 the manufacturing sector (estimated from
available data of listed companies with BSE
8
and NSE) grew by 8.4 per cent at constant
6
prices in 2018-19. On the other hand,
4 production in manufacturing sector as
2 measured by IIP slowed down to 3.5 per
0
cent in 2018-19 from 4.6 per cent in 2017-18
(Figure 27). Growth in IIP is used to estimate
Aug-16
Aug-14
Aug-15
Dec-15
Dec-16
Aug-17
Dec-17
Aug-18
Dec-18
Apr-16
Apr-17
Apr-18
Apr-19
Apr-14
Dec-14
Apr-15
-2
the GVA growth of ‘quasi-corporate’ and
-4
‘unorganized’ segment of manufacturing
Data source: Central Statistics Office sector. Hence, contribution of unorganised
1.39 Growth in industry accelerated during sector to growth of manufacturing sector
2018-19 on the strength of improving declined in 2018-19. Another positive
manufacturing and construction activity development in the manufacturing sector
(Table 4), which have more than offset the has been the gradual improvement in
deceleration in the other two sub sectors, capacity utilisation since Q4 of 2016-
‘Mining & quarrying’ and ‘Electricity, 17 (Figure 28) along with the pick-up in
gas, water supply & other utility services’. bank credit to large industry since June 2018.
Manufacturing accounted for 16.4 per cent in 1.41 The growth in manufacturing
total GVA in 2018-19, marginally higher than sector picked up in 2018-19, although the
that of ‘Agriculture & allied’ sector. momentum slowed down towards the end of
Figure 27: Index of Industrial Production Figure 28: Capacity utilization for selected
growth (per cent) and PMI index manufacturing companies (per cent)
(3 quarter moving average)
78.0
12.0 IIP-General IIP-Manufacturing 56
PMI-Manufacturing (RHS) 77.0
10.0
54 76.0
8.0 75.0
52
74.0
6.0
50 73.0
4.0
72.0
48
2.0 71.0
46 70.0
0.0
Oct-17
Dec-17
Oct-18
Dec-18
Apr-17
Aug-17
Apr-18
Aug-18
Apr-19
Jun-17
Feb-18
Jun-18
Feb-19
-2.0 44
Data source: Central Statistics Office Data source: Reserve Bank of India
the financial year with a growth of 3.1 per the key driver of economic growth along
cent in fourth quarter of the year, as compared with being a major contributor to GVA and
to 12.1 per cent, 6.9 per cent and 6.4 per cent export basket of the Indian economy. Service
in first, second and third quarter respectively. exports has become one of the mainstay of
The growth rate in Q4 of 2018-19 moderated India’s total exports increasing manifold,
considerably, on account of lower NBFC from `0.746 lakh crore in 2000-01 to `14.389
lending, which in part led to low sales in the lakh crore in 2018-19, raising its share
auto sector. The moderation is also evident in total exports from 26.8 per cent to 38.4
in IIP manufacturing growth that decelerated per cent. Share of India in world service
considerably in the Q4 of 2018-19, with exports has also increased from 2 per
contraction in automobile (manufacture of cent in 2005 to 3.5 per cent in 2017. This
motor vehicle and other transport equipment) share is much higher than that of
sector and low growth in basic metals sector. manufacturing exports, which stands at 1.8
PMI manufacturing, despite weakening in Q4 per cent in 2017.
of 2018-19, remained above 50, reflecting 1.44 Service sector growth declined from 8.1
the non-cessation of the accelerating phase per cent in 2017-18 to 7.5 per cent in 2018-
in manufacturing, although at a lower rate 19, due to decline in the growth in ‘Public
(Figure 27). administration, defence & other services’
and ‘Trade, hotel & transport’ sector. Yet, the
1.42 Construction sector growth is estimated
sector continues to be the main contributor
using growth of production of cement and
to growth of the Indian economy. The
consumption of finished steel. Production
share of services sector in overall economy
of cement and consumption of finished
has been increasing and now stands at a
steel grew at 13.3 per cent and 7.5 per cent
little over 54 per cent. Within the services
respectively in 2018-19, higher than their
growth rates in 2017-18 and this reflects sector, ‘Financial, real estate & professional
in higher growth of construction sector services’ is the largest component, followed
in 2018-19. by ‘Trade, hotel & transport’ sector. PMI
services continued to remain above the 50
1.43 Service sector is the most dynamic mark in 2018-19, reflecting the non-cessation
sector in the economy and has remained of its expansionary phase.
1.45 The ‘Trade, hotel, transport, storage, rail and water, growth of which also declined in
communication & services related to the second half of 2018-19 (Figure 29). Further,
broadcasting’ sector growth decreased by 0.9 growth in number of passengers travelling
percentage point to 6.9 per cent in 2018-19. by air and railways, which are indicators of
A proxy for growth in transport sector is the growth of this sector, also declined in 2018-19
amount of cargo and passengers carried by air, as well, as compared to previous year.
Figure 29: Growth in Cargo carried by various means of transport (per cent)
20.0
Cargo at major water ports Rail freight Air cargo
15.0
10.0
5.0
0.0
Aug-18
Nov-18
Aug-17
Nov-17
Jun-17
Oct-17
Jun-18
Oct-18
May-17
Sep-17
Feb-18
Sep-18
Jul-17
May-18
Mar-19
Mar-18
Apr-18
Feb-19
Apr-17
Jul-18
Dec-17
Jan-18
Dec-18
Jan-19
-5.0
Data source: Directorate General of Civil Aviation, Ministry of Railway, and Ministry of Shipping
1.46 The ‘Financial, real estate and 1.47 Union government revenue expenditure
professional services’ sector grew at 7.4 net of interest payments grew by 5.6 per cent
per cent in 2018-19, higher as compared to 6.2 in 2018-19, as compared to 11.3 per cent
per cent in 2017-18. This sector accounts for in the previous year. This is reflected in the
more than 20 per cent of overall GVA of the growth rate of ‘Public administration, defence
economy. Major component of this and other services’ (which is calculated using
sector is the ‘Real estate and professional growth rate of revenue expenditure net of
services’, which has a share of more than interest payments), declining from 11.9 per
70 per cent (refer to GDP compilation cent in 2017-18 to 8.6 per cent in 2018-19.
methodology table in annex). Financial
1.48 Each sector has a different composition
services component of the sector is estimated
of income going to labour, capital and
using growth rate of bank credit and bank
entrepreneurship. Agriculture has a very
deposit, which grew at 14.5 per cent and
small share of income going to labour as
10.0 per cent respectively in 2018-19, as
paid labour in this sector has only a marginal
compared to 10.0 per cent and 6.2 per cent
presence which is reflected in a very small
respectively last year, reflecting a growth in
share of Compensation of Employees (CE).
GVA in financial services.
Since most people work on their own farms,
Operating Surplus (OS) / Mixed income and improved demand. The political stability
(MI) has a very large share in the GVA of in the country should push the animal
agriculture. On the other hand, industry and spirits of the economy, while the higher
services sector continue to show a high share capacity utilization and uptick in business
of employee compensation in their GVA, expectations should increase investment
which has not changed much over the last activity in 2019-20. Accommodative
few years (Figure 30). monetary policy in the beginning of the year
Figure 30: Net Value Added share in different should help in decreasing real lending rates,
income categories (per cent) more so, if the transmission mechanism
NPT
improves. There are signs of continuing
resolution of stressed assets in the banking
Services
OS/MI
CE
sector as reflected in decline in NPA to gross
NPT
advances ratio as on December 2018, which
should push the capex cycle.
Industry
OS/MI
CE
1.51 The performance of consumption will
NPT
Agriculture &
be crucial in deciding the growth path of

allied
OS/MI
economy. Rural wages growth which was
CE
-10 10 30 50 70 90
declining seems to have bottomed out and has
(2014-15 to 2017-18) (2011-12 to 2013-14)
started to increase since mid-2018. Further
Data source: Central Statistics Office growth in rural wages should help spur rural
Note: CE : Compensation of Employees, CFC: demand. Pick up in food prices should help
Consumption of Fixed Capital, OS: Operating in increasing rural incomes and spending
Surplus; MI: Mixed Income of the self-employed,
NPT: Net Production tax capacity and hence rural consumption
demand. PM-Kisan scheme was announced
Outlook of the economy by the government to provide an income
1.49 The year 2019-20 has delivered a support of `6000/- per year to small and
huge political mandate for the government, marginal farmer families having combined
which augurs well for the prospects of high land holding/ownership of upto 2 hectares.
economic growth. Real GDP growth for The condition of minimum land holding has
the year 2019-20 is projected at 7 per cent, been subsequently removed to benefit all
reflecting a recovery in the economy after farmers. This cash transfer scheme will also
a deceleration in the growth momentum increase the rural incomes.
throughout 2018-19. The growth in the 1.52 The oil prices increased in 2018-19 by
economy is expected to pick up in 2019-20 around 14 $/bbl. However, oil prices are
as macroeconomic conditions continue to be expected to decline in 2019-20 from the
stable while structural reforms initiated in the current level (based on the oil futures price
previous few years are continuing on course. for 2019-20). This should provide a positive
However, both downside risks and upside push to consumption.
prospects persist in 2019-20.
1.53 However, downside risks to
1.50 Investment rate, which was declining consumption remain. The extent of recovery
from 2011-12 seems to have bottomed out. in farm sector and farm prices will decide
It is expected to pick up further in the year the push to rural consumption, which is also
2019-20 on the back of higher credit growth dependent on the situation of monsoon. The
meteorological department has predicted importing country’s exposure to Indian goods

that the rainfall over the country as a whole can foster export performance. Under status
is likely to be near normal this year. This quo, the outlook for the global economy is
should lead to improvement in agriculture bleak in 2019, with most of the countries
sector growth. However, according to IMD, projected to slow down. The major threat
some regions are expected to receive less facing the world economy is the increase
than normal rains. This could prove to be in trade tensions between U.S. and China,
detrimental for crop production in certain which could lead to large disruptions in
affected areas. If the impact of stress in the global value chains, outcome of Brexit and
NBFC sector spills over to this year as well, it downside risk to China’s growth. The lower
may lead to lower credit offtake from NBFCs, global growth and the increased uncertainty
which may dampen growth in consumption about trade tensions may negatively affect
spending. export demand, including that of India’s,
which in turn will further lower GDP growth
1.54 Prospects of export growth remain
rates of several countries.
weak for 2019-20 if status quo is maintained.
However, reorientation of export policies 1.55 On balance, the prospects of the economy
to target countries/markets based on our should improve with growth of the economy
own relative comparative advantage and the expected to be 7 per cent in 2019-20.
CHAPTER AT A GLANCE
 Growth of GDP moderated to 6.8 per cent in 2018-19 from 7.2 per cent in 2017-18.
However, India was still the fastest growing major economy.
 This moderation in growth momentum is mainly on account of lower growth in
‘Agriculture & allied’, ‘Trade, hotel, transport, storage, communication and services
related to broadcasting’ and ‘Public administration & defence’ sectors.
 Growth in investment, which had slowed down for many years, has bottomed out and
has started to recover since 2017-18. Growth in fixed investment picked up from 8.3 per
cent in 2016-17 to 9.3 per cent in 2017-18 and further to 10.0 per cent in 2018-19.
 India maintained its macroeconomic stability by containing inflation within 4 per cent
and by maintaining a manageable current account deficit to GDP ratio.
 Fiscal deficit of Central Government stood at a 3.4 per cent of GDP in 2018-19. Current
account deficit was 2.6 per cent in April-December 2018.
 Non-Performing Assets as percentage of Gross Advances reduced to 10.1 per cent at
end December 2018 from 11.5 per cent at end March 2018.
 Outlook of Indian economy appears bright with prospects of pickup in growth in 2019-
20 on back of pick up in private investment and robust consumption growth.
ANNEX
Table: Key data sources and indicators used for each sector during
different stages of estimation1 of GDP
Sector 1st Revised Estimates 2nd Revised 3rd Revised

Estimates Estimates
Agriculture Current price: Final estimate of Specific crop
crops and horti- and revised
Crops: culture crops by prices made
Production: Fourth advance estimate for food MoAgFW. For available
grain production and third advance estimate/ some State specif- during compa-
final estimate (as available by January) for ic crops, updated rable discus-
area and production of horticulture crops, production data sion by some
both published by Ministry of Agriculture is supplied by the States or UTs.
and Farmer Welfare (MoAgFW). corresponding Latest cost
State DES. Price of cultiva-
Prices: Wholesale Price Indices (WPI) of data is updated tion rates of
crops (category specific) are applied on pre- after comparable by-products
vious year price supplied by corresponding discussion from are used for
State Directorate of Economics and Statistics States. compilation.
(DES).
Livestock:
Production: Latest data on major livestock
products by MoAgFW
Prices: Prices are supplied by corresponding
State DES. If some State DES has not final-
ized the prices, item-wise WPI is applied on
previous year’s price supplied by correspond-
ing State DES.
Irrigation system:
GVA at current prices are estimated by ana-
lyzing budget documents of Central and State
Governments and annual reports of public
sector irrigation companies.
1
For the methodology of Advanced and Provisional Estimates, please refer to Economic Survey Volume II of 2017-18.
In First Advance Estimate, Second Advance Estimate and Provisional Estimate, indicator-based methodology is followed. The
estimates are based on seven to nine months data. First Revised Estimates (RE) are released in January of the subsequent year
and then second and third revised estimates are released in January of following years. For example, for the year 2015-16, First
RE was released in January 2017, Second RE was released in January 2018 and Third RE in January 2019.

Estimates Estimates
Constant prices:
Crops and livestock:
Current year production is multiplied with
base year price.
Irrigation system:
Base year GVA estimates are moved with the
index of area irrigated through government
canals.
Forestry Current prices: Updated produc- Revision of
tion and price es- production and
Latest production and prices data from State timate of Indus- price data of
forestry departments and category-specific trial Wood (IW) IW and minor
WPI (used in case when prices are not avail- and minor forest forest product
able from some states). Recorded production product provided after compara-
is multiplied by 1.1 to estimate actual produc- by concerned ble discussion.
tion. States or UTs.
Constant prices:
Latest production and base year prices are
used.
Fishing Current prices: Updated pro- Revision of
duction and production,
Production: Current data of inland fish, ma- price estimate information on
rine fish and curing activities from Depart- on curing activi- curing activi-
ment of Fisheries and Animal Husbandry ties as per latest ties and revi-
Statistics (AHS) Division of MoAgFW and data provided by sion of prices
State Fisheries departments. concerned States after compara-
Price: Prices are supplied by corresponding or UTs. ble discussion.
State DES. If some State DES has not final-
ized the prices, WPI of fish is applied on pre-
vious year price supplied by corresponding
State DES.
Constant prices:
Latest production and base year prices are
used.
Mining & Current price:
Quarrying
Annual reports of the public sector mining companies, MCA-21 for private corpo-
rate sector, Salt commissioner for production of salt, State geological department for
minor minerals.

Estimates Estimates
Constant price:
Implicit Price Deflator (IPD) for major minerals from Indian Bureau of Mines and
category specific WPI is used for the constant price estimation for coal and petro-
leum.
Manufactur- Current price:
ing
Annual reports of public sector manufacturing companies, Budget documents of
Departmental Enterprises, MCA-212 for private corporate sector, Annual Survey of
Industries (ASI), and NSS employment unemployment survey and Unincorporated
survey data used for the base year and then carried forward by IIP and WPI (in ab-
sence of ASI data).
Constant price:
WPI manufacturing (sector-specific) is used as the deflator.
Electricity Current price:
Budget documents of Departmental Enterprises (DE), Annual reports of electricity
companies, MCA-21 for private corporate sector.
Constant price:
Quantum Index (created using amount of transmission and distribution of electricity
companies) is used.
Gas and Wa- Current price:
ter Supply
MCA-21 and annual reports, NSS results taken forward by corporate growth and
KVIC.
Constant price:
Base year estimates are moved with Quantum Index (created using volume of pro-
duction) of gas and CPI for water supply.
Construction Current price:
Pucca Construction: For compiling the estimates of pucca construction in Dwell-
ings, other buildings and structures (DOBS), commodity flow approach is used. On
site value of construction materials, i.e., cement, iron & steel, bricks & tiles, timber
& roundwood, bitumen & bitumen mixtures and glass & glass products, fixture &
fittings, etc. used in construction activity was compiled for the base year 2011-12 us-
ing ASI results. Further, trade and transport margins were also added. The base year
estimates are further moved by growth of gross value of output of manufacturing of
particular compilation categories for future years. Rates and ratios based on study
on construction conducted by Central Building Research Institute are used to arrive
at the GVA of pucca construction.
_______________
2
In the 1st RE, only common companies’ growth in MCA 21 data is used, whereas for 2nd RE all companies that have filed
return until the date are included.

Estimates Estimates
Kutcha Construction: For compiling the estimates of kutcha construction, expendi-
ture approach is used. Construction activities on kutcha DOBS, land improvement,
irrigation, mineral exploration, plantations, etc, are treated as kutcha construction.
75 percent of expenditure made by different institutional sectors on said activities
constitutes the GVA of kutcha construction.
Constant prices:
Estimates are compiled using appropriate WPI and CPI based deflators.
Trade & Re- Current prices:
pair services
Budget documents of DE, annual reports of Non Departmental Enterprises (NDE),
MCA-21 data for private corporate sector, NSS results for quasi-corporations sector
taken forward by unorganised index of sales tax turnover* (for trade sector), service
tax growth rate (for repair services), sale growth of motor vehicles (for maintenance
and repair of motor vehicles and motor cycles).
Constant prices:
Weighted WPI and sales growth of vehicles
Hotels & Current prices:
Restaurants
Annual reports of DE, MCA-21 data for private corporate sector, NSS results for
unorganised sector in the base year taken forward using corporate sector growth.
Constant prices:
Weighted WPI is used as a deflator.
Rail Trans- Current Prices:
port
Estimates from Central Government budget documents for Departmental Commer-
cial Undertakings, MCA-21 data for the private Corporate Sector and latest avail-
able annual report for Non Departmental Commercial Undertakings.
Constant Prices:
Volume extrapolation using weighted volume index of passenger earning, goods
earning etc. combined with their earnings in the base year as weights.
Other (Land, Current price:
water, air)
transport Budget documents of DE, Annual reports of NDE, MCA-21 data for private cor-
porate sector, NSS results for unorganised sector carried forward using vehicles
growth (for current price inflated using CPI -transport and communication)
Constant price:
Volume index of transport (for land transport), air volume index (for air transport),
index of cargo handled (water transport), combined growth of road, water and air
(for service incidental to transport).

Estimates Estimates
Commu- Current prices:
nication &
Broadcasting Budget document of Department of Post, annual reports of NDE (BSNL, MTNL),
MCA-21 data for private corporate, unorganised sector by NSS results moved for-
ward using Service tax growth (for courier, cable and telecommunication) and cor-
porate growth (for recording, publishing and broadcasting services).
Constant price:
Minutes of usage growth and CPI-transport and communication
Banking Current price: Current price:
including
NBFI and Annual accounts data of nationalised banks, Data is updated based on latest data
financial RBI data for private banks, foreign banks and from the MCA, NABARD, Nation-
auxiliaries urban cooperative banks, NABARD data for al Federaton of State Cooperative
Regional Rural Banks and rural cooperative Banks Limited and receipts of an-
banks, SEBI data for financial auxiliaries, nual reports from State Financial
MCA data for Non-Banking Financial In- Corporations, Central and State lev-
stitutions and financial auxiliaries, All-India el public sector financial companies
Debt and Investment Survey data, RBI report and corporations and budget docu-
on private moneylenders and NSS 67th round ments for Post Office Bank.
data of enterprise surveys and RBI data on
loans and advances to households for unor-
ganised sector. Budget documents are used
to estimate the GVA of Post Office Savings
Bank.
Constant price:
Estimates are prepared separately for each
of the sub-sectors. In general, the base year
estimates are carried forward using indica-
tors measuring the volume of activity in the Constant price:
corresponding sub-sector (e.g., for banks,
aggregate deposit and credit growth rates are
The implicit price deflator also is
derived using data from Reserve Bank of In-
updated based on revised estimates
dia). In cases where the volume of activity is
in current and constant prices for
measured in value terms i.e., at current pric-
the non-financial sector.
es, these are deflated by implicit price defla-
tor of non-financial sectors to obtain the cor-
responding quantum index.

Estimates Estimates
Insurance Current price: In both current price and constant
and pension price, data is updated based on lat-
Data from annual accounts of public sector est data from the IRDAI, PFRDA
life and non-life insurance companies, IR- and analysis of budget documents.
DAI data for private insurance companies, In constant price estimates, the im-
PFRDA data for pension funds, and budget plicit price deflator also is updat-
documents for postal life insurance are used. ed based on revised estimates in
Constant price: current and constant prices for the
non-financial sector.
Estimates of GVA at constant prices are
prepared separately for each of the sub-
sectors. In general, the base year estimates are
carried forward using indicators measuring
the volume of activity (for instance, using
premium less reinsurance and claims paid for
public non-life insurance) in the corresponding
sub-sector. In cases where the volume of
activity is measured in value terms i.e., at
current prices, these are deflated by implicit
price deflator of non-financial sectors to
obtain the corresponding quantum index. For
postal life insurance, current price GVA is
deflated using all-India overall CPI.
Real Estate Current price:
Annual reports of NDE, MCA-21 data, NSS results for unorganised sector carried
forward with corporate sector growth.
Constant price:
CPI and WPI are used for constant price estimation.
Ownership Current price:
of Dwellings
Gross rental is the number of census houses (urban) times rent per household as ob-
tained from Consumer Expenditure Survey (CES) for the base year. For years sub-
sequent to the base year, rent per household is extrapolated using the index of house
rent (urban areas) and the number of dwellings is extrapolated using the inter-censal
growth rate of urban dwellings. For rural dwellings, capital stock of rural residential
buildings is used.
Constant price:
Base year estimate with inter-censal growth rate of dwellings for urban areas and
deflated by CPI (Rural) for rural dwellings.

Estimates Estimates
Professional Current Prices:
services
Annual reports of NDE, MCA-21 data, NSS results taken forward using private
corporate sector growth).
Constant Prices:
WPI and CPI are used.
Public Ad- Current Prices: Actual estimates Actual esti-
ministration from Centre mates from
and Defence Revised estimates from Centre and State bud- and State bud- Centre and
get documents along with Local Bodies (LB) get documents State budget
and autonomous institutes’ data. along with LB documents
and autonomous along with LB
institutes’ data. and autono-
mous insti-
tutes’ data
(revision, if
any, based on
comparable
discussion).
Constant Prices:
Current price estimates of Net Value Added are deflated using CPI and Consump-
tion of Fixed Capital at constant prices are added to arrive at GVA.
Product Current Prices: Actual estimates Actual esti-
Taxes from Centre mates from
Revised estimates from Centre and State and State bud- Centre and
budget documents along with LB and auton- get documents State budget
omous institutes data. along with LB documents
mous insti-
tutes’ data
(revision, if
any, based on
comparable
discussion).
Constant Prices:
Constant price estimates of taxes on products are compiled by volume
extrapolation. Volume extrapolation is done separately for different product taxes.
Indicators used for extrapolation are growth in volume of output of manufacturing
, services, etc.

Estimates Estimates
Product Current Prices: Actual estimates Actual esti-
Subsidies from Centre mates from
Revised estimates from Centre and State and State bud- Centre and
budget documents along with LB and auton- get documents State Budget
omous institutes’ data. along with LB documents
mous insti-
tutes’ data
(revision, if
any, based on
comparable
discussion).
Constant Prices:
Current price estimates are deflated using IPD of GVA.
Private Final Current prices:
Consump-
tion Expen- (a) Agriculture: From the quantity of production, the amount used up for feed
diture and seed, wastage, Public Distribution System (data from Ministry of Consumer
Affairs), inter-industry consumption, government consumption and retained
for self-consumption are subtracted to get the private final consumption.
(b) Manufacturing:
• Share of consumable goods is calculated from ASI data by calculating
the share of items of final consumption in products and by products
for the organised manufacturing. Then this ratio is used on the output
produced in the public sector, private corporate sector and private
unincorporated sector.
• For unorganised manufacturing, base year ratio of output of organised
and unorganised manufacturing is used. Total supply available for
consumption is calculated by excise duty, import duty, trade and
transport margin. After this, the government consumption, capital
formation, exports are subtracted using Supply Use table and the
remaining is Private Final Consumption Expenditure (PFCE).
(c) Electricity, gas and other fuel: For the base year, consumption of electricity
has been taken from consumer expenditure survey of NSS; it is moved forward
with the data supplied by CEA on electricity sold for domestic consumption.
Domestic consumption of natural gas is taken from Indian Petroleum and
Natural Gas statistics.

Estimates Estimates
(d) Services:
• For most of the services (health, education, hotels & restaurants), base
year estimates are calculated from Consumer Expenditure Survey and
then further moved with growth in gross value of output.
• Transport: Ratio of PFCE to passenger earnings in the base year and are
assumed to be constant throughout the series, and then taken forward
using registered commercial vehicles growth.
• Communication and various other personal services: PFCE is fixed
percentage of total output.
• Housing and water supply: GVA growth is used to take the estimates
forward.
Constant prices:
(a) Agriculture: Estimation done at base year prices.
(b) Manufacturing: Headline WPI is used as deflator
(c) Electricity, gas and other fuel: Base year estimates are moved using
quantum index.
(d) Services: Deflation by implicit output deflator or CPI in some cases.
Government Current Prices: Actual estimates Actual esti-

Final Con- from Centre mates from
sumption Revised estimates from Centre and State and State bud- Centre and
expenditure budget documents along with LB and auton- get documents State budget
omous institutes’ data. along with LB documents
mous insti-
tutes’ data
(revision, if
any, based on
comparable
discussion).
Constant price:
Individual components are deflated using CPI and WPI based indicators and CFC at
constant price is added.

Estimates Estimates
Gross Fixed Current price:
Capital For-
mation Estimate of Gross Fixed Capital Formation (GFCF) is compiled by type of
assets, by type of institutional sectors and by industry of use. The four types
of assets and methodology used are given as follows:
(a) Dwellings, other buildings and structures (DOBS): The output of new
construction part of DOBS is taken as GFCF and the methodology used
for compilation is the same as mentioned in the Construction Sector
GVO. For compilation of institution and industry-wise estimates,
expenditure on new construction given in budget documents, annual
reports of public corporations, ASI, annual reports of private corporations
and NSS surveys for households are used.
(b) Machinery and equipment (M&E): GFCF estimates of M&E asset
are compiled using commodity flow approach. For compilation of
institution and industry wise estimates, capital expenditure on M&E
given in budget documents, annual reports of public corporations, ASI,
annual reports of private corporations and NSS surveys for households
are used.
(c) Cultivated Biological Resources (CBR): Increment in livestock and
expenditure on increment of area of plantation crops is treated as capital
formation under CBR asset. For compilation of GFCF asset of livestock
and plantation, information of capital stock from Livestock Census and
expenditure on plantation crops from NABARD Report are used.
(d) Intellectual Property Products: Total capital expenditure on Research
& Development activities, software, etc. from budget documents,
annual reports of public corporations, ASI, annual reports of private
corporations and NSS 67th round for software asset data for households
and unincorporated enterprises is used.
Constant price:
Estimates are compiled using appropriate WPI and CPI based deflators.
Exports of Current price:
goods and
services Data of exports of goods and services is taken from RBI.
Constant prices:
Export of goods is deflated by unit value of export index and export of services is
deflated by implicit price index of service sector.

Estimates Estimates
Imports of Current prices:
goods and
services Data of import of goods and services is taken from RBI.
Constant prices:
Import of goods is deflated by unit value of import index and import of services is
deflated by implicit price index of service sector.
Net Factor Current prices:
Income from
Abroad Data on receipt of compensation of employees and property & entrepreneurial
incomes is taken from RBI.
Constant prices:
Deflated by implicit price of service sector.
Note:
^ : Inputs are assumed to be 16.2 per cent of total value of output at current price in Forestry sector.
# : Commodity flow approach refers to consumption of cement and cement products, iron and steel,
Bricks and tiles, timber, bitumen, glass products.
* : After the implementation of GST, sales tax is now subsumed under GST and now a comparable
estimate of turnover is estimated.
Fiscal Developments
02
CHAPTER
“In the happiness of his subjects lies his happiness; in their welfare his
welfare; whatever pleases himself he shall not consider as good, but whatever
pleases his subjects he shall consider as good. Hence the king shall ever be
active and discharge his duties; the root of wealth is activity, and of evil its
reverse.”
-Kautilya’s Arthasastra, Chapter XIX, ‘The Duties of a King’ in Book I,

‘Concerning Discipline’.
Tabled in the backdrop of an optimistic global scenario of the investment and
trade cycle, Budget 2018-19 reiterated the objective of fiscal consolidation
with introduction of a new fiscal targeting framework. Revenue augmentation
and expenditure reprioritisation and rationalisation continue to be integral to
fiscal reforms. Broadening and deepening the direct tax base and stabilisation
of Goods and Services tax are the other priorities. Over the last six years,
budgetary expenditure of the Central Government, as per cent of GDP, has seen
considerable moderation with most of the reduction in the revenue expenditure.
Total expenditure fell by 0.3 percentage points in 2018-19 PA (Provisional
Actuals) over 2017-18, with 0.4 percentage points reduction in revenue
expenditure and 0.1 percentage points increase in capital expenditure. Within
revenue expenditure, major subsidies comprising food, fertiliser and petroleum
continued their downward trend and have further declined by 0.1 percentage
point of GDP in 2018-19 PA over 2017-18. Improving the quality of expenditure
remains the key priority. Meeting allocational requirements without diversion
from the newly revised fiscal glide path remains the foremost challenge.
2.1 Budget 2018-19 was presented in the macro-economic stability. The growth with
backdrop of upswing in global investment macro-stability stems mainly from ongoing
and trade in the second half of 2017. The structural reform, fiscal discipline, efficient
global growth was expected to continue delivery of services and financial inclusion.
its momentum in 2018. Despite several
2.2 The Budget 2018-19 affirmed
headwinds, Indian economy is expected
Government’s intent on fiscal consolidation.
to grow at 6.8 per cent (as per provisional
It aimed to revert to the path of fiscal rectitude
estimates released by Central Statistics
after the temporary blip in 2018-19. The new
Office) in 2018-19 while maintaining
Fiscal Developments 35
fiscal targeting framework was adopted, Government finances, State finances, General
which rests on twin pillars of reducing debt Government, and outlook for 2019-20.
and fiscal deficit. The revised fiscal glide
path envisaged achieving fiscal deficit of 3 CENTRAL GOVERNMENT
per cent of GDP by FY 2020-21 and Central FINANCES
Government debt to 40 per cent of GDP by
2.5 Fiscal consolidation entails revenue
2024-25.
augmentation and expenditure rationalisation.
2.3 The Medium Term Fiscal Policy In the post-Fiscal Responsibility and Budget
(MTFP) Statement presented alongwith the Management Act (FRBMA) period from
Union Budget 2018-19 revised the fiscal 2004-05 to 2007-08, significant fiscal
deficit target for 2017-18, as percent of GDP, consolidation could be achieved largely due
by 0.3 percentage point from 3.2 per cent to to buoyant tax revenues with net tax revenue
3.5 percent, owing to spill-over impact of the to the Centre increasing by 1.9 percentage
new indirect tax regime. It aimed to reach the points of GDP. As part of the strategy to
fiscal deficit target of 3.3 per cent of GDP in revive growth post the Global financial
2018-19 BE, with projections for 2019-20 crisis, fiscal consolidation was paused, which
and 2020-21 at 3.1 per cent and 3.0 per cent, manifested in tax concessions and higher
respectively.The debt-GDP ratio of Central public expenditure. However, after 2011-
Government was projected at 48.8 per cent 12, there have been gradual, but consistent,
at end-March 2019. It is targeted to decline efforts towards fiscal consolidation.
to 46.7 per cent by end-March 2020 and
2.6 Major fiscal indicators of the Central
44.6 per cent by end-March 2021, restoring
Government are indicated in Table 1. The salient
the long-term trend of decline in the debt to
changes in the Central Government finances
GDP ratio. The FY 2018-19 has ended with
evident from Table 1 include improvement in
fiscal deficit at 3.4 per cent of GDP and debt
the tax to GDP ratio, significant consolidation
to GDP ratio of 44.5 per cent (Provisional).
of revenue expenditure and gradual tilt towards
2.4 This chapter reviews the fiscal capital spending over the years. These have
developments in India during the year 2018- led to progressive reduction in primary and
19. It is organised in four sections: Central fiscal deficits.
Table 1: Central Government’s Fiscal Parameters

2018-19 2018-19 2018-19
Items 2013-14 2014-15 2015-16 2016-17 2017-18
BE RE PA
(in ` lakh crore)
Revenue Receipts 10.15 11.01 11.95 13.74 14.35 17.26 17.30 15.63
Gross Tax Revenue 11.39 12.45 14.56 17.16 19.19 22.71 22.48 20.80
Net tax revenue 8.16 9.04 9.44 11.01 12.42 14.81 14.84 13.17
Non-tax revenue 1.99 1.98 2.51 2.73 1.93 2.45 2.45 2.46
Non-debt capital receipts* 0.42 0.51 0.63 0.65 1.16 0.92 0.93 1.03
Non-debt receipts 10.57 11.53 12.58 14.40 15.51 18.18 18.23 16.66
Total Expenditure 15.59 16.64 17.91 19.75 21.42 24.42 24.57 23.11
Revenue Expenditure 13.72 14.67 15.38 16.91 18.79 21.42 21.41 20.08
Capital Expenditure 1.88 1.97 2.53 2.85 2.63 3.00 3.17 3.03
Fiscal Deficit 5.03 5.11 5.33 5.36 5.91 6.24 6.34 6.45
Revenue Deficit 3.57 3.66 3.43 3.16 4.44 4.16 4.11 4.45
Primary Deficit 1.29 1.08 0.91 0.55 0.62 0.48 0.47 0.63
Memo Item
GDP at market price 112.34 124.68 137.72 153.62 170.95 187.22 188.41 190.10
(as per cent of GDP)
Net tax revenue 7.3 7.2 6.9 7.2 7.3 7.9 7.9 6.9
Non-tax revenue 1.8 1.6 1.8 1.8 1.1 1.3 1.3 1.3
Non-debt capital receipts* 0.4 0.4 0.5 0.4 0.7 0.5 0.5 0.5
Revenue Expenditure 12.2 11.8 11.2 11.0 11.0 11.4 11.4 10.6
Capital Expenditure 1.7 1.6 1.8 1.9 1.5 1.6 1.7 1.6
Fiscal Deficit 4.5 4.1 3.9 3.5 3.5 3.3 3.4 3.4
Revenue Deficit 3.2 2.9 2.5 2.1 2.6 2.2 2.2 2.3
Primary Deficit 1.1 0.9 0.7 0.4 0.4 0.3 0.2 0.3
Source: Union Budget Documents & CGA
BE: Budget Estimate, RE: Revised Estimate (as per Interim Budget), PA: Provisional Actuals
*includes disinvestment proceeds
2.7 The growth rates of fiscal indicators are PA is considerable. In fact, the growth in both
presented in Table 2. The growth in non-tax these variables in 2018-19 PA reverses the
revenue and capital expenditure in 2018-19 reduction in both variables in 2017-18.
Table 2: Growth Rate of Central Government’s Fiscal Indicators (in per cent)
Items 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2018-19 2018-19
BE# RE# PA#
Net tax revenue 10.0 10.8 4.4 16.7 12.8 19.2 19.5 6.0
Non-tax revenue 44.8 -0.5 27.0 8.6 -29.4 27.2 27.3 27.7
Non-debt capital
2.2 23.0 22.3 3.8 77.0 -20.3 -19.5 -11.1
receipts*
Revenue
10.3 6.9 4.8 9.9 11.1 14.0 13.9 6.9
Expenditure
Capital Expenditure 12.5 4.8 28.6 12.5 -7.5 14.2 20.3 15.1
BE: Budget Estimates, RE: Revised Estimates (as per Interim Budget), PA: Provisional Actuals
*includes disinvestment proceeds
# growth over 2017-18
Trends in Receipts Tax Revenue

2.8 Central government receipts can 2.9 Budget 2018-19 envisaged a growth
broadly be divided into non-debt and debt of 16.7 per cent in gross tax revenue (GTR)
receipts. The non-debt receipts comprise over the revised estimates (RE) of 2017-18.
of tax revenue, non-tax revenue, recovery GTR was estimated at `22.7 lakh crore for
of loans, and disinvestment receipts. BE 2018-19, which was 12.1 per cent of the
Debt receipts mostly consist of market GDP. The growth in GTR was estimated to be
borrowings and other liabilities, which the led by 17.3 per cent growth in indirect taxes
government is obliged to repay in the future. and 14.4 per cent growth in direct taxes over
The Budget 2018-19 targeted significantly the revised estimates of 2017-18. Broadly,
high growth in non-debt receipts of the Central 51 per cent of GTR was estimated to accrue
Government, which was driven by robust from direct taxes and the remaining 49 per
growth in net tax revenue and non-tax revenue cent from indirect taxes. The contribution of
different taxes in GTR for 2018-19 BE and
(refer to Table 2). The outcome as reflected in
2018-19 PA is shown in Figure 2.
the Provisional Actual figures is lower than
the budget estimate owing to reduction in 2.10 As per Provisional Actual figures
the net tax revenue. This is also evident from released by the Controller General of
the composition of non-debt receipts plotted Accounts for FY 2018-19, the growth in GTR
in Figure 1. in 2018-19 has been lower than envisaged in
Figure 1: Composition of Non-Debt Receipts (in per cent)
100.0 4.0 4.5 5.0 4.5 7.5 5.1 5.1 6.2

90.0 13.5 13.5
18.8 17.2 20.0 19.0 12.4 14.8
80.0
70.0
60.0
50.0
40.0 77.2 78.4 80.1 81.4 81.4 79.0

75.0 76.5
30.0
20.0
10.0
0.0
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2018-19 2018-19
BE RE PA
Tax Revenue (Net) Non-tax Revenue Non-Debt Capital Receipts

the budget (refer to Table 2). Direct taxes have changes have been carried out following
grown by 13.4 per cent owing to improved decisions of the GST Council during the
performance of corporate tax. However, course of the year. These changes, inter alia,
indirect taxes have fallen short of budget relate to rate rationalisation for goods and
estimates by about 16 per cent. This is largely services, changes in the threshold limits and
owing to the shortfall in GST revenues1. The exemptions granted, which are detailed in
GST collections are yet to stabilise and several Annex I.
Figure 2: Composition of Gross Tax Revenue
2018-19 PA
28% Corporate Tax

32%
27%
33% Taxes on income other than
Corporate tax
Customs
Union Excise Duties
11% 12% 23% GST

5%
6% 23%
2018-19 BE

BE: Budget Estimates, PA: Provisional Actuals
2.11 Though there has been improvement indirect tax filers in the GST regime has also
in tax to GDP ratio over the last six years led to improved tax buoyancy. Going forward,
(Figure 3), GTR as a proportion of GDP has sustaining improvement in tax collection will
declined by 0.3 percentage points in 2018-19 depend on the revenue buoyancy of GST.
PA over 2017-18. Indirect taxes have fallen
Figure 3: Tax to GDP ratio (in per cent)
by 0.4 percentage points of GDP primarily
due to shortfall in GST collections. This has
been partly offset by 0.1 percentage points 12.3
Tax-GDP ratio Direct taxes/GDP (RHS) Indirect Taxes/GDP (RHS)
6.5
increase in direct taxes. Trends in major

taxes in relation to GDP displayed in Figure 11.8 6.0
4 show that receipts from corporate tax have 11.3 5.5
considerably improved in 2018-19 PA. Better

10.8 5.0
tax administration, widening of TDS carried
over the years, anti-tax evasion measures and 10.3 4.5
increase in effective tax payers base have 9.8 4.0
contributed to direct tax buoyancy. Widening 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 PA
of tax base due to increase in the number of Source: Union Budget Documents & CGA
_________________ PA: Provisional Actuals
1
Includes CGST, IGST and compensation cess.
Figure 4: Taxes as per cent of GDP
14.00
12.00
10.00 1.66 2.59 3.97

1.38 1.54 3.06
1.35
8.00 1.52 2.09 2.49 0.48
1.51 1.39 0.04
1.51 1.22
6.00 1.53 1.51 1.53 1.47 0.75 0.60 0.62
2.16 2.13 2.09 2.37 2.52 2.83 2.49
4.00
2.00 3.51 3.44 3.29 3.34 3.32 3.49

3.16
0.00
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2018-19
BE PA
CIT TOI Customs UED ST GST

CIT=Corporate tax, TOI=Taxes on Income other than Corp. Tax, UED=Union Excise duties, ST=Service
Tax, GST=Goods & Service Tax
2.12 Analysis of direct tax receipts shows declined after 2016-17. Significant reduction
that a significant portion of tax collected are in pendency of direct refund cases2 as well
refunded every year (refer to Figure 5). As as quality of assessment perhaps explain the
per cent of direct tax collections, refunds have trend in refunds over the last few years.
Figure 5: Direct Tax Refunds
1.8 25.0
1.6
1.4 20.0
1.2
in ₹ lakh crore
15.0
in per cent
1.0
0.8
10.0
0.6
0.4 5.0
0.2
0.0 0.0
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19 PA
Direct taxes refunds Refunds/Direct tax collection-RHS

PA: Provisional Actuals
_______
2
As per CAG Report No. 40 of 2017, pendency of direct refund cases has declined from 28.9 per cent in 2012-13 to 10.7 per
cent in 2016-17.
2.13 Major measures announced for direct 2.15 As per the Provisional Actual figures for
taxes in Budget 2018-19 and 2019-20 2018-19, receipts from non-tax revenue have
(Interim Budget) are presented in Annex II. exceeded the budget estimate. Table 3 shows
that increased realisation from dividends and
Non-Tax Revenue
profits has offset slight declines in its other
2.14 Non-tax revenue consists mainly of components.
interest receipts on loans to States and Union Non-Debt Capital Receipts
Territories, dividends and profits from Public
Sector Enterprises including surplus of 2.16 Non-debt capital receipts mainly
Reserve Bank of India transferred to GOI, consist of recovery of loans and advances,
and external grants and receipts for services and disinvestment receipts. The share of
provided by the Central Government. These recovery of loans has declined over the years
services include fiscal services like currency, following disintermediation of loan portion
coinage and mint, general services such of Central assistance to States consequent
as Public Service Commission and police, to the recommendation of the Twelfth
social services like education and health, Finance Commission, and States allowed to
and economic services like irrigation, borrow directly from the market. The Budget
transportation and communication. The for 2018-19 has envisaged generation of
Budget for 2018-19 envisaged generation of `0.92 lakh crore of non-debt capital receipts,
`2.45 lakh crore of non-tax revenue, 27.2 per comprising `0.12 lakh crore of recovery
cent higher than 2017-18, of which roughly of loans and advances, and `0.80 lakh
one-third of the increase is attributable to crore of disinvestment receipts. As against
dividends and profits (refer to Table 3). Non- this, `1.03 lakh crore of non-debt capital
tax revenue constitutes about 1.3 per cent of receipts including `0.85 lakh crore from
GDP in 2018-19. disinvestment, as per provisional actual
Table 3: Trends in Non-tax Revenue
2013- 2014- 2015- 2016- 2017- 2018- 2018- 2018-19

Items
14 15 16 17 18 19 BE 19 RE PA
(in ` lakh crore)
Interest receipts 0.22 0.24 0.25 0.16 0.14 0.15 0.12 0.13
Dividends &
0.90 0.90 1.12 1.23 0.91 1.07 1.19 1.13
Profits
External Grants 0.04 0.02 0.02 0.01 0.04 0.03 0.01 0.01
Others 0.83 0.83 1.12 1.32 0.84 1.20 1.13 1.19
Non-tax Revenue 1.99 1.98 2.51 2.73 1.93 2.45 2.45 2.46
figures, have been realised during 2018-19. by the Department of Investment and Public
The details of disinvestment during 2018- Asset Management (DIPAM) are given in
19 and new initiatives being undertaken Box 1.
Box 1: Disinvestment
The B.E. for disinvestment for the year 2018-19 was fixed at `0.80 lakh crore. Against this, `0.85
lakh crore was collected using a variety of instruments like Initial Public Offers (IPOs), Offer for Sale
(OFS), Buyback, Exchange Traded Funds (ETF), etc. Details are as under:
IPOs:
Proceeds from listing of five companies (MIDHANI, RITES, IRCON, GRSE and MSTC) in the stock
exchanges: `1,914 crore.
OFS:
Proceeds from the Coal India Offer for Sale (OFS) including Employee OFS: `5,236 crore.
Buybacks:
Buyback of shares of eleven companies (KIOCL, NALCO, NLC, CSL, BHEL, NHPC, IOCL, ONGC,
NMDC, OIL and CIL): `10,669 crore.
ETFs:
Exchange Traded Funds (ETFs) consisting of (i) CPSE-ETF and (ii) Bharat-22 ETF yielded `45,080
crore during 2018-19.
Strategic Disinvestment:
Progress was made in respect of the 28 cases of Strategic Disinvestment approved by the Government,
which are at different stages, with three companies stra tegically sold off during FY 2018-19, namely,
(i) Hospital Services Consultancy Corporation Ltd. (HSCC Ltd.), (ii) Dredging Corporation of India
Ltd. (DCIL) and (iii) National Projects Construction Corporation Ltd. (NPCC Ltd.).
HSCC was acquired by NBCC India at a consideration of `285 crore while Dredging Corporation
was acquired by a Consortium of four ports at `1,049 crore. NPCC was acquired by WAPCOS at a
consideration of `79.80 crore.
A major transaction for strategic acquisition of Government of India’s equity holding in Rural
Electrification Corporation Ltd. (REC) was completed by Power Finance Corporation Ltd. (PFC) in an
off-market deal at a consideration of `14,500 crore.
Listing of unlisted CPSEs:
CCEA has given ‘in-principle’ approval for Initial Public Offer/ Further Public Offer (FPO) of seven
CPSEs, namely, Telecommunication Consultants (India) Ltd. (IPO), RailTel Corporation India Ltd.
(IPO), National Seed Corporation India Ltd. (IPO), Tehri Hydro Development Corporation Ltd. (IPO),
Water & Power Consultancy Services (India) Ltd. (IPO), FCI Aravali Gypsum and Mineral (India) Ltd.
(IPO) and Kudremukh Iron Ore Company Ltd. (FPO). Necessary action for listing of these companies
has been initiated. Listing of IRCTC, IRFC and NEEPCO earlier approved is also being taken up.
New Initiatives undertaken by DIPAM:
1. Focus on Asset Monetisation – Policy & Process:
(i) The Institutional framework was notified on 8 March, 2019 covering:
(a) Identified non-core assets of CPSEs under Strategic Disinvestment.

(b) Immovable Enemy Property under the custody of CEPI, MHA.
(c) Assets of other CPSEs/PSUs/other Government Organization including sick/loss making CPSEs.
(ii) Process has been set in motion:
(a) Alternative Mechanism (AM), Inter-ministerial Group (IMG) and Consultative Groups have been
notified;
(b) Hiring of intermediaries for Asset Monetisation Cell started.
(c) Process of identification of potential assets to be monetized has been started.
2. Debt- ETF:
Following an announcement in the Budget Speech of Finance Minister in February 2018, DIPAM is in
the process of creating a Debt-ETF to enable CPSEs to access the debt/ bond market to partially meet
the capital expenditure needs by leveraging their aggregate strength. Adviser, Legal Adviser, and AMC
have been appointed.
Source: Department of Investment and Public Asset Management (DIPAM)
Trends in Expenditure efficiency and utilisation of defence

expenditure, promote self-reliance, and
2.17 Rationalisation and reprioritisation
encourage private sector participation in
of government expenditure is integral to
the defence sector. These are detailed in
fiscal reforms. As India’s tax to GDP ratio
Box 2. Expenditures on salaries, pensions
is low, Government faces the challenge of
and interest payments are, by and large,
providing sufficient funds for investment and
committed in nature and have limited
infrastructure expansion while maintaining
headroom for creation of additional fiscal
fiscal discipline. Therefore, improving the
space. Subsidies have seen significant
composition and quality of expenditure
moderation through improved targeting (refer
towards capital spending becomes significant.
to Figure 8). There has been considerable
2.18 The composition of government restructuring and reclassification of Central
expenditure (refer to Figure 7) reveals that sector and Centrally Sponsored Schemes in
expenditure on defence, salaries, pensions, the recent past. Even capital expenditure3
interest payments and subsidies account for was rationalised in 2017-18, wherein support
more than sixty per cent of total expenditure. provided to Railways and the mechanism for
Several initiatives have been undertaken transferring Externally Aided Project loans to
by the Ministry of Defence to improve States were rationalised.
_____________
3
There was a reduction to the tune of approximately `15,000 crore in Government of India’s support to Railways as it was
decided that the Railways would access the market directly to transition towards greater financial autonomy. With respect
to Externally Aided Projects (EAP) loans to States, the BE was `18,500 crore. This expenditure, under a loan Major Head
(7601), was actually in the nature of pass through as the states could only borrow externally against the guarantee of
the Consolidated Fund of India. Therefore, this arrangement was impacting the fiscal deficit of the Government of India,
when the loans were the liabilities of the state governments. This arrangement was changed to reflect the fact that only
final repayments to the international organisations amounting to `4,500 crore would form part of the expenditure of the
Government of India. This accounting arrangement would reflect as a reduced capital expenditure for Central Government.
Box 2: Defence Initiatives

Budget
• The allocation for Defence Budget, including Civil estimates and Pensions for 2018-19 is
`4,04,364.71 crore, which is `44,510.50 crore over BE 2017-18.
• Capital Expenditure in absolute terms has gone up in the past few years. The allocated Capital
Budget has been fully utilized since 2016-17, reversing the previous trends of surrender of funds.
• The trend of underutilization of Defence Budget has also been reversed in FY 2016-17
and 2017-18.
• Delegation of enhanced financial powers to Vice-Chiefs of the three Services has been done
primarily to expedite the decision-making process involved in revenue procurements of the
Armed Forces. With the latest delegation, the Vice-Chiefs now have powers up to `500 crore for
revenue procurement. On the capital side also, the ceiling has been enhanced to `300 crore from
`150 crore.
• Ministry of Defence has comprehensively reviewed the Defence Procurement Procedure 2016.
Several measures as part of “Business Process Re-engineering” have been undertaken to make
the acquisition process industry friendly, provide a level playing field for various stakeholders
and reduce the complexities and time lines in provisioning of defence platforms, equipment and
systems for modernization of the Indian Armed Forces.
Self-Reliance
• To achieve self-reliance in the defence sector and make India a global hub in defence
manufacturing, the Ordinance Factories (OFs), Defence Public Sector Undertakings (DPSUs) and
the private industry ecosystem have enhanced their capabilities and widened the product range.
A large number of major products have been developed through Research and Development
initiatives. In addition, a number of products and equipment are being produced through transfer
of technology.
• As a policy, DPSUs and OFs have been outsourcing many of their requirements and have
over the years, developed a wide vendor base that includes a large number of medium and
small scale enterprises and large scale industries. In addition, the DPSUs and OFs are also
striving to increase the indigenous content in the equipments and products manufactured by
them.
Policy Initiative
• In order to encourage participation of Indian industry in design and development of defence
items, a ‘Make-II’ procedure was notified in February 2018 wherein a number of industry
friendly provisions have been introduced, such as relaxation of eligibility criteria, minimal
documentation, and provision for consideration of suo-moto proposals suggested by industry/
individual. The framework for implementation of Make-II at OFs and DPSUs level has been
issued in February 2019. The framework will enable OFs & DPSUs to undertake indigenization
of the items, particularly of the import substitution nature, through Indian private industry.
• An innovation ecosystem for Defence, titled “Innovation for Defence Excellence” (iDEX) was
launched in April 2018 by the Hon’ble PM. iDEX is aimed at creating an ecosystem to foster
innovation and technology development in Defence and Aerospace. iDEX intends to engage
industries including MSMEs, Start-ups, Individual Innovators, R&D institutes and Academia
and provide them grants/funding and other support to carry out R&D, which has potential
for future adoption for Indian defence and aerospace needs. The iDEX programme has been
operationalized through launch of the ‘Defence India Startup Challenges (DISC)’ in two legs,
wherein innovators, organizations as well as individuals have been presented with ‘Problem
Statements’ for resolution.
• A Defence Investor Cell has been made functional in the Department of Defence Production
(DDP) since January 2018. It has played an important role as one-stop solution for all types of
defence production related queries.
Private Sector Participation

• To achieve the goal of self-reliance in the Defence sector, continuous efforts are being made to
increase indigenization wherever technologically feasible and economically viable. To facilitate
private sector participation, several measures have been undertaken:
• In May 2001, the Defence Industry sector, which was hitherto reserved for the public
sector, was opened upto 100 per cent for Indian private sector participation, with Foreign
Direct Investment (FDI) upto 26 per cent, both subject to licensing. FDI policy was further
liberalized and has been allowed under automatic route upto 49 per cent, and above 49 per
cent wherever it is likely to result in access to modern technology or for other reasons to be
recorded.
• After opening of the Defence Industry Sector for Indian private sector participation, so far
42 FDI proposals/Joint Ventures have been approved in defence sector for manufacture
of various defence equipment, both in public and private sectors. DPIIT has issued 439
Industrial Licenses (ILs) to private companies till March 2019 for manufacture of a wide
range of defence items, which were 214 till the end of March 2014.
Export Promotion
• Exports from Ordinance Factory Board (OFB), DPSUs and the private sector (based on
authorization issued by DDP) in the Financial Year 2017-18 had increased to `4,682 crore from
`1,522 crore in the financial year 2016-17. Further, exports have more than doubled in 2018-19
to `10,746 crore over the previous year.
Source: Ministry of Defence
2.19 Comparison of Provisional Actuals percentage points in 2018-19 PA over 2017-

with budget estimates for the year 2018- 18, with 0.4 percentage points reduction in
19 reveals that Government has been able revenue expenditure and 0.1 percentage
to contain fiscal deficit at 3.4 per cent of point increase in capital expenditure. Over
GDP through compression of Government 2017-18, total expenditure has grown by
expenditure. The entire reduction is in 7.9 per cent in 2018-19 PA with its capital
revenue expenditure (refer to Table 1). As component growing at more than twice the
per cent of GDP, total expenditure fell by 0.3 rate of growth in revenue (refer to Table 2).
2.20 The quality of expenditure reflected on roads, railways and others has been
in the share of capital expenditure in total met without compromising defence capital
expenditure has improved in 2018-19 PA over expenditure. In fact, capital expenditure of
2017-18 (refer to Figure 6). As a proportion Ministry of Road Transport and Highways
of GDP, both capital expenditure and non- and Ministry of Railways has recorded
defence capital expenditure register a rise of impressive growth of 33 per cent and 22
0.1 percentage point in 2018-19 PA (refer to per cent, respectively, in 2018-19 PA over
Figure 6A). Expansion in capital expenditure 2017-18.
Figure 6: Revenue and Capital Figure 6A: Revenue & Capital
Expenditure as per cent of Total Expenditure as per cent of GDP
Expenditure
90.0 15.0 14.0 2.0
89.0 13.5 1.8
14.5
1.6
88.0 13.0
14.0 1.4
87.0 12.5 1.2
86.0 13.5
12.0 1.0
85.0 13.0 11.5 0.8
0.6
84.0 12.5 11.0
0.4
83.0 10.5
12.0 0.2
82.0 10.0 0.0
81.0 11.5 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 PA
80.0 11.0 Revenue Expenditure

2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 PA Capital Expenditure (RHS)
Revenue Expenditure Capital Expenditure (RHS) Non-defence Capital Expenditure (RHS)
Source: Union Budget Documents & CGA Source: Union Budget Documents & CGA
PA: Provisional Actuals PA: Provisional Actuals
Figure 7: Composition of Expenditure in 2018-19 RE
9%
15%
7%
Salaries (pay & allowances)
Pensions
Interest payment
12%
Total subsidies
Defence Exp.
24%
Non-Defence Capital Exp.
9% CSS
Others
12%
12%
Source: Union Budget Documents

RE: Revised Estimates (as per Interim Budget)
2.21 The growth in revenue expenditure in food, fertiliser and petroleum have continued
2018-19 PA though moderate, has been led by their downward trend and have further declined
salaries, pensions and interest payments (refer by 0.1 percentage point of GDP in 2018-19 PA
to Tables 4 & 5). Major subsidies comprising over 2017-18 (refer to Figures 8 & 9).
Table 4: Major Items of Revenue Expenditure

2018-19 2018-19 2018-19
Items 2013-14 2014-15 2015-16 2016-17 2017-18
BE RE PA
(in ` lakh crore)
a. Salaries (pay &
1.18 1.34 1.45 1.77 1.94 2.02 2.18 2.18#
allowances)
b. Pensions 0.75 0.94 0.97 1.31 1.46 1.68 1.67 1.60
c. Interest payment 3.74 4.02 4.42 4.81 5.29 5.76 5.88 5.83
d. Major subsidies* 2.45 2.49 2.42 2.04 1.91 2.64 2.66 1.97
*Major subsidies here include food, fertilizer and petroleum subsidies.
#2018-19 RE as per Interim Budget
Figure 8: Major Items of Revenue Expenditure as per cent of GDP
Interest payment Major subsidies* SAL+PEN

3.5 3.3 3.2 3.2 3.1 3.1 3.1
3.0
2.5
2.2
2.0 2.0 2.0 2.0 2.0
1.7 1.8 1.8
1.5
1.3
1.0 1.1 1.0
0.5
0.0
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 PA

PA : Provisional Actuals, SAL: Salary, PEN: Pensions
SAL for 2018-19 PA is 2018-19 RE number
Table 5: Growth in major components of Revenue Expenditure

Items 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2018-19 2018-19
BE# RE# PA#
(in per cent)
Revenue Expenditure,
10.3 6.9 4.8 9.9 11.1 14.0 13.9 6.9
of which
a. Salaries (pay &
8.9 13.6 7.9 22.6 9.2 4.4 12.7 12.7
allowances)
b. Pensions 7.8 25.0 3.4 35.8 10.9 15.6 14.3 9.9

c. Interest payment 19.5 7.5 9.7 8.8 10.0 8.9 11.1 10.2
d. Major subsidies* -1.1 1.8 -2.9 -15.6 -6.3 38.3 39.2 3.1
*Major subsidies here include food, fertilizer and petroleum subsidies, # growth over 2017-18
Figure 9: Major subsidies* as per cent of GDP
2.5
2.0
0.8 0.5
0.2
1.5
0.5 0.1
0.6 0.2
0.6 0.1 0.4
1.0 0.4 0.1
0.4 0.4
0.5 0.9 1.0 0.9
0.8 0.7 0.6 0.5
0.0
2013-14
2014-15
2016-17
2017-18
2015-16
2018-19 BE
2018-19 PA
Food Subsidy Fertilizer Subsidy Petroleum Subsidy

Figure 10: Changes in major components of Revenue Expenditure

in 2018-19 PA over 2013-014 as per cent of GDP
0.3
0.2
0.2
0.1
0.1
0.0
-0.1
-0.2
-0.3 -0.2
-0.3 -0.3
-0.4
-0.5
-0.6
-0.7 -0.6
Salaries (pay Pensions Interest Food subsidy Fertilizer Petroleum
& payment subsidy subsidy
allowances)#

PA: Provisional Actuals, #2018-19 RE number (as per Interim Budget)
2.22 During 2013-14 to 2018-19 PA, the essentially of three components: share of
total budgetary expenditure of the Central States in Central taxes devolved to the
Government has declined by 1.7 percentage States, Finance Commission Grants, and
points of GDP (refer to Table 1). Revenue Centrally Sponsored Schemes (CSS), and
expenditure declined by 1.6 percentage points other transfers. Till 2013-14, funds for
and capital expenditure by 0.1 percentage CSS were routed through two channels,
point. Figure 10 shows that more than the Consolidated Funds of the States and
two-thirds of the fiscal space created by directly to the State implementing agencies.
compression of revenue expenditure is on In 2014-15, direct transfers to State
account of reduction in food, fertiliser and implementing agencies were discontinued
petroleum subsidies. This is an outcome of and all transfers to States including for the
decline in global crude prices, decontrol of CSS were routed through the Consolidated
prices and better targeting through direct Funds of the States. Another significant
benefit transfer of subsidies. The recent development has been award of the Fourteenth
expenditure trends show improved Finance Commission to devolve 42 per cent
expenditure quality, with capital expenditure of the divisible pool of taxes to the States, up
as a proportion of GDP, rising by nearly 0.1 from 32 per cent earlier.
percentage point in 2018-19 PA over 2017-
2.24 Both in absolute terms, and as a
18 (refer to Table 1). Apart from budgetary
percentage of GDP, total transfers to States
spending, Extra Budgetary Resources
have risen between 2014-15 and 2018-19 RE
(EBR) have also been mobilised to finance
(refer to Table 6 and Figure 11). Total transfers
infrastructure investment since 2016-17. to States have risen by 1.2 percentage points
Government has raised EBRs of `88,452 crore of GDP over this period.
during three years from 2016-17 to 2018-19.
Central Government Debt
Transfers to States
2.25 Total liabilities of the Central
2.23 Transfer of funds to States comprises Government include debt contracted against
Figure 11: Transfers to States (as per cent of GDP)
7.0 6.6
6.3
6.0 5.4
2.0
1.8
5.0 CSS and Other
Transfers
2.2 0.5 0.6
4.0 Finance Commission
Grants
3.0 0.5 Devolution of States'
share in taxes
2.0 3.9 4.0 Total transfers to
States
2.7
1.0
0.0
2014-15 2017-18 2018-19 RE
Source: Department of Expenditure

RE: Revised Estimates (as per Interim Budget)
Table 6: Transfers to States (in ` crore)
2018-19 2018-19
Items 2014-15 2015-16 2016-17 2017-18
BE RE
a. Devolution of States’
3,37,808 5,06,193 6,08,000 6,73,005 7,88,093 7,61,454
share in taxes
b. Finance Commission
61,813 84,579 95,550 92,244 1,09,373 1,06,129
Grants
c. CSS and Other Transfers 2,79,198 2,38,572 2,77,011 3,16,047 3,65,475 3,70,691
Total transfers to States
6,78,819 8,29,344 9,80,561 10,81,296 12,62,941 12,38,274
(a+b+c)
Source: Department of Expenditure
BE: Budget Estimates, RE: Revised Estimates (as per Interim Union Budget 2019-20)
the Consolidated Fund of India, technically and investments in public agencies

defined as Public Debt, as well as liabilities out of the NSSF, which do not finance
in the Public Account. These liabilities Central Government deficit. Total
include external debt (end-of-the financial liabilities of the Central Government at
year) at current exchange rate but exclude end-March 2019 stood at `84.7 lakh crore
part of NSSF liabilities to the extent of and 90 per cent of which was public debt
States’ borrowings from the NSSF (refer to Table 7).
Table 7: Debt Position of the Central Government (in ` lakh crore)
2018-19
Items 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
(P)
A. Public Debt (A1+A2) 40.97 46.15 51.05 57.11 61.50 68.84 75.79
A1. Internal Debt (a+b) 37.65 42.41 47.38 53.05 57.42 64.01 70.66
a. Marketable Securities 33.61 38.54 43.09 47.28 50.49 55.10 59.68
b. Non-marketable
4.04 3.87 4.29 5.77 6.93 8.91 10.98
Securities
A2. External Debt* 3.32 3.74 3.66 4.07 4.08 4.83 5.13
B. Public Account -
6.10 7.23 7.62 8.16 8.57 9.15 8.89
Other Liabilities
C. Total Liabilities (A+B) 47.07 53.39 58.66 65.27 70.07 77.99 84.68
Source: Various issues of Status Paper on Government Debt and Quarterly Report on Public Debt for December
2018, P: Provisional, * The external debt at current exchange rates from Aid, Account and Audit Division, Ministry
of Finance. Data for 2017-18 and 2018-19 include net cumulative SDR allocations by the IMF.
2.26 Figure 12 shows that total liabilities FRBM Act, 2003. This is an outcome
of the Central Government as a ratio of of both fiscal consolidation efforts as
GDP, has been consistently declining, well as relatively high GDP growth
particularly after the enactment of the (Figure 13).
Figure 12: Trend in Centre’s Debt-GDP ratio (in per cent)
60.0
58.0
56.0
54.0
52.0
50.0
48.0
46.0
44.0
42.0
40.0
Source: Various Issues of Status Paper on Government Debt, P: Provisional
Figure 13: GDP growth and growth in Outstanding Liabilities

Growth in Outstanding liabilities (per cent) Nominal GDP growth (per cent)
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2018-19 (P)
2012-13
2013-14
2016-17
2017-18
2014-15
2015-16
Source: Various Issues of Status Paper on Government Debt, P: Provisional
2.27 Central government debt is India’s debt stock virtually insulated from
characterised by low currency and interest interest rate volatility. This lends certainty
rate risks. This is owing to low share of and stability to budget in terms of interest
external debt in the debt portfolio and almost payments.
entire external borrowings being from official 2.28 The other salient feature is the
sources. Further, most of the public debt has gradual elongation of the maturity profile
been contracted at fixed interest rate making of the Central Government’s debt (refer to
Figure 14) leading to reduced rollover risks. of outstanding stock of dated securities of
The proportion of dated securities maturing in the GOI has increased from 9.7 years at
less than five years has seen consistent decline end-March 2010 to 10.4 years at end-March
in recent years. The weighted average maturity 2019.
Figure 14: Maturity Profile of Outstanding Dated Central
Government Securities (as per cent of total)
2012-13 2018-19 (P)

40
35.0
35
30.9 31.2
30 28.3
26.0
25 22.9
20
14.5
15
11.2
10
0
0 to 5 years 5-10 years 10-20 years 20 years and above
Source: Status Paper on Government Debt, 2017-18 and Quarterly Report on Public Debt Management
for April-March 2018-19, P: Provisional
STATE FINANCES advances by the State Governments declined
sharply in 2017-18 RE owing to reduction
2.29 The State budgets expanded in loans and advances by States for power
considerably in 2017-18 RE over 2016- projects and food storage and warehousing.
17 on account of increase in revenue On the revenue front, States own tax
expenditure (refer to Table 8 and Figure and non-tax revenue display robust growth
15A). Capital expenditure consists of in 2017-18 RE which is envisaged to be
capital outlay and loans and advances maintained in 2018-19 BE (Table 8 &
by the State Governments. The loans and Figure 15B).
Table 8: Fiscal Indicators of States (combined)
Items 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19

RE BE
(in ` lakh crore)
Own Tax Revenue 5.6 6.5 7.1 7.8 8.5 9.1 10.5 12.0
(17.4) (8.8) (9.4) (8.7) (7.8) (15.1) (14.1)
Own Non tax
1.0 1.2 1.3 1.4 1.5 1.7 1.9 2.2
revenue
(18.3) (13.0) (8.4) (6.9) (10.3) (14.8) (15.6)
Revenue
10.7 12.3 13.8 16.4 18.4 20.9 25.2 27.8
Expenditure
(14.6) (12.0) (18.7) (12.3) (13.5) (20.7) (10.5)
Capital
2.1 2.2 2.4 3.0 4.2 5.1 5.1 5.8
Expenditure
(6.2) (9.6) (23.3) (40.5) (20.4) (-0.1) (12.9)
(13.2) (11.6) (19.4) (16.7) (14.8) (16.6) (10.9)
Source: RBI State Finances: A Study of Budgets, RE : Revised Estimates, BE : Budget Estimates
Numbers in parenthesis are growth rates
Figure 15A : States' Expenditure in Figure 15B : Own Tax & Non-tax
` lakh crore Revenue of States (combined) in ` lakh
crore
40.0
14.0
35.0 12.0
12.0
30.0 5.8 10.5
5.1 10.0 9.1
25.0 8.5
5.1 7.8
8.0 7.1
20.0 4.2 6.5
3.0 6.0
15.0 2.4 27.8
2.2 25.2 4.0
10.0 20.9
16.4 18.4 1.9 2.2
13.8 1.3 1.4 1.5 1.7
12.3 2.0 1.2
5.0
0.0 0.0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 RE2018-19 BE 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 RE2018-19 BE
Own Tax Revenue Own Non tax revenue

Revenue Expenditure Capital Expenditure
2.30 The RBI study on State Finances 0.4 percentage points (refer to Figure 16 A).
points to the deterioration in fiscal deficit to
GDP ratio in 2017-18 RE when compared 2.31 States have budgeted for fiscal deficit
to the budget estimate. This deterioration of 2.6 per cent of GDP in 2018-19 BE.
occurred due to the overshooting of revenue Consolidation is mainly due to posting
expenditure mainly due to farm loan waiver of surplus of about 0.2 percentage points
and pay revisions. However, over 2016-17, of GDP on the revenue account (refer to
there is consolidation in fiscal deficit by about Figure 16 B).
Figure 16A: Gross Fiscal Deficit of Figure 16B: Revenue Deficit of States
States (as per cent of GDP) (as per cent of GDP)
4.0 0.5
3.5 3.5 0.4

0.4 0.4
3.0 3.1 3.1
0.3
2.6 2.6 0.3
2.5
2.2 0.2
2.0 2.0
0.1 0.1
1.5
0.0
1.0 0.0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
0.5 -0.1 RE BE
-0.2
0.0
-0.2 -0.2
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
RE BE
-0.3
2.32 Figure 17 shows that outstanding 2016-17 had estimated impact of
liabilities of states, as per cent of GDP, UDAY bonds on fiscal deficit to be 0.7
has increased after 2014-15. The issuance percentage points of GDP. However,
of UDAY bonds in 2015-16 and 2016-17, despite rising States’ debt to GDP ratio,
farm loan waivers, and the implementation interest payment as proportion of revenue
of pay commission awards have led to receipts has not deteriorated (refer to
higher debt to GDP ratio. Economic Survey Figure 18).
Figure 17: Total Outstanding liabilities Figure 18: Interest Payments/Revenue

of the State Governments (as per cent of Receipts (in per cent)
GDP)
55
25.0 50
24.5 24.3
24.0 45
24.0 23.8
23.4 40
23.5
23.0 22.8 35
22.5 22.2 30
22.0
22.0 21.7 25
21.5
20
21.0
15
20.5
20.0 10
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18 RE
2018-19 BE
Centre States
Source: RBI State Finances: A Study of Budgets, Union Budget Documents, RE : Revised Estimates,
BE : Budget Estimates
GENERAL GOVERNMENT have declined to 67 per cent of GDP as on

FINANCES end-March 2018 from 68.5 per cent of GDP
as on end-March 2016 (refer to Table 9).
2.33 The General Government (Centre The fiscal deficit of General Government is
plus States) has been on the path of fiscal further expected to decline from 6.4 per cent
consolidation and fiscal discipline. The of GDP in 2017-18 RE to 5.8 per cent of GDP
combined liabilities of Centre and States in 2018-19 BE (Figure 19).
Table 9: Total outstanding liabilities of Centre and States (as per cent of GDP)
Combined
Year Liabilities of Centre Liabilities of States Liabilities of the
Centre & States
2011-12 47.5 22.8 67.4
2012-13 47.3 22.2 66.7
2013-14 47.5 22.0 67.1
2014-15 47.1 21.7 66.6
2015-16 47.4 23.4 68.5
2016-17 45.6 23.8 67.0
2017-18 45.6 24.0 (RE) 67.0
Source: Various Issues of Status Paper on Government Debt & RBI State Finances: A Study of Budgets
RE : Revised Estimates
Figure 19: Gross Fiscal Deficit & Revenue Deficit of General and
State Governments (as per cent of GDP)
General Fiscal Deficit State Gross Fiscal Deficit

General Revenue Deficit State Revenue Deficit
9.0
8.0
7.0 6.4
5.8
6.0
5.0
4.0
3.0 3.0
2.6
2.0 2.9 2.0
1.0
0.0 0.4
-0.2
-1.0
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18 RE
2018-19 BE
Source: RBI. RE : Revised Estimates, BE : Budget Estimates
OUTLOOK and Ayushmaan Bharat, as well as new

initiatives of the new Government, will have
2.34 The coming year will pose several to be found without compromising the fiscal
challenges on the fiscal front. Firstly, there deficit target as per the revised glide path.
are apprehensions of slowing of growth, Fourthly, US sanctions on oil import from
which will have implications for revenue Iran is likely to have impact on oil prices and
collections. Secondly, the financial year thereby on the petroleum subsidy, apart from
2018-19 has ended with shortfall in GST implications for current account balances.
collections. Therefore, revenue buoyancy of Finally, Fifteenth Finance Commission will
GST will be key to improved resource position submit its report for next five years beginning
of both Central and State Governments. April 2020. Its recommendation especially
Thirdly, resources for now expanded Pradhan on tax devolution will have implications for
Mantri Kisan Samman Nidhi (PM-KISAN) Central Government finances.
CHAPTER AT A GLANCE
 The revised fiscal glide path envisages achieving fiscal deficit of 3 per cent of GDP by FY 2020-
21 and Central Government debt to 40 per cent of GDP by 2024-25. The FY 2018-19 has ended
with fiscal deficit at 3.4 per cent of GDP and debt to GDP ratio of 44.5 per cent (Provisional).
 As per cent of GDP, total Central Government expenditure fell by 0.3 percentage points in
2018-19 PA over 2017-18, with 0.4 percentage points reduction in revenue expenditure and 0.1
percentage point increase in capital expenditure.
 With respect to States finances, their own tax and non-tax revenue display robust growth in
2017-18 RE which is envisaged to be maintained in 2018-19 BE.
 The General Government (Centre plus States) has been on the path of fiscal consolidation and
fiscal discipline.
 Several challenges on the fiscal front in 2019-20 include revenue implications on account of
apprehensions of slowing of growth, revenue buoyancy of GST and provisioning for schemes
such as PM-KISAN without compromising the fiscal deficit target.
Annex I∗: Status of implementation of GST and Recent Initiatives in Customs Duty
A. Implementation Status of GST
Facilitation measures in GST
(i) Threshold limit of aggregate turnover for exemption from registration and payment of GST
for the suppliers of goods has been enhanced from `10 lakhs to `20 lakhs (in the States
of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim,
Telangana, Tripura and Uttarakhand) and from `20 lakhs to `40 lakhs for other States,
with effect from 01.04.2019.
(ii) Composition scheme has been formulated for small businessman - supplier of goods and
restaurant services. Under the scheme, persons with turnover up to `1.5 crore (`75 lakhs in
States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura
and Uttarakhand) need to pay tax equal to 1 per cent to 5 per cent on his turnover and to
file returns annually, with quarterly payment from FY 2019-20.
(iii) Composition scheme has been formulated for suppliers of services. Under the scheme,
persons with turnover up to `50 lakhs need to pay tax equal to 6 per cent on their turnover
and need to file their returns annually with quarterly payment from financial year 2019-20.
(iv) GST Council once again allowed the migration process for taxpayers from erstwhile
tax regimes. Due dates for furnishing return in Form GSTR-3B & Form GSTR-1 (for
taxpayers with turnover more than `1.5 crore) for such newly migrated taxpayers for the
months from July, 2017 to December, 2018 was extended till 31.03.2019. Similarly, Form
GSTR-1 (for taxpayers with turnover upto `1.5 crore) for the quarters from July, 2017 to
December, 2018 was extended till 31.03.2019.
(v) As per the new return filing system, there would be only one return form to be filed
monthly. Frequency for filing of return for small taxpayers having turnover upto `5 crore
in previous FY will be quarterly [Sahaj (only B2C), Sugam (B2B and B2C) and normal
quarterly]. In the new system, supplier will be allowed to upload the invoices continuously
anytime during the month and the recipient would also be able to continuously view the
uploaded invoice. Misuse of ITC due to default in payment of tax by the supplier shall be
controlled primarily by recovery of tax from the supplier. However, reversal of credit from
buyer shall also be an option available with the revenue authorities in certain exceptional
circumstances. The new return system will be implemented on a trial basis from 01.04.2019
and will be mandatory from 01.07.2019.
(vi) Government has been very pro-active in ensuring that GST gets implemented smoothly.
GST Law / Rules / procedures have been adapted to the needs of the trade and industry.
To this effect, since the date of introduction, Centre has issued 495 notifications, 101
circulars, 18 orders, 12 removal of difficulties orders & more than 125 press releases (as
on 28.02.2019).
(vii) Exemption from TDS has been granted in case of supply made by any Government
authority / PSU to another Government authority / PSU.
____________
* The tax measures and rate changes given in this Annex are only meant for general readers and will not serve as reference
points for tax payers.
Measures under GST to boost exports
(i) Relief has been given to exporters by giving them an option to export without payment of
tax, by submitting a simple letter of undertaking on their letter heads. This is in line with
the philosophy of charging no tax on exports.
(ii) Glitches in the refund process were overcome by devising a manual process for the same.
Requisite circulars were issued in order to bring clarity and make the procedure certain. A
concerted drive was undertaken to make refund to the taxpayers.
(iii) Total amount of RFD-01A claims disposed by Centre and States is `65,567 crore
(approximately). Further, IGST refund claims to the tune of `68,014 crore (approximately)
have also been disposed. Thus, refund claims totalling to `1,33,581 crore have been
disposed of till 31.03.2019.
(iv) Merchant exporters have to pay nominal GST of 0.1 per cent for procuring goods from
domestic suppliers for export. This was done in order to provide a big thrust to the growth
of the export sector and resolve their working capital issues. The permanent solution to
cash blockage is “e-Wallet” scheme, which is proposed to be launched with effect from
01.04.2020.
GST rate rationalization
Goods
(i) With the expansion of tax base and the stabilization of revenues under GST, a continuous
rationalization of GST rate structure has been done. Today, only about 32 items are
remaining in the 28 per cent slab. Bulk of the items remaining in this category are either
luxury or sin goods.
(ii) The major rate reductions during the financial year 2018-19 are as follows:
a. 28 per cent to 18 per cent/12 per cent/5 per cent: The GST rates were reduced to lower
the cost to the consumers, thereby increasing purchasing power of consumers, this has
added to the increased consumption in the economy. Some of the items on which the rates
were brought down from 28 per cent were consumer goods such as televisions upto the size
of 68 cm, refrigerators, freezers and other refrigerating equipment including water coolers,
milk coolers, washing machines, vacuum cleaners, domestic electrical appliances such
as food grinders and mixers etc., storage water heaters, immersion heaters, hair dryers,
digital cameras and video camera recorders, etc. Certain other industrial use items were
also removed from the 28 per cent list such as pulleys, transmission shafts and cranks,
gear boxes etc., lithium ion batteries, refrigerating equipment for the leather industry, ice
cream freezers, special purpose motor vehicles, works trucks [self-propelled, not fitted
with lifting or handling equipment] of the type used in factories, warehouses, dock areas
or airports, fuel cell vehicle, re-treaded or used pneumatic tyres of rubber etc.
b. 18 per cent to 12 per cent/5 per cent/nil: GST rates were rationalized to avoid classification
disputes on cork (roughly squared or debagged), articles of natural cork, agglomerated
cork and marble rubble. Similarly, for the benefit of masses, the GST rates have been
rationalized for stone/marble/wooden deities, bamboo flooring, brass kerosene pressure

stove, hand operated rubber roller, zip and slide fasteners etc.
c. 12 per cent to 5 per cent: GST rates on natural cork, walking stick, fly-ash blocks,
handloom dari, fertilizer grade phosphoric acid, knitted cap/topi having retail sale value
less than `1000 have been rationalised.
d. Other significant rationalization measures under GST:
• Considering the difficulty faced by the Fabric sector on account of the blocking of input
tax credit on fabrics arising out of the inverted duty structure, the GST Council in its
28th meeting held on 21st July, 2018 recommended allowing refund to fabrics on account
of inverted duty structure. The refund of accumulated ITC was allowed only with the
prospective effect on the purchases made after the notification is issued.
• GST rates have been rationalized on specified handicraft items.
• IGST @5per cent on Pool Issue Price (PIP) of Urea imported on Govt. account for direct
agriculture use, instead of assessable value plus custom duty.
(iii) Exemption from the levy of GST on goods

• The GST Council recommended granting exemption to the following goods used by the
common man, namely, sanitary napkins, coir pith compost, sal leaves, siali leaves and
their products and sabai rope, phool bhari jhadoo, khalidona, music books, vegetables
(uncooked or cooked by steaming or boiling in water, frozen, branded and put in a unit
container), vegetable provisionally preserved (for example by sulphur dioxide gas, in
brine, in sulphur water or in other preservative solutions), but unsuitable in that state for
immediate consumption etc.
• Clarifications/ amendments as regards the applicability of GST rate in respect of certain
goods such as sprinkler system consisting of nozzles, lateral and other components,
movement of rigs, tools & spares and all goods on wheels on own account, LPG supplied
in bulk to an OMC by refiners/fractioners for bottling for further supply, etc.
Services
(i) After implementation of GST regime, rates have been rationalized significantly to address
the concerns of trade and consumers. The major rate reductions during the financial year
2018-19 are as follows:
• The GST rate on services provided by restaurants (except by restaurants in hotels having
tariff of `7500 per unit per day or more) have been reduced from 18 per cent to 5 per cent.
• With effect from 1st April, 2019, effective GST rate on construction of affordable houses
has been reduced from 8per cent to 1 per cent and on other houses i.e. not in the affordable
category, from 12 per cent to 5 per cent. Affordable houses have been defined as houses
having carpet area of 60 sqm in metropolitan areas and upto 90 sqm in non-metro areas and
having cost of upto `45 lakhs.
• GST rate on cinema theatres having entry ticket of upto `100 has been prescribed at
reduced rate of 18 per cent.
• GST rate on services provided by amusement parks including theme parks, water parks,
joy rides, merry go rounds, go carting and ballet has been reduced from 28 per cent to 18
per cent.
(ii) Exemption from the levy of GST on Services:
Two major services consumed by the common man, namely, health care services provided
by clinical establishments and educational services provided by educational institutions are
exempted from GST.
In addition, following services consumed by the common man have been completely exempted
from GST:
(a) Services received from a provider of service located by way of supply of online educational
journals or periodicals to a higher educational institution (i.e., other than an institution
providing pre-school education and education up to higher secondary school or equivalent).
(b) Services provided by an educational institution by way of conduct of entrance examination
against consideration in the form of entrance fee.
(c) Services provided to an educational institution, by way of supply of services relating to
admission to, or conduct of examination by all educational institutions.
(d) Services provided by Fair Price Shops to Central Government, State Government or Union
Territory by way of sale of food grains, kerosene, sugar, edible oil, etc. under Public
Distribution System against consideration in the form of commission or margin.
(e) Services by way of giving on hire motor vehicle for transport of students, faculty and
staff, to a person providing services of transportation of students, faculty and staff to an
educational institution providing services by way of pre-school education and education
upto higher secondary school or equivalent (sub-contractor will also be exempt from
GST).
(f) Services by way of admission to a protected monument so declared under the Ancient
Monuments and Archaeological Sites and Remains Act 1958 or any of the State Acts, for
the time being in force.
(g) Services by way of right to admission to circus, dance, or theatrical performance including
drama or ballet; award function, concert, pageant, musical performance or any sporting
event other than a recognised sporting event; recognised sporting event; planetarium,
where the consideration for right to admission to the events or places is not more than
`500 per person.
(h) Services of life insurance business provided by way of annuity under National Pension
System regulated by PFRDA is exempt.
(i) Services of a Resident Welfare Associations (RWA) to its members against contribution of
an amount upto `7500 per month.
(iii) Multiple reliefs from GST taxation have been provided to following categories of
services:
(i) Agriculture, farming and food processing industry,
(ii) Education, training and skill development,
(iii) Pension, social security and old age support.
(iv) Banking/ Finance/ Insurance services,
(v) Government Services,
(vi) Tourism and hospitality services,
(vii) Construction and works contract services,
(viii) Transportation services.
B. Customs Duty
• There has been concerted effort from the Government to avoid inverted duty structure on
goods imported into India. The Basic Customs Duty (BCD) rates have been rationalized
to the rate of 2.5 per cent/5 per cent/7.5 per cent on most of the inputs and intermediate
products like industrial chemicals, ores and concentrates, fuels for industrial use, textile
fibres and yarns etc. used in industries for manufacturing.
• Government has followed a conscious policy to promote the “Make in India” initiative.
Therefore, several end use-based exemptions and lower rates of customs duty have been
prescribed on goods imported for further processing in India and higher import duties on
finished products. The customs duty was increased on finished products like footwear,
processed foods, cellular mobile phones, perfumes, cosmetics and other toilet preparations,
watches, furniture, toys, light fittings etc., in Union Budget 2018-19. In October, 2018,
duties were increased on plastic articles, washing machine, refrigerator, air conditioners,
speakers, telecom equipment and certain other items that are largely imported from China.
• The customs duty rates on most of the electronic and IT products imported from China have
been increased several times over the last two years. There has been an increase in customs
duty on finished electronics goods and consumer durables like cellular mobile phones,
LED TVs, microwave ovens, refrigerators, air conditioners etc. to promote domestic value
addition.
• Further the customs duty on 298 tariff lines of man-made fibre fabrics was increased from
10 per cent to 20 per cent for protecting domestic industry from imports. Further BCD was
increased on 504 tariff lines of textile articles including garments.
Annex II*: Recent Initiatives in Direct Taxes in Budget 2018-19 and 2019-20
(Interim Budget)
A. Summary of important measures announced in the Union Budget 2018-19:
• The rate of income-tax for companies with a turnover up to `250 crores in FY 2016-17 was
reduced to 25 per cent.
• To allow a standard deduction upto `40,000/- or the amount of salary received, whichever
is less and rationalised exemption in respect of transport allowance and reimbursement of
miscellaneous medical expenses.
• The following incentives have been provided for senior citizens:

The limit of deduction for health insurance premium and/or medical expenditure has

been increased from `30,000/- to `50,000.
The limit of deduction for medical expenditure in respect of certain critical illnesses has

been increased up to `1,00,000/- in the case of all senior citizens (of the age of 60 years
or more).
A deduction of `50,000/- has been provided to senior citizens on interest income from

deposits with banks, co-operative societies and post offices.
The threshold limit for deduction of tax at source on interest income for senior citizens

has been increased from `10,000/- to `50,000/-.
A senior citizen having pension income shall be eligible to claim standard deduction of

upto `40,000/- or the amount of pension received, whichever is less.
• It is provided that every person, not being an individual, which enters into a financial transaction
of an amount aggregating to `2.5 lakh or more in a financial year, and the managing director,
director, partner, trustee, author, founder, karta, chief executive officer, principal officer or
office bearer or any person competent to act on behalf of such person shall be required to apply
for allotment of PAN.
• It is provided that in the case of an amalgamated company, accumulated profits, whether

capitalised or not, or losses as the case may be, shall be increased by the accumulated profits
of the amalgamating company, whether capitalized or not, on the date of amalgamation.
• It is provided to bring deemed dividends also under the scope of dividend distribution tax
and to tax such deemed dividend at the rate of 30 per cent (without grossing up) in order to
prevent camouflaging dividend in various ways such as loans and advances.
• The exemption under section 10(38) of the Act has been withdrawn and a new section
112A has been inserted in the Act to provide that long term capital gains arising from
transfer of a long term capital asset being an equity share in a company or a unit of an
equity oriented fund or a unit of a business trust shall be taxed at 10 per cent of such capital
____________
* The tax measures and rate changes given in this Annex are only meant for general readers and will not serve as reference
points for tax payers.
gains exceeding one lakh rupees. Foreign Institutional Investors (FIIs) will also be liable to
tax on such long term capital gains only in respect of amount of such gains exceeding one
lakh rupees. Further, it is also provided that where any income is distributed by an equity-
oriented Mutual Fund, the mutual fund shall be liable to pay additional income tax at the
rate of 10 per cent on income so distributed.
• To tackle the direct tax challenges arising in digital businesses, the scope of the definition
of business connection was enlarged to provide that a non-resident is taxable in India if it
has a 'Significant Economic Presence' in India.
• The conditions for availing the deduction of 30 per cent under section 80JJAA of the Act
have been relaxed by allowing the benefit for a new employee who is employed for less
than the minimum period during the first year but continues to remain employed for the
minimum period in subsequent year. The minimum period of employment of 150 days has
been extended to footwear and leather industry.
• Following changes in the taxation regime for the start-ups under section 80IAC have been
made:
The benefits would also be available to start ups incorporated on or after 1st April

2019 but before 1st April, 2021;
The requirement of the turnover not exceeding `25 Crore would apply to the previous

year relevant to the assessment year to which deduction under this section is claimed;
The definition of eligible business has been expanded to provide that the benefit would

be available if the start-up is engaged in innovation, development or improvement of
products or processes or services, or a scalable business model with a high potential
of employment generation or wealth creation.
B. Summary of important measures announced in the Interim Budget 2019-20:
• Enhanced the amount of tax rebate for an individual taxpayer from `2,500 to `12,500.
• Increased the limit of standard deduction from `40,000 to `50,000.
• There will be no tax on notional rent of two self-occupied houses instead of currently available
one self-occupied house. However, the existing limit for deduction of interest of `2 lakhs shall
continue.
• One-time option provided for investment of the entire capital gain in purchase or construction
of two residential houses under section 54 of the Act where capital gains from the sale of
residential property do not exceed `2 crore.
• Threshold limit for application of TDS on bank interest, etc., increased from `10,000 to
`40,000 and
• Threshold limit increased for application of TDS on rental income from `1.8 lakh to `2.4 lakh.
C. Other measures taken during the year 2018 and 2019.
• The Centralised Verification Scheme, 2019 has been notified for setting up of a centre for
centralised issuance of notice and for processing of information or documents and making
available the outcome of the processing to the Assessing Officer.
• The process of PAN allotment has been relaxed so that an applicant, having mother
as ‘single parent’, may apply for PAN by furnishing mother’s name only. Before this,
furnishing of father’s name was mandatory for all applicants.
• The process of issuance of certificate for no deduction of tax or deduction/collection of tax
at lower rate has been rationalised. Now, the entire process of filing of an application to
the generation of appropriate certificate has been made electronic. This shall minimise the
human interface and reduce the compliance burden on the applicant.
• Form for application filed for the registration of a charitable trust or institution under
section 12A of the Act has been rationalised and electronic filing thereof has been enabled
as well.
• Forms for filing appeal to the Appellate Tribunal have been rationalised to make them
more informative.
• In order to facilitate the conversion of Indian branch of foreign bank, the Notification S.O.
6053(E) dated 06.12.2018 has been issued specifying the conditions to be fulfilled by the
conversion and also specifying modifications, exceptions, etc., in applicability of certain
provisions of the Act to such conversion.
• Part B of Form No 16 and Annexure-II of Form No 24Q were amended for enabling
e-issuance of salary TDS certificate in Form No 16 and for enabling the pre-filing of
Income-tax returns on the basis of information furnished in Form No 24Q.
Monetary Management and
Financial Intermediation
03
CHAPTER
Monetary policy witnessed a u-turn over the last year. The benchmark policy
rate was first hiked by 50 bps and later reduced by 75 bps due to weaker-than-
anticipated inflation, growth slowdown and softer international monetary
conditions. Liquidity conditions, however, have remained systematically tight
since September 2018. The performance of the banking system has improved as
NPA ratios declined and credit growth accelerated. However, financial flows to
the economy remained constrained because of decline in the amount of equity
finance raised from capital markets and stress in the NBFC sector. The ecosystem
for insolvency and bankruptcy is getting systematically built out. It has already
led to recovery and resolution of significant amount of distressed assets as well
as palpably improved business culture.
MONETARY DEVELOPMENTS 25 basis points (bps) each while keeping the

DURING 2018-19 policy stance as neutral.
3.1 The Monetary Policy Committee (MPC) 3.3 The policy rates remained unchanged
of the Reserve Bank of India (RBI), at the in the Fourth and Fifth Bi-monthly
time of writing, had met six times in 2018-19 Monetary Policy Statement due to the
and twice in 2019-20. In its First Bi-monthly persistence of unusually soft food price
Monetary Policy Statement for 2018-19 in readings and its impact on the evolving
April 2018, the MPC decided to keep the headline inflation trajectory. However, the
policy repo rate unchanged at 6.0 per cent policy stance was changed from “neutral”
and continue with neutral policy stance. to “calibrated tightening” in the Fourth
Bi-monthly Monetary Policy Statement of
3.2 With the perceived risk to inflation October 2018.
from increase in crude oil prices as
3.4 In its Sixth Bi-monthly Monetary policy
well as expectation of tightening of
Statement, the MPC noted the pause in the
monetary policy by the Federal Reserve,
rate hiking cycle by the Fed, expectations
the MPC in the Second and Third
of a positive outcome from US-China trade
Bi-monthly Monetary Policy Statement,
negotiations and downward risks to domestic
decided to increase the policy repo rate by
inflation. Consequently, the MPC decided to
Monetary Management and Financial Intermediation 65
change the stance of monetary policy from and the Second Bi-monthly Monetary Policy
“calibrated tightening” to “neutral” and Statement for 2019-20 in April and June 2019
reduced the policy repo rate by 25 bps to 6.25 (Table 1). Moreover, the monetary policy
per cent in February 2019. The policy rate stance was changed to “accommodative” in
was further cut by 25 bps each in the First June 2019.
Table 1: Revision in Policy Rates

Bank rate/ Reverse repo Cash reserve Statutory liquidity
Repo rate
Effective date MSF rate* rate ratio (per cent ratio (per cent of
(per cent)
(per cent) (per cent) of NDTL) NDTL)
05-04-18 6.25 6.00 5.75 4.00 19.50
06-06-18 6.50 6.25 6.00 4.00 19.50
01-08-18 6.75 6.50 6.25 4.00 19.50
05-10-18 6.75 6.50 6.25 4.00 19.50
05-12-18 6.75 6.50 6.25 4.00 19.50
05-01-19 6.75 6.50 6.25 4.00 19.25
07-02-19 6.50 6.25 6.00 4.00 19.25
04-04-19 6.25 6.00 5.75 4.00 19.25
13-04-19 6.25 6.00 5.75 4.00 19.00
06-06-19 6.00 5.75 5.50 4.00 19.00
Source: RBI.
Notes: *: Bank Rate was aligned to MSF rate with effect from February 13, 2012.
NDTL is Net Demand and Time Liabilities and MSF is Marginal Standing Facility.
3.5 During 2018-19, the growth rate of (Table 2). Reserve Money (M0) as on March 31,
monetary aggregates reverted to their long-term 2019, recorded a growth of 14.5 per cent over
trend after experiencing unusual behaviour in the previous year (Figure 1). On the component
2016-17 due to demonetisation and again in side, the expansion in M0 was mainly driven
2017-18 due to the process of remonetisation by Currency in Circulation (CiC).
Table 2: Year-on-Year Growth in Monetary Aggregates (per cent)
Items 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
Currency in Circulation 19.2 14.1 12.2 9.9 10.6 11.9 -4.0 9.8 22.6
Cash with Banks 18.8 18.7 16.7 6.8 14.4 13.3 45.8 -20.1 3.5
Currency with the Public 19.2 13.9 12.0 10.0 10.4 11.8 -6.2 11.9 23.5
Bankers’ Deposits with
29.1 14.8 -10.9 4.6 7.6 11.0 8.6 7.9 7.9
the RBI
Demand Deposits 14.2 -3.8 5.9 8.6 10.5 9.7 20.0 13.8 7.9
Time Deposits 16.0 19.3 14.7 14.7 12.3 10.6 10.8 6.4 8.5
Reserve Money (M0) 21.5 13.9 6.2 8.8 10.1 12.1 -1.3 9.6 19.5
Narrow Money (M1) 16.8 5.8 9.5 9.6 10.6 11.3 3.9 12.9 16.5
Broad Money (M3) 16.2 15.9 13.5 13.6 11.9 10.7 9.3 7.8 10.2
Source: RBI.
Note: Growth rates have been calculated for financial year averages of the monetary aggregates.
Figure 1: Reserve Money Growth (Y-o-Y)

65%
45%
25%
5%
-15%
-35%
Apr
Jul
Jun
Aug
Nov
May
Sep
Feb
Mar
Oct
Dec
Jan
2018-19 2017-18 2016-17
Source: RBI.
3.6 From the sources side, expansion in during the year. Among other sources,
M0 during 2018-19 was contributed mainly RBI’s claims on banks increased, indicating
by net RBI credit to the government as tight liquidity conditions (this issue is
against driven by net foreign assets in the further discussed in next section). Net foreign
previous year. Increase in net RBI credit to assets also contributed to M0 expansion
government was mainly from the recourse to albeit at a lower magnitude vis-à-vis previous
open market operations (OMOs) undertaken year.
Figure 2: M3 Growth (Y-o-Y, per cent)
22.8
20.8
18.8
16.8
14.8
12.8
10.8
8.8
6.8
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
Source: RBI.
Note: Growth rates have been calculated for Financial Year averages of the monetary aggregates.
3.7 Broad money growth (M3) has been to an increase in aggregate deposits by 9.6
on declining trend since 2009. However, in per cent in 2018-19 vis-à-vis the 5.8 per cent
20018-19, M3 improved marginally driven during 2017-18 (Figure 3). Amongst sources,
mainly by aggregate deposits (Figure 2). From credit from scheduled commercial banks
the component side, the expansion in M3 (SCBs) to the commercial sector primarily
during the year was broad-based, contributed contributed to an increase in M3 during
by both currency and deposits. Deposits with the year. Bank credit to government,
the banking system, both demand and time, mainly from RBI, also supplemented M3
recorded acceleration in their growth leading expansion.
Figure 3: Y-o-Y Variation in Deposits
42%
35%
28%
21%
14%
7%
0%
Oct-18
Apr-16
Sep-16
Feb-17
Jul-17
Dec-17
May-18
Mar-19
DD TD AD
Source: RBI.
Note: AD– Aggregate Deposits, DD– Demand Deposits, TD– Time Deposits.
3.8 The money multiplier (M3/M0) 5.7 per cent, converging broadly to its average
expanded sharply between 1996 and 2003 level recorded during 2013-16 (Figure 4).
and stabilizing thereafter till 2008. It started Trends in money multiplier is an area of
rising again till 2017 but declined for two further investigation but the tightening of
successive years in 2017-18 and 2018-19, bank capital and regulatory norms may have
reflecting expansion in M0 at faster pace than contributed to it.
M3. As on March 31, 2019, it stood lower at
Figure 4: Money Multiplier
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
1992
1995
1998
2001
2004
2007
2010
2013
2016
2019
Source: RBI.
LIQUIDITY CONDITIONS AND to this situation of liquidity tightening. First,

ITS MANAGEMENT the growth in bank credit has improved in last
two quarters of 2018-19, however growth
3.9 In 2018-19, liquidity conditions were in bank deposits remained tepid. Second,
comfortable till August 2018 but has been growth in currency in circulation also
systematically tight since September 2018. accelerated during this period. Third, and the
Liquidity situation, on average, moved in the most significant, the RBI had to draw down
deficit zone in the last two quarters of 2018- its foreign exchange reserves in excess of
19 as well as in first quarter of 2019-20. $32 billion in 2018-19 to smoothen exchange
3.10 The banking system faced huge rate volatility. Consequently, liquidity in
shortage of liquidity for the first time in the excess of `2 lakh crore was sucked out of the
fiscal between September 15 and 26 and system.
the deficit was nearly `1.18 lakh crore. The 3.14 The RBI responded to solve this
RBI, consequently, announced OMOs of issue by infusing liquidity through OMOs.
`30,000 crore. This move did ease liquidity The frequency of OMOs have increased
temporarily but the liquidity shortage has considerably since September 2018. In view
been persistent (Figure 5). of the need to inject durable liquidity given
3.11 The monetary policy statement the prevailing liquidity conditions, the RBI
of December 2018 highlighted the conducted twenty-seven OMOs aggregating
issue of liquidity crunch being faced by `2.98 lakh crore billion during the year.
Moreover, based on an assessment of financial
the banking system. The statement noted
market conditions, the RBI increased the
that the tight liquidity conditions had led to
Facility to Avail Liquidity for Liquidity
overnight call money rate breaching the policy
Coverage Ratio (FALLCR) effective October
corridor on several occasions. Consequently,
1, 2018, which supplemented the ability of
the RBI decided to scale up OMOs in
individual banks to avail liquidity from the
December and January. It further added
repo market against high-quality collateral.
that liquidity conditions will continue to be
Furthermore, it was decided to reduce the
monitored and depending on the assessment,
statutory liquidity ratio (SLR) by 25 bps
RBI will consider similar quantum of OMO
every calendar quarter until it reaches 18
purchases until the end of March 2019.
per cent of NDTL to align the SLR with the
3.12 Remember that the RBI had changed liquidity coverage ratio (LCR) requirement.
its liquidity management objective in June Accordingly, effective from the quarter
2016. Prior to this period, the RBI used commencing January 2019, the SLR was
to maintain ex-ante liquidity deficit in the reduced to 19.25 per cent of NDTL and
system at around 1% of net time and demand further to 19.00 per cent of NDTL in April
liabilities (NDTL) of banks. However, since 2019.
June 2016, the stated objective of the RBI is 3.15 Moreover, the RBI decided to augment
to keep the ex-ante liquidity closer to neutral its liquidity management toolkit and injected
position. rupee liquidity for longer duration through
3.13 The tight liquidity has shown up in long-term foreign exchange buy/sell swaps.
interest rates as well. The weighted average Accordingly, it conducted a US$/` buy/sell
call rate (WACR) breached the policy repo swap auction of US$5 billion for a tenor of
rate 33 time since mid-September 2018. 3 years on March 26, 2019 to inject durable
There were three key factors which have led liquidity of `345.6 billion into the system.
Figure 5: Daily Liquidity Management
210
180
150
120
₹ Thousand Crore
90 Liquidity Shortage
60
30
0
-30
-60
-90 Excess Liquidity
-120
04-Jun-18
15-Jun-18
26-Jun-18
09-Aug-18
20-Aug-18
31-Aug-18
03-Oct-18
14-Oct-18
25-Oct-18
05-Nov-18
16-Nov-18
27-Nov-18
10-Apr-18
21-Apr-18
02-May-18
13-May-18
24-May-18
07-Jul-18
18-Jul-18
29-Jul-18
11-Sep-18
22-Sep-18
01-Feb-19
12-Feb-19
23-Feb-19
30-Mar-18
08-Dec-18
19-Dec-18
30-Dec-18
10-Jan-19
21-Jan-19
06-Mar-19
17-Mar-19
28-Mar-19
Source: RBI.
Note: LAF stands for liquidity adjustment facility.
Figure 6: Policy Corridor and Call Rate (Per cent)

7.00
6.75
6.50
6.25
6.00
5.75
WACR
Repo
5.50
Reverse Repo
5.25
15-Jun-18
08-Nov-18
27-Aug-18
15-Jun-19
03-Apr-18
03-Apr-19
20-Jan-19
Source: RBI.
Note: MSF – Marginal Standing Facility, WACR – Weighted Average Call Money Rate
3.16 Tightness in liquidity has a significant recent past has led to increase in spread of
impact on short-term as well as long term treasury bills (t-bill) and Goverment security
interest rates. Figures 7(a) and 7(b) show (g-sec) rates over the repo rate. Availability
the impact of liquidity condition on interest of durable liquidity has a big impact on the
rates. As can be seen, tight liquidity in the market borrowing cost of the government.
Figure 7(a): Liquidity and 91 Day T-bill Figure 7(b): Liquidity and 10-yr G-Sec
Spread over Repo Spread over Repo
0.9 320
2.0
240
0.6 120
1.6
40
0.3 -80 1.2
-160
0 -280 0.8
0.4 -360
-0.3 -480
0.0 -560
-0.6 -680
20-Jun-16
23-Nov-16
09-Aug-18
17-Jun-19
30-Oct-15
03-Apr-16
06-Sep-16
15-Jul-17
01-Oct-17
26-Oct-18
09-Feb-17
28-Apr-17
18-Dec-17
23-May-18
16-Jan-16
06-Mar-18
12-Jan-19
31-Mar-19
29-Aug-18
30-Oct-15
05-May-16
07-Aug-16
09-Nov-16
16-May-17
18-Aug-17
20-Nov-17
27-May-18
07-Jun-19
01-Feb-16
11-Feb-17
22-Feb-18
01-Dec-18
05-Mar-19
91 days t-Bill spread over repo Liquidity (RHS, ₹ thousand crore) 10-yr g-sec spread over repo
Liquidity (RHS, ₹ thousand crore)
Source: RBI. Source: RBI.

DEVELOPMENTS IN THE G-SEC domestic inflation. Later, with the decline in

MARKET crude oil prices in July 2018, and with the
announcement of OMO purchases, the yields
3.17 During 2018-19, the 10-year softened in July. However, the currency
benchmark g-sec yields were volatile and depreciation in August 2018 due to rising
closely tracked the movement in oil prices, crude oil prices and rising US interest rates,
domestic liquidity and rupee exchange rate caused the yields to harden, taking the rise
(Figure 8). It hardened in the first quarter in yields from end-July to mid-September
but witnessed intermittent softening in the to 40 bps. Yields softened towards the end
second and third quarters. The hardening of of September reflecting the measures taken
yields in the first quarter may be attributed to for containing rupee volatility along with
rising crude oil prices, the firming up of US expectations of lower market borrowings
treasury yields, concerns regarding the pace by the central government in second half of
of rate hikes by the US Fed, upside risks to 2018-19.
Figure 8: 10 Year G-Sec Yield (per cent)
8.3
8.1
7.9
7.7
7.5
7.3
7.1
6.9
28-Jun-18
10-Aug-18
04-Nov-18
07-Jun-19
03-Apr-18
16-May-18
22-Sep-18
17-Dec-18
25-Apr-19
29-Jan-19
13-Mar-19
Source: RBI.
3.18 The benchmark yield continued to trade BANKING SECTOR

with a softening bias in October 2018 as the
3.19 The performance of the banking sector
RBI announced OMO purchases of higher
(domestic operations), Public Sector Banks
amount. In the third quarter of 2018-19, the
(PSBs) in particular, improved in 2018-
OMO purchase of `1.36 lakh crore along
19. The Gross Non-Performing Advances
with the decline in crude oil prices and CPI
(GNPA) ratio of SCBs decreased from 11.5
inflation rates caused the yields to soften
per cent to 10.1 per cent between March 2018
in general. During January 2019, however,
and December 2018. Their Restructured
the yields traded with a hardening bias
Standard Advances (RSA) ratio declined
amidst fiscal concerns, tightening liquidity
from 0.7 per cent to 0.4 per cent. The Stressed
and rise in crude oil prices. Later in the
Advances (SA) ratio decreased from 12.1 per
quarter, consequent upon the policy rate cut
cent to 10.5 per cent during the same period.
announced by the MPC in February, April
GNPA ratio of PSBs decreased from 15.5 per
and June 2019, the yields softened. The 10-
cent to 13.9 per cent between March 2018 and
year g-sec yield dropped to 6.97 per cent as
December 2018. SA ratio of PSBs decreased
on 10 June, 2019.
from 16.3 per cent to 14.4 per cent during the showed improvement in 2018-19. The
same period. average NFC growth in 2018-19 improved to
3.20 Capital to risk-weighted asset ratio 11.2 per cent vis-à-vis 7.7 per cent in 2017-
(CRAR) of SCBs increased from 13.8 per 18. Bank credit to large industry and services
cent to 14.0 per cent between March 2018 and segments were the main drivers of overall
December 2018 largely due to improvement NFC growth in 2018-19 (Figure 9). However,
of CRAR of Public sector banks (PSBs). the pace of credit growth has moderated in last
SCBs’ return on assets (RoA) decreased from few months. Credit growth has come down
0.21 per cent in 2017-18 to 0.03 per cent in from 13.8 per cent in November 2018
2018-19 while their return on equity (RoE) to 11.9 per cent in April 2019. The main
decreased from 2.41 per cent to 0.4 per cent contributor to this moderation has been
during the same period. the services sector which has decelerated
from 28.1 per cent to 16.8 per cent between
CREDIT GROWTH
November 2018 and April 2019. The growth
3.21 Growth in non-food bank credit (NFC), in bank credit to large industries have
which remained sluggish in last few years, improved in recent months (Table 4).
Figure 9: Bank Credit Growth (Y-o-Y)
30%
24%
18%
12%
6%
0%
-6%
Oct-16
Jun-18
Jun-16
Aug-16
Jun-17
Aug-17
Oct-17
Aug-18
Oct-18
Apr-16
Feb-17
Feb-18
Feb-19
Apr-17
Apr-18
Apr-19
Dec-16
Dec-17
Dec-18
Non-food Credit Agriculture Industry Services Personal Loans
Source: RBI.
Table 4: Industry-wise Deployment of Bank Credit by Major Sectors (Y-o-Y, per cent)
Sector Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Apr-19
Industry 20.7 15.1 12.8 5.6 2.7 -1.9 0.7 6.9 6.9
Micro & Small 12.6 20.2 22.5 9.1 -2.3 -0.5 0.9 0.7 1.0
Medium 7.1 -0.1 -0.5 0.4 -7.8 -8.7 -1.1 2.6 3.5
Large 23.3 15.6 12.3 5.3 4.2 -1.7 0.8 8.2 8.1
Textiles 9.9 15.1 10.2 -0.1 1.9 -4.6 6.9 -3.0 -2.8
Infrastructure 20.8 15.8 14.6 10.5 4.4 -6.1 -1.7 18.5 19.9
Source: RBI.
Note: Data are provisional and relate to select banks which cover about 90 per cent of total non-food credit extended
by all scheduled commercial banks.
NON-BANKING FINANCIAL 3.23 However, the NBFCs experienced

SECTOR difficult times in 2018-19 in the aftermath
of the ratings downgrades and default of
3.22 Non-Banking Financial Companies
IL&FS Group. NBFCs depend largely
(NBFCs) bring in diversity and efficiency
on public funds which account for 70 per
to the financial sector and makes it more
responsive to the needs of the customers. cent of total liabilities of the sector. Bank
In the recent past, the NBFCs have played borrowings, debentures and commercial
increasingly important role in resource paper are the major sources of funding for
mobilization and credit intermediation, NBFCs. Immediately after the IL&FS crisis,
thereby helping commercial sector to make NBFCs faced severe liquidity crunch as
up for low bank credit growth (Figure 10). mutual funds (MFs) stopped refinancing the
loans of NBFCs. However, the government
Figure 10: Share in Net Credit Flow to
Commercial Sector moved in quickly and took immediate
measures to ringfence the problem and
70% limit contagion. Consequently, the flow of
60% resources from the banking sector to NBFCs
50% improved for some time. However, the flow
40% of resources from the banking side has
30% contracted since November 2018. In fact,
20% deployment of funds by MFs has turned
10% negative and stood at -12 per cent in April
0%
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 (till
2019 (Figures 11(a) & 11(b)).This squeeze
mid-Nov)
in flow of resources to NBFCs has impacted
Bank Non-bank
the lending capability of the sector in recent
Source: RBI. quarters (see Figure 12).
Figure 11(a): Growth in Bank Credit Figure 11(b): Growth in Deployment of

to NBFCs funds by MFs to NBFCs
60% 52%
50% 42%
40% 32%
30% 22%
20% 12%
10% 2%
0% -8%
-10% -18%
Aug-16
Oct-16
Oct-18
Jun-16
Aug-17
Oct-17
Jun-17
Jun-18
Aug-18
Apr-16
Feb-17
Apr-17
Feb-18
Apr-18
Feb-19
Apr-19
Dec-16
Dec-17
Dec-18
Oct-16
Oct-17
Oct-18
Jun-16
Aug-16
Jun-17
Aug-17
Jun-18
Aug-18
Apr-16
Feb-17
Apr-17
Feb-18
Apr-18
Feb-19
Apr-19
Dec-16
Dec-17
Dec-18
Source: RBI. Source: Estimated from SEBI data.

Figure 12: Growth in Loans and Advances of NBFCs
30%
25%
20%
15%
10%
5%
0%
Jun-15
Jun-16
Jun-17
Jun-18
Sep-16
Sep-15
Dec-15
Dec-16
Sep-17
Dec-17
Sep-18
Dec-18
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Source: RBI.
Note: Data pertains to Deposit taking NBFCs and Non-Deposit Taking Systematic Important NBFCs including
Government Companies. Data from June 2018 to March 2019 are provisional.
3.24 Other performance indicators of the through public issue and rights issue of
NBFCs have also been affected adversely. At equity compared to the previous year. During
the end of December 2018, CRAR of NBFC 2018-19, 123 companies mobilized `16,087
sector worsened to 22.2 per cent from 22.8 crore through public equity issuance
per cent at end-March 2018. The GNPA compared to 202 companies amounting
ratio of NBFC sector deteriorated to 6.5 per `83,696 crore in the previous year, indicating
cent as in December 2018 from 6.1 per cent
a decrease of 81 per cent over the period.
in March 2018. The net NPA also increased
Further, during 2018-19, there were 21 rights
marginally to 3.6 per cent in December 2018
from 3.2 per cent in March 2018. The RoA of issues which raised `2,149 crore compared to
the sector stood at 1.4 per cent in December 21 rights issues which raised `21,400 crore in
2018 compared with 1.6 per cent in March 2017-18.
2018. The RoE decreased to 6.1 per cent in
3.26 Resource mobilization through
December 2018 from 7.0 per cent in March
issuance of debt public issue rose quite
2018.
significantly during 2018-19 as compared
DEVELOPMENTS IN CAPITAL to previous year. There were 25 debt public
MARKET issues which raised `36,679 crore in 2018-19
compared to eight issues which raised `5,173
Primary Market crore in 2017-18.
A. Public Issue
3.27 Overall, total public issue declined by
3.25 The year 2018-19 witnessed a 50 per cent from `1,10,269 crore in 2017-18
significant decrease in resource mobilization to `54,915 crore in 2018-19.
Table 5: Primary Market Resource Mobilisation through Public and Rights Issue
2017-18 2018-19
Issue Type Amount
No of issues Amount (`crore) No of issues
(`crore)
Public Issue (Equity) 202 83,696 123 16,087
Rights Issue (Equity) 21 21,400 21 2,149
Public Issue(Debt) 8 5,173 25 36,679
Total Public Issue 231 110,269 158 54,915
Source: SEBI.
B. Private Placement crore and `2,10,163 crore, respectively during
3.28 During 2018-19, Indian corporates 2018-19 compared to 53 QIPs allotments
preferred private placement route to gear and 407 preferential allotments which raised
up the capital requirement. There were 416 `67,238 crore and `59,473 crore, respectively
issues which raised `2,17,632 crore in 2018- during 2017-18.
19 compared to 460 issues which raised 3.29 Further, the resource mobilization
`1,26,711 crore during 2017-18. Out of the through issuance of corporate bonds private
416 issues, there were 12 qualified institutional
placement stood at `5,79,425 crore in
placement (QIP) allotments and 404 2018-19 compared to `5,99,147 crore in
preferential allotments which raised `7,469 2017-18.
Table 6: Primary Market Resource Mobilisation through Private Placements
2017-18 2018-19
Issue Type Amount Amount
No of issues No of issues
(`crore) (`crore)
QIPs Allotment (Equity) 53 67,238 12 7,469
Preferential Allotment (Equity) 407 59,473 404 2,10,163
Private Placement of Bonds 2706 5,99,147 2358 5,79,425
Total Private Placement 3166 7,25,858 2774 797,056
Sources: BSE, NSE, MSEI and SEBI.
Mutual Fund Activities during 2017-18. The cumulative net assets

under management of all MF increased
3.30 During 2018-19, there was a net inflow by 11.4 per cent to `23,79,584 crore in
of `1,09,701 crore in the MF industry as March 2019 from `21,36,036 crore in March
compared to a net inflow of `2,71,797 crore 2018.
Table 7: Mobilisation Funds by Mutual Funds (in `crore)

Financial No of Gross Assets at the end
Redemption Net Inflow
Year Folios Mobilisation of the period
2017-18 7,13,47,301 2,09,98,652 2,07,26,855 2,71,797 21,36,036
2018-19 8,24,56,411 2,43,94,362 2,42,84,661 1,09,701 23,79,584
Source: SEBI.
Investment by Foreign Portfolio The assets of the FPIs in India, as reported by

Investors (FPIs) the custodians, increased to `33,42,680 crore
3.31 There was a net outflow of `5,499 as on March 31 2019 from `31,48,349 crore
crore by FPIs in 2018-19 compared to an as on March 31 2018. However, the notional
inflow of `22,466 crore in 2017-18. Total value of offshore derivative instruments
cumulative investment by FPIs decreased (including ODIs on derivatives) decreased to
to `2,48,154 crore as on March 31 2019 as `77,287 crore from `1,02,726 crore during the
against `2,53,653 crore as on March 31 2018. same period.
Table 8: Investment by FPIs
Gross Purchase Gross Sales Net Investment Net Investment

Year/Month
(`crore) (`crores) (`crores) (USD Million)
2017-18 17,28,360 15,83,679 1,44,681 22,466

2018-19 16,40,810 16,79,741 -38,931 -5,499
Source: NSDL.
Table 9: Notional Value of Offshore Derivatives Instruments vs Assets Under Custody

of FPIs (in `Crore)
Notional value
Notional value Notional value of
of ODIs on
of ODIs on ODIs on Equity AUC of FPIs/deemed
Equity, Debt &
Year Equity, Debt & &Debt excluding FPIs
Derivatives as %
Derivatives Derivatives
of Notional Value
of ODI
2017-18 1,06,403 1,02,726 31,48,349 3.4
2018-19 78,110 77,287 33,42,680 2.3

Source: SEBI.
Movement of Indian Benchmark Exchange (NSE) closed at 11,624 on March

Indices 31, 2019, witnessing a gain of 14.9 per cent
from its closing value of 10,114 as on March
3.32 S&P BSE Sensex, the benchmark index 31, 2018. During the period Nifty 50 closed at
of Bombay Stock Exchange (BSE), closed its highest value of 11,739 on August 28,2018
at 38,673 on March 31, 2019, witnessing and its lowest level of 10,030 on October 26,
an increase of 17.3 per cent from its closing 2018.
value of 32,969 as on March 31, 2018 (see
Figure 13). During this period, S&P BSE 3.33 In 2019-20, the Sensex crossed 40,000
Sensex closed its highest level of 38,897 on for the first time on 3rd June and closed at
August 28, 2018 and its lowest of 33,019 40,268. As on 10 June, 2019, the Sensex
on April 04, 2018. In addition, Nifty 50, closed at 39,785 whereas Nifty closed at
the benchmark index of National Stock 11,923.
Figure 13: Movement of Indian Benchmark Indices
41,000 12,500
39,500 12,000
38,000
11,500
36,500
11,000
35,000
33,500 10,500
32,000 10,000
02-04-2018
03-05-2018
03-06-2018
04-07-2018
04-09-2018
05-10-2018
05-11-2018
06-12-2018
06-01-2019
06-02-2019
09-03-2019
09-04-2019
10-05-2019
10-06-2019
04-08-2018
Sensex Nifty 50 (RHS)
Sources: BSE & NSE.
INSURANCE SECTOR percentage of insurance premium to GDP,

insurance density is calculated as the ratio of
3.34 Insurance has evolved as a tool of
premium to population (measured in US$ for
safeguarding the interest of people from
convenience of international comparison).
loss and uncertainty. Apart from protecting
against mortality; property; and casualty 3.36 Insurance penetration which was 2.71
risks; it provids a safety net for individuals per cent in 2001, has steadily increased to 3.69
and enterprises in urban and rural areas. The per cent in 2017 (Life 2.76 per cent and Non-
insurance sector encourages savings and Life 0.93 per cent). Insurance penetration in
provides long-term funds to individuals. some of the emerging economies in Asia,
It also provids funds for infrastructure i.e., Malaysia, Thailand and China during the
development and other long gestation projects same year were 4.77, 5.29 and 4.57 per cent
of the nation. respectively. The insurance density in India
which was US$11.5 in 2001, reached to US$73
3.35 The potential and performance of the in 2017 (Life-55$ and Non-Life -18$). The
insurance sector are generally assessed on comparative figures for Malaysia, Thailand
the basis of two parameters, viz., insurance and China during the same period were
penetration and insurance density. The US$486, US$348 and US$384 respectively.
measure of insurance penetration and Globally insurance penetration and density
density reflects the level of development were 3.33 per cent and US$353 for the life
of insurance sector in a country. While segment and 2.80 per cent and US$297 for
insurance penetration is measured as the the non-life segment respectively.
Table 10: Penetration in Life Insurance
Particulars 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Insurance
Penetration 3.4 3.17 3.1 2.6 2.7 2.72 2.76
(per cent)
Insurance Density
49.0 42.7 41.0 44.0 43.0 46.5 55
(US $)
Source:IRDA.
Table 11: Penetration in General Insurance
Particulars 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Insurance
Penetration 0.70 0.78 0.80 0.7 0.7 0.77 0.93
(per cent)
Insurance Density
10.0 10.5 11.0 11.0 12.0 13.2 18
(US$)
Source: IRDA.
3.37 During the fiscal 2017-18, the gross of the country. In the last several years,
direct premium of general insurers (within however, the sector has been plagued by
India) was `1,50,660 crores as against growing NPAs on account of various reasons.
`1,28,130 crores, in 2016-17 registering 17.6 The total stressed assets pool reached about
per cent growth. Motor, health and others `10.6 lakh crore for PSBs and `12-13 lakh
segments of insurance helped the industry crore for the overall banking system as on
report this growth. Life insurance industry March 31, 2018.1
recorded a premium income of `4,58,810
3.39 Resolving stressed assets requires
crores as against `4,18,480 crores in the
significant and concerted efforts. Since
previous financial year, registering a growth
2014, many steps have been taken by the
of 9.64 per cent. While renewal premium
government, the RBI and individual banks to
accounted for 57.68 per cent of the total enable rescue and revival. A robust, modern
premium received by the life insurers, new and sophisticated insolvency framework
business contributed the remaining 42.32 per was established with the enactment of the
cent. Insolvency and Bankruptcy Code, 2016
(IBC). The IBC seeks to achieve resolution
INSOLVENCY AND BANKRUPT-
of corporate debtors (CDs) in distress and
CY CODE 2016: RESOLVING COR-
failing that, its liquidation in a time-bound
PORATE STRESS IN A CHANGED
manner under the non-intrusive oversight
PARADIGM
of the National Company Law Tribunal
Introduction (NCLT). The Financial Creditors (FC) have
been provided with greater role and powers
3.38 The Indian banking sector has been at through the committee of creditors. The
the forefront of driving the economic growth management and control of assets of the
1
Committee Report on Resolution of Stressed Assets, Project Sashakt, 2018
debtor are handed over to an Insolvency 3.42 The Insolvency and Bankruptcy Board
Professional (IP) who is responsible for of India (IBBI) – the regulator, was established
operating the debtor’s enterprise as a on October 1, 2016. It registered three
going concern and managing the corporate Insolvency Professional Agencies (IPAs),
insolvency resolution process (CIRP) besides namely, the Indian Institute of Insolvency
performing other crucial functions. Although Professionals of Institute of Chartered
based on global principles, the IBC has been Accountants of India (IIIP of ICAI), the
customized for Indian conditions to make it Institute of Company Secretaries of India’s
compatible with local conditions. It is one Institute of Insolvency Professionals (ICSI
of the most important economic reforms of IIP), and the Insolvency Professional Agency
recent times designed to effectively deal with of Institute of Cost Accountants of India (IPA
non-performing CDs and the resultant logjam of ICMAI), were registered in November,
in the availability of credit. 2016. With a view to make available a cadre
of IPs, 977 individuals with professional
3.40 An effective bilateral work-out
qualifications and 15 years of experience
restructuring mechanism can complement the
were granted temporary registration. The
robust insolvency framework. In June 2017,
IBBI commenced the Limited Insolvency
the RBI substituted harmonized and simplified
Examination (LIE) on December 31, 2016.
generic framework for resolution of stressed
The professionals with ten years of
assets. Sashakt - the resolution scheme to
experience and has passed the Limited
resolve the problem of NPAs through a
Insolvency Examination were granted regular
market-led approach, was introduced in July
registration as IPs from January 2017. The
2018. Sashakt entails participating banks
subordinate legislation relating to eco-system
to work together under an Inter-Creditor
as well as the corporate insolvency processes
Agreement (ICA). As of March 31, 2019,
under the Code was put in place by the IBBI
35 banks had signed the ICA. Further, the
and the corporate processes commenced on
notification on "Prudential Framework for
December 1, 2016.
Resolution of Stressed Assets" was released
by RBI dated June 7, 2019 2. 3.43 An important concern of many
observers was the ability of the new
Implementation of IBC framework to withstand the legal challenges.
3.41 The success of any law depends on its However, the Hon’ble Supreme Court upheld
implementation. The IBC was enacted on the Constitutional validity of the IBC in
May 28, 2016. The Government moved entirety in the matter of Swiss Ribbons Pvt.
quickly to operationalize the IBC. On June 1, Ltd. & Anr. Vs. UoI & Ors.
2016, the National Company Law Appellate Progress Made
Tribunal (NCLAT), the Principal Bench 3.44 The first case under the IBC was
of NCLT at New Delhi, and 11 benches of admitted by NCLT3 on January 17, 2017, in
NCLT – two at New Delhi and one each just over a month from the operationalization
at Ahmedabad, Allahabad, Bengaluru, of the IBC, and the first insolvency resolution
Chandigarh, Chennai, Guwahati, Hyderabad, plan was approved on August 2, 2017.4 The
Kolkata, and Mumbai were constituted. Banking Regulations Act, 1949 was amended
2
The Supreme Court vide its judgment dated April 8, 2019 held that the RBI circular dated February 12, 2018 was ultra vires.
3
ICICI Bank Limited vs. Innoventive Industries Limited.
4
Synergies-Dooray Automotive Ltd.
on May 4, 2017, to enable the RBI to direct and construction (EPC) sector and 10 per cent
banks to take defaulting borrowers into in trading companies. Other sectors under
insolvency. The RBI constituted an Internal stress are textiles, power & utilities, FMCG,
Advisory Committee which recommended the and hospitality. These are mostly late-stage
filing of cases under the IBC in all accounts cases where the overall sector has already been
with fund and non-fund based outstanding under stress due to internal and external issues.
amounts greater than `5,000 crore, with The sector-wise distribution of cases admitted
60 per cent or more classified as non- is presented in Figure 15.
performing by banks as of March 31, 2016.
Figure 15: Sector-wise distribution of
Under the recommended criterion, 12 large
accounts aggregating about 25 per cent of the cases admitted
current GNPAs of the banking system qualified 400 Closed Ongoing
for immediate reference under IBC. Later, 350
300
250
during 2017, another list of 28 larger accounts 200
150
with a total outstanding loan amount of `2.3 100
50
lakh crore was released by the RBI. 0
Chemicals
Others
Communications
Fabricated Metal Products
Wood, Rubber & Plastic
Food, Beverages &
Wholesale & Retail

Electricity & Others
Machinery & Equipment
Textiles & Leather
Construction
Real Estate
Hotels & Restaurants
Electrical Machinery
Transport &
Tobacco
3.45 As on February 20195, that is, within
27 months of operationalization of the IBC,
as many as 14,000 applications had been filed
for initiation of CIRPs under the IBC. As
Source: IBBI.
on March 31, 20196, NCLT had ordered the
commencement of CIRP of 1,858 CDs. The 3.47 Out of the total cases admitted, 152 cases
quarterly trend of the CDs admitted into CIRP were closed on appeal, review or settlement, 91
under the IBC is presented below. were withdrawn on account of settlement under
Figure 14: Quarterly trend of cases section 12A of the IBC, 94 yielded resolutions
admitted and 378 resulted in liquidation. 1,143 cases
are presently undergoing resolution process.
400
350 Further, 383 cases of voluntary liquidation

300 were admitted against which dissolution orders
250
were passed in 41 cases.
200
150
3.48 Further, 920 (50 per cent) cases were
100
50
filed by Operational Creditors (OCs), 738 (40
0 per cent) were filed by FCs and 200 (10 per
Jan-Mar 17
Apr-Jun 17
Jan-Mar 18
Apr-Jun 18
Jan-Mar 19
Oct-Dec 17
Oct-Dec 18
Jul-Sep 17
Jul-Sep 18
cent) were filed by Corporate Debtor. In the

quarter ending March 2019, 172 cases have
Source: IBBI. been filed by FCs in comparison to average
3.46 These cases have been filed across 90 cases in the initial 3 quarters. The growing
various sectors. 42 per cent of cases filed number of cases by the FCs indicate that the
are from the manufacturing sector covering IBC has already struck a chord with the banks
industries like steel, fast moving consumer and financial institutions, who view the IBC
goods (FMCG), chemical products, electrical as a preferred mode to resolve distressed
machinery, basic metals, etc.; 20 per cent in real assets and maximize returns. Similarly, the
estate; 10 per cent in engineering, procurement, OCs, which include vendors and suppliers
from small and medium enterprises, are using
5
Source: IBBI. the IBC as a feasible recourse to enforce
6
IBBI newsletter, March 2019. payment discipline by corporate debtors.
3.49 An analysis of stakeholders who facilitating an effective resolution. As on

triggered CIRP is shown in Figure 16. The March 31, 2019, 2,456 IPs were registered
IBC has enabled the creation of a new with the IBBI from different parts of the
cadre of professionals capable of managing country. An analysis of registered IPs by
stressed businesses as a going concern while region is provided in Figure 17.
Figure 16: Category-wise CIRP initiated

400
350 19
300
16
250 172
18 16
39 98
200
22 99 84
150 92 14 84
34
100 64
37 161 168
129 138
50 22 101 89
58 69
8
0 7
Jan-Mar Apr-Jun Jul-Sept Oct-Dec Jan-Mar Apr-Jun Jul-Sept Oct-Dec Jan-Mar
2017 2017 2017 2017 2018 2018 2018 2018 2019
OC FC CD
Source: IBBI.
Figure 17: Region-wise IP registered as on March 2019
Rest of
Kolkata
Eastern
8%
Region New Delhi
22%
Rest of Southern
Region
17%
Chennai Rest of Northern

6% Region
16%
Rest of Western
Region
12% Mumbai
16%
Source: IBBI.
3.50 Figure 17 reveals the concentration support service providers like valuers,
of IPs in New Delhi (22 per cent) and process advisors, turnaround specialists,
Mumbai (16 per cent). Opportunities lawyers, security services providers, and
have also proliferated for a number of others.
3.51 The IBC provides for the establishment cases filed and rapidly brought in necessary
of Information Utilities (IU) to collect changes to make the process and outcomes
financial information from creditors, get it more efficient. Two sets of amendments were
authenticated by debtors, store and provide introduced in the IBC, one in November 20178
access to the resolution professional, and the second in June 20189. The former
creditors, liquidator and other stakeholders introduced Section 29A, prohibiting persons
so that they can make informed decisions. with certain disabilities from submitting a
3.52 The National e-Governance Services resolution plan. The latter introduced changes
Limited (NeSL) was registered as the first IU to make the IBC easier to operate by reducing
by the IBBI. The details of information filed the threshold for decision making by the
with NeSL show a growing trend of use of IU committee of creditors from 75 per cent to
by creditors. Increased use of IUs is expected 66 per cent in specified matters and to 51 per
to eliminate information asymmetry and cent for routine decisions. This amendment
improve implementation timelines under the also entailed the recognition of home buyers
IBC. In the quarter ending March 2019, 173 as FCs. The 2018 amendment was based on
FCs entered into an agreement with NeSL recommendations of the Insolvency Law
and 15,085 registered as users, and 13,762 Committee (ILC)10 set up by the Government
loan records have been authenticated by the in November 2017. The ILC has since been
debtors, involving R41,14,988 crore7. reconstituted as a Standing Committee.
3.53 A key objective of the IBC is the 3.55 The IBBI has been at the vanguard
maximization of the value of assets of of creating the regulatory architecture
the CDs and consequently value for its underpinning the insolvency law. Since
stakeholders. A critical element towards December 201611, the IBBI has introduced
achieving this objective is the transparent 25 amendments in various regulations to
and credible determination of the value of streamline the resolution and liquidation
the assets of CD to facilitate comparison processes responding real-time to the market
and informed decision making. The Code situation. All such amendments have been
and the regulations framed thereunder assign done after detailed stakeholder consultations
this responsibility to the ‘Registered Valuer’
and crowdsourcing of ideas by putting out
(RV). The Central Government designated
proposed amendments in public domain for
the IBBI as the ‘Authority’ under section 247
comments and suggestions, thus ensuring the
of the Companies Act vide notification dated
October 18, 2017. robustness of outcomes.
3.56 The NCLTs and NCLAT continue to
Institutional Response play an important role as adjudicating and
3.54 The Government and the regulator appellate authorities respectively for IBC.
keenly observed the developments and The geographical distribution of the NCLT
experience in the insolvency process of benches are presented in Table 12.
7
IBBI newsletter, March 2019.
8
IBBI (Amendment) Ordinance, 2017 which was later passed by the Parliament as The Insolvency and Bankruptcy Code
(Amendment) Act, 2018 on 18th January 2018.
9
IBBI (Second Amendment) Ordinance, 2018 which was later passed by the Parliament as The Insolvency and Bankruptcy
Code (Second Amendment) Act, 2018.
10
The mandate of the committee is, inter-alia, to analyse the functioning and implementation of the Code, identify isues
impacting the efficiency and effectiveness of corporate insolvency resolution and iquidation framework and make suitable
recommendations to address them .
11
IBBI website (under legal framework).
Table 12: Geographical location of NCLT respective rules and regulations for effective
Benches implementation of the IBC. the Securities
and Exchange Board of India amended
# Location No. of Benches
its regulations with respect to minimum
1 New Delhi 4
2 Kolkata 2
public shareholding, preferential issue
3 Allahabad 1
of shares, delisting of companies, open
4 Ahmedabad 1 offer requirements, etc. to enable smooth
5 Chennai 2 implementation of the resolution plan.
6 Mumbai 3 Various requirements like audit committee,
7 Chandigarh 2 nomination and remuneration committee
8 Bengaluru 1 and stakeholder’s relationship committee,
9 Jaipur 2 etc. for listed companies, were relaxed. The
10 Hyderabad 2 Securities Contracts (Regulation) Rules,
Total 20 1957 was amended to protect the interest
of minority shareholders. It was provided
Source: NCLT website. that if the public shareholding falls below
25 per cent as a result of the approval of
3.57 Keeping in view the rising caseload
the resolution plan under the IBC, it shall
under the IBC, the government has notified
be brought back to 25 per cent within three
additional benches in Amravati and Indore in
years. If public shareholding falls below 10
March 2019 and Cuttack and Kochi in July
per cent, the same should be brought back
2018.
to 10 per cent within 18 months. The RBI
3.58 At present, there are 32 Judicial allowed the resolution applicants submitting
Members and 17 Technical Members of resolution plans to raise external commercial
the NCLT. In August 2018, e-filing of borrowings from recognized lenders, for
applications, petitions, appeals, replies, etc. repayment of rupee term loans of the target
commenced at the Delhi NCLT. Digitization company, under an approval route.
and e-filing at other NCLT Benches are
expected to commence in due course. While Impact of IBC
the various Benches of NCLTs and NCLAT 3.60 It is often difficult to tangibly measure
have facilitated in the recovery of `1,83,519 the contribution of an efficient insolvency
crore (approx.) under CIRP till April 2019 system in national prosperity. Direct
(MCA), the NCLT infrastructure requires measures of the impact tend to underestimate
to be scaled. Time-sensitive resolution is its importance as they may fail to account for
a cornerstone of the IBC. Delays affect the the ‘enabling’ and ‘preventive’ role played by
value of the asset causing loss to stakeholders the insolvency system. While the sustainable
and deter the resolution applicant from impact of the IBC will be known in due
participating in the process. The Government course, green shoots have already emerged
is actively considering measures to address and some significant benefits of the IBC are
delays and has created six additional posts visible.
of the judicial and technical members for
NCLAT. Setting up Circuit Benches of A. Behavioural change
NCLAT is under consideration.
3.61 An effective exit law promotes
3.59 As the implementation of the IBC responsible corporate behaviour by
progressed, other regulators and agencies encouraging higher standards of corporate
carried out various amendments in their governance, including cash and financial
discipline, to avoid consequences of 3.62 Section 12A, inserted in the IBC in
insolvency. The IBC has made a significant 2018 allows companies to withdraw CIRP
impact on the way the default of debts proceedings with the consent of 90 per cent
is viewed and treated by promoters and of FCs. In less than a year’s time, nearly 5 per
management. It has initiated a cultural shift cent of admitted cases (91 cases) have been
in the dynamics between lender and borrower, withdrawn under Section 12A indicating an
promoter and creditor. The IBC has paved acceptable resolution being proposed by the
the way for Operational Creditors, mostly corporate borrower. Out of the above, about
65 per cent cases were withdrawn on account
SMEs and small vendors to use the IBC as a
of full/partial settlement with creditors and/or
recovery tool. The threat of promoters losing
applicant12.
control of the company or protracted legal
proceedings is forcing many corporate B. Increase in the resolution of stressed
defaulters to pay off their debt even before assets
the insolvency can be started. As on February 3.63 Before enactment of the IBC, the recovery
28, 2019, 6079 cases involving a total mechanisms available to the lenders were
amount of R2.84 lakh crores have been through Lok Adalat, Debt Recovery Tribunal,
withdrawn before admission under and SARFAESI Act. These mechanisms are
provisions of IBC (MCA). Further, as per recovery focused as compared to the IBC
RBI reports, R50,000 crore has been received which aims at the turnaround of the debtor
by banks from previously non-performing while maximizing returns for the creditors.
accounts. RBI also reports that additional Predictably, these earlier mechanisms have
R50,000 crore has been "upgraded" from resulted in an average recovery of 23 per cent
non-standard to standard assets. All these to lenders as against nearly 43 per cent under
shows behavioural change for the wider the IBC. A comparison of the realization under
lending ecosystem even before entering the the IBC with previous regimes is provided in
IBC process. Figure 18.
Figure 18: Average recovery under various recovery regimes (in per cent)
50
45 43
40
35
30
25 23
20
15
10
5
0
DRT, SARFAESI, Lok Adalats, etc: 2007- Realisation by FCs under IBC: 2017-2019
2017
Sources: IBBI and RBI.
12
IBBI Newsletter – March 2019.
3.64 Till March 31, 2019, the CIRP yielded value (`38,443 crore). This realisation of
a resolution of 94 cases which has resulted in 43 per cent of claims and 194 per cent of
the settlement of claims of FCs of `1,73,359 liquidation value is in addition to rescue of
crore13. These cases include 6 out of 12 large the defaulting CDs and preventing defaults.
accounts - insolvency resolution in respect The realisation by FCs is presented in Figure
of which was initiated by banks, as per 19. Out of the 94 CIRPs which ended with
directions of the RBI in 2017. a resolution plan, the resolution plan for 65
3.65 The overall recovery in case of resolved cases was approved after 270 days. Figure 20
cases is nearly 43 per cent (`74,497 crores) to shows break up for resolution of the cases by
FCs. This is 194 per cent of the liquidation duration.
Figure 19: Overall recovery by FCs in resolved cases (in `lakh crore)
2.0
1.8 1.73
1.6
1.4
1.2
1.0
0.8 0.75
0.6
0.38
0.4
0.2
0.0
FC Claims Liquidation Value Realisation by FCs
Source: IBBI.
Figure 20: Number of days taken to approve resolution plan

70 65
60
50
Number of Cases
40
30
24
20
10 5
0
<= 180 180-270 >270
Source: IBBI.
13
IBBI Newsletter – March 2019.
3.66 As of March 2019, the CIRP for 3.69 The IBBI has announced the launch of
378 companies ended in liquidation. The Graduate Insolvency Programme (GIP), the
total claims on these liquidation cases are first of its kind, for those aspiring to take up
`2,57,634 crore. Of these, 283 companies the discipline of IPs as a career or other roles
were with BIFR or already defunct. The in the value chain. A student who completes
economic value of most of these companies the GIP will be eligible for registration as an
had already eroded before they were admitted IP, without having to wait to acquire the 10-
into CIRP. One of the key objectives of the year experience as required presently, thus
IBC is to allow companies to be liquidated opening job opportunities for the youth.
swiftly to maximize value if resolutions 3.70 Research and constant review can
cannot be reached. identify how the framework will need to adapt
to meet future challenges and help in robust
Achievements and Recognitions
policymaking. The Insolvency Research
3.67 As a concerted effort made in the Foundation (IRF) has been established by the
enactment and implementation of the IBC, Indian Institute of Corporate Affairs (IICA),
India improved its ‘Resolving Insolvency’ an autonomous body under the Ministry of
ranking from 134 in 2014 to 108 in 2019. Corporate Affairs, in partnership with SIPI-
This is a significant jump given that the an industry think-tank-as an independent
country was stagnating in earlier position research centre. The Centre for Insolvency
for many years. India won the Global and Bankruptcy (CIB) has been set up at
Restructuring Review (GRR) award for IICA to serve as an apex institute of learning,
the most improved jurisdiction in 2018. training, and development in the area of
Financial Sector Assessment Program of insolvency and its spheres of influence.
IMF- World Bank in January 2018 observed: Multiple Practice Chairs and Research Desks
“India is moving towards a new state of the are being set up in CIB by the key stakeholders
art bankruptcy regime. Making use of the to help in deep thinking and future looking
recently enacted IBC, the RBI has identified insolvency policy building for India.
several accounts that are non-performing Reforms in Pipeline
and asked banks to follow up with NCLT for
resolution/ insolvency in accordance with the A. Cross Border Insolvency
time-bound process laid down in the Code.
3.71 In today’s world, business and trade
The move is expected to make a significant
are increasingly international. Investors and
dent to the quantum of NPAs starting next
companies frequently transact business in more
year.”
than one sovereign jurisdiction. For investors,
Research and Training banks and companies alike, it is important to
know what is going to happen when things
3.68 The future of the IBC lies greatly in the go wrong from a financial perspective in a
hands of young entrepreneurs, professionals, particular country. The UNCITRAL Model
and scholars who will contribute to building Law on Cross-Border Insolvency (Model
a robust economic order through a dynamic Law) is the most widely accepted blueprint to
insolvency framework. The government effectively deal with cross-border insolvency
is in the process of creating a suitable issues while ensuring the least intrusion
architecture comprising programmes and into each country’s internal insolvency
institutions that will help in advancing and bankruptcy laws. Most sophisticated
this goal. economies have well-developed cross border
insolvency laws. India has initiated the steps distinct challenges. The dynamics, conditions,
to adopt the Model Law. A draft Bill has been and factors involved in the insolvency and
placed in the public domain for discussion. bankruptcy of individuals without business
Once enacted, the law will address the key interest and individuals who have extended
tenets of cross border insolvency – access, the personal guarantee to corporate debtors
recognition, relief, and cooperation by way or carry out business activities through
of a comprehensive legislative and regulatory partnership firms or proprietorship firm are
framework, and provide a fair, efficient, likely different. Individuals with business
transparent and predictable mechanism to are likely to behave in a way consistent
deal with cross border issues. Once enacted, with the classical economic ideals on which
the Model Law will help in increased foreign business insolvency systems are founded. On
investment. the other hand, the behaviour of individuals
without business interest is expected to be
B. Group Insolvency somewhat informal.
3.72 It is a common practice for commercial
3.75 Recognising the complexities involved,
ventures to operate through groups of entities
and for each entity in the group to have a a Working Group under the chairmanship of
separate legal personality. As long as a group Mr. P. K. Malhotra, former law secretary, has
of companies remains solvent, the fact the been set up by the IBBI to recommend the
business is formally divided into several strategy and approach for implementation
corporations is a non-issue. However, if of the provisions of IBC dealing with
one or more of the companies in the group insolvency and bankruptcy of individuals.
become insolvent, treatment of such company The IBC was amended to provide three
or companies as separate legal personality classes of individuals -individuals who have
or personalities raises a number of complex executed personal guarantees for corporate
issues. Presently, the insolvency of different debtors; individuals who are engaged in
companies belonging to the same group economic activities through proprietorship
is dealt with through separate insolvency and partnership firms; and other individuals.
proceedings for each company. A coherent
3.76 While insolvent individuals face a
approach can address information asymmetry,
shared core of key issues, the majority of
provide coordination and prevent delay and
insolvency and bankruptcy proceedings
clogging up of insolvency infrastructure.
involving individuals may not involve
3.73 Recognising the need for a legal contentious issues, voluminous stakeholders,
framework to deal with insolvency of group and high amount of debt or disputes which
companies, the IBBI has recently set up a might well be more efficiently resolved
working group under former SEBI Chairman with the intervention and assistance of a
Mr. U. K. Sinha to recommend a complete trained cadre of mediators. Mediation and
regulatory framework to facilitate insolvency counselling are known practices prevalent in
resolution and liquidation of debtors in a most sophisticated jurisdictions. Similarly,
corporate group. counselling is a critical component of
individual bankruptcy. The Working Group
C. Insolvency and bankruptcy of is presently considering measures to provide
individuals easier access and reduce the time and
3.74 Implementing insolvency law for cost of insolvency proceedings relating to
individuals and partnership firms poses individuals.
D. Improving NCLT capacity Law. Although technology is being used to an

3.77 While 32 Members have been appointed extent by the NCLT and the IBBI, it is crucial
to the NCLT recently and 6 additional posts to advance the application of technology
have been sanctioned for NCLAT, the capacity to enhance case management by the NCLT
of the NCLT and NCLAT will have to review for strict timekeeping of insolvency cases.
from time to time and necessary infrastructure Technology can also be used for data mining
support provided. A centralized research and analysis for constant review of the IBC
wing can assist NCLT to stay abreast with impact on the ground. IPs should be encouraged
the international best practices. This will be to use technology to speed up data collection
more crucial with the enactment of the Model and access for the purpose of efficient CIRP.
CHAPTER AT A GLANCE
 Monetary policy witnessed a u-turn over the last year as the benchmark policy rate was
first hiked by 50 bps and later reduced by 75 bps due to weaker-than-anticipated inflation,
growth slowdown and softer international monetary conditions.
 Liquidity conditions, however, have remained systematically tight since September 2018
(as illustrated by the LAF data) thereby impacting the yields on government papers.
 The performance of the banking system has improved as NPA ratios declined and credit
growth accelerated.
 However, financial flows to the economy remained constrained because of decline in
the amount of equity finance raised from capital markets and stress in the NBFC sector.
Capital mobilized through public equity issuance declined by 81 per cent in 2018-19.
Credit growth rate y-o-y of the NBFCs have declined from 30 per cent in March 2018 to
9 per cent in March 2019.
 The ecosystem for insolvency and bankruptcy is getting systematically built out with
recovery and resolution of significant amount of distressed assets as well as palpably
improved business culture. Till March 31, 2019, the CIRP yielded a resolution of 94 cases
which has resulted in the settlement of claims of FCs of `1,73,359 crore.
 Moreover, as on February 28, 2019, 6079 cases involving a total amount of `2.84 lakh
crores have been withdrawn before admission under provisions of IBC. Further, as per
RBI reports, `50,000 crore has been received by banks from previously non-performing
accounts. RBI also reports that additional `50,000 crore has been "upgraded" from non-
standard to standard assets. All these shows behavioural change for the wider lending
ecosystem even before entering the IBC process.
Prices and Inflation
04
CHAPTER
“The Superintendent of Commerce shall ascertain demand or absence of

demand for, and rise or fall in the price of, various kinds of merchandise
which may be the products either of land or of water and which may have
been brought in either by land or by water path. He shall also ascertain
the time suitable for their distribution, centralisation, purchase, and sale.”
- Kautilya’s Arthasástra, Chapter XVI, ‘the Superintendent

of Commerce,’ in Book II, ‘The Duties of Government Superintendents.’
During FY 19 headline (CPI-C) inflation continued its downward trajectory on

the back of low food inflation. Core inflation which was above 6 per cent in the
six out of first seven months of FY 19 started moderating November onwards.
Services and goods are trending differently. Rural inflation moderated but
urban inflation rose in 2018-19 over the previous year. States too witnessed
decline in inflation during the year.
INTRODUCTION Consumer Food Price Index (CFPI) declined

to a low of 0.1 per cent during the financial
4.1 The economy witnessed a gradual year (FY) 2018-19.
transition from a period of high and variable
inflation to more stable and low level of 4.2 Inflation based on Wholesale Price
inflation in the last five years. Headline Index (WPI) remained moderate at 3.0 per
inflation based on the Consumer Price Index cent in 2017-18 compared to 1.7 per cent in
– Combined (CPI-C) has been declining 2016-17, (-)3.7 per cent in 2015-16 and 1.2
continuously for the last five years. Headline per cent in 2014-15. During the FY 2018-19,
CPI inflation declined to 3.4 per cent in WPI inflation stood at 4.3 per cent. Inflation
2018-19 from 3.6 per cent in 2017-18, 4.5 based on the major series of the price
per cent in 2016-17, 4.9 per cent in 2015-16 indices for the last seven years are given in
and 5.9 per cent in 2014-15. It stood at 2.9 Table 1 and the movement of WPI and CPI
per cent in April 2019 as compared to 4.6 per inflation since April 2014 is displayed in
cent in April 2018. Food inflation based on Figure 1.
Prices and Inflation 89
Table 1: General inflation based on different
price indices (in per cent)
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
WPI 6.9 5.2 1.2 -3.7 1.7 3.0 4.3 (P)
CPI - C 9.9 9.4 5.9 4.9 4.5 3.6 3.4
CPI - IW 10.4 9.7 6.3 5.6 4.1 3.1 5.4
CPI - AL 10.0 11.6 6.6 4.4 4.2 2.2 2.1
CPI - RL 10.2 11.5 6.9 4.6 4.2 2.3 2.2
Source: Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) for
WPI, Central Statistics Office (CSO) for CPI-C and Labour Bureau for CPI-IW, CPI-AL and CPI-RL.
Note: CPI-C inflation for 2012-13 and 2013-14 is based on old series 2010=100; (P) - Provisional; C stands
for Combined, IW stands for Industrial Workers, AL stands for Agricultural Labourers and RL stands for Rural
Labourers.
Figure 1: Inflation based on WPI and CPI (in per cent)
CPI Headline CPI Food (CFPI) WPI All commodities

9.0
7.0
5.0
3.0
1.0
-1.0
-3.0
-5.0
-7.0
Source: Computed from CSO and Office of the Economic Adviser, DPIIT data
CURRENT TRENDS IN (-)2.6 to 3.1 per cent. The moderate inflation

INFLATION rate of less than 4 per cent was maintained
for straight 8 months during the FY 2018-19
4.3 The average CPI-C headline inflation (Figure 1). The CPI-C inflation for the month
declined to 3.4 per cent in 2018-19, which of April 2019 stood at 2.9 per cent same as in
is the lowest average since the new series March 2019 as compared to 4.6 per cent in
of CPI-C began. Headline CPI-C inflation April 2018.
has remained below 4.0 per cent for two
consecutive years. The decline in the 4.4 Food Inflation in the country has
inflation in the FY 2018-19 was mainly due been extremely benign. Even globally, food
to low food inflation which ranged between inflation has been moderate. Food inflation
based on Consumer Food Price Index (CFPI) which account for 2.4 per cent weightage,
declined to 1.8 per cent in 2017-18 from 4.2 too recorded deflation during FY 2018-19 at
per cent in 2016-17, 4.9 per cent in 2015- 8.3 per cent. Volatility in prices of pulses has
16 and 6.4 per cent in 2014-15. Average been low. Amongst pulses, Moong has seen
food inflation for the financial year 2018- the least price fluctuation (Figure 2).
19 declined to a low of 0.1 per cent. Food
inflation stood at 1.1 per cent in April 2019 4.5 Food inflation based on Wholesale
compared to 0.3 per cent in March 2019 and Price Index too declined over the last two
2.8 per cent in April 2018. The food deflation financial years. It was over 0.6 per cent in
in the second half of FY 2018-19 is mainly 2018-19. The decline in WPI food inflation
due to deflation in vegetables, fruits, pulses during 2018-19 is mainly due to deflation in
and products, sugar & confectionery and pulses, vegetables, fruits and sugar, which
eggs, which together account for 13.1 per together account for 5.2 per cent weight in
cent weight in overall CPI-C. Vegetables, the overall WPI basket. WPI food inflation
which account for 6.04 per cent weightage in was at 4.9 per cent in April 2019 as compared
overall CPI-C, recorded deflation of 5.2 per to 3.9 per cent in March, 2019 and 0.8 per
cent during 2018-19. Pulses and products, cent in April 2018.
Table 2: Inflation in selected groups of CPI-Base 2012 (in per cent)
Description Weights 2017-18 2018-19 Apr-18 Mar-19 Apr-19 (P)

All Groups 100 3.6 3.4 4.6 2.9 2.9
CFPI* 39.1 1.8 0.1 2.8 0.3 1.1
Food & beverages 45.9 2.2 0.7 3.0 0.7 1.4
Cereals & products 9.7 3.5 2.1 2.6 1.2 1.2
Meat & fish 3.6 3.2 4.0 3.6 6.5 7.5
Egg 0.4 3.6 2.3 6.2 1.4 1.9
Milk & products 6.6 4.1 1.8 3.2 0.8 0.4
Oils & fats 3.6 1.6 2.1 2.2 1.1 0.7
Fruits 2.9 4.6 2.3 9.7 -5.9 -4.9
Vegetables 6.0 5.8 -5.2 7.5 -1.5 2.9
Pulses & products 2.4 -21.0 -8.3 -12.3 -2.2 -0.9
Sugar & confectionery 1.4 6.1 -7.0 -4.1 -6.1 -4.0
Fuel & Light 6.8 6.2 5.7 5.2 2.3 2.6
CPI excl. food and fuel group
47.3 4.6 5.8 6.1 5.1 4.5
(Core)
Source: CSO P: Provisional * Consumer Food Price Index
Table 3: Inflation in selected groups of WPI- Base 2011-12 (in per cent)
Weight 2017-18 2018-19 Apr-18 Mar-19 Apr-19
(P) (P)
All Commodities 100 3.0 4.3 3.6 3.2 3.1
Food Index 24.4 1.9 0.6 0.8 3.9 4.9
Food articles 15.3 2.1 0.4 0.9 5.7 7.4
Cereals 2.8 0.3 5.5 0.2 8.9 8.4
Pulses 0.6 -27.1 -9.4 -22.5 10.6 14.3
Vegetables 1.9 18.8 -8.2 -0.4 28.1 40.6
Fruits 1.6 5.0 -1.7 19.4 -7.6 -6.9
Milk 4.4 4.0 2.4 2.5 1.8 1.5
Egg, meat & fish 2.4 2.0 1.7 -2.0 5.9 6.9
Food products 9.1 1.6 1.0 0.6 0.5 0.6
Edible oils 2.6 2.2 7.5 11.2 -2.4 -5.0
Sugar 1.1 3.4 -10.7 -15.6 -2.2 5.1
Fuel & power 13.2 8.1 11.6 8.0 5.4 3.8
Non-Food manufactured
55.1 3.0 4.2 3.8 2.5 1.9
products (Core)
Source: Office of the Economic Adviser, DPIIT P: Provisional
Figure 2: Coefficient of variation of wholesale price of

pulses (in per cent)
20.0
18.0 2014-15 2015-16
2016-17 2017-18
16.0
2018-19
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
Arhar (Tur/Red Bengal Gram Black Gram (Urd Green Gram Lentil (Masur)
Gram) (Gram) Beans) (Moong)
Source: Computed from Agmarknet data

4.6 Core Inflation corresponds to the countries focus on core inflation.

component of inflation that is likely to 4.7 CPI-C based core inflation, which
continue for a long period. Thus, core inflation equals CPI excluding the food and fuel group,
captures the underlying trend of inflation and has remained above 4 per cent since the start
is, therefore, more stable. Unlike the non-core of new series of CPI-C. Core inflation based
component of inflation, core inflation is not on CPI-C increased to 5.8 per cent in 2018-
affected by temporary shocks. In India, core 19 from 4.6 per cent in 2017-18. However, it
inflation is generally measured by excluding has declined from 5.7 per cent in November
highly volatile components from the headline 2018 to 4.5 per cent in April 2019 (Figure
inflation. By their very nature, food and fuel 3). Refined core inflation, which equals
have been highly volatile. Therefore, we CPI excluding food and fuel group, petrol
arrive at core inflation by removing food and & diesel, too has moved closely with core
fuel components from the headline inflation. inflation; it was 5.7 per cent in 2018-19 as
As headline inflation exhibits volatility due compared to 4.6 per cent in 2017-18 and
to short run shocks, Central banks in many stood at 4.8 per cent in April 2019.
Figure 3: CPI-C based Core Inflation (in per cent)
6.5
6.0 Core Refined Core
5.5
5.0
4.5
4.0
3.5
Source: Computed from CSO data
DRIVERS OF INFLATION which accounts for a weight of 76.6 per

cent in CPI-C, was 2.6 per cent during FY
4.8 At the all India level, CPI-C inflation 2018-19 as compared to 3.2 per cent during
during FY 2018-19 was driven mainly by FY 2017-18. In contrast, services inflation,
miscellaneous group followed by housing which accounts for a weight of 23.4 per cent,
as well as fuel and light group (Figure 4). was 6.3 per cent during FY 2018-19 when
As can be seen in Figure 5, goods inflation, compared to 5.0 per cent during 2017-18.
Figure 4: Contribution to CPI - Combined inflation 2017-18
and 2018-19 (Share in per cent)
3.4 5.1
2017-18
8.3 2018-19
22.5
31.5 Food & beverages
Pan, tobacco & intoxicants

50.8 5.5
20.9 Clothing & footwear
9.8
12.2 Housing
19.0 Fuel & light
11.4 Miscellaneous
4.9 Services inflation has been higher than (3.51 per cent) and health (1.82 per cent)
goods inflation and the gap between the two is (Table 4). Contribution of health, education,
growing (Figure 5). In recent times, services transport and communication in driving
inflation has influenced headline inflation services inflation has gained prominence
as it has contributed more than its weight across rural and urban areas (refer to Figures
(Figure 6). 40 items of services account for 7 to 11). Inflation in health is more prominent
23.37 per cent weight in CPI-C. Housing has in rural than urban areas probably owing to
the highest weight amongst services which is supply side constraints. Box 1 presents the
(10.07 per cent), followed by transport and inflation dynamics of education, health and
communication (4.59 per cent), education transport components of services.
Figure 5: CPI inflation in goods and services (in per cent)

7.5
Goods Services
6.5
5.5
4.5
3.5
2.5
1.5
0.5

Figure 6: Contribution of Goods and Services in Headline CPI Inflation
80.0
Goods Services
70.0
Percentage Contribution
60.0
50.0
40.0
30.0
20.0
2015-16 2016-17 2017-18 2018-19
Table 4: Break up of CPI-C in Goods and Services by ‘weight’ and ‘items’
Total Goods Services

Description Weight Item Weight Item Weight Item
Housing 10.07 4 10.07 4
Transport and communication 8.59 21 4.00 8 4.59 13
Education 4.46 5 0.95 2 3.51 3
Health 5.89 7 4.07 3 1.82 4
Recreation and amusement 1.68 17 0.59 9 1.10 8
Household goods and services 3.80 48 2.93 44 0.88 4
Personal care and effects 3.89 16 3.34 15 0.55 1
Clothing 5.58 22 5.06 20 0.51 2
Cereals and products 9.67 20 9.35 19 0.32 1
Others 46.37 139 46.34 139 - -
All Groups 100 299 76.63 259 23.37 40
Source: Compiled from CSO data
Figure 7: Percentage Contribution of Health, Education and

Transport & Communication in CPI-Rural inflation
14.0
12.0 Health Transport and Communication Education

10.0
8.0
6.0
4.0
2.0
0.0
2014-15 2015-16 2016-17 2017-18 2018-19

Figure 8: Percentage Contribution of Health, Education and Transport &
Communication in CPI-Urban inflation
10.0
Health Transport and Communication Education
8.0
6.0
4.0
2.0
0.0
-2.0
2014-15 2015-16 2016-17 2017-18 2018-19
Figure 9: Percentage Contribution of Health, Education and Transport &

Communication in CPI-Combined inflation
12.0
10.0 Health Transport and Communication Education

8.0
6.0
4.0
2.0
0.0
2014-15 2015-16 2016-17 2017-18 2018-19
RURAL – URBAN INFLATION 2018 to March 2019). The importance of

food in determining rural inflation has been
4.10 The current phase of low inflation is
declining over the years. In contrast, the
also marked by reduction in both urban and
role of miscellaneous category i.e. services
rural inflation. However, the trend of lower
in determining rural inflation has increased
urban inflation when compared to rural
(Figure 10).
inflation seems to be getting moderated/
reversed in the financial year 2018-19. 4.11 Miscellaneous group was the main
The decline in rural inflation is steeper driver of CPI (Rural) inflation in 2018-
than that of urban inflation since July 19, contributing more than 70 per cent to
2018, resulting in decline in headline the overall rural inflation. In urban areas,
inflation. Fall in rural inflation is due to miscellaneous group and housing have
moderation in food inflation, which has been contributed to inflation in equal measure
negative for the last six months (October during FY 2018-19 (Figure 11).
Box 1: Analysis of Components of Services inflation
I. Education
Education with weight of 4.46 per cent in the Combined CPI is spread over 5 items. Of these five
items, two items i.e. ‘books, journals: first hand’ and ‘stationery, photocopying charges’ are goods
with weight of 0.95 per cent. The remaining three items i.e. ‘tuition and other fees (school, college,
etc.)’, ‘private tutor/ coaching centre’ and ‘other educational expenses (incl. fees for enrollment in web-
based training)’ with weight of 3.51 per cent belong to services. Analysis of monthly Combined CPI
data since January 2015 shows that goods components are witnessing lower inflation than the services
(Figure 1). Inflation of ‘private tutor/ coaching centers’ and ‘tuition and other fees (school, college, etc)’
has risen during 2018-19.
To analyze the inflation dynamics of ‘education’ sub-group over a longer period, we have used the CPI
for Industrial Workers. Figure 2 below depicts the services component of education sub-group under
CPI-IW. Inflation of ‘primary school-fee’ started declining from 2010-11 and bottomed out at (-)21.5
per cent in 2012-13. Secondary school-fee also shows decline in inflation during the period from 2009-
10 to 2012-13. As opposed to ‘school fee’ which declined or rose marginally during 2009-10 to 2014-
15, ‘college fee’ and ‘private tuition fee’ rose during this period. In recent years, these components of
education have seen moderate inflation. The sharp decline in ‘primary school-fee’ inflation may be
possibly due to the enactment of Right to Education Act (RTE) in 2010.
Figure 1: Inflation based on CPI-C for Figure 2: Inflation based on CPI-IW for items
Education Sub-group by under Education, Recreation & Amusement
goods & services (in per cent) Sub-group (in per cent)
Goods (Education) Services (Education) 13.0

9.0
8.0
8.0
3.0
7.0
-2.0
6.0
-7.0
5.0 -12.0
4.0 -17.0 College - Fee Secondary school - fee

Primary school - fee Private Tution fee
3.0 -22.0
Source: Computed from CSO data Source: Computed from Labour Bureau data
II. Health
Health with weight of 5.89 per cent in the Combined CPI is spread over seven items. Of these seven
items, three items i.e. ‘medicine (non-institutional)’, ‘family planning devices’ and ‘spectacles’ are goods
with weight of 4.07 per cent. The remaining four items i.e. ‘hospital & nursing home charges’, ‘other
medical expenses (non-institutional)’, ‘doctor’s/ surgeon’s fee-first consultation (non-institutional)’ and
‘X-ray, ECG, pathological test, etc. (non-institutional)’ with weight of 1.82 per cent belong to services.
Services components of health are witnessing higher inflation than the goods embedded into it. However,
in the last few months, trend seems to have reversed (Figure 3).
Figure 3: Inflation based on CPI-C for Health Figure 4: Inflation based on CPI-IW for
Sub-group by goods & services (in per cent) items under Medical Care Sub-group (in
per cent)
Goods (Health) Services (Health) 16.5
10.0
9.0 11.5
8.0
6.5
7.0
6.0
1.5
5.0
Doctors' fee
4.0 -3.5 Medicine - Allopathic
3.0 Medicine - Homeopathic
2.0 -8.5
Source: Computed from CSO data Source: Computed from Labour Bureau data
III. Transport and Communication

Transport and Communication, with a weight of 8.59 per cent in the Combined CPI, is spread over
twenty-one items. Of these twenty-one items, eight items i.e. ‘motor car, jeep’, ‘motor cycle, scooter’,
‘bicycle (without accessories)’, ‘tyres & tubes’, ‘petrol for vehicle’, ‘diesel for vehicle’, ‘lubricants
& other fuels for vehicle’ and ‘mobile handset’ are goods with weight of 4.0 per cent. The remaining
thirteen items i.e. ‘other conveyance expenses’, ‘railway fare’, ‘bus/tram fare’, ‘taxi, auto-rickshaw
fare’, ‘rickshaw (hand drawn & cycle) fare’, ‘horse cart fare’, ‘school bus, van, etc.’, ‘air fare (normal):
economy class (adult)’, ‘steamer, boat fare’, ‘porter charges’, ‘telephone charges: landline’, ‘telephone
charges: mobile’ and ‘internet expenses’ with weight of 4.59 per cent belong to services.
Within ‘transport & communication’, on an average, services components are witnessing higher
inflation than goods. However, volatility is more for goods than for services (Figure 5). Analysis of
CPI-IW data indicates that inflation of ‘telephone charges’ has remained quite stable over the years
(Figure 6). Inflation for ‘bus fare’ and ‘auto rickshaw fare’ remained above 6 per cent between FY
2009-10 to 2014-15 mainly due to high oil prices. The fall in inflation of ‘bus fare’ and ‘auto rickshaw
fare’ since 2014-15 onwards can be attributed to moderation in crude oil prices and deregulation of
diesel prices in October 2014. The sudden rise in inflation of ‘rail fare’ in 2013-14 is due to a steep
rise in rail fare.
Figure 5: Inflation based on CPI-C for Figure 6: Inflation based on CPI-IW for items
Transport & Communication Sub-group by under Transport & Communication Sub-
goods & services (in per cent) group (in per cent)
Goods (Transport & Com) Services (Transport & Com) 31.0
10.0 26.0
Bus Fare
21.0 Rail fare
Auto rickshaw fare
5.0 16.0 Telephone Charges
11.0
0.0
6.0
-5.0 1.0
-4.0
-10.0 -9.0
Source: Computed from CSO data Source: Computed from CSO data
Figure 10: Contribution of different groups in CPI - Rural Inflation
130.0 6.5
110.0 6.0
5.5
90.0 21.4 21.8 28.1
34.7 5.0
6.8 9.6
Inflation (per cent)

70.0 10.0 7.7 70.9 4.5
9.4
4.3 5.5 9.5 15.4
50.0 5.0 4.0
12.8
7.5 3.5
30.0 57.5 53.7 49.7 17.4
3.0
30.1 9.1
10.0 9.1 2.5
-6.8
-10.0 2.0
2014-15 2015-16 2016-17 2017-18 2018-19
Food and beverages Pan, tobacco and intoxicants Clothing and footwear
Fuel and light Miscellaneous Inflation
Figure 11: Contribution of different groups in CPI - Urban Inflation
120.0 6.0
100.0 5.0
Inflation (per cent)

21.0 19.4 27.7
27.9
80.0 2.7 3.6 38.9 4.0
1.4 8.3
25.1 25.8
60.0 28.8 6.8 3.0
6.3 5.9
40.0 5.1
42.1 2.0
38.5
20.0 42.7 41.5 34.3 6.1 1.0

7.6
13.1 5.9
0.0 0.0
2014-15 2015-16 2016-17 2017-18 2018-19
Food and beverages Pan, tobacco and intoxicants Clothing and footwear
Housing Fuel and light Miscellaneous
Inflation
Box 2: Housing Price Index
I. NHB RESIDEX
The Housing Price Indices (HPIs) are a broad measure of movement of residential property prices
observed within a geographical boundary. The first official housing price index for the country named
‘NHB RESIDEX’ was launched in July 2007 by the National Housing Bank. Over time, the base year
has been revised to FY 2017-18 to capture the latest information and to accurately reflect the current
economic situation in the country.
Currently, National Housing Bank publishes NHB RESIDEX for 50 cities on a quarterly basis with
FY 2017-18 as the base year. Among the 50 cities covered are 18 State/UT capitals and 33 are part
of the smart city list released by Government of India. The indices are computed using the Laspeyres
methodology and a four quarter weighted moving average.
HPI at Assessment Prices is computed using lenders’ valuation data received from Banks/ Housing
Finance Companies (HFCs), while HPI at Market Prices for under construction properties is based on
primary market data for under construction properties collected from developers, builders and brokers.
NHB also publishes Composite HPI at Assessment and Market Prices based on 50 cities indices. The
composite indices are derived by applying population weights to city level indices.
The rate of growth in housing prices for Composite HPI at Assessment Prices is shown in Figure 1.
Figure 2 shows the trend in housing prices for under construction properties at market prices.
Figure 1: Growth rate based on Composite Figure 2: Growth rate based on Composite
HPI at Assessment Prices (in per cent) HPI at Market Prices for Under Construction
Properties (in per cent)
9.0
6.5
8.0
7.0 5.5
6.0
4.5
5.0
Growth (YoY)
Growth (YoY)
4.0 3.5
3.0 2.5
2.0
1.5
1.0
0.0 0.5
II. HPI (RBI)

The Reserve Bank of India (RBI) began compiling a House Price Index (HPI) in 2007 with a quarterly
HPI for Mumbai city (Base 2002-03=100). Since then, it has extended its coverage to nine more cities,
revised its base to 2010-11=100, and started publishing a composite All India HPI. RBI’s quarterly
HPI is based on transactions data received from housing registration authorities in ten major cities.
Growth (YoY) in housing prices shows a downward trend (refer to Figure 3).
Figure 3: HPI Growth rate based on RBI’s All-India HPI (in per cent)
23.0
Growth (YoY)
18.0
13.0
8.0
3.0
Jun-11
Sep-11
Mar-12
Jun-12
Sep-12
Mar-13
Jun-13
Sep-18
Dec-11
Sep-13
Mar-14
Jun-14
Dec-12
Sep-14
Mar-15
Jun-15
Dec-13
Sep-15
Mar-16
Jun-16
Dec-14
Sep-16
Mar-17
Jun-17
Dec-15
Sep-17
Mar-18
Jun-18
Dec-16
Dec-17
STATE-WISE INFLATION 2018-19 compared to 1.5 per cent to 12.4

4.12 Many States have witnessed fall per cent in FY 2017-18 (Figure 13). Sixteen
in CPI inflation during 2018-19. Inflation States/UTs had inflation rate lower than
in twenty-three States/Union Territories All India average for FY 2018-19 with
(UTs) was below 4 per cent in FY 2018-19 Daman & Diu having the lowest inflation
(Figure 12). Inflation ranged between (-)1.9 followed by Himachal Pradesh and Andhra
per cent to 8.9 per cent across States in FY Pradesh.
4.13 In rural areas, among major States/ 14). However, in the case of urban areas, nine
UTs, sixteen States had recorded inflation States recorded inflation of less than 4 per
of less than 4 per cent in FY 2018-19 as cent in FY 2018-19 as against fifteen in 2017-
compared to thirteen in FY 2017-18 (Figure 18 (Figure 15).
Figure 12: CPI inflation 2018-19 (in per cent)
CPI-C Inflation
< 2.0
2.0 - 4.0
4.0 - 6.0
> 6.0
Figure 13: CPI inflation 2017-18 (in per cent)
CPI-C Inflation
< 2.0
2.0 - 4.0
4.0 - 6.0
> 6.0

Figure 14: CPI (Rural) Inflation for Major States/
Union Territories (in per cent)
8
2017-18 2018-19
7
6
5
4
3
2
1
0
-1
Figure 15: CPI (Urban) Inflation for Major States/

Union Territories (in per cent)
6
2017-18 2018-19
5
TRENDS IN GLOBAL of ‘Fuel & Power’ inflation based on All India

COMMODITY PRICES WPI tracks World Bank Energy price index;
it increased at an average of 11.5 per cent in
4.14 As per the commodity prices published FY 2018-19 when compared to 8.1 per cent
by the World Bank, energy commodity prices in FY 2017-18. Both World Bank food prices
have continued their increasing trend in FY as well as Food and Agriculture Organization
2018-19. These recorded average inflation of (FAO) food prices recorded deflation during
22.1 per cent in 2018-19 as compared to 16.8 FY 2018-19. WPI based food inflation too
per cent in 2017-18 (Figure 16). Movement declined during 2018-19 (Figure 17).
Figure 16: Inflation based on World Bank Price Indices

and FAO Food Price Index (FFPI) (in per cent)
69.0
49.0
29.0
9.0
-11.0
-31.0 Energy Food

Base Metals FFPI
-51.0
May-18
May-15
May-16
May-17
Jan-17
Jan-18
Jan-19
Jan-15
Jan-16
Jul-16
Mar-17
Jul-17
Mar-18
Jul-18
Mar-19
Mar-15
Jul-15
Mar-16
Sep-18
Sep-15
Sep-16
Sep-17
Nov-17
Nov-18
Nov-15
Nov-16
Source: Computed from World Bank and FAO data
Figure 17: Inflation based on WPI (in per cent)
24.0
14.0
4.0
-6.0
Fuel & Power Food
-16.0 Basic Metals
-26.0
May-15
May-16
May-17
May-18
Jan-15
Mar-15
Jan-16
Jan-17
Mar-17
Jan-18
Jan-19
Jul-15
Mar-16
Jul-16
Jul-17
Mar-18
Jul-18
Mar-19
Sep-15
Nov-15
Sep-16
Nov-16
Sep-17
Nov-17
Sep-18
Nov-18
Source: Computed from Office of the Economic Adviser, DPIIT data
EFFORTS TO CONTAIN 4.16 The following general measures

INFLATION are being taken to control inflation. First,
advisories are being issued, as and when
4.15 Central Government monitors the price required, to State Governments to take strict
situation on a regular basis as controlling action against hoarding & black marketing,
inflation remains a key area of policy focus. especially for commodities in short supply.
Government has taken a number of measures These measures are taken to effectively
to control inflation especially food inflation. enforce the Essential Commodities Act,
Inter alia, the measures taken include both 1955 & the Prevention of Black-marketing
general measures and specific measures. and Maintenance of Supplies of Essential
Commodities Act, 1980. Second, regular market intervention for price management,
review meetings on prices and availability of meeting institutional requirements like
key commodities are held at the highest level, supplies to State Governments/UTs for Mid-
including at the level of Ministers, Committee Day Meal Scheme (MDM), Integrated Child
of Secretaries, Inter Ministerial Committee, Development Services (ICDS) Scheme,
Price Stabilization Fund Management and Public Distribution System (PDS), and
Committee (PSFMC), and other Departmental through Open Market Sale, etc. In addition,
level review meetings to take stock of the pulses from the buffer are being utilized to
prevailing price and availability situation and meet the requirement of Army and Central
recommend appropriate policy intervention. Para-Military Forces. Third, prohibition on
Third, higher Minimum Support Price export has been withdrawn in April 2018 on
(MSP) for pulses and other crops has been all varieties of edible oils, except mustard oil.
announced so as to incentivize production Export of mustard oil in branded consumer
and thereby enhance availability of food packs of up to 5 kgs is permitted with a
items, which may help moderate prices. Minimum Export Price (MEP) of United
And finally, Government has set up Price States Dollar (USD) 900 per million ton
Stabilization Fund (PSF) for procurement (MT). Finally, the order empowering States/
of agri-horticultural commodities including UTs to impose controls including Stock
potatoes, onions and pulses for its release Limits on Edible Oils and Edible Oilseeds
during lean period to improve availability has been withdrawn vide Notification dated
and moderate their prices. June 13, 2018.
4.17 The specific measures taken by the
CONCLUSION
Government include the following. First,
during lean periods of 2017-18 and 2018- 4.18 FY 2018-19 saw low headline as
19, to control the rise in onion prices, onions well as food inflation. The year witnessed
were released at reasonable prices from the deflation in prices of pulses, vegetables and
stock procured under PSF. Second, pulses sugar. Core inflation averaged higher than the
from the buffer are utilized for strategic previous year.
CHAPTER AT A GLANCE
 Headline inflation based on CPI-C continued its declining trend for fifth straight financial
year. It has remained below 4.0 per cent in the last two years.
 Food inflation based on Consumer Food Price Index (CFPI) too declined over the last
five years, and has remained below 2.0 per cent for the last two consecutive years.
 CPI-C based core inflation (CPI excluding the food and fuel group) increased during
FY 2018-19 as compared to FY 2017-18. However, it has started declining since March
2019.
 Main contributors of headline inflation based on CPI-C during FY 2018-19 are
miscellaneous, housing, and fuel and light groups. Relative importance of services in
shaping up headline inflation has increased.
 CPI rural inflation declined during FY 2018-19 over FY 2017-18. However, CPI urban
inflation increased marginally during FY 2018-19. Many States witnessed fall in CPI
inflation during FY 2018-19.
Sustainable Development and 05
Climate Change CHAPTER
“You know that India is one sixth of the global community. Our development
needs are enormous. Our poverty or prosperity will have direct impact on
the global poverty or prosperity. People in India have waited too long for
access to modern amenities and means of development. We have committed
to complete this task sooner than anticipated. However, we have also said
that we will do all this in a cleaner and greener way”
- Prime Minister Narendra Modi (2018)

In adoption of 2030 global agenda, the countries are moving forward for
achieving a world free from poverty, gender inequality and economic inequality
and thereby ensuring a healthy planet for future generations. These goals are
multi-dimensional and integrate various social, economic and environmental
dimensions. India continues to target and maintain its economic growth by
introducing and implementing various policies and measures relating to
sustainable development, climate change, resource efficiency and air pollution.
India has been progressing rapidly towards achieving the Sustainable
Development Goals (SDGs). With increasing demand for resources to cater
to the different developmental needs, policies need to nudge economic agents
towards achieving the maximum output from the available resources. Developing
countries like India need to endeavor to do the best possible within their own
domestic resources, keeping in mind the sustainable development imperatives. It
is time for the global community to exhibit the requisite momentum to act upon
their responsibilities on establishing the enabling environment for sustainable
development and climate actions.
INTRODUCTION climate targets cannot be overstated. India’s

development agenda has for long been
5.1 The 2030 Agenda for Sustainable
based on principles that are closely related
Development and its 17 SDGs adopted by
World leaders in 2015 presents a roadmap to those that have been propounded in the
for future development trajectory to all 2030 Development Agenda. Climate change
nations with focus on poverty eradication, requires concerted global efforts and India
environmental sustainability, peace and has been preserving to address the climate
prosperity. The achievement of these goals challenges along with other developmental
is an imperative for, not just, any particular imperatives. The country has been making
country but the global community as a whole. substantial additions to its installation of
The need for global cooperation in helping renewable power capacity. Increasing growth
the developing countries in achieving the rate and rapid urbanization in India have
Sustainable Development and Climate Change 105
spurred the demand for natural resources, by implementing a comprehensive array
exerting pressures on the environment and of schemes. Current flagship policies and
raising sustainability concerns. Resource programmes of Government of India such as
efficiency can be a major tool to meet Swachh Bharat Mission (SBM), Beti Bachao
the resource needs of the country at the Beti Padhao (BBBP), Pradhan Mantri Awas
least possible cost to the environment. Air Yojana (PMAY), Pradhan Mantri Jan-Dhan
pollution has emerged as a serious issue in Yojana (PMJDY), Deen Dayal Upadhyay
India. National Clean Air Program (NCAP) Gram Jyoti Yojana (DDUGJY) and Pradhan
has been launched by the Government as Mantri Ujjwala Yojana (PMUY) have
a pan-India, time bound, national level substantially contributed to India’s progress
initiative to address the country-wide issues in this regard.
of air pollution in a comprehensive manner.
5.5 In the federal context of India,
ACHIEVING THE SDGs programmes and schemes are basically
5.2 The SDGs are global goals, built upon implemented at the level of States and
Union Territories. Tracking of progress on
the erstwhile Millennium Development
different SDGs, therefore, is important for
Goals. They are exhaustive, universal and
appropriate policy actions and building
integrated and emphasize on core areas of
up a competitive spirit among the States
poverty and inequality, economic growth,
and UTs. NITI Aayog has come up with
innovation, sustainable consumption and
a single measurable index to track the
production, climate change, peace and justice
progress of all the States and UTs across
and partnerships.
13 out of 17 SDGs (excluding Goal 12, 13,
5.3 Estimates suggest that US$5 to US$7 14 and 17 on account of unavailability of
trillion per year is required for financing these comparable data across States/UTs). This
goals worldwide and US$3.9 trillion per SDG index provides an aggregate assessment
year in developing countries. However, the of India’s progress. This index helps in
current investment in developing countries is informed policy formulations as it captures
around US$1.4 trillion leading to a shortfall status of both national and state-level social,
of US$2.5 trillion per year (UNCTAD, 2014). economic, and environmental parameters
Global action of this scale requires strong across a set of 62 select indicators. The score
coordination between different governments, varies from 0 to 100. States with scores
development institutions, private sector equal to/greater than 65 are considered as
and financial institutions for the effective Front-Runners (in Green); as Performers
financing and implementation across the (in Yellow) in the range of 50-64 and as
globe. Aspirants (in Red) if the score is less
than 50. States with an index score of 100
India’s Progress towards the SDGs
are classified as Achievers (in Blue) i.e.
5.4 Sustainable development requires every the states have achieved the national target
nation to prioritize their targets and carefully set for 2030. A score of 0 denotes worst
implement various schemes/programmes in performance. The SDG Index Score ranges
accordance with local challenges, capacities between 42 and 69 for States and between 57
and available resources. India follows a and 68 for UTs and is presented in Table 1
holistic approach for achieving the SDGs below.
Table1: Performance of States/UTs on each SDG

SDG 1 SDG 2 SDG 3 SDG 4 SDG 5 SDG 6 SDG 9 SDG 15
States (End (End Gender SDG 7 SDG
Eco
8 Infrastructure SDG 10 SDG 11 Ecosystem SDG 16
Poverty) Hunger) Health Education Equality Water Energy Growth and Inequality Resilient
cities and Institutions
Industrialization Biodiversity
Andhra Pradesh 67 50 68 77 44 59 76 81 31 75 26 87 90
Arunachal Pradesh 52 58 38 44 32 64 44 72 16 47 44 73 77
Assam 53 53 30 54 36 42 18 61 35 75 32 100 53
Bihar 45 39 40 36 24 31 67 58 38 82 43 56 60
Chhattisgarh 50 46 42 53 49 98 36 56 30 73 54 100 65
Goa 62 80 65 71 35 65 61 90 0 50 71 100 87
Gujarat 48 49 52 67 31 100 67 80 65 79 52 71 73
Haryana 50 53 57 65 31 80 50 72 50 55 30 43 78
Himachal Pradesh 60 58 62 82 42 95 62 71 43 98 41 93 91
Jammu & Kashmir 61 60 53 51 39 52 58 43 35 71 23 74 69
Jharkhand 37 35 40 58 32 51 20 52 47 72 52 96 64
Karnataka 52 54 69 76 43 62 77 72 57 68 36 88 74
Kerala 66 72 92 87 50 62 60 61 68 72 46 75 82
Madhya Pradesh 44 41 38 49 33 63 58 57 27 75 39 91 59
Maharashtra 47 47 60 74 43 81 69 74 53 76 34 86 82
Manipur 44 74 67 65 25 44 39 33 72 98 31 100 70
Meghalaya 68 43 52 38 36 40 11 62 42 100 39 94 53
Mizoram 71 69 53 54 43 67 78 65 0 100 32 69 71
Nagaland 59 69 34 45 42 58 45 40 0 80 32 75 87
Odisha 59 46 54 46 43 46 23 53 32 78 34 100 55
Punjab 56 71 71 63 43 60 61 57 48 62 36 67 84
Rajasthan 59 45 49 73 37 43 63 57 62 79 45 68 81
Sikkim 64 67 52 47 50 78 47 57 1 67 56 98 66
Tamil Nadu 76 61 77 75 38 66 89 71 46 85 33 74 61
Telangana 52 53 73 66 43 55 63 75 16 100 44 83 66
Tripura 71 58 53 56 38 38 32 52 38 89 38 86 71
Uttar 48 43 25 53 27 55 23 55 29 38 37 55 61
Pradesh
Uttarakhand 65 53 36 68 41 78 55 67 33 62 41 100 86
West Bengal 57 50 66 51 40 54 40 63 45 76 25 88 72
A & N Islands 57 38 60 69 58 71 56 60 0 69 64 84 72
Chandigarh 39 70 23 85 51 100 96 82 76 52 40 83 90
Daman & Diu 58 42 47 46 38 99 84 91 0 100 49 84 79
D&N Haveli 21 40 32 77 41 100 73 84 0 100 6 100 63
Delhi 30 72 47 58 37 62 51 86 100 80 39 77 68
Lakshadweep 43 47 64 62 35 100 60 60 0 100 Null 100 74
Puducherry 61 71 66 69 27 45 61 85 100 94 27 50 92
India 54 48 52 58 36 63 51 65 44 71 39 90 71
Source: NITI Aayog’s SDG India Index Baseline Report, 2018

5.6 India’s growth trajectory for achieving 11 (Sustainable Cities and Communities) as
SDG 10 (Reduced Inequality) and SDG 15 large number of states are in the ‘Aspirants’
(Life on Land) is impressive as compared category’. Goa, a front runner among all the
to the other SDGs as several states have States and UTs in SDG 11, has been doing
achieved 100 in these SDGs. This may be due exceptionally well in waste management.
to performance in worthy initiatives such as
PMJDY, Mahatma Gandhi National Rural 5.7 NITI Aayog has also developed
Employment Guarantee Act (MGNREGA), a composite index for each State/UT
the National Environment Policy, National which aggregates progress towards each
Agro-forestry Policy and Green Highways SDG. Kerala and Himachal Pradesh are
Policy. India is struggling to achieve its the front runners amongst all the states
targets of SDG 5 (Gender Equality) and SDG with a score of 69. Tamil Nadu is also
Figure 1: Performance of States and UTs on SDG Composite India Index
Uttar Pradesh 42
Bihar 48
Achievers
Assam 49
Jharkhand 50 Front Runners
Odisha 51 Performers
Nagaland 51 Aspirants
Arunachal Pradesh 51
Meghalaya 52
Madhya Pradesh 52
Jammu & Kashmir 53
Tripura 55
Haryana 55
West Bengal 56
D&N Haveli 57
A & N Islands 58
Sikkim 58
Chhattisgarh 58
Rajasthan 59
Mizoram 59
Manipur 59
Uttarakhand 60
Punjab 60
Telangana 61
Lakshadweep 62
Delhi 62
Daman & Diu 63
Maharashtra 64
Karnataka 64
Gujarat 64
Goa 64
Andhra Pradesh 64
Puducherry 65
Tamil Nadu 66
Chandigarh 68
Kerala 69
Himachal Pradesh 69
0 20 40 60 80
Source: NITI Aayog’s SDG India Index Baseline Report, 2018

progressing very fast. Among the UTs, Figure 2: Financial Progress of National
Chandigarh and Puducherry are the front Mission for Clean Ganga
runners with a score of 68 and 65 respectively (Actual Expenditure in ` crore)
(Figure 1). Kerala’s good performance is
4500
attributable to the provision of good health, 4000
reducing hunger, achieving gender equality 3500 3200
and providing quality education. Himachal 3000

2626.54
2500
Pradesh has performed well on providing 2000
1625.11
clean water and sanitation along with reducing 1500
1062.81
inequalities and preserving mountain 1000
602.6
ecosystem. Chandigarh, among other UTs, 500

0
53.44 135.25
266.2 170.99
has performed well in providing clean water 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20*
and sanitation along with affordable clean Source: National Mission for Clean
Actual Expenditure Ganga
(in Rs crore)
energy and quality education. Note: The figure for 2019-20 is projected expenditure based
on current liabilities of sanctioned projects.
5.8 A close collaboration between the formulate policies for long term sustainability
national and sub-national governments of the Ganga rejuvenation efforts.
as well as active participation of all other
relevant stakeholders are required for meeting Major Components of Namami Gange
the challenges of financing, technical support Mission
and continuous monitoring of the progress i. Sewerage Project Management: For
of each state and UT to achieve the National sewerage projects, the policy decision
Sustainable Development Agenda. to use Public-Private Partnership
(PPP) approach of Hybrid Annuity
GANGA – THE LIFELINE OF Mode (HAM) and 15 years long-term
INDIA Operation & Maintenance (O&M)
included in the project cost and improved
5.9 A key policy priority of the Government governance through ‘One City One
towards achieving the SDG 6 (Ensure
Operator’ approach ensured competitive
availability and sustainable management
and positive market participation along
of water and sanitation for all) has been the
with synergy in implementation.
cleanliness of mighty River Ganga through
Namami Gange Mission. The mission was ii. Urban Sanitation: A report prepared
launched as a priority programme with a by the Consortium of 7 IITs identified 10
budget outlay of `20,000 crore for the period cities that contributed more than 60 per
2015-2020. During the period 2014-15 to cent pollution load in Ganga. The Mission
2018-19, a total amount of `6,106.25 crore extended a comprehensive coverage
has been spent on the programme indicating of these cities with construction and
a substantial jump over earlier similar rehabilitation of Sewage Treatment Plants
programmes (Figure 2). (STPs) for a prospective year of 2035,
inception and diversion of drains, solid
5.10 For effective implementation and proper
waste management through cleanliness
synchronization with the State and Local
drives on ghats and deployment of
Bodies, National Mission for Clean Ganga
skimmers for river surface cleaning.
(NMCG) was empowered as an Authority
under the Environment (Protection) Act, iii. Sewerage Infrastructure: 150 sewerage
1986 for fast track implementation and to projects (111 on Ganga stem & 39 in
tributaries) at sanctioned cost of (MLD), 1,114.39 MLD rehabilitated
`23,130.95 crore has been approved STP capacity and laying of
for creation of new STP capacity of around 4,972.35 km sewerage networks
3,729.92 Millions of Litres per day (Figure 3).
Figure 3: Number of Sewerage Projects before and after 2014 taken up in
Namami Gange Program
140 122
120
100
80
60
40
40 24 27
18 28
20 11
10 10 1 0 1
0 1 1 4 2 0 0
Before 2014 After 2014
Source: National Mission for Clean Ganga
As of May 2019, 43 of these Uttar projects have MLDWest of STP capacities

Himachal in Ganga basin
been completed,
Before
which has resulted in laying (Figure 4).
Uttarakhand Pradesh Bihar Jharkhand Bengal Haryana Pradesh Delhi Total
of 2,645.6 km
2014sewer networks 10 and 10
of 575.84
1 1 4 2 0 0 28
After
Figure
2014 4: Sewage 24
Generation
40 vs. Treatment
27 1 Capacity
18 0 in 97 Ganga
1 11 Towns
122
Sewage Generation 2953
Existing Capacity (1985-2014) 1378
Capacity Created (till April 2019) 1930
Sanctioned Capacity (till April 2019) 3308
Projected Sewage Generation (2035) 3603
0 500 1000 1500 2000 2500 3000 3500 4000
iv. Industrial Pollution: To ensure independently by 12 Technical Institutions.

proper inventorisation and inspection of The compliance of the operational GPIs in
point source pollution from industrial units, 2017 as against 2018 improved from 39 per
1,109 Grossly Polluting Industries cent to 76 per cent (Figure 5).
(GPIs) were identified and surveyed
Figure 5: Percentage Compliance of GPIs (as of May 2019)
42
49
42
2017 40
Sugar
48
11 Pulp & Paper
39 Distillery
Chemicals & Others
70
91 Tannery
89 Textile
2018 77
Total
55
76
76
0 20 40 60 80 100
Online Continuous Effluent Monitoring Besides, zero black liquor discharge has been
Systems (OCEMS) of all operating GPIs achieved in Paper and Pulp industry and in
have been connected with Central Pollution distillery.
Control Board (CPCB) & State Pollution
Control Board (SPCB) servers and a system v. Water Quality: 36 Real Time Water
of SMS alerts have been initiated to non- Quality Monitoring Stations (RTWQMS)
complying GPIs, district officials and State are operational under Namami Gange
Project Management Groups (SPMGs). Programme (Map 1).
Map 1: Real Time Water Quality Monitoring Station (as of May 2019)
Manual water quality monitoring is carried Oxygen Demand (BOD) decreased at

out at 94 locations. Dissolved Oxygen 42 locations and coliform bacteria count
levels being the indicator of the river decreased at 47 locations (2017 vs 2018 data)
health improved at 36 locations, Biological (Map 2).
Map 2: Water Quality Monitoring Stations (as of May 2019)
The organic pollution load on the river has and practices and regular inspection of the
decreased from 263 kg/MLD in 2011-12 to compliance status. This can be seen in the data
65.24 kg/MLD in 2018-19 due to the various on the effluent generation and pollution load
constructive steps taken in this direction such as from the GPIs on the main stem of river Ganga
implementation of Charters for water recycling and its major tributaries before and during
and pollution prevention in the respective the implementation of the Namami Gange
sector, adoption of cleaner technologies Programme as given in Table 2.
Table 2: Data on the effluent generation and the pollution load before and during the
implementation of the Namami Gange Programme
Organic Pollution Load

Sectors No. of units Effluent generation (MLD)
(TPD)
Year 2011-12 2016-17 2018-19 2011-12 2016-17 2018-19 2011-12 2016-17 2018-19
Pulp & Paper 67 90 85 201 173.5 87.88 76.5 8.9 5.78
Distillery 35 48 50 37 9.6 3.59 22.2 2.9 0.06
Sugar 67 88 85 96 61.5 63.18 12.5 8.4 5.41
Textile 63 242 193 11 28.2 22.97 0.5 2.3 1.21
Tanneries 442 489 409 22 17.8 10.52 6.4 2.9 3.08
Chemicals
90 152 139 134 378.5 133.73 13.6 41.8 5.45
& others
Total 764 1109 961 501 669.1 321.87 131.7 67.2 21.00
(100
MLD=Million Litres Per Day (263 kg/ (65.24
kg/
TPD= Tons Per Day MLD) kg/MLD)
MLD)
Source: Central Pollution Control Board
vi. River as Public Space: 143 ghats have milestone in propagating this waste-to-wealth
been taken up under the Mission out of which approach as well as saving the water-stressed
100 have been completed. Under the Mission, Yamuna river.
54 crematories have also been taken up for
xi. Clean Ganga Fund: Clean Ganga
ensuring safe crematory rituals. Supporting
Fund has been set up for encouraging and
the sanitation initiative during Kumbh 2019,
facilitating corporates and individuals to
NMCG sanctioned financial assistance of
join the efforts of rejuvenation of Ganga by
`116.6 crore for the construction of 27,500
contributing to this Fund and sponsoring
toilets, 20,000 urinals and 16,000 dustbins
certain projects. A total of `371 crore has
and lining bags. Innovative campaigns of
been received in the Clean Ganga Fund as of
‘Paint My City’ and other exhibitions to
April 2019 of which, `101.59 crore has been
connect people with the city and the river
received in 2018-19.
were also organized.
vii. Rural Sanitation: Under Namami RESOURCE EFFICIENCY
Gange, 4,465 villages on the Ganga stem 5.11 Resource Efficiency (RE) has emerged
have been declared ODF with completion of as one of the key strategies towards the 2030
construction of about 11 lakh independent Agenda of achieving the SDGs. SDG 12
toilets. Support is also being extended to aims to ‘Ensure Sustainable Consumption
1,662 Gram Panchayats along Ganga for and Production Patterns’ along with the eight
solid and liquid waste management. other SDG goals (2, 6, 7, 8, 9, 11, 14 and
15) have a bearing on resource efficiency.
viii. Ecosystem Conservation: Afforestation
Sustainable consumption and production is
along banks of Ganga has been taken up
also a priority for the Government of India
scientifically with the help of Forest Research
and is reflected in various policies/programme
Institute, Dehradun. Local communities have
announcements like Make in India, Zero
been involved in massive afforestation drive
Effect-Zero Defect Scheme, Smart Cities,
undertaken in the five Ganga States with total
Swachh Bharat, and Ganga Rejuvenation
plantation of 96,46,607 leading to increase in
Mission. A resource efficient development
forested area of 8,631 hectares.
approach essentially means a transition of
ix. Urban River Management: NMCG, the management of natural resources with a
in partnership with National Institute of Urban progressive minimization of waste in both
Affairs (NIUA), is preparing an Urban River consumption and production processes
Management Plan to protect and enhance the through various policies and measures.
status of river health within the city, to prevent
5.12 Economic growth and urbanization in
their deterioration and to ensure sustainable
India have spurred the demand for natural
use of water resources. A comprehensive
resources. This growing demand has resulted
survey for generating high-resolution Light
in high imports, in particular, imports of fossil
Detection and Ranging (LIDAR) maps of the
fuels and metals. Against this background,
entire Ganga stretch to create a baseline of its
the availability and accessibility of primary
spatial status has also been initiated.
raw materials have become major concerns.
x. Water Use Efficiency: A market Integrated, concerted and collaborative policy
for reuse of treated wastewater is being of resource efficiency could be a suitable
developed and the re-use of 20 MLD of response strategy to address resource security
treated wastewater in Mathura Refinery is a and the growing demand with the limited
supply of the materials and at the same time Current and Future Projections for
ensures environmental sustainability. India
5.13 The International Resource Panel 5.14 In 2010, India accounted for 7.2 per
estimated that efficient resource policies in cent consumption of globally extracted raw
G7 countries could reduce the global use of materials. India’s average share of material
natural resource by 28 per cent, diminish cost in the total production cost was estimated
greenhouse gas (GHG) emissions by an to be more than 70 per cent and rate of
additional 15 to 20 per cent and deliver recycling is very low as compared to other
annual economic benefits of US$2 trillion developed economies which siginifies an
globally by 2050 relative to existing trends
urgent need for improving productivity and
(UNEP, 2018). Around the world, several
efficiency (TERI, 2019). The consumption of
countries have introduced various policies
key natural resources by the major countries
specific to the different stages of material
in the year 2010 has been showcased in
life cycle. Iceland and United Kingdom have
Figure 6. As per the NITI Aayog’s Strategy
focused on reducing the use of primary raw
Paper on Resource Efficiency 2017, India
materials and impact of material extraction
respectively in the stage of ‘Extraction of consumed 5 billion tonnes of biomass, fossil
Raw Materials’. France has introduced the fuels, minerals and metals in 2010 and was
strategy of integrating the environmental the third largest consumer after China (21.5
aspects into designing of the products whereas billion tonnes) and USA (6.1 billion tonnes).
Ireland has tried to extend the lifespan of the It is projected that India’s demand for total
products. Both the strategies were introduced material will more than double by 2030
with respect to the stage of designing. under the assumption of continued economic
Waste prevention and recycling are the most growth of 8 per cent till 2030 and possible
common strategies adopted worldwide. For slowing down to 5 per cent thereafter till
instance, Croatia has stressed on collection 2050 and medium growth in population. India
of metal and bio-waste to improve recycling would be requiring around 6.5 billion tonnes
rates and Poland has initiated the Transform of minerals in order to sustain the demand of
waste into resources (UNEP, 2018). growing population (Figure 7).
Figure 6: Consumption of key natural resources
(in billion tonnes in 2010)
35
30
25
20
15
10
0
Biomass Minerals Fossil Fuels Metals
China USA India Japan Germany S. Korea Others
Source: TERI, 2019

Figure 7: Projections for the consumption of key natural resources in India

(in billion tonnes)
25
14.2
20
15
6.5
10
2.7 4.2
5 1.63 0.8 4.89
2 0.85 0.41
0
Biomass Minerals Fossil Fuels Metals Total
2010 2030
Source: TERI, 2019
Assessment of Priority Sectors for combustion engine (ICE) based vehicles.

enhancing Resource Efficiency in Studies estimate that Indian auto industry
India will consume around 70-80 million tonnes of
iron and steel by 2030 which is around 70-80
5.15 For the formulation of effective per cent of the total steel production capacity
RE strategy for the country, a detailed in India. As India has a fragmented process
assessment for each of the sector contributing of scrap collection, nearly 6-7 million tonnes
to the national income, its consumption per annum of steel scrap are being imported.
of the raw materials as key inputs and its Research suggest around 2,18,95,439 vehicles
import dependence, volume of wastes/scrap will reach End of Life by 2025 which would
generated and recycled and availability of generate more than 10 million tonnes of steel
relevant technologies must be undertaken. scrap (TERI, 2019).
Various studies have analyzed the economic
impact of effective RE strategy and identified 5.17 India consumed nearly 14.5 million
that `6000 crore can be saved in the tonnes of plastic in 2016 (TERI, 2019). Due
manufacturing sector with its implementation to flexibility, low price and high durability,
(IGEP, 2013). Estimates suggest that US$1 plastic polymers are widely used in the
billion worth of gold can be extracted with country. Collection and recycling of plastics
mining of urban e-waste. Effective waste is majorly being performed by unorganized
management policies can generate 14 lakh sector (nearly 4,000 recycling units) and
jobs and nearly US$2.7 billion opportunity organized sector (around 3,500 recycling
can be created from the extraction of eight units) (FICCI, 2017).
million tonnes of steel from the end of life 5.18 Increased usage of Electronics in
vehicles (TERI, 2019). Table 3 highlights the recent times has given impetus to their
the contribution to the national income demand. Estimates reveal that the demand of
of different sectors in the economy, their electronic products will reach US$400 billion
consumption base of raw materials and in 2020 and Compound Annual Growth Rate
import dependency. (CAGR) of 41 per cent from 2016 to 2020
5.16 Indian auto industry is fourth largest in from the CAGR of 9.6 per cent in 2010-
the world (TERI, 2019) and India’s transport 2016 periods with the production facility to
sector is being dominated by internal increase at the CAGR of 16 per cent from
2012 to 2020. Global E-waste Monitor, 2017 need to augment the steel production capacity to
estimated that India was the fifth largest producer 300 Million Tonnes Per Annum (MTPA) from
of e-waste by generating nearly 2 million metric 125 MTPA by 2030-31 which will require `10
tons of e-waste in 2016 and can earn the value lakh crore of investment. It is estimated that 1.4
of raw materials to the tune of 55 billion Euros
tonnes of iron ore, 0.6-0.7 tonnes of coking coal
if e-waste was properly mined. A great potential
and around 0.2-0.3 tonnes of fluxes can be saved
exists for RE in this sector by utilizing recycling
opportunities that exist. It is estimated that the from recycling of one tonnes of steel scrap and
steel production in India will reach 128.6 Million thus indirectly will reduce the production which
Tonnes (MT) by 2021 and its consumption will saves around 16-17 per cent of energy (TERI,
increase to 140 MT by 2023. Thus, there is a 2019).
Table 3: Contribution of selected sectors to the national income, consumption base of

raw materials and import dependency
Share in
Sl. Economic national Import dependency
Selected raw materials
No Sectors income (in %)
(in %)
1. Automobile 7.1 ICE: Steel, Copper, Aluminium, Copper (50-60)
sector (incl. Zinc, nickel, lead, glass, Lithium (100)
electric rubber, various plastics/synthetics Co (100)
vehicles) E-vehicles: Lithium, Cobalt, Aluminium scrap (90)
Nickel, Rare Earths, various Steel scrap (20-25)
plastics/synthetics, Steel, Copper, Lead (75)
Aluminium Rare Earths (100)
2. Chemicals 2 (0.5 - 0.8) Crude oil Oil (80 )
(plastics)
3. Construction 9 Cement, Limestone, clay bricks, Aluminium scraps (90)

& steel, aluminium, Copper Steel scrap (20-25),
Demolition Copper (50-60)
4. Electronics 1.8 Gold, Silver, Rare Earths, Plastics, Silver (75), Rare Earths
(including Platinum, Copper (100), Gold (90), Platinum
E-waste) (95), Copper (50-60)
5. Steel 2 Iron ore, Molybdenum, Nickel, Steel scrap (20-25),
Tugsten Molybdenum (100),
Nickel (100), Tugsten
(100)
6 Aluminium 0.8 Bauxite, Aluminium Scrap Aluminium scraps (90)
7 Solar PV 2.1 Aluminium, Silver, Copper, Aluminium scraps (90),

Silicon Silver (75), and Copper
(50-60)
Source: TERI, 2019
Note: Numbers in parenthesis indicates share of plastics in chemicals.
5.19 NITI Aayog’s Status Paper “Circular habitat policy, etc.), in many cases these
Economy (CE) and Resource Efficiency (RE)- policy elements are implicit and may need
Current Status and Way Forward” (January, to be explicitly stated. The Paper argues in
2019) has reviewed the status, concerns and favour of a harmonized overarching national
opportunities of four focus sectors/areas- policy on RE, building upon the existing
steel, aluminium, e-waste and construction policies to address multiple sectors. Specific
& demolition (C&D) waste in fulfilling recommendations have been made by NITI
the goals of RE. The paper suggests a way Aayog for mainstreaming RE approach in
forward to achieve RE with sustainability of the development pathway for achieving
the growth process. While there are already SDGs and also steering a new paradigm of
provisions made to promote RE in some of economic development by generating wealth
the national policies (national mineral policy, from waste and for promoting recycling
national steel policy, national housing and industry (Box 1).
Box 1: Six Pillars for a Resource Efficiency Framework in India
Policies
i. Formulate a national policy on RE for all types of resources (biotic, abiotic) addressing various
lifecycle stages and key stakeholders
ii. Formulate a national policy on Sustainable Public Procurement (SPP) to minimize consumption
of resources, reduce waste generation and GHG emissions, as well as contribute to innovation
in materials and technology in the space of RE.
iii. Strengthen existing sectoral policies and programmes of Ministry of Mines by incorporating
RE principles.
iv. Formulate a national policy for End-of-Life Vehicles (ELVs).
v. Formulate a Waste to Resource Management Directive based on existing waste and hazardous
substance management rules/regulations following a lifecycle approach targeting relevant
stakeholders and focusing on RE.
Programmes and Mainstreaming
i. Mainstream RE initiatives by leveraging existing flagship programmes and schemes like
Swachh Bharat Abhiyan, Smart Cities, Make in India, Start-up India, Digital India and others.
ii. Industry may leverage Corporate Social Responsibility (CSR), Corporate Environmental
Responsibility (CER) and Extended Producer Responsibility (EPR) for RE initiatives.
iii. Build on the National Chemical Management Plan being drafted by Ministry of Environment,
Forest and Climate Change (MoEF&CC) to develop a strategy, framework and guidelines for
the safe and circular management of chemicals.
iv. Leverage the national clean energy and environment fund to finance infrastructure, clean
technologies and related RE initiatives.
Regulations
i. Establish a national coordinating body- Bureau of Resource Efficiency (BRE) between various
ministries to identify, implement and achieve national RE goals.
ii. Establish State Level coordinating bodies to identify, implement and achieve State level RE
goals.
iii. Large and resource intensive industries and bulk waste generators may be mandated to file the
Resource Use and Efficiency Statement.
iv. Establish and mandate a ‘Consent to Close’ requirement for medium and large industries in
the ‘RED’ category to ensure that waste streams are responsibly managed and recycled before
closure.
v. Rationalise tax regime on critical virgin raw materials to make secondary raw materials price
competitive.
Setting up a Dynamic Recycling Industry
i. Promote the establishment of Material Recovery Facilities (MRFs) with the allocation of land
in urban areas and industrial estates.
ii. Facilitate Urban Local Bodies (ULBs) to undertake urban mining and create secure landfills.
iii. Facilitate the establishment of Producer Responsibility Organizations (PRO) for waste recycling
and for engagement with the informal sector.
iv. Facilitate innovation to enhance resource recovery and improve working conditions by
integrating the informal sector into the waste value chain.
v. Establish a remanufacturing council or association to catalyse the growth of the remanufacturing
industry.
vi. Establish and manage platforms for waste exchange by expanding the SBM portal.
R&D and Technology Development
i. Support R&D to develop scalable technologies for RE.
ii. Create and manage knowledge platforms that facilitate open innovation, provide access to
experts, and engage academia to support the transition towards RE.
iii. Leverage technologies like Artificial Intelligence (AI), robotics, block-chain etc. for the
recycling industry.
Capacity Development, Outreach & Monitoring
i. Facilitate creation of accredited laboratories that could conduct testing (especially for recycled
products) as well as provide advisory services.
ii. Provide capacity development support on RE for ministries/departments at the National and
State levels.
iii. Develop and promote programmes and certifications for informal sector skill development in
RE.
iv. Develop and launch citizen awareness programmes on RE.
v. Foster inter-governmental collaboration and knowledge exchange with the G20, RE dialogue
and other bodies like International Resource Panel and other national and international forums.
vi. Develop monitoring and outcome indicators for tracking progress on RE.
vii. Establish and mandate the certification for operators managing waste-to-resource recycling
centres to ensure safe, efficient, and net positive operations.
AIR POLLUTION Fine Particulate Matter (PM2.5) have been

identified for regular monitoring at all the
5.20 Air pollution is one of the biggest
locations. The smaller PM2.5 is particularly
global environmental challenges of today.
deadly as it can penetrate deeper into
Air pollution is a serious issue in India
also. Government is executing National Air the lungs. For PM 2.5, as per the available
Quality Monitoring Programme (NAMP) statistics in year 2017, few cities have been
covering 312 cities/towns in 29 states and selected to show the concentration of various
6 Union Territories of the country. Under pollutants from 2015-17. Figure 8, 9, 10,
NAMP, four major air pollutants viz. Sulphur and 11 shows the concentration of SO2, NO2,
Dioxide (SO2), Oxides of Nitrogen as NO2, PM10 and PM2.5 for the selected cities from
Suspended Particulate Matter (PM10) and 2015 to 2017.
Figure 8: SO2 Concentrations in Major Cities Figure 9: NO2 Concentrations in Major Cities
16 80
14 70
12 60
10 50
2015 2015
8 40
2016 2016
30
6 2017
2017 20
4
10
2
0
0 Agra Delhi Howrah Kolkata Lucknow
Agra Delhi Howrah Kolkata Lucknow
Source: MoEF&CC Source: MoEF&CC
Figure 10: PM10 Concentrations in Major Cities Figure 11: PM2.5 Concentrations in Major Cities
16 80
14 70
12 60
10 50
2015 2015
8 40
2016
2016 30
6 2017
2017 20
4
10
2 0
0 Agra Delhi Howrah Kolkata Lucknow
Agra Delhi Howrah Kolkata Lucknow
Source: MoEF&CC Source: MoEF&CC
Major Government Initiatives identified pollutant notified by the CPCB under

the Air (Prevention and Control of Pollution)
5.21 To tackle the increasing air pollution
problem across the country in a comprehensive Act, 1981. Major objectives of NAAQS are
manner, a number of initiatives have been (i) to indicate necessary air quality levels
launched. National Ambient Air Quality and appropriate margins required to ensure
Standards (NAAQS) are the standards for the protection of vegetation, health and
ambient air quality with reference to various property (ii) to provide a uniform yardstick for
assessment of air quality at the national level. pollution besides augmenting the air quality
monitoring network across the country. The
5.22 Air Quality Index (AQI) is a tool
tentative national level target of 20-30 per cent
for effective communication of air quality
reduction of PM2.5 and PM10 concentration by
status to people in terms, which are easy to
2024 is proposed under the NCAP with 2017 as
understand. It transforms complex air quality
the base year for comparison of concentration.
data of various pollutants into a single number
(index value), nomenclature and colour. This will be mid-term five (5) years action
There are six AQI categories, namely - Good, plan beginning from 2019.
Satisfactory, Moderately Polluted, Poor, Very CLIMATE CHANGE
Poor and Severe.
5.26 Since the adoption of United Nations
5.23 CPCB has issued a comprehensive Framework Convention on Climate Change
set of directions under section 18 (1) (b) of (UNFCCC) in 1992, the global community
Air (Prevention and Control of Pollution) has strengthened the response mechanisms to
Act, 1986 for implementation of forty-two the threat of climate change through various
measures to mitigate air pollution in major milestones. The journey since then witnessed
cities including Delhi and National Capital the adoption of various related instruments
Region (NCR) comprising of action points to address climate change including the
to counter air pollution which include control adoption of Kyoto Protocol in 1997 and
and mitigation measures related to vehicular the latest most ambitious one being the
emissions, re-suspension of road dust and Paris Agreement. The ultimate objective of
other fugitive emissions, bio-mass/municipal UNFCCC is to stabilize GHG concentration
solid waste burning, industrial pollution, in the atmosphere at a level that will prevent
construction and demolition activities and dangerous human interference with the
other general steps. climate system, in a time frame which allows
5.24 The Government has notified a Graded ecosystems to adapt naturally and enables
Response Action Plan for Delhi and NCR, sustainable development. The main aim of
which comprises of the graded measures for the Paris Agreement is to hold the increase
each source framed according to the AQI in the global average temperature well below
categories. It also takes note of the broad 2oC above pre-industrial levels and pursuing
health advisory for each level of AQI that was efforts to limit the temperature increase even
adopted by the Government of India along further to 1.5oC above pre-industrial levels.
with the AQI. The proposal has been framed The Paris Agreement sets a roadmap for all
keeping in view the key pollution sources in nations in the world to take actions against
Delhi and NCR. climate change in the post-2020 period.
5.25 In order to address the increasing air 5.27 Human anthropogenic activities have
pollution across the country in a comprehensive raised the global average temperature. As
manner, MoEF&CC has launched NCAP per the recent Intergovernmental Panel on
in 2019 as a pan India time bound national Climate Change (IPCC) Special Report on
level strategy. A budgetary allocation of `150 Global warming of 1.5oC, human-induced
crore has been made under NCAP during the warming reached approximately 1°C
financial year 2019-20. Overall objective of (likely between 0.8°C and 1.2°C) above
the NCAP is comprehensive management plan pre-industrial levels in 2017, increasing at
for prevention, control and abatement of air 0.2°C (likely between 0.1°C and 0.3°C)
per decade (high confidence). The report has change assessment, establishing appropriate
warned of a warmer planet and has raised the institutional framework and implementing
demand for unprecedented efforts to reduce climate related actions in the context of
GHG emissions. In line with the global sustainable development. The budget outlay
trends, during the year 2018, annual mean of CCAP scheme for the period of three years
surface air temperature of India was +0.41°C, from 2017-18 to 2019-20 is `132.40 crore. A
significantly above normal. The year 2018 National Adaptation Fund on Climate Change
was the sixth warmest year on record since was established in 2015 to meet the cost of
the nation-wide records commenced in 1901. adaptation to climate change for the State
and Union Territories that are particularly
India’s Climate Actions vulnerable to the adverse effects of climate
5.28 India has continuously demonstrated change. The Scheme will continue till 31
its responsibility towards acknowledging March 2020 with a financial implication of
the emerging threats from climate change `364 crore. Till date, 30 adaptation projects
and implementing the climate actions on have been approved at a total cost of `847
the basis of the principles of Equity and crore covering vulnerable sectors such as
Common but Differentiated Responsiblities Water, Agriculture and Animal Husbandry,
for improving efficiency of the economy Forestry Ecosystems and Biodiversity. Out
and its engines of growth. India has been of which, Government of India has released
actively promoting clean energy and clean an amount of `437 crore. Renewable energy
technology as well as continuing the flagship sources are strategic to India’s national
schemes on combating climate change in policies on effective climate action. A detailed
both adaptation and mitigation fronts. The analysis on this is elaborated in Economic
major policies and plans include National Survey volume-1, Chapter 9.
Action Plan on Climate Change (NAPCC), 5.29 The outcomes of these initiatives are
launched in 2008, formulated in the backdrop reflected in India’s Second Biennial Update
of India’s voluntary commitment to reduce Report (BUR) submitted to UNFCCC
emission intensity of its GDP by 20 to 25 in December 2018 as per the reporting
per cent by 2020 over 2005 levels. It was obligations under the Convention. The report
also meant to focus on key adaptation shows that emission intensity of India’s
requirements and creation of scientific GDP came down by 21 per cent between
knowledge and preparedness for dealing 2005 & 2014 and its achievement of climate
with climate change. States/Union Territories goal for pre-2020 period is on track. A total
have also State Action Plans on Climate of 2.607 billion tons of CO2 equivalent
Change (SAPCC) in line with the NAPCC of GHGs were emitted from all activities
taking into account State’s specific issues (excluding Land use, Land-Use Change,
relating to climate change. So far, 33 States/ and Forestry (LULUCF)) in India. Energy
UTs have prepared their SAPCCs. Central sector accounted for 73 per cent, Industrial
sector scheme called Climate Change Action Processes and Product Use (IPPU) 8 per
Programme (CCAP) has been launched in cent, agriculture 16 per cent and waste sector
2014 with a total cost of `290 crore, with 3 per cent. About 12 per cent of
the objective to build and support capacity emissions were offset by the carbon sink
at central and state levels, strengthening action of forestland, cropland and settlements
scientific and analytical capacity for climate (Table 4).
Table 4: Total and net emissions in CO2 equivalent (Gg) across various sectors
Category CO2 equivalent (Gg)
Energy 19,09,765.74
Industrial Process and Product Use 2,02,277.69
Agriculture 4,17,217.54
Waste 78,227.15
LULUCF** -3,01,192.69
TOTAL without LULUCF 26,07,488.12
TOTAL with LULUCF (Net emissions) 23,06,295.43

Source : MoEF&CC
**negative emission value implies sink action i.e. net carbon removal from the atmosphere
Gg- Gigagram
Katowice Climate Package recognizes the leadership that developed

countries have to display for achieving
5.30 Parties to the Paris Agreement made
the objectives of the Paris Agreement; the
concerted efforts to develop the modalities,
guidance on adaptation recognizes the
procedures and guidelines for implementing
adaptation needs of developing countries;
the Agreement and the Paris Agreement
the differentiation has been operationalized
Work Programme (PAWP) was adopted at
by incorporating provisions on providing
the 24th session of the UNFCCC Climate
support for adaptation activities of developing
Change Conference, held from 2 to 15
country Parties; the Enhanced Transparency
December in 2018 in Katowice, Poland. India
Framework builds upon the existing
engaged positively and constructively in the
guidelines while providing flexibilities for
negotiations while protecting its key interests
developing countries; the guidance on finance
including recognition of different starting
provisions operationalizes the obligation of
points of developed and developing countries;
developed countries in providing means of
flexibilities for developing countries and
implementation to developing countries and
consideration of principles including
recognizes the need for climate finance to
equity and Common but Differentiated
be new and additional and climate specific.
Responsibilities and Respective Capabilities
Parties have also agreed to initiate the work
(CBDR–RC). India reiterated its promise to
on setting up the new collective finance goals
implement the Paris Agreement in its spirit
post-2020 from the floor of US$100 billion;
and to act collectively to address climate
the overarching framework for technology
change. The key takeaways of Katowice
recognizes the need for enhanced support
package are the guidance on Nationally
towards operationalization of the framework
Determined Contributions (NDCs) that
and comprehensively covers all stages of
preserves the nationally determined nature
technology development and transfer.
of NDCs and provides for Parties to submit
different types of contributions including 5.31 Provision of financial support to
adaptation. The overall guidance reflects developing countries is an important pillar of
the principles of the Paris Agreement and climate change response. UNFCCC mandates
that countries in Annex-II (industrialized not fructify. Yet there are calls for enhanced
countries) provide financial resources, climate action by developing countries.
including for the transfer of technology, needed However, the means to achieve the climate
by the developing country Parties to take climate goals is not commensurate to the urgency
actions. Paris Agreement also emphasizes the shown, nor do we witness the seriousness
role of climate finance in strengthening the required in the discourse on climate finance.
global response to climate change. Though the Global action on climate change is contingent
international community witnessed various on the delivery of timely and adequate finance.
claims by developed countries about climate The Scope, Scale and Speed of climate finance
finance flows, the actual amount of flows is far required to take climate actions effectively
from these claims. In fact, without sufficient is lacking in the debate on climate actions
climate finance, the proposed NDCs would (Box 2).
Box 2: Three Essential ‘S’s of Climate Finance
i) Scope
Climate finance should support both the adaptation and mitigation activities of the developing
countries in accordance with the country needs and priorities. The Paris Agreement gives equal
weightage to adaptation and mitigation. Under the UNFCCC, the intent and obligation of climate
finance is unambiguous, that developed country Parties shall provide financial resources to
developing countries; but what constitutes of financial resources and its key elements for climate
finance itself are very broadly defined. The essential elements that need to be taken up as parameters
for accounting climate finance are -public grants, unrequited equity and grant-equivalent values of
loans. Also counting only such transfers of finance ex-post that are formalized in entry in a book of
accounts as specifically climate finance and actual disbursements of such finance crossing borders in
a particular year need to be ensured. Some more important parameters such as how to treat private
climate finance flows that are ‘mobilized’ or ‘leveraged’, the clarity on “new and additional” also
need to be understood in this context.
ii) Scale
Developing countries have myriad developmental challenges and climate change puts additional
burden on the already scarce resources. The climate finance requirements of developing countries
are likely to be enormous. Even preliminary estimates by simply summing the finance needs in
NDCs with a conditional component, comes to around US$4.4 trillion (Weischer et al., 2016). A
recent report by Oxfam, 2018 indicated, “People in poorer countries are on average five times more
likely than people in rich countries to be displaced by extreme weather events. Adaptation costs in
developing countries are expected to be US$140 - 300 billion a year by 2025/30. By mid-century, the
costs of climate change to developing countries are estimated to exceed US$1trillion per year, even
if global average temperature remains below 2°C.”
iii) Speed
To answer the question, whether the speed of climate finance in the multilateral climate regime is
sufficient, we need to understand if the developed countries have fulfilled their commitments and the
progress of delivery of finance is from developed to developing countries. As of February 2019, the
pledge and approval of multilateral climate change funds shows lagged performance.
Figure: Status of the Funds (in US$ million)
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Pledge Deposit Approval
Pledge Deposit Approval
Source : Climate Funds update Feb 2019

Oxfam, 2018 provides an assessment of US$100 billion goal. What it states is that, the aggregated
climate finance, estimated as net climate-specific assistance is far lower than the reported climate
finance; new climate-specific assistance may be just US$16-21 billion. The value of loans is being
over-reported. If the finance for development projects that only partially cover climate change were
reported more accurately, annual bilateral flows of public climate finance could be between US$10
billion and US$15 billion lower than reported. Grant based assistance is too low and is rising too
slowly; only an estimated US$11-13 billion was given as grants per year, forming just 23-27 per
cent of the total, public climate finance amounted to 21 per cent of total global official development
assistance (ODA) budgets in 2015-16.
The message is loud and clear – we need to establish more credible, accurate and verifiable numbers on
the exact size of the climate finance flows from developed to developing countries. Paris Agreement
and the NDC implementation will commence post 2020 and International public finance flows from
developed to developing countries remain the critical enabler in ramping up these actions.
India’s Nationally Determined in December 2015. India ratified the Paris

Contribution (NDC) Agreement on October 2, 2016. At the national
level, the roadmap for implementation of
5.32 An important feature of Paris Agreement India’s NDC is being prepared. An overall
is that it seeks to elicit ambitious action assessment and quantification of finance
by each country by basing it on a country- requirements for adaptation and mitigation
driven approach with the contribution by for a country with so much diversity and
each country to the global fight against demand is a difficult task given the rapid pace
climate change determined at national level. of changing technologies and innovation.
Each Party’s successive NDC will have to India’s NDC states, “Preliminary estimates
be a progression of Party’s previous efforts. indicate that India would need around
India’s NDC outlines the post-2020 climate US$206 billion (at 2014-15 prices) between
actions India intends to undertake under the 2015 and 2030 for implementing adaptation
Paris Agreement on climate change adopted actions in key areas like agriculture, forestry,
fisheries infrastructure, water resources In the first quarter (Q1) of 2019, green
and ecosystems.” Apart from this there bond issuance reached US$47.9 billion,
will be additional investments needed and surpassed Q1 2018 volume of US$33.8
for strengthening resilience and disaster billion by 42 per cent, on a clear upward trend.
management. NDC further provides the 81 per cent of volume came from developed
preliminary total estimates for meeting markets issuers. USA, France and Canada
India’s climate change actions between now topped the country rankings, accounting for
and 2030 which is at US$2.5 trillion (at 48 per cent of Q1 2019 global issuance.
2014-15 prices). Finding required financial
5.35 In markets in which regulators have
resources is going to be a daunting challenge
provided a favorable environment for
for the country.
green bonds, supply has increased. green
Developments in the Sustainable bonds makes way for investors to create
Finance Arena environmentally aware portfolios without
having to compromise on risk and return
5.33 Implementing 2030 Sustainable objectives that may fit nicely into a core
Development Agenda and the Paris bond allocation. Over the past few years
Agreement requires investments of scale and regulators, stock exchanges and market
size which is unprecedented. This essentially associations have stepped in to provide
means that along with domestic public some guidance to market participants for the
budgets and international public finance, green debt issuance process. In India, SEBI
resources would have to be mobilized from has provided a regulatory environment for
a variety of sources, in particular, private issuance of green bonds in May 2017, the
sector. Currently, private sector financing has fruits of which are reflected in the cumulative
been mostly done by the banks and resides issuance of green bonds in India. India stands
on their balance sheets. However, in future to at 11th position in global country ranking
increase the scale of sustainable investments and accounts for 33 per cent of the Certified
there may be funding capacity problems for Climate bonds by number in emerging
the banks if they are the primary provider of markets. Going forward, possible capital
sustainable debt. Therefore, capital market market structures for sustainable finance
products are required to free-up the banks’ may include Real Estate Investment Trusts
balance sheet capacity and allow them to (REITs) and Infrastructure Investment Trusts
underwrite loans to meet the accelerating (InvITs) which can be leveraged for transfer
demands for new sustainable investments. of green and sustainable assets such as
Further, by doing so institutional investors energy efficient buildings, renewable power
and certain retail investors can get access to projects, mass transportation systems, etc.
sustainable debt as institutional investors are to the institutional investors. Another option
well situated to hold long term sustainable is that banks and financial institutions may
debt and they look to match long term liability securitize the future cash flows emanating
funding requirements with long term assets. from their existing set of assets, thereby
5.34 Globally, the green bond market has selling such securitized debt instruments to
seen remarkable growth over the past 5 years the investors including institutional investors.
as increasing number of investors have sought This provides investors with an opportunity
environmentally sustainable investments to invest in regular yielding investment which
without having to sacrifice financial returns. is backed by sustainable assets.
INTERNATIONAL SOLAR Common Risk Mitigation Mechanism

ALLIANCE (ISA) to reduce risks and financial cost of
solar projects. Also, the World Bank
5.36 ISA is the first treaty-based International and Agence Française de Dévelopment
Intergovernmental Organization launched by (AFD) are developing a joint Global
India and France on 30 November, 2015 in Solar Risk Mitigation Initiative (SRMI),
Paris and entered into force on 6 December, an integrated approach to tackle policy,
2017. As on June 2019, 75 countries have technical and financial issues. As a first
signed and out of which, 52 countries have implementation phase of the SRMI, the
ratified the ISA Framework Agreement. The World Bank has launched in April 2019,
first Assembly of the ISA was convened US$337 million risk mitigation fund for
on October 3, 2018. ISA’s motto is, “let us 23 West African countries focusing on
together make the sun brighter”. ISA has Regional Off-grid Electrification Project
launched five programmes so far: 1) Scaling (ROGEP).
Solar Applications for Agriculture Use; 2)
Affordable Finance at Scale; 3) Scaling Solar • The ISA is also working with the
Mini Grids; 4) Scaling Solar Rooftop, and 5) European Investment Bank and the EU
Scaling Solar in E-mobility and Storage. Commission to launch an off-grid fund,
initially for four Asian member countries
Key Initiatives of the ISA, to rapidly scale up to Africa
and Latin America.
• ISA has been working with various
financial institutions for scaling up • A project pipeline of US$5 billion in
financing, lowering the cost of capital, mini-grids and rooftops is created.
and designing innovative financial • ISA has forged financial partnerships with
instruments to accelerate the massive various MDBs, UN agencies, Climate
deployment of solar energy. ISA’s Parliament, European Commission,
engagement with Indian Diplomatic Commonwealth Secretariat and other
Missions in member countries, financing International and Intergovernmental
by the Export Import Bank of India, organizations.
among others, resulted in development
of a portfolio of 27 solar projects in • ISA Solar Award has been instituted
15 countries. These projects are being for Solar Scientists doing extraordinary
supported with India’s concessional work across ISA countries with a one-
financing of US$ 1.4 billion. time corpus contribution of US$1.5
million from the Government of
• In addition, “Action to Transaction” Haryana.
meets, an innovative platform where
5.37 Efforts for mobilizing financial resources
project developers and bankers were
for ISA activities resulted in augmenting initial
brought together, facilitated 238
corpus of US$16 million (Government of
projects in ISA countries. France has
India contribution) to US$27 million, wherein
also committed 1.5 billion Euros for
US$3 million came from Japanese and Chinese
financing solar projects and thereby, 27
companies. True to its motto, ISA from scratch
projects have been funded by the French
has now transformed into an action oriented
Development Financing Agency for
international organization, scaling newer
approximately 720 million Euros.
heights under the collective leadership and
• A task force was constituted to design a supervision of the member countries.
WAY FORWARD nudge economic agents towards achieving

the maximum output from the available
5.38 India has been progressing rapidly
resources. India’s policies have already taken
towards achieving the SDGs. India’s progress
the correct initiatives in this direction.
in achieving SDG 10 (Reduced Inequality) and
SDG 15 (Life on Land) has been impressive. 5.41 India’s NDC has set clear targets for
However, there has been a wide variation in achieving its climate goals. However, a
the way different states have performed. It substantial scaling up of financial resources
is important that in the race towards SDGs and technology are needed to implement this
no State is left behind. At the global level, target by 2030. The fulfillment of pledges
given the myriad developmental challenges by developed countries through provision of
faced by the developing economies, lack ‘new and additional’ financial resources is an
of adequate resources is a major challenge important contingent factor. The developing
in achieving the SDGs and international countries like India will endeavor to do the
cooperation is essential in achieving these best possible within their own domestic
goals. resources, keeping in mind the sustainable
development imperatives. It is time for the
5.39 Efficient utilization of resources also global community to exhibit the requisite
plays an important role. With increasing momentum to act upon their responsibilities
demand for resources to cater to the different on establishing the enabling environment for
developmental needs, policies need to climate action.
CHAPTER AT A GLANCE
 India follows a holistic approach towards its 2030 SDG targets by launching various
schemes.
 India’s SDG Index Score ranges between 42 and 69 for States and between 57 and 68
for UTs.
 Kerala and Himachal Pradesh are the front runners amongst all the states with a score
of 69, Chandigarh and Puducherry are the front runners with a score of 68 and 65
respectively among the UT’s.
 Namami Gange Mission- a key policy priority towards achieving the SDG 6 - was
launched as a priority programme with a budget outlay of `20,000 crore for the period
2015-2020.
 A harmonized overarching national policy on Resource Efficiency, building upon
the existing policies to address multiple sectors should be devised for mainstreaming
Resource Efficiency approach in the development pathway for achieving SDGs.
 In order to address the increasing air pollution across the country in a comprehensive
manner, the Government of India has launched NCAP in 2019 as a pan India time bound
national level strategy for prevention, control and abatement of air pollution besides
augmenting the air quality monitoring network across the country.
 India has continuously demonstrated its responsibility towards acknowledging the
emerging threats from climate change and implementing climate actions, on the basis of
the principles of Equity and Common but Differentiated Responsibilities.
 India’s positive engagement at CoP 24 negotiations in Katowice, Poland in 2018

resulted in protection of key interests including recognition of different starting
points for developed and developing countries; flexibilities for developing countries
and consideration of principles including equity and Common but Differentiated
Responsibilities and Respective Capabilities.
 Paris Agreement also emphasizes the role of climate finance in strengthening the global
response to climate change. Though the international community witnessed various
claims by developed countries about climate finance flows, the actual amount of flows
is far from these claims. In fact, without sufficient climate finance, the proposed NDCs
would not fructify.
 Implementing India’s NDC requires investments of scale and size which is unprecedented.
This essentially means that along with domestic public budgets, international public
finance and private sector resources would have to be mobilized from a variety of sources.
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Resource Efficiency.” http://niti. gov.in/ Outlook“. https://wedocs.unep.org/bitstream/
writereaddata/files/document_ publication/ handle/20.500.11822/27539/ G E O 6 _ 2 0 1
Strategy%20Paper%20 on%20Resource%20 9.pdf?sequence=1&isAllowed=y
Efficiency.pdf
UNEP. 2018. “Resource Efficiency for
NITI Aayog. 2018. “Meeting with States/ Sustainable Development: Key Messages for
UTs: Improving Implementation of SDGs.” the Group of 20.” http://www.resourcepanel.
org/sites/default/ files/documents/document/
NITI Aayog. 2018. “SDG India Index
media/thinkpiece_-_resource_efficiency_-_
Baseline Report, 2018.”
key_messages_for_the_g20_270818. pdf
NITI Aayog. 2019. “Circular Economy &
UNEP. 2019. “Global Environment Outlook
Resource Efficiency.”
2019.” .https://www.unenvironment.org/
TERI. 2019. “Reference Report for resources/global-environment-outlook-6
“Integrated Resource Efficiency Policy for
United Nations University. 2017. “Global
India.”. https://www.teriin.org/sites/default/
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files/2019-01/Reference%20 Report%20
int/en/ITU-D/Climate-Change/ Documents/
for%20Integrated%20Resource%20
GEM%202017/Global-E-waste%20
Efficiency%20Policy%20 for%20India_0.
Monitor%202017%20.pdf
pdf
06
External Sector CHAPTER
India’s macroeconomic situation on the external side continues to be stable. Though the current
account deficit is projected at 2.4 per cent of GDP in 2018-19, up from 1.8 per cent in 2017-18,
this is within reasonable levels. The widening of the current account deficit has been driven by
a deterioration of trade deficit from 6.0 per cent of GDP to 6.7 per cent across the two years.
Rise in crude prices in Q4 of 2018-19 and a decline in the growth of merchandize exports have
led to the deterioration of trade deficit. The acceleration in the growth of remittances has offset
the deterioration of the current account deficit. In funding the current account deficit, the total
liabilities-to-GDP ratio, inclusive of both debt and non-debt components, has declined from 43 per
cent in 2015 to about 38 per cent at end of 2018. The share of foreign direct investment has risen
and that of net portfolio investment has fallen in total liabilities, thereby reflecting a transition to
more stable sources of funding the current account deficit. In sum, although the current account
deficit to GDP ratio has started to increase lately, the external indebtedness continues to be on a
declining path. India’s foreign exchange reserves continue to be comfortably placed in excess of
US$400 billion. The Indian Rupee traded in the range of 65-68 per US$ in 2017-18 but depreciated
to a range of 70-74 in 2018-19. The Real Effective Exchange Rate also depreciated in 2018-19,
making India’s exports potentially more competitive. The income terms of trade, a metric that
measures the purchasing power to import, has been on a rising trend, possibly because the growth
of crude prices has still not exceeded the growth of India’s export prices. The exchange rate in
2018-19 has been more volatile than in the previous year, mainly due to volatility in crude prices,
but not much due to net portfolio flows. The composition of India’s exports and import basket has
almost remained unchanged in 2018-19 over 2017-18. Petroleum products, precious stones, drug
formulations, gold and other precious metals continue to be top export items. Crude petroleum,
pearl, precious, semi-precious stones and gold remain as top import items. India’s main trading
partners continue to be the US, China, Hong Kong, the UAE and Saudi Arabia.
GLOBAL ECONOMIC the reasons behind the global slowdown that

ENVIRONMENT has spilled into other economies including
India through the channel of exports.
Increasing Trade Protectionism and Beginning 2019 global slowdown has
Slowing down of Global Output made advanced countries persist with their
accommodative monetary policy stance.
6.1 2018-19 has closed with growth in
This has escalated portfolio investment into
world output on a downward trajectory. The
emerging market economies making their
World Economic Outlook (WEO) in its April
currencies stronger and imports cheaper.
2019 issue has projected growth in world
output at 3.3 per cent in 2019, down from 3.6 6.2 The WEO further states that growing
per cent obtained in 2018. Heightened US- trade protectionism in the world, of which
China trade tensions has been stated as one of US-China trade tensions is the most recent
manifestation, places at risk the low relative rate of 4.6 per cent in 2017 following the
price of machinery and equipment that introduction of new and retaliatory measures
over the years has declined, partly due to around the world that by affecting widely-
increasing trade integration, and supported traded goods has caused weaker global
the rise in real investment rate in developing economic growth and volatility in financial
countries. The WEO also clarifies that trade- markets. The release has further stated that
protectionism will only divert bi-lateral trade apart from trade tensions, trade and output
imbalances from one country to another were also influenced by temporary shocks,
as the root cause of trade deficits is the including the federal government shutdown
macroeconomic imbalance. in the United States and production problems
6.3 The WEO accordingly advises that at in the automotive sector in Germany toward
the multi-lateral level, the main priority is the end of the year. World commercial
for countries to resolve trade disagreements services on the other hand recorded a strong
cooperatively, without raising distortionary growth of 7.7 per cent in 2018 but was still
barriers that would further destabilize a lower than 8.4 per cent in 2017. However,
slowing global economy. It seems countries goods related services growth shot up to 10.6
are well advised to do so as beginning per cent in 2018, up from 8.3 per cent in the
2019, crude oil prices have begun to harden previous year.
following production cuts by oil exporting 6.5 Along with the slowing down of world
countries with the US also cutting out oil trade seen in 2018 there has been a spatial shift
supplies from Iran, while prices of other in the nature of BoP balances as well in the
commodities have also risen due to supply last few years. Figure 1 shows that advanced
distortions. These developments increase the economies had a current account deficit of
vulnerability of external sector of emerging US$28.1 billion in 2011, which has been
market economies like India, which are reducing consistently since then and turned
dependent on crude imports for fueling their
into current account surplus of US$444.7
economic growth.
billion in 2017. Emerging and developing
6.4 In its April 2019 Press Release, WTO economies on the other hand slipped from
has also stated that world trade growth in 2018 their current account surplus position
at 3 per cent has been much below the growth of US$379.0 billion in 2011 to US$0.1
Figure 1: International Comparison of Current Account Balance

500
400
300
200
US$ Billion
100
0
-12.1
-49.1 -22.5 -38.2
-62.5 -27.3
-100
-91.5
-200
2011 2012 2013 2014 2015 2016 2017
India Advanced Economies Emerging and Developing Economies
Source: International Monetary Fund (IMF)- Information is available till 2017 only.
External Sector 131
billion in 2017. This reflects the shifting available (April-December 2018-19), India’s
of the consumption hub of the world CAD stood at US$51.9 billion (2.6 per cent
from the advanced to the less advanced of GDP) as compared to US$35.7 billion
countries. (1.8 per cent of GDP) a year ago for the
6.6 It is in this context of global slowdown same period. The widening of the CAD was
of output and trade, increase in trade largely on account of a higher trade deficit
protectionism across the world and shifting driven by rise in international crude oil prices
of the consumption hub to the emerging and (Indian basket) making merchandise
developing economies that the developments imports grow relatively faster than exports.
on India’s trade and BoP fronts have been The trade deficit increased to US$145.3
discussed. billion during the same period from
US$118.4 billion in the corresponding period
INDIA’S BALANCE OF of previous year.
PAYMENTS DEVELOPMENTS
6.8 India’s CAD has been increasing for
Overview of Balance of Payments some years now after attaining a high of 0.6
per cent of GDP in 2016-17. It increased
Current Account Developments to 1.8 per cent of GDP in 2017-18 and has
6.7 India’s balance of payment situation been projected at 2.4 per cent for the full
showed some signs of stress during H1 of year of 2018-19. Expectedly the increase in
2018-19 as sharp rise in crude oil prices caused CAD is driven by increasing merchandise
current account deficit (CAD) to deteriorate. trade deficit, which as proportion of GDP,
However, CAD moderated somewhat in Q3- increased from 4.9 per cent in 2016-17 to 6.0
2018-19 as international crude oil prices per cent in 2017-18 and further enhanced to
eased. Until end of Q3 for which data is 6.7 per cent in 2018-19 (Figure 2).
Figure 2: Current Account Deficit and Trade Deficit as per cent of GDP
3.5
8.0
3.0 7.0 6.7

6.0
2.5 2.4 6.0
4.9
5.0
2.0 1.8
4.0
1.5
3.0
1.0
0.6 2.0
0.5
1.0
0.0
0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (F)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (F)
2016-17 2017-18 2018-19
2016-17 2017-18 2018-19
CAD as a % of GDP (Annual) CAD as a % of GDP (Quarterly)
Trade Deficit as a % of GDP (Annual) Trade Deficit as a % of GDP (Quarterly)
Source: Based on data of Reserve Bank of India.

Note: F: Forecasted figures have been used for Q4 of 2018-19.
6.9 The trend in merchandise trade deficit imports and trade balance in the last ten years
reflect the movement of merchandise exports are indicated in Annexure I. For the recent
net of merchandize imports. The broad period, as shown in Figure 3, growth of
trends in merchandise exports, merchandize both merchandize exports and merchandize
imports accelerated from 2016-17 to 2017- also fell from 21.1 per cent in 2017-18 to
18. However, thereafter the annual growth 10.4 per cent in 2018-19. In Q4 of 2018-
rate of merchandise exports fell from10 per 19, merchandise imports registered negative
cent in 2017-18, to 8.8 per cent in 2018-19. growth that has led to slight improvement in
Annual growth rate of merchandise imports the trade and current account deficit.
Figure 3: Growth rate of Merchandise Exports and Imports (Per cent)

35.0
25.0
21.1
15.0
10.0 10.4
8.8
5.2
5.0
0.9
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-5.0
2016-17 2017-18 2018-19
-15.0
-25.0
Merchandise Exports (Quarterly) Merchandise Imports (Quarterly)
Merchandise Exports (Annual) Merchandise Imports (Annual)
Source: Based on data of Department of Commerce.
6.10 Placing the trends of merchandize GDP growth in 2018-19 among other factors
exports and imports in the global context while slower growth of merchandize exports
(Figure 4), it appears that growth of India’s may have resulted from slower growth of
merchandize imports fell on the back of lower world output and trade.
Figure 4: Impact of global and domestic economy on India’s Exports and Imports
30
25
20
Growth rate (Y-o-Y)(%)
15
10
0
2016 2017 2018
-5
-10
India Exports World Imports India Imports India GDP World GDP
Source: Latest harmonised figures for India’s Exports/ Imports and World Imports from World Trade
Organization (WTO). India and World GDP from International Monetary Fund (IMF), 2019.
External Sector 133
6.11 The growth in merchandise exports to 7.0 per cent during the same period (Figure
from 5.2 per cent in 2016-17 to 8.8 per cent in 5). However, from Q1 of 2018-19, the growth
2018-19 mainly resulted from high growth in rate of POL exports has been declining
Petroleum, Oil & Lubricants (POL) exports, continuously and turned negative in Q4. Be
which increased from 3.1 per cent in 2016- that as it may, petroleum products continue to
17 to 24.2 per cent in 2018-19, while non- have the largest share in India’s export basket
POL exports grew modestly from 5.4 per cent at 14.1 per cent in 2018-19.
Figure 5: Growth in POL and Non-POL Exports (Per cent)

60.0
16.0
50.0
14.0
40.0 12.0
30.0 10.0
8.9
24.2
8.0
20.0 18.8 7.0
6.0 5.4
10.0
3.1 4.0
0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2.0
-10.0 2016-17 2017-18 2018-19

0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-20.0 2016-17 2017-18 2018-19
POL exports (Annual) POL exports (Quarterly) Non-POL exports (Annual) Non- POL exports (Quarterly)
6.12 The growth in merchandise imports Q4 of 2018-19 both POL and Non-POL
from 0.9 per cent in 2016-17 to 10.4 per cent imports registered negative growth rate.
in 2018-19 can also be attributed to a sharp Even then, Crude petroleum continues
rise in growth rate of POL imports from to be the largest imported commodity in
4.8 per cent in 2016-17 to 29.7 per cent in 2018-19 with a share of 22.2 per cent,
2018-19. The non-POL imports also followed by Gold/Silver; Pearl, Precious,
increased from -0.2 per cent in 2016-17 to Semi-Precious Stones; and Petroleum
4.5 per cent in 2018-19 (Figure 6), possibly Products; having share of 6.4 per cent, 5.3
depicting a downturn in the economy. per cent and 5.2 per cent respectively, in the
This appears to be all the more so as in import basket.
Figure 6: Growth in POL and Non-POL Imports (Per cent)
80
35.0
60
25.0
20.0
40
29.7
24.9 15.0
Per cent
Per cent
20
4.8 4.5
5.0
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016-17 2017-18 2018-19 -5.0 -0.2
2016-17 2017-18 2018-19
-20
-15.0
-40
POL imports (Annual) POL imports (Quarterly) Non-POL imports (Annual) Non-POL imports (Quarterly)

6.13 Figure 7 reveals an interesting by India. However, growth of POL exports

narrative of India’s POL trade during 2016- was only driven by price rise as volume
17 to 2018-19. The acceleration in growth exported by India actually contracted from
of POL imports from 2016-17 to 2018-19 2016-17 to 2018-19. This reflects that India
was on account of both price increase in the is more dependent on POL imports than the
international market and volume consumed world is on India’s POL exports.
Figure 7: Volume of POL Exports and Imports and Crude Oil Price (Indian basket)
300000 80
2,55,894 2,59,173
2,50,219 70
250000
60
200000
50
$ per barrel
'000 MT
150000 40
30
100000
65,513 66,833 61096 20
50000
10
0 0
2016-17 2017-18 2018-19
Exports (in thousand MT) Imports (in thousand MT)
Crude Oil Price (Indian Basket)($/bbl.) (RHS)
Source: Petroleum Planning and Analysis Cell.
6.14 Within Non-POL imports, sharp in 2018-19, unlike Gold and Silver Imports
movements can be seen with respect to annual (Figure 8), whose growth again turned negative
growth rates of gold and silver imports, which in 2018-19, although not to the same extent as
increased from -17.3 per cent in 2016-17 to in 2016-17. A positive Q4 growth of gold and
25.6 per cent in 2017-18, and then reduced silver imports did not allow its growth to fall
to -0.6 per cent in 2018-19. Non-POL, Non-
Gold and Silver Imports witnessed the same as much for the full year whereas the negative
trend with increase in growth rate from 2.1 growth rate of Non-POL, Non-Gold & Silver
per cent in 2016-17 to 19.4 per cent in 2017- Imports in Q4 significantly pulled down its
18, and then a deceleration to 5.1 per cent full year growth rate.
Figure 8: Growth rate in Gold & Silver Imports and Non-POL
Non-Gold & Silver Imports (Per cent)
30.0
200 30
25.6 25.0
25
150
20 20.0 19.4
15
100
15.0
10
50 5 10.0
0 5.1
-0.6 5.0
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -5 2.1
2016-17 2017-18 2018-19 0.0

-10
-50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-15 -5.0 2016-17 2017-18 2018-19
-100 -17.3 -20

-10.0
Gold & Silver imports (Annual) (RHS) Gold & Silver imports (Quarterly) Non-POL, Non-Gold & Silver imports (Annual)
Non-POL, Non-Gold & Silver imports (Quarterly)

External Sector 135
6.15 Of three main components of net deficit has fallen from 62.2 per cent in 2016-
invisibles, net services followed the same 17 to 43.7 per cent in 2018-19, reflecting
trend as merchandize receipts did from a muted performance of service exports in
2016-17 to 2018-19, accelerating initially recent times. Software services, accounting
in 2017-18 before decelerating in 2018- for about 40 per cent of total services
19 (Figure 9). The growth of net transfers receipts, along with financial services, have
however kept on accelerating while been the main drivers in the service exports.
there was no growth in net factor income The broad trend in India’s Services trade
during this period. The contribution of net in the last ten years is indicated in
services to financing merchandize trade Annexure I.
Figure 9: Net Services, Net Transfers and Net Income (in US$ billion)
100
80.4
77.6
80
68.3 70.2
62.4
60 56.0
40
US $ billion
20
0
2016-17 2017-18 2018-19 (P)
-20
-26.3 -28.7 -28.1
-40
Services (net) Transfers (net) Income (net)
Source: Based on data of Reserve Bank of India and Ministry's projections.

Note: P: Provisional.
6.16 Net Private transfer receipts, mainly as a significant portion of remittances are
representing remittances by Indians sourced from these countries. According to
employed overseas, increased by 12.4 per the World Bank (April 2019), India remained
cent in 2018-19 (P) as compared to 11.5 per a top remittance recipient country in 2018,
cent in 2017-18 and 10.6 per cent in 2016- followed by China, Mexico, Philippines,
17 (Figure 9). Improved income conditions and Egypt, with remittance inflows
in the Gulf countries with rise in oil prices, peaking at all-time high at US$78.6 billion
might have led to this rise in remittances (Figure 10).
Figure 10: Top Remittance Receivers in 2018

90
80
70
60
50
US $ billion
40
30
20
10
France
India
Mexico
Nigeria
China
Philippines
Egypt
Pakistan
Germany
Vietnam
Source: Latest available figures from World Bank.
Developments in Capital Account of BOP by withdrawals under portfolio investment

reflecting an escalation of global risk
6.17 During 2018-19, net foreign investment
declined to US$31.3 billion as compared to aversion. As a proportion of GDP, net FDI
US$52.4 billion in the corresponding period fell from 1.6 per cent in 2016-17 to 1.1 per
of 2017-18. Robust foreign direct investment cent in 2017-18, before rising to 1.2 per cent
(FDI) inflows, were more than outweighed in 2018-19 (Figure 11).
Figure 11: Foreign Direct Investment as a per cent of GDP
3.5
3.0
2.5
2.0
1.6
1.5
1.2
1.1
1.0
0.5
0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016-17 2017-18 2018-19
Foreign Direct Investment (net) as % of GDP (Annual)
Foreign Direct Investment (net) as % of GDP (Quarterly)

External Sector 137
6.18 Among other forms of capital flows, April-December 2018 as import contraction
banking capital recorded a net inflow of started to set in. Overall, net capital flows
US$15.5 billion in 2018-19 (April-December), fell short of financing CAD resulting in
a 34 per cent increase over US$11.6 billion depletion of foreign exchange reserves by
in the corresponding period of the previous US$17.5 billion during April-December
year. Among debt creating capital flows, 2018. The balance of payments table from
net external assistance increased by 42.7 2013-14 to 2018-19 (April-December) is at
per cent to US$2.2 billion in 2018-19 (April- Annexure II.
December) as against US$1.5 billion in the 6.19 Over a longer period a change in the
corresponding period of the previous year. Net sources of funding the CAD is discernible.
External Commercial Borrowings (ECBs) In 2009-14 net portfolio investment funded
also experienced a net inflow of US$2.8 45.6 per cent of current account deficit but
billion during 2018-19 (April-December) as declined to 17.1 per cent in 2014-19. The
against a net outflow of US$1.2 billion in the financing of the current account deficit in
corresponding period of the previous year, 2014-19 thus became less vulnerable to
reflecting in part a possible credit crunch in capital flight as compared to the previous
the country. Net NRI deposit increased to period. The reduced dependency on FPIs to
US$7.0 billion in 2018-19 (April-December) fund CAD in recent times is also reflected in
as against US$5.0 billion in 2017-18 (April- the fact that growth of forex reserves in the
December), while net short-term trade country bears no correlation with movements
credit recorded a sharp decline during in net FPI (Figure 12).
Figure 12: Monthly Movement in Net Foreign Portfolio Investment and Foreign
Exchange Reserves
440000 10,000
8,000
420000
6,000
400000 4,000
US$ million
US$ million
2,000
380000
0
360000 -2,000
-4,000
340000
-6,000
320000 -8,000
Oct-16
Oct-18
Aug-16
Dec-16
Oct-17
Aug-17
Dec-17
Aug-18
Dec-18
Feb-17
Feb-18
Feb-19
Apr-16
Jun-16
Apr-17
Jun-17
Apr-18
Jun-18
Apr-19
Foreign Exchange Reserves Net Foreign Portfolio Investment (RHS)

6.20 India’s foreign exchange reserves stood December 2018 followed a valuation gain of
at US$422.2 billion as on June 14, 2019. US$8.8 billion during the same period of the
The level of foreign exchange reserves can preceding year. The table depicting summary
change due to change in reserves on BoP of changes in Foreign Exchange Reserves
basis as well as valuation changes in the (US$ billion) is given in Annexure-III. The
assets held by the Reserve Bank of India. The decline in forex reserves reduced the import
foreign exchange reserves in nominal terms cover of India’s foreign exchange reserves to
(including the valuation effects) decreased by 9.1 months at end-December 2018, from 10.9
US$29.0 billion during April-December 2018 months at end-March 2018. Subsequently
as against an increase of US$39.1 billion however in Q4 of 2018-19, there was a net
during the same period of the preceding year. accretion to the foreign exchange in nominal
However, on a balance of payments basis terms to the tune of US$17.3 billion partly
(i.e., excluding valuation effects), the foreign reflecting the robust foreign portfolio
exchange reserves decreased by US$17.5 investments.
billion during April-December 2018 as
against an increase of US$30.3 billion during 6.21 Among the major economies running
the corresponding period of the same year. current account deficit, India is the largest
The valuation loss, mainly reflecting the foreign exchange reserve holder and eighth
appreciation of the US dollar against major largest among all countries of the world
currencies, of US$11.5 billion during April- (Figure 13).
Figure 13: Countries with highest Current Account Deficit and their Forex Reserves, 2018
500.0
449.1
450.0
396.1
400.0
350.0
300.0
US$ billion
250.0
200.0 172.7 176.4 166.6

150.0 125.8 120.7
93.0 83.9
100.0
87.9 66.2
53.9
50.0 38.2 31.6
47.3 46.4 19.4 16.2
35.8 13.3
0.0
Current Account Deficit at end-Dec. 2018 Foreign Exchange Reserves at end-Dec. 2018
Source: Based on International Financial Statistics (IFS), IMF.

External Sector 139
External Debt was mostly same at 80.1 per cent compared

to 80.7 per cent during the same period. This
6.22 India’s External Debt was US$521.1
billion at end-December 2018, 1.6 per cent constancy of share has been in evidence since
lower than its level at end-March 2018 (Figure 2014. Short term debt grew by 1.7 per cent in
14). The long-term debt declined by 2.4 per end-December 2018 compared to end-March
cent to US$417.3 billion at end-December 2018, primarily due to increase in trade
2018 over end-March 2018, though its share related credits.
Figure 14: India’s Outstanding External Debt
600.0 90.0
82.0 82.8 81.3 80.7
79.5 79.6 80.1
529.7 80.0
510.4 521.1
500.0 474.7 485.0 471.3
44… 70.0
400.0 60.0
US$ billion
50.0
Per cent
300.0
40.0
200.0 30.0
20.5 18.7 19.3 20.4 19.9 20.0
18.0 17.2
100.0
10.0
0.0 0.0
end- March end- March end- March end- March end- March end- Sept end- Dec
2014 2015 2016 2017 2018P 2018 P 2018 P
Long Term Debt Short Term Debt
Short term debt (as a % of total external debt) Long term debt (as a % of total external debt)
Source: Reserve Bank of India and Quarterly Report of India’s External Debt ending December 2018 (latest
available), Department of Economic Affairs.
6.23 Foreign Exchange cover to total to 57.3 per cent from 52.3 per cent during
external debt deteriorated to 75.5 per cent the same period (Figure 15). The share
at end-December 2018 from 80.2 per cent of short term debt by residual maturity
at end-March 2018, with the ratio of short in total external debt, which is useful
term debt by original maturity to foreign in assessing liquidity requirements to
exchange reserves rising to 26.4 per cent service contractual obligations within a
in end-December 2018 from 24.1 per cent year, was 43.5 per cent at end-December
at end-March 2018 (Figure 15). The ratio 2018 as against 42.0 per cent at end-
of short-term debt by residual maturity to March 2018 reflecting increase in liquid
foreign exchange reserves also increased conditions.
Figure 15: Foreign Exchange Reserves and Debt

90.0
78.5 80.2 78.5
80.0 74.3 75.5
72.0
68.2
70.0
58.2 57.4 57.3
60.0 55.8
53.5 52.9 52.3
50.0
Per cent
40.0
30.1
30.0 25.0 26.1 26.4
23.2 23.8 24.1
20.0
10.0
0.0
end-March end-March end-March end-March end-March end- Sept end- Dec
2014 2015 2016 2017 2018P 2018 P 2018 P
Foreign Exchange Reserves to Total Debt
Short-term Debt (original maturity) to Foreign Exchange Reserves
Short-term debt (residual maturity) to Foreign Exchange Reserves
Source: Reserve Bank of India and Quarterly Report of India’s External Debt ending December 2018 (latest available), DEA
Note: P: Provisional. The foreign exchange reserves as on 14 June, 2019 is US$422.2 billion.
6.24 International comparison of external debt to foreign exchange reserves at 25.1 per
debt based on World Bank data shows that cent among the top twenty developing debtor
among the top twenty developing debtor countries (Figure 16). Again as per the World
countries in 2017, India’s external debt to Bank data, though India is the third largest
Gross National Income (GNI) ratio at 19.8 debtor country (in absolute amounts) among
per cent was fourth lowest, while China developing countries (after China and Brazil),
continues to have the lowest ratio of 14 per its average-age of debt is much higher given
cent (Figure 16). In terms of the foreign that its ratio of short-term debt to total debt
exchange reserves cover to external debt, is only about 19.0 while that of China is 69
India’s position is fifth highest at 75.9 per per cent. Higher age of debt reduces the roll-
cent, whereas India has fifth lowest short-term over risk.
Figure 16: Cross- Country Comparison of External Debt Indicators in 2017
200
180
China
160
140
120
Per cent
100 India
80
60 India
India
40 China
20 China
0
0 200 400 600 800 1000 1200 1400 1600 1800
Total external debt to GNI (%) US $ billion
Foreign exchange reserves to Total debt (%)
Short term debt to Foreign Exchange Reserves (%)
Source: International Debt Statistics, 2019, World Bank.

External Sector 141
6.25 Figure 17 summarizes the key reflecting that India’s external debt is not
external debt indicators of India unsustainable.
Figure 17: External debt Key Indicators
35
30.1
30
26.1 26.4
25.0
25 23.2 23.8 24.1
23.9
23.9
23.4 20.5 20.8 19.9
20
20
20.4
Per cent
20.5 19.2
19.3
18.0 17.2 18.7
15
10
0
end- March end- March end- March end- March end- March end- Sept end-Dec 2018
2014 2015 2016 2017 2018 P 2018 P P
External Debt to GDP
Short term debt as a % of total external debt
Short-term Debt to Foreign Exchange Reserves
Source: Reserve Bank of India and Quarterly Report of India’s External Debt ending December 2018 (latest available), DEA.
6.26 Debt Service ratio indicates the in end-March 2017 and 106.2 per cent in
claim that servicing of external debt makes end-March 2018 (Figure 18). Further, the
on current receipts and is, therefore, a ratio of debt service repayments (including
measure of strain on BoP due to servicing principal and interest) to total exports of
of debt service obligations. Debt Service goods and services also depict the same
ratio increased till 2016 and then declined trend of increase till 2016 and then a
continuously since 2016 from 8.8 per cent decline in 2017 (9.8 per cent) and 2018
to 8.3 per cent in 2017 to 7.5 per cent in 2018 (8.9 per cent) (Figure 18). The declining
(end-March) (Figure 18). The total external ratios of debt service, total external debt to
debt to exports ratio, another measure of exports and debt service to exports in 2016-
debt sustainability, increased since 2014 17 and 2017-18 may be seen as favorable
till 2016 and then reduced to 107.1 per cent for India.
Figure 18: Indicators of Debt Sustainability

12 140.0
10.6
9.8 120.0
10
9.1 116.4 8.9
107.1 106.2
95.7 101.3 100.0
8 8.8
8.3
6.9 7.6 7.5 80.0
Per cent
Per cent
6
5.9 60.0
4
40.0
2
20.0
0 0.0
end-March 2014 end-March 2015 end-March 2016 end-March 2017 end-March 2018
P
Debt Service Ratio
Debt Service Repayments to Total Exports Ratio
External Debt to Exports of Goods and Services Ratio (RHS)

Net International Investment indicates it is a debtor nation.

Position 6.28 Among the top ten economies
6.27 The International Investment having Net IIP deficit in 2018, United
Position (IIP) is a statistical statement States is ranked first with net IIP
that shows at a point in time the value of deficit of US$9.7 trillion, followed by
financial assets of residents of an economy Spain (US$1.1 trillion) and Australia
that are claims on non-residents or are (US$0.7 trillion) (Figure 19). India’s
gold bullion held as reserve assets; and net international investment deficit is
the liabilities of residents of an economy the eighth highest in 2018, that however
to non-residents (International Monetary has been increasing consistently from
Fund (IMF)). The difference between the US$323.2 billion in 2013 to US$438.4
assets and liabilities is the net position in billion in 2018, an increase of 35.6 per
the IIP and represents either a net claim on cent. In comparison to previous year 2017,
or a net liability to the rest of the world. India’s net IIP deficit increased by 2.8 per
A positive NIIP value indicates a nation is cent from US$426.6 billion in 2017 to
a creditor nation, while a negative value US$438.4 billion in 2018.
External Sector 143
Figure 19: Net IIP Deficit of Top 10 Economies in 2018
Euro
USA Spain Australia Brazil Mexico Ireland Area India Turkey France
0
-519.8 -501.1 -438.4 -355.4 -306.7

-688.6 -590.1 -566.7
-1066.9
-2000
-4000
US$ billion
-6000
-8000
-10000 -9717.1
-12000
Source: IMF.
6.29 Figure 20 shows that there is of consistent increase in IIP liabilities

continuous deterioration in net IIP of over the corresponding period of
India from 2011 till 2018, on account time.
Figure 20: India’s International Investment Position
(US$ million)
12,00,000.0
10,00,000.0
8,00,000.0
6,00,000.0
4,00,000.0
2,00,000.0
0.0
-2,00,000.0
-4,00,000.0
-6,00,000.0
2011 2012 2013 2014 2015 2016 2017 2018
IIP Assets IIP Liabilities Net IIP
Source: IMF.
6.30 However as per centage of GDP, IIP 2011 to 2015, have been declining since then
liabilities, which had earlier increased from (Figure 21).
Figure 21: Total liabilities as per cent of GDP

44
42.8
42.2
41.9
42
40.9
39.8
40
39.2
38.4
Percent
38
36.3
36
34
32
2011 2012 2013 2014 2015 2016 2017 2018
Source: Based on data of IMF.
6.31 The total liabilities in the IIP statement as a percentage of GDP stays in the range of
is a more comprehensive measure of external 2.2 to 2.5 per cent of GDP.
indebtedness than merely external debt as
the former also includes net equity inflows, 6.32 The share of net FDI inflows in total
which is used for financing the CAD. The liabilities has seen a secular increase since
declining external indebtedness as evident 2013 reflecting an increase in dependence
from Figure 21 emerged in 2015 and can on more stable sources of financing the CAD
stabilize at is most recent level provided CAD (Figure 22).
Figure 22: India’s IIP Liabilities

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2011 2012 2013 2014 2015 2016 2017 2018
Other Investment, Net Incurrence of Liabilities, Other Liabilities (with Fund Record)
Liabilities, Portfolio Investment
Liabilities, Direct Investment
Source: Based on data of IMF.

External Sector 145
NOMINAL AND REAL policy stance across major central banks and
EXCHANGE RATE AND TERMS easing of crude oil prices coupled with return
OF TRADE of risk-on sentiment triggered FPIs inflows
and helped rupee to recover in Q4 of 2018-
Exchange rate 19. Notwithstanding the overall depreciation
6.33 The Indian rupee was one of the least of rupee against US dollar in 2018-19, as
volatile Emerging Market (EM) currencies against 2017-18, it performed better than
during 2017-18 and traded in the range of some of other major EME currencies, such
63.63 to 65.08 per US$. During 2018-19, as, Argentine peso, Turkish lira, Brazilian
Indian rupee traded with a depreciating trend real, and Russian ruble, which depreciated
against US dollar and touched a historical by more than 10 per cent vis-à-vis US dollar.
low of 74.4 per US$ (reference rate) on Apart from rupee depreciating by 7.8 per
October 11, 2018 before recovering by 4.1 cent vis-à-vis US dollar in 2018-19, it also
per cent to 69.2 per US$ on March 29, 2019. depreciated against other major currencies. It
During H1 of 2018-19, rupee remained weak depreciated by 7.7 per cent against Yen, and
due to concerns related to widening of CAD 6.8 per cent against Euro and Pound Sterling
owing to rising crude oil prices coupled with each (Figure 23). The exchange rate of rupee
the tightening of financial conditions caused per unit of foreign currency and RBI’s sale/
by increase in Federal Funds rate by the US purchase of US dollar in exchange market
Federal Reserve. Thereafter, softer monetary during 2018-19 is at Annexure IV.
Figure 23: Movement of Rupee against US Dollar, Euro, Pound Sterling and Japanese Yen
75 110
105
70 100
95
65
90
85
60
80
55 75
70
50 65
US Dollar Japanese yen Euro (RHS) Pound sterling (RHS)
Source: RBI (Exchange Rate of the Indian Rupee vis-a-vis US Dollar, Pound Sterling, Euro and Japanese Yen -
Monthly average)
Note: The exchange rate for Japanese yen is in rupees per 100 yen.
NEER and REER shown in Figure 24 after which the rupee

witnessed signs of trend reversal. This can be
6.34 In terms of the 6 and 36 currency
attributed to strong economic fundamentals,
Nominal Effective Exchange Rate (NEER)
softening of crude oil prices, sustained
(trade based weights), rupee depreciated by
selling of the dollar by exporters and banks,
7.1 and 5.6 per cent respectively in the fiscal
year 2018-19 over 2017-18. In terms of 6 and improving investor confidence on
and 36 currency Real Effective Exchange account of recovery in the Indian equity
Rate (REER), rupee depreciated by 5.8 markets. The indices of NEER and REER
per cent and 4.8 per cent respectively (CPI Based) of the Indian rupee (with
in 2018-19 over 2017-18. The sharpest base year 2004-05) may be seen at
depreciation was seen in October 2018 as Annexure V.
Figure 24: Movement of Indices in REER, NEER (Trade based) (2017-18 =100)
106
104
102
100
98
96
94
92
90
88
86
REER-RBI (36 currencies) NEER-RBI (36 currencies)
Source: Reserve Bank of India.
Exchange Rate Volatility highs and lows. The standard deviation is

calculated using monthly data as an indicator
6.35 Table 1 below uses the highest and
of exchange rate volatility. It indicates that
lowest monthly exchange rate within a
the rupee witnessed a spike in volatility in
year to calculate variation between month
2018-19 after two years of relative stability.
Table 1: Exchange rate (`/$) volatility
Year Month-high Month-low High-low % change Standard deviation
2011-12 43.9 54.2 23.4 3.1
2012-13 50.58 57.22 13.1 1.1

External Sector 147
2013-14 53.74 68.36 27.2 3.1
2014-15 58.43 63.75 9.1 1.1
2015-16 62.16 68.78 10.6 1.7
2016-17 64.84 68.72 6.0 0.6
2017-18 63.35 65.76 3.8 0.4
2018-19 64.93 74.39 14.6 2.3
6.36 Figure 25 demonstrates the monthly 2019 from where also it is evident that the
highs, lows and average of the Indian rupee rupee has been relatively more volatile in
vis-à-vis the dollar from April 2017 to April 2018-19 as compared to the previous year.
Figure 25: Exchange rate highs and lows
74
71
₹/$
68
65
62
6.37 The degree of exchange rate volatility rates which will enable hedging of the volatility
will depend on the extent to which exchange and impact on trade to some extent.
rate movements can be anticipated. In particular, 6.38 Figure 26 indicates the movement in
crude oil prices and net portfolio flows have price of crude oil from April 2017 to May
been major drivers of exchange rate movements 2019. 2018-19 seems to be a year of mixed
in recent years. Movements in these variables fortunes for the oil and gas industry with prices
can help foresee likely variance in exchange firming up before dipping down in November
against the backdrop of anticipation of 2018, crude prices have shown an uptick
global oversupply, amid slowdown in world following US announcement of cutting out
economic growth. However, since December Iran totally from the oil market.
Figure 26: Crude Oil Price ($/bbl)
90
80
70
60
50
40
30
Jun-17
Aug-17
Nov-17
Jun-18
Aug-18
Nov-18
Apr-17
Oct-17
Oct-18
Apr-18
Apr-19
May-17
Jul-17
Sep-17
Dec-17
Feb-18
May-18
Jul-18
Sep-18
Dec-18
Feb-19
May-19
Jan-18
Jan-19
Mar-18
Mar-19
Source: Based on World Bank Pink Sheet data for Brent Crude oil price
6.39 As in Table 1, Table 2 also uses the the price. Highest variance was recorded in
highest and lowest monthly price to calculate 2014-15. Standard deviation figures indicate
variation between month highs and lows. that crude oil price remained relatively
The standard deviation is calculated using volatile in 2017-18 and 2018-19 compared to
monthly data as an indicator of variance in 2016-17.
Table 2: Crude Oil Price ($/bbl) volatility

Year Month-high Month-low High-low % change Standard deviation
2011-12 124.9 107.9 15.8 5.6
2012-13 120.5 95.6 26.0 6.3
2013-14 111.6 102.9 8.5 3.1
2014-15 111.9 48.1 132.7 23.9
2015-16 64.6 30.8 109.6 11.2
2016-17 55.5 42.3 31.3 4.3
2017-18 69.0 46.9 47.1 7.6
2018-19 80.5 56.5 42.5 7.7
6.40 Figure 27 demonstrates the highs, correspond with high real GDP growth in
lows and average of the crude oil price from India and the highs with low real GDP growth
2011-12 to 2018-19, where the lows possibly rates.
External Sector 149
Figure 27: Crude Oil price highs and lows
140
120
100
$/bbl
80
60
40
20
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
6.41 Table 3 uses monthly net Foreign deviation is calculated using monthly figures.
Portfolio Investment (FPI) data for the period It indicates that net FPI witnessed highest
2011-12 to 2018-19 to calculate variation volatility in 2013-14 after which it has been
between highs and lows. The standard relatively stable in 2018-19.
Table 3: Net Foreign Portfolio Investment (FPI) volatility

High-low % Standard
Year Month-high Month-low
change deviation
2011-12 9170 -1734 -628.84 3250.93
2012-13 6042 -1409 -528.81 2395.78
2013-14 6782 -8628 -178.60 3904.63
2014-15 7701 -361 -2233.24 2554.61
2015-16 5288 -2973 -277.87 2847.21
2016-17 3429 -6911 -149.62 2976.37
2017-18 8935 -120 -7545.83 2720.91
2018-19 4831 -3882 -224.45 2610.56

Figure 28: Net Foreign Portfolio Investment highs and lows
12000
10000
8000
6000
4000
US$ million
2000
0
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
-2000
-4000
-6000
-8000
-10000
6.42 Figure 28 demonstrates the highs, lows country is the ratio of the unit value (price) of
and average of the net FPI flows from 2011- export to the corresponding unit value (price)
12 to 2018-19. of import measured relative to a base year. If
this ratio increases, it implies that the country,
6.43 It is evident that movements in exchange
rate are closely associated with movements in for every unit of exports it exchanges for
crude oil price and net FPI flows. The rupee imports, is receiving relatively more; if the
remained volatile in 2018-19 on account of ratio decreases then the country is receiving
both global and domestic factors including relatively less. Two other commonly used
rising crude oil prices, erratic trade balance, terms of trade indices are gross terms of trade
strengthening of dollar and continuous FPI (GTT) and income terms of trade (ITT). The
outflows. Additional factors impacting the GTT is a ratio of total quantity of imports
rupee include trade war between US and China to that of exports of a given country. The
and US sanctions on Iran and interest rate hikes ITT is the value of exports divided by the
by the US Federal Reserve. unit value (price) of imports to reflect how
better or worse a country’s purchasing power
Terms of Trade to imports has become. Figure 29 plots
6.44 While depreciation of REER indicates the movement in these three indices from
that India’s exports must have become 1999-2000 to 2018-19. Compared to 2017-
more competitive, appreciation of REER 18, India’s NTT and GTT have declined by
indicates less competitive exports. Price 8.9 per cent and 2.1 per cent during 2018-
competitiveness of exports can however be 19 respectively while income terms of trade
better assessed by looking at how Terms of have increased by 3.4 per cent. However, all
Trade (ToT) have fared across a time period. indices of terms of trade have been on an
Commodity or net terms of trade (NTT) of a upward trend since 2015-16.
External Sector 151
Figure 29: Terms of Trade (Base Year 1999-2000)
300
250
200
150
100
50
Gross Net Income
Source: DGCI&S, Kolkata

* Data available till Q3 of 2018-19
6.45 ITT comes out to be the most relevant tracked by changes in export volume than by
ToT indicator for developing countries as changes in relative unit prices of export and
they are more worried about changes in their imports. Since increase in export volumes is
capacity to import particularly when they are directly correlated with increase in growth of
heavily dependent on commodity imports, world output, a slow-down in world output
such as India being dependent on crude has eroded the capacity to import during
imports. With a rising trend of ITT since the April-January of 2018-19 even when import
year 2000, India has been steadily increasing
prices of India have declined faster than the
its purchasing power to import. In order to
country’s export prices. Perhaps it would
understand what drives the changes in ITT,
Figure 30 decomposes change in ITT in take a much larger drop in import prices to
terms of changes in NTT and export quantity counter-balance the slow-down of world
index for April-January, 2018-19. The figure output to generate a positive ITT effect for
reflects that changes in ITT are more closely the country.
Figure 30: Decomposition of change in Income Terms of Trade, 2018-19
30
Month on Month % change in 2018-19 over
25
20
15
2017-18
10
-5 Apr May Jun Jul Aug Sep Oct Nov Dec Jan
-10 Net terms of trade Export Quantity Index Income terms of trade
Source: Based on data of DGCI&S, Kolkata.

Note : Data available till January 2019.
6.46 Figure 31 shows that the drop in import have allowed the fall in export volumes to
price index towards January 2019 is yet to decrease the capacity to import.
reach the level of April 2018, which may
Figure 31: Decomposition of change in Net Terms of Trade, 2018-19
20
Month on Month % change in 2018-19 over
15
10
2017-18
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
-5
-10 Net terms of trade Export price index Import price index
Source: Based on data of DGCI&S, Kolkata.

Note : Data available till January 2019.
COMPOSITION OF TRADE basket. Other major exports included pearls,

Major Products Exchanged in 2018-19 precious, semi-precious stones as also gold
and other precious metal jewelry besides
6.47 In 2018-19, petroleum products drug formulations, biologicals (Figure 32).
continued to be the largest exported However, it was exports of organic chemicals
commodity, in value terms, with a share which grew the highest at 30.6 per cent in
of 14.1 per cent in the country’s export 2018-19.
Figure 32: Commodity-wise Composition of Exports in 2018-19 (Per cent)
Petroleum Products
Pearl, Precious, Semi-Precious

2.2 Stones
2.6
Drug Formulations, Biologicals
2.6
14.1
2.6 Gold and other Precious Metal
Jewellery
2.8 Iron And Steel
Organic Chemicals
3.0
RMG Cotton incl. Accessories
3.9 7.9
Motor Vehicle/Cars
4.4
Electric Machinery And
Equipments
Products Of Iron And Steel
Source: DGCI&S, Kolkata.

External Sector 153
6.48 In the import basket of 2018-19, semi-precious stones) however declined in
petroleum: crude, at 22.2 per cent had the 2018-19. Electronics components grew the
largest share followed by gold and other fastest at 54.6 per cent in 2018-19, followed
precious metal Jewelry at 6.4 per cent and by petroleum: crude and iron and steel. The
pearls precious/semi-precious stones at exports/imports of top ten commodities, their
5.3 per cent (Figure 33). Growth rates of growth rates and per centage shares in 2017-
gold and pearls (including precious and 18 and 2018-19 are indicated at Annexure VI.
Figure 33: Commodity-wise Composition of Imports in 2018-19 (Per cent)

Petroleum: Crude
2.4 Gold
2.5
2.8
3.1 Stones
22.2
Petroleum Products
3.5
Coal, Coke and Briquittes etc.
5.1
Telecom Instruments
Electronics Components
5.2
Organic Chemicals
6.4
5.3
Iron And Steel
Industrial. Machinery For Dairy

etc.
Major trading partners in 2018-19 Arab Emirates (UAE), China and Hong
Kong (Figure 34). However, in 2018-19,
6.49 India’s largest export destination
country continues to be the United States growth of India’s exports to the Netherlands
of America (USA), which accounted for was the highest (40.7 per cent), followed by
16 per cent of India’s exports (in value China (25.6 per cent) and Nepal (17.4 per
terms) in 2018-19, followed by United cent).
Figure 34: Top 10 Export Destinations of India in 2018-19

18.0
15.9
16.0
14.0
12.0
10.0
% share
9.1
8.0
6.0 5.1
3.9
4.0 3.5
2.8 2.8 2.7 2.7 2.4
2.0
0.0

6.50 China continues to be the largest source Kong (68.5 per cent) and UAE (37.0 per
of imports of India accounting for 13.7 per cent). Further, though China continues to be
cent of the total imported value in 2018-19. the largest exporter to India, India’s imports
The other important sources from which from China fell from US$76.4 billion in
India imports are the USA, UAE 2017-18 to US$70.3 billion in 2018-19,
and Saudi Arabia. (Figure 35). In registering a negative growth. The top ten
terms of growth rates, imports from export destinations and import sources of
Singapore grew the highest at 118.1 India in 2017-18 and 2018-19 are indicated
per cent in 2018-19, followed by Hong- at Annexure VII.
Figure 35: Top 10 Import Sources of India in 2018-19

Indonesia 3.1
Singapore 3.2
Korea RP 3.3
Hong Kong 3.5
Switzerland 3.5
Iraq 4.4
Saudi Arab 5.5
United Arab Emirates 5.8
USA 6.9
China 13.7
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0

% Share
TRADE POLICY of entering into a bilateral Comprehensive

Economic Partnership Agreement (CEPA). In
6.51 India has bilateral trade arrangements
2018-19, India’s exports to and imports from
with all major regional groupings. In Europe,
Bangladesh stood at US$8,933.47 million
it is a part of European Free Trade Association
and US$1,043.03 million respectively.
(EFTA), consisting of Switzerland, Norway,
Negotiations for India and Iran entering into
Iceland and Liechtenstein. In 2018-19, India
a Preferential Trading Agreement (PTA)
exports to and imports from EFTA stood at
is under way. Review meetings for India-
US$1,534.00 million and US$18,076.88
Nepal Treaty of Trade is going on. With Sri
million respectively.
Lanka, India has India-Sri Lanka Free Trade
6.52 Among SAARC countries, India and Agreement (ISLFTA), under which duty-free
Bangladesh have a bilateral trade agreement access for almost all the products except a
and both countries are exploring the possibility few is provided. India is also negotiating a
External Sector 155
new Economic and Technology Cooperation 6.56 India has signed 28 bilateral/
Agreement (ETCA) with Sri Lanka. In 2018- multilateral trade agreements with various
19, India’s exports to and imports from Sri country/group of countries. In 2018-19,
Lanka stood at US$4,707.14 million and India’s exports to countries with which it
US$1,473.10 million respectively. has a trade agreement stood at US$121.7
billion accounting for 36.9 per cent of India’s
6.53 India and ASEAN have agreed to start
export to all the countries. Similarly, in the
examining the preliminary proposals related same year, India’s imports from countries
to the scope of the review of ASEAN India with which it has a trade agreement stood
Trade in Goods Agreement (AITIGA). at US$266.9 billion accounting for 52.0 per
Within ASEAN, India has Comprehensive cent of India’s imports from all the countries.
Economic Cooperation Agreement (CECA)
with Singapore, Thailand and Malaysia. In TRADE FACILITATION
2018-19, India exports to and imports from the 6.57 India ratified the WTO Agreement
ASEAN block stood at US$37,460.34 million on Trade Facilitation (TFA) in April 2016
and US$59,293.36 million respectively. and subsequently constituted a National
6.54 Among Latin American countries, India Committee on Trade Facilitation (NCTF)
has Preferential Trade Agreements (PTA) with with the Cabinet Secretary of India as
the Chair. Further, to coordinate overall
MERCOSUR (Argentina, Brazil, Paraguay
implementation of India’s notified facilitation
and Uruguay) and Chile. Possibilities are
commitments, a Steering Committee co-
being explored for PTA with Colombia also.
chaired by the Commerce Secretary and the
India is negotiating a Trade Agreement with
Revenue Secretary has been formed.
Peru and Ecuador. Among Commonwealth
of Independent States, negotiations are going 6.58 Since then, the NCTF has played an
on for Free Trade Agreement (FTA) with important role in reducing the high cost of
Georgia and PTA with Eurasian Economic imports and exports so as to integrate our
Union (EaEU). In 2018-19, India exports to cross-border trade with the global value
chain. Some of the landmarks being -
and imports from MERCOSUR block stood
at US$4,705.08 million and US$6,425.35 i. establishment of a National Single
million respectively. Window system to route all import
related formalities viz., examination,
6.55 Under North America Free Trade sampling, clearance, etc., which involves
Agreement (NAFTA), negotiations are plethora of agencies, through a single
underway for India Canada Comprehensive online national portal;
Economic Policy Agreement (CEPA). India
ii. simplification of fees and charges for
is also negotiating bilateral Comprehensive
various clearance related activities at the
Economic Cooperation Agreement
borders;
(CECA) with Australia and New Zealand.
Negotiations are underway for Comprehensive iii. paperless filing of import/ export
Economic Cooperation and Partnership documents through ‘E-sanchit’ project; and
Agreement (CECPA) with Mauritius and iv. publishing of resource information viz.,
FTA with Israel. The table depicting progress procedures for import/ export, laws
on Bilateral Trade Agreements may be seen and regulations, etc., online for ease of
at Annexure VIII. access.
6.59 Consistent trade facilitation efforts been introduced, which are as under:
have resulted in substantive improvement
i. The Government has launched many
of India’s performance in Trading Across
flagship programmes like the Bharatmala
Borders indicator from 146 in 2017 to 80 in
Yojana, the Sagarmala Yojana and
the year 2018. Further, these initiatives have
the Dedicated Freight Corridors. The
also contributed to overall improvement in
objective of these programmes is to
‘Ease of Doing Business’ environment in
develop infrastructure to meet the
the country, as also recognized by the World
growing demand of logistics in the
Bank.
country and to make a modal shift on
TRADE RELATED LOGISTICS more cost effective modes of transport.
6.60 The Indian logistics sector is on a ii. 111 waterways have been identified for
big growth tide. According to the domestic development.
rating agency ICRA, Indian logistics sector is
iii. Infrastructure status has been given
expected to grow at a rate of 8-10 per cent over
to select logistics activities like
the medium term. This is an improvement
warehousing, cold chains, Multi modal
over the compound annual growth rate
logistics parks and slurry pipelines.
(CAGR) of 7.8 per cent at which the industry
grew during the last five years. The logistics iv. Subsidy is provided to develop cold
industry of India is currently estimated to be chains and pack houses.
around US$215 billion.
6.63 Indian logistics industry is a sunshine
6.61 The last few years have seen significant sector and there are multiple factors on both
development for this industry which is demand and supply side that are driving this
reflected in the global rankings. According to sector. On the demand side, the reduction
the Global Ranking of the World Bank’s 2016 in truck turnaround time following GST is
Logistics Performance Index, India jumped a major stimulus to logistics growth as also
to 35th rank in 2016 from 54th rank in 2014 pick up in industrial production. On the
in terms of overall logistics performance. In supply side, the outsourcing of non-core
2018, India stood at 44th rank. Experts predict activities like warehousing is allowing main
that the logistics sector can be the largest job players to focus on improving efficiency
creator by 2022.The sector currently provides of transportation. Automation of large
employment to more than 72 crore people in the warehouses is also adding to the efficiency of
country. the logistics sector.
6.62 Government of India has announced 6.64 According to Bowersox, Calantone
a draft National Logistics policy for which and Rodrigues, India’s logistics cost as a per
a national logistics action plan is being centage of GDP was 15.4 in 1997 and 17 per
developed. The key objective is to drive cent in the year 2000. As per an international
economic growth and trade competitiveness market research conducted by Armstrong &
of the country through a truly integrated, Associates (October 2017), India’s logistics
seamless, efficient, reliable and cost cost as a per centage of GDP is estimated to
effective logistics network, leveraging best be 13 per cent. A comparison of India with
in class technology, processes and skilled the rest of the world, taking 2016 as reference
manpower. Various logistics schemes have year, is in Table 4.
External Sector 157
Table 4: Logistics Cost of India and rest of the world (Reference Year= 2016)
Logistics Cost** Logistics

2016 Comparative Analysis
(US$Billions) % GDP
India 293.1 12.80
Brazil 208.6 11.62
China 1626.7 14.50
USA 1522.7 8.14
World 8226.3 10.86
Source: **Armstrong & Associates, October 2017
6.65 Driving logistics cost down from submissions, rejoinders etc. related to anti-
estimated current levels of 13-14 per cent dumping/ countervailing/ anti-circumvention
of GDP to 10 per cent in line with best-in- investigations, for convenience of the
class global standards is essential for India to industry and for enabling DGAD to provide
become globally competitive. trade remedies available under the WTO
framework to the various stakeholders.
ANTI-DUMPING AND
SAFEGUARD MEASURES OUTLOOK
6.66 India conducts anti-dumping 6.68 The WEO, April 2019 has forecast
investigations on the basis of applications acceleration of world output in second half
filed by the domestic industry with prima of 2019. The key assumptions in this regard
facie evidence of dumping of goods in the are continued accommodative monetary
country, injury to the domestic industry and policy stance in advanced countries and fiscal
causal link between dumping and injury to stimulus in China and de-escalation of trade
the domestic industry. The countries involved tensions between the US and China. There
in these investigations are China PR, Hong could be pressure on crude prices to increase
Kong, Korea, Germany, EU, USA, Malaysia, as world output grows yet that may not impact
South Africa, Thailand, Brazil among others. India since growth in world output will also
6.67 During the period from 01.04.2018 to favorably impact India’s exports, which is
31.03.2019, DGTR initiated 24 anti-dumping not decoupled from growth of world trade.
(both fresh and review) investigations, and Government policies are expected to further
issued final findings in 50 anti-dumping lift restrictions on FDI inflows, which will
investigations. During 2018-19, DGTR continue to increase the stability of sources
initiated 5 countervailing duty investigations funding the current account deficit. From a
and issued final findings in two CVD cases. macro-economic perspective the deterioration
One safeguard measure investigation was also of CAD may be contained if consumption
finalized during 2018-19. DGTR is also in the slows down in the economy while increase
process of developing a web application for in investment and exports become the new
online submission of petitions, information, drivers of the Indian economy.
CHAPTER AT A GLANCE
 As per WTO, World trade growth has slowed down to 3 per cent in 2018, much below the growth
rate of 4.6 per cent in 2017, following the introduction of new and retaliatory tariff measures,
heightened US-China trade tensions, weaker global economic growth and volatility in financial
markets.
 India’s balance of payment situation witnessed some signs of deterioration during H1 of 2018-19
due to the sharp rise in crude oil prices causing higher current account deficit (CAD). However,
CAD moderated somewhat in Q3-2018-19 as international crude oil prices eased sequentially in
November and December 2018. The widening of the CAD was largely on account of a higher
trade deficit driven by rise in international crude oil prices (Indian basket).
 The growth rate of merchandise exports and imports fell in 2018-19 compared to previous year,
attributable to the slower growth of world output and trade, accompanied with lower domestic
GDP growth in 2018-19, among other factors.
 The contribution of net services to financing merchandize trade deficit has fallen from 62.2 per
cent in 2016-17 to 43.7 per cent in 2018-19 reflecting a muted performance of service exports in
recent times.
 Net capital flows moderated in April-December of 2018-19 despite robust foreign direct
investment (FDI) inflows, outweighed by withdrawals under portfolio investment.
 The net remittances by Indians employed overseas increased in 2018-19 (P) compared to last
year, possibly due to improved income conditions in the Gulf countries along with rise in oil
prices. India remained a top remittance recipient country in 2018.
 Among the major economies running current account deficit, India is the largest foreign exchange
reserve holder and eighth largest among all countries of the world.
 India’s External Debt was US$521.1 billion at end-December 2018, 1.6 per cent lower than its
level at end-March 2018. The key external debt indicators reflect that India’s external debt is not
unsustainable.
 The total liabilities-to-GDP ratio, inclusive of both debt and non-debt components, has declined
from 43 per cent in 2015 to about 38 per cent at end of 2018. The share of foreign direct investment
has risen and that of net portfolio investment has fallen in total liabilities, thereby reflecting a
transition to more stable sources of funding the current account deficit.
 The Indian Rupee traded in the range of 65-68 per US$ in 2017-18 but depreciated to a range
of 70-74 in 2018-19. During H1 of 2018-19, rupee remained weak due to concerns related
to widening of CAD owing to rising crude oil prices coupled with the tightening of financial
conditions caused by increase in Federal Funds rate by the US Federal Reserve.
 The income terms of trade, a metric that measures the purchasing power to import, has been on
a rising trend, possibly because the growth of crude prices has still not exceeded the growth of
India’s export prices. The exchange rate in 2018-19 has been more volatile than in the previous
year, mainly due to volatility in crude prices, but not much due to net portfolio flows.
 The composition of India’s exports and import basket has almost remained unchanged in 2018-19
over 2017-18. Petroleum products, precious stones, drug formulations, gold and other precious
metals continue to be top export items. Crude petroleum, pearl, precious, semi-precious stones
and gold remain as top import items. India’s main trading partners continue to be the US, China,
Hong Kong, the UAE and Saudi Arabia.
 India has signed 28 bilateral/multilateral trade agreements with various country/group of
countries. In 2018-19, India’s exports to countries with which it has a trade agreement stood at
US$121.7 billion accounting for 36.9 per cent of India’s export to all the countries. Similarly,
in the same year, India’s imports from countries with which it has a trade agreement stood at
US$266.9 billion accounting for 52.0 per cent of India’s imports from all the countries.
 The logistics industry of India is currently estimated to be around US$215 billion. The significant
developments in this industry led to an increase in the ranking of India in overall logistics
performance, according to the Global Ranking of the World Bank's 2016 Logistics Performance
Index. In 2018, India stood at 44th rank.
External Sector 159
Annexure I
I. Merchandise Trade
• The broad trends in Merchandise Exports, Imports and Trade Balance in the last ten years
are indicated in the table below:
Table 1: Merchandise Trade Values in US$ billion
S. No. Year Exports Growth (%) Import Growth (%) Trade Balance
1 2009-10 178.75 -3.53 288.37 -5.05 -109.62
2 2010-11 249.82 39.76 369.77 28.23 -119.95
3 2011-12 305.96 22.48 489.32 32.33 -183.36
4 2012-13 300.40 -1.82 490.74 0.29 -190.34
5 2013-14 314.41 4.66 450.20 -8.26 -135.80
6 2014-15 310.34 -1.29 448.03 -0.48 -137.70
7 2015-16 262.29 -15.48 381.01 -14.96 -118.72
8 2016-17 275.85 5.17 384.36 0.88 -108.51
9 2017-18 303.53 10.03 465.58 21.13 -162.06
10 2018-19 330.07 8.75 514.03 10.41 -183.96
II. India’s Services Trade

Table 2: Services Trade Values in US$ billion
S. Growth Net of
Year Exports Imports Growth (%)
No (%) Services
1 2009-10 96.04 -9.36 60.03 15.34 36.02
2 2010-11 124.64 29.77 80.55 34.19 44.08
3 2011-12 142.32 14.19 78.23 -2.89 64.10
4 2012-13 145.68 2.36 80.76 3.24 64.91
5 2013-14 151.81 4.21 78.75 -2.50 73.07
6 2014-15 158.11 4.15 81.58 3.59 76.53
7 2015-16 154.31 -2.40 84.63 3.75 69.68
8 2016-17 164.20 6.41 95.85 13.25 68.34
9 2017-18 195.09 18.81 117.53 22.61 77.56
10 2018-19 (P)* 205.79 5.49 125.46 6.75 80.33
Source: RBI database and Press Releases, Note: P stands for provisional
*Note 2: Services data pertains to March 2019 as it is the latest data available as per RBI’s Press Release dated 15th
May 2019. 2018-19 is arrived at by adding quarterly data of RBI for Q1, Q2 & Q3 of 2018-19 with Month-wise
QE data of RBI’s press release for January, February & March 2018-19. This data is provisional and subject to
revision by RBI
It may be mentioned here that Net of Services is financing 43.67 per cent of the merchandise trade deficit
in 2018-19.
Annexure II
Table 3: Balance of Payments (US$ million)
2018-19
Sl 2017-18
Item 2013-14 2014-15 2015-16 2016-17 2017-18 Apr-Dec
No Apr-Dec
P
1 2 3 4 5 6 7 9 8
I Current Account
1 Exports 3,18,607 3,16,545 2,66,365 2,80,138 3,08,970 2,26,753 2,49,869
2 Imports 4,66,216 4,61,484 3,96,444 3,92,580 4,69,006 3,45,166 3,95,142
3 Trade Balance (1-2) -1,47,609 -1,44,940 -1,30,079 -1,12,442 -1,60,036 -1,18,413 -1,45,272
4 Invisibles (net) 1,15,313 1,18,081 1,07,928 98,026 1,11,319 82,762 93,407
A. Services 73,066 76,529 69,676 68,345 77,562 57,398 60,254
B. Income -23,028 -24,140 -24,375 -26,302 -28,681 -20,861 -20,452
C. Transfers 65,276 65,692 62,627 55,983 62,438 46,225 53,605
Goods and Services
5 -74,544 -68,411 -60,402 -44,098 -82,474 -61,015 -85,019
Balance
Current Account
6 -32,296 -26,859 -22,151 -14,417 -48,717 -35,651 -51,865
Balance (3+4)
II Capital Account
Capital Account
48,787 89,286 41,128 36,447 91,390 66,366 35,275
Balance
i. External
1,032 1,725 1,505 2,013 2,944 1,514 2,160
Assistance (net)
ii. External
Commercial 11,777 1,570 -4,529 -6,102 -183 -1,175 2,785
Borrowings (net)
iii. Short-term credit -5,044 -111 -1,610 6,467 13,900 9,357 553
iv. Banking
Capital(net) of 25,449 11,618 10,630 -16,616 16,190 11,561 15,496
which:
Non-Resident
38,892 14,057 16,052 -12,367 9,676 5,040 6,977
Deposits (net)
v. Foreign
Investment(net) of 26,386 73,456 31,891 43,224 52,401 43,718 14,766
which
A. FDI (net) 21,564 31,251 36,021 35,612 30,286 23,879 24,820
B. Portfolio (net) 4,822 42,205 -4,130 7,612 22,115 19,839 -10,054
vi. Other Flows (net) -10,813 1,028 3,242 7,460 6,138 1,393 -485
III Errors and Omission -983 -1,021 -1,073 -480 902 -378 -912
IV Overall Balance 15,508 61,406 17,905 21,550 43,574 30,338 17,502
V Reserves change -15,508 -61,406 -17,905 -21,550 -43,574 -30,338 17,502
[increase (-) / decrease (+)]

Source: Reserve Bank of India

External Sector 161
Annexure III
Table 4: Summary of Changes in Foreign Exchange Reserves (US$ billion)

Foreign
Exchange Total Increase (+) / Gain (+)/Loss
Sl. reserves at the Increase (+)/ decrease (-) in (-) in reserves
Year
No. end of financial decrease (-) reserves on a due to valuation
year (end in reserves BoP basis effect
March)
1 2007-08 309.7 110.5 92.2 18.3
1 2008-09 252.0 -57.7 -20.1 -37.6
2 2009-10 279.1 27.1 13.4 13.7
3 2010-11 304.8 25.8 13.1 12.7
4 2011-12 294.4 -10.4 -12.8 2.4
5 2012-13 292.0 -2.4 3.8 -6.2
6 2013-14 304.2 12.2 15.5 -3.3
7 2014-15 341.6 37.4 61.4 -24.0
8 2015-16 360.2 18.5 17.9 0.6
9 2016-17 370.0 9.8 21.6 -11.8
10 2017-18 424.5 54.6 43.6 11.0
1 Apr.-Dec. 2017-18 409.1 39.1 30.3 8.8
2 Apr.-Dec. 2018-19 395.6 -29.0 -17.5 -11.5
Source: Reserve Bank of India (RBI)

Annexure IV
Table 5:Exchange Rates of Rupee per Foreign Currency and RBI’s Sale/Purchase
of US Dollar in the Exchange Market during 2018-19
Average Exchange Rates (` per foreign currency)
RBI Net sale (-)/
Japanese
Month US Dollar Pound Sterling Euro purchase (+)
Yen#
(US$ million)
1 2 3 4 5 6
2016-17 67.07 87.69 73.61 62.04 12351
(-2.4) (12.6) (-1.8) (-12.0)
2017-18 64.45 85.51 75.44 58.18 33689
(4.1) (2.5) (-2.4) (6.6)
2018-19 69.92 91.79 80.96 63.05 -15377
(-7.8) (-6.8) (-6.8) (-7.7)
Monthly average
Apr-18 65.64 92.57 80.66 61.02 -2483
(-0.9) (-1.9) (-0.5) (0.5)
May-18 67.54 90.97 79.82 61.55 -5767
(-2.8) (1.8) (1.0) (-0.9)
Jun-18 67.79 90.07 79.16 61.61 -6184
(-0.4) (1.0) (0.8) (-0.1)
Jul-18 68.69 90.50 80.30 61.66 -1874
(-1.3) (-0.5) (-1.4) (-0.1)
Aug-18 69.55 89.69 80.44 62.59 -2323
(-1.2) (0.9) (-0.2) (-1.5)
Sep-18 72.22 94.19 84.22 64.50 -31
(-3.7) (-4.8) (-4.5) (-3.0)
Oct-18 73.63 95.87 84.61 65.27 -7204
(-1.9) (-1.8) (-0.5) (-1.2)
Nov-18 71.85 92.62 81.62 63.37 -644
(2.5) (3.5) (3.7) (3.0)
Dec-18 70.73 89.58 80.48 62.96 607
(1.6) (3.4) (1.4) (0.7)
Jan-19 70.73 91.16 80.83 64.96 293
(0.0) (-1.7) (-0.4) (-3.1)
Feb-19 71.22 92.67 80.85 64.55 825
(-0.7) (-1.6) (0.0) (0.6)
Mar-19 69.48 91.55 78.51 62.51 9048
(2.5) (1.2) (3.0) (3.3)
Note: # Per 100 Yen
Figures in parentheses indicate appreciation (+) and depreciation (-) over the previous month/year in per cent.
Figures may not tally due to rounding off.
Data of Net sale and purchase of dollar is available till September, 2017.
External Sector 163
Annexure V
Table 6: Indices of NEER and REER (CPI Based) of the Indian Rupee
(Six-Currency Trade based Weights)

Base year: 2004-2005 (April-March) = 100
Appreciation (+)/ Appreciation (+)/
depreciation (-) NEER depreciation (-) REER
Monthly Average NEER REER
over previous period/ over previous period/
month month
1 2 3 4 5
2016-17 66.86 -1.0 125.17 2.0
2017-18 67.91 1.6 121.19 3.2
2018-19 63.07 -7.1 121.70 -5.8
2018-19 (P)
Apr. 2018 64.53 -0.9 123.47 -0.8
May. 2018 63.84 -1.1 123.06 -0.3
June. 2018 64.1 0.4 123.18 0.1
Jul. 2018 64.03 -0.1 123.37 0.2
Aug. 2018 63.84 -0.3 123.63 0.2
Sep. 2018 61.35 -3.9 118.69 -4.0
Oct. 2018 60.64 -1.2 117.29 -1.2
Nov. 2018 62.4 2.9 121.25 3.4
Dec. 2018 63.23 1.3 122.74 1.2
Jan. 2019 62.76 -0.7 120.67 -1.7
Feb. 2019 62.29 -0.7 119.72 -0.8
Mar. 2019 63.88 2.5 123.3 3.0

Annexure VI
I. Exports of Top Ten Commodities in 2017-18
Values in US$ billion
%
Rank Commodity 2016-17 2017-18 %Growth
Share
1 Petroleum Products 31.55 37.47 18.77 12.34

Pearl, Precious, Semi-
2 24.92 25.87 3.8 8.52
Precious Stones
Drug Formulations,
3 12.67 12.91 1.92 4.25
Biologicals
Gold and other Precious
4 11.93 12.81 7.31 4.22
Metal Jewellery
5 Iron And Steel 8.68 11.24 29.5 3.7
RMG Cotton incl.
6 8.51 8.51 -0.03 2.8
Accessories
7 Motor Vehicle/Cars 7.55 8.47 12.26 2.79
8 Marine Products 5.90 7.39 25.18 2.43
9 Organic Chemicals 4.84 7.14 47.44 2.35
10 Products Of Iron And Steel 5.90 6.77 14.84 2.23
II. Exports of Top Ten Commodities in 2018-19

Rank Commodity 2017-18 2018-19 %Growth %Share

2 25.87 25.98 0.43 7.87
Stones
3 Drug Formulations, Biologicals 12.91 14.39 11.46 4.36
Gold and other Precious Metal
4 12.81 12.94 1.02 3.92
Jewellery
5 Iron And Steel 11.24 9.74 -13.36 2.95
7 RMG Cotton incl. Accessories 8.51 8.69 2.16 2.63
8 Motor Vehicle/Cars 8.47 8.50 0.32 2.58
9 Electric Machinery And Equipments 6.71 8.42 25.58 2.55
10 Products Of Iron And Steel 6.77 7.26 7.22 2.2
External Sector 165
Annexure VI (contd.)
III. Imports of Top Ten Commodities in 2017-18
1 Petroleum: Crude 70.71 87.37 23.57 18.77
2 23.81 34.28 43.98 7.36
Stones
3 Gold 27.52 33.66 22.31 7.23
4 Coal, Coke and Briquittes etc. 15.76 22.90 45.31 4.92
5 Telecom Instruments 16.57 21.85 31.84 4.69
8 Vegetable Oils 10.89 11.64 6.84 2.5
9 Plastic Raw Materials 8.81 10.69 21.34 2.3
Industrial. Machinery For
10 9.38 10.48 11.8 2.25
Dairy etc.
IV. Imports of Top Ten Commodities in 2018-19

1 Petroleum: Crude 87.37 114.04 30.52 22.19
2 Gold 33.66 32.90 -2.26 6.40
3 34.28 27.08 -21.01 5.27
Stones
5 Coal, Coke and Briquittes etc. 22.90 26.17 14.28 5.09
6 Telecom Instruments 21.85 17.92 -17.99 3.49
7 Electronics Components 10.18 15.75 54.63 3.06
9 Iron And Steel 10.43 12.58 20.60 2.45
Industrial. Machinery For
10 10.48 12.47 18.97 2.43
Dairy etc.
Annexure VII
I. Top Ten Export Destinations of India in 2017-18
Rank Country 2016-17 2017-18 %Growth %Share

1 USA 42.22 47.88 13.42 15.78
2 United Arab Emirates 31.18 28.15 -9.72 9.27
3 Hong Kong 14.05 14.69 4.58 4.84
4 China P RP 10.17 13.33 31.08 4.39
5 Singapore 9.56 10.20 6.67 3.36
6 UK 8.55 9.71 13.58 3.2
7 Germany 7.18 8.69 20.96 2.86
8 Bangladesh PR 6.82 8.61 26.31 2.84
9 Vietnam Soc. Rep 6.79 7.81 15.13 2.57
10 Nepal 5.45 6.61 21.26 2.18
II. Top Ten Export Destinations of India in 2018-19


1 USA 47.88 52.43 9.49 15.88
2 United Arab Emirates 28.15 30.13 7.04 9.13
3 China P RP 13.33 16.75 25.62 5.07
4 Hong Kong 14.69 13.00 -11.49 3.94
5 Singapore 10.20 11.57 13.41 3.51
6 UK 9.71 9.33 -3.94 2.83
7 Bangladesh PR 8.61 9.21 6.96 2.79
8 Germany 8.69 8.90 2.48 2.70
9 Netherland 6.26 8.81 40.73 2.67
10 Nepal 6.61 7.76 17.40 2.3

External Sector 167
Annexure VII (contd.)

III. Top Ten Import Sources of India in 2017-18

1 China P RP 61.28 76.38 24.64 16.41
2 USA 22.31 26.61 19.29 5.72
3 Saudi Arab 19.97 22.07 10.5 4.74
5 Switzerland 17.25 18.92 9.71 4.06
6 Iraq 11.71 17.62 50.46 3.78
7 Indonesia 13.43 16.44 22.42 3.53
8 Korea RP 12.59 16.36 30.01 3.51
9 Australia 11.15 13.99 25.45 3.01
10 Germany 11.58 13.30 14.78 2.86
IV. Top Ten Import Sources of India in 2018-19


1 China P RP 76.38 70.32 -7.94 13.68
2 USA 26.61 35.55 33.59 6.92
4 Saudi Arab 22.07 28.48 29.04 5.54
5 Iraq 17.62 22.37 27.00 4.35
6 Switzerland 18.92 18.08 -4.47 3.52
7 Hong Kong 10.68 17.99 68.48 3.50
8 Korea RP 16.36 16.76 2.43 3.26
9 Singapore 7.47 16.28 118.05 3.17
10 Indonesia 16.44 15.85 -3.59 3.08

Annexure VIII
PROGRESS ON BILATERAL TRADE ARRANGEMENTS
S. Regional
Country/ ies Agreement Name Salient Features
No. Grouping
Commenced in the year 2007.
INDIA-EU BTIA
1. Europe EU countries Sixteen rounds of negotiations till
(Negotiation Stage)
2013
Consists of
Switzerland, Total bilateral trade US$19.9 billion
European Free Trade
Norway, during 2018-19.
Association (EFTA)
Iceland and
Liechtenstein.
Trade and Economic
Partnership Agreement
Consists of
(TEPA) initiated in October, 2008.
Switzerland, INDIA – EFTA TEPA
Seventeen rounds of negotiations
Norway, Iceland (Negotiation Stage)
have been held. Last round of
and Liechtenstein
negotiation was held from 18-21
September, 2017.
Last renewed w.e.f. 1st April 2015 for
five years, with automatic renewal
Bilateral trade clause. No preferential tariffs for
South Asia &
2. Bangladesh agreement imports of products, only facilitative
Middle East
mechanism. Exploring possibility to
enter into Comprehensive Economic
Partnership Agreement (CEPA).
Commenced in 2013. Four rounds
Preferential Trading
of negotiations have taken place.
Iran Agreement (PTA)
Next Round is tentatively scheduled
(Negotiation Stage)
in June 2019 in India.
Last renewed on 27th October
2016. Duty free access provided.
India-Nepal Treaty of Comprehensive Review of the
Nepal Trade Treaty has commenced and two
meetings held in August 2018 and
February 2019.
Came into force in 2000. Tariff-

India-Sri Lanka Free
concessions provided. India
Sri Lanka Trade Agreement
provided duty-free access to almost
(ISLFTA)
all the lines, except few.
Comprehensive Negotiations completed in 2008.

Sri Lanka Economic Partnership But agreement could not be made
Agreement (CEPA) effective.
External Sector 169
S. Regional
No. Grouping
Economic and
Technology Bilateral meetings commenced in
Sri Lanka Cooperation 2015. Eleven Rounds completed till
Agreement (ETCA) October 2018.
(Negotiation Stage)
Came into force on 1st January,

India, Malaysia, ASEAN India Trade 2010. All ASEAN members
3. ASEAN Singapore and in Goods Agreement signatory to FTA. Review of
Thailand. (AITIGA) AITIGA on hold until conclusion of
RCEP negotiations.
India-Singapore
Signed on 29th June, 2005, covering
Comprehensive
goods, services and investment.
Singapore Economic
First review in 2006. Second review
Cooperation
in 2010.
Agreement (CECA)
Mutual Recognition Singapore agreed to expand
Agreement (MRA) coverage of Indian nursing
Singapore
in Nursing with institutions by recognizing seven
Singapore nursing institutions.
Came into force in 2004.
Agreed to implement an Early
Harvest Scheme covering 84
products for Tariff Reduction and
Thailand India Thailand CECA
Elimination in a phased manner.
Thirty rounds of negotiations
held for comprehensive FTA with
Thailand.
Came into force w.e.f. 1st July,
2011. First meeting of the Joint
Malaysia India-Malaysia CECA
Committee for implementing
IMCECA held in 2014.
Argentina, Brazil, India- MERCOSUR Came into operation in 2009.
Latin
4. Paraguay and Preferential Trade Margin of Preference (MoP) is
American
Uruguay Agreement (PTA) offered on tariff lines.
India-Chile Came into effect in 2007. Margin of

Chile Preferential Trade Preference (MoP) is offered on tariff
Agreement (PTA) lines.
S. Regional
No. Grouping
Four rounds of negotiations held.

India Peru Trade
Last negotiation held in March
Peru Agreement
2019. Next is proposed in August
(Negotiation stage)
2019.
India-Ecuador
Exploring feasibility of Trade
Ecuador Trade Agreement
Agreement.
(Negotiation stage)
India-Colombia
Exploring feasibility of Trade
Colombia Trade Agreement
Agreement.
(Negotiation stage)
Common- PTA with Eurasian
Initiation of negotiations for PTA
wealth Economic Union
5. with Eurasian Economic Union
Independent (EaEU) (Negotiation
(EaEU)
States (CIS) Stage)
FTA with Georgia
Georgia Initiation of FTA with Georgia.
(Negotiation Stage)
JFSG with Uzbekistan Signing of Joint Statement for
Uzbekistan
(Negotiation Stage) initiation of JFSG with Uzbekistan
India-Mauritius
Comprehensive
Africa-
Economic
WANA (West
6. Mauritius Cooperation Seven Rounds have been held
Asia North
& Partnership
Africa)
Agreement (CECPA)
(Negotiation stage)
India-Israel FTA
Israel
(Negotiation stage)
Botswana,
Lesotho, Southern African Custom Union
India-SACU PTA
Namibia, South (SACU).
(Negotiation stage)
Africa and Sixth Round in 2010
Eswatini
External Sector 171
S. Regional
No. Grouping
Group of fifteen
countries
namely Benin,
Burkina Faso,
Cabo Verde,
Cote D’Ivoire, India-ECOWAS PTA
Gambia, Guinea, (Negotiation stage)
Guinea Bissau,
Liberia, Mali,
Niger, Nigeria,
Senegal, Sierra
Leone and Togo
North America Free India-US Commercial Dialogue

North
7. Trade Agreement signed in 2000
America
(NAFTA)
India-US Trade Policy Forum
announced in 2005, instrumental in
USA
creating an institutional mechanism
to resolve host of trade issues
India-Canada Comprehensive
Economic Policy Agreement
Canada
(CEPA): Launched in 2010, ten
rounds of negotiations held till date.
Nine rounds of negotiations
Australia and FTAs with Australia with Australia and ten rounds of
8. Oceania
New Zealand and New Zealand negotiations with New Zealand
taken place
Agriculture and Food Management
07
CHAPTER
“Since nature has the most sustainable ecosystem and since ultimately
agriculture comes out of nature, our standard for a sustainable world should
be nature’s own ecosystem”
-Wes Jackson1
Agriculture remains the pre-dominant occupation in India for vast sections of the
population. Over the years, several new challenges have emerged before the sector.
With fragmentation of agricultural holdings and depletion of water resources,
the adoption of a resource-efficient, ICT based climate-smart agriculture can
enhance agricultural productivity and sustainability. Smallholder farming
can be a lucrative livelihood opportunity with the application of appropriate
technologies and adoption of natural, organic and Zero Budget Natural
Farming. To transform the rural economy, greater emphasis should be given to
allied sectors with a major focus on dairy, poultry, fisheries and rearing of small
ruminants. The rationalisation of food subsidy and greater use of technology in
food management will ensure food security for all.
INTRODUCTION landholdings in agriculture, India has to focus

on resource efficiency in smallholder farming
7.1 Agriculture and allied sectors are critical to meet the SDG targets and also to attain
in terms of employment and livelihoods sustainability in agriculture. A combination
for the small and marginal farmers, who of resource efficient methods, dynamic
dominate the agriculture ecosystem in India. cropping patterns, farming that is responsive
To attain the Sustainable Development Goals to climate change and intensive use of ICTs
(SDGs) of ending poverty and bringing should be the backbone of smallholder
in inclusive growth, activities related to farming in India. For a safe and food secure
agriculture need to be closely integrated with future, the agriculture landscape has to
the SDG targets. With decline in the size of undergo tremendous transformation and shift
1
Co-founder of The Land Institute and a prominent leader of the international sustainable agriculture movement.
Agriculture and Food Management 173
from the philosophy of ‘green revolution growth. The Gross Value Added (GVA) in
led’ productivity to ‘green methods’ led agriculture improved from a negative 0.2 per
sustainability in agriculture. cent in 2014-15 to 6.3 per cent in 2016-17
only to decelerate to 2.9 per cent in 2018-19.
OVERVIEW OF AGRICULTURE While the crops, livestock and forestry sector
AND ALLIED SECTORS showed fluctuating growth rates over the
period from 2014-15 to 2017-18, the fisheries
Gross Value Added in Agriculture
sector has shown a rapid growth from 4.9 per
7.2 Agriculture sector in India typically goes cent in 2012-13 to 11.9 per cent in 2017-18.
through cyclical movement in terms of its (Table 1 and Figure 1).
Table 1 : Growth of GVA in Agriculture & Allied Sectors at 2011-12 prices

2015-16* 2016-17 2017-18 2018-19
Item 2012-13 2013-14 2014-15
(3RE) (2RE)# (1RE)@ PE**
Total GVA at basic
5.4 6.1 7.2 8.0 7.9 6.9 6.6
prices
Agriculture,
1.5 5.6 -0.2 0.6 6.3 5.0 2.9
forestry & fishing
Crops 0.2 5.4 -3.7 -2.9 5.0 3.8 na
Livestock 5.2 5.6 7.4 7.5 9.9 7.0 na
Forestry &
0.2 5.9 1.9 1.7 1.4 2.1 na
logging
Fishing &
4.9 7.2 7.5 9.7 10.0 11.9 na
aquaculture
Source: Central Statistics Office, Ministry of Statistics & Programme Implementation (MoSPI)
Note-* Third Revised Estimate, # Second Revised Estimate, @ First Revised Estimate
**As per the press note on Provisional Estimates of Annual National Income 2018-19 and Quarterly Estimates of
Gross Domestic Product for the Fourth Quarter (Q4) of 2018-19 released by CSO on 31st May 2019
Figure 1: Growth Rate of GVA in Agriculture & Allied Sectors (2011-12 prices)
14
12
10
8
6 6.3
5.6
Percentage
5
4
2.9
2 1.5
0 0.6
-0.2
-2
-4
-6 Crops Livestock
Forestry & logging Fishing & aquaculture
Agriculture, forestry & fishing
7.3 Average annual growth rate in real terms decrease over the years from 15.4 per cent
in agricultural & allied sectors has remained in 2015-16 to 14.4 per cent in 2018-19.The
at around 2.88 per cent during 2014-15 to decline was mainly due to decline in the
2018-19. However, the volatility of output share of crops in GVA from 9.2 per cent
growth as measured by the coefficient of in 2015-16 to 8.7 per cent in 2017-18. The
share of the fisheries in GVA has increased
variation has declined from 2.7 in the period
by 0.1 per cent points during the three years
of 1961-1988 to 1.6 during 1989-2004 and from 0.8 per cent in 2014-15 to 0.9 per cent
further to 0.8 during 2005 to 20182. in 2017-18. The share of the livestock in
GVA has remained around 4 per cent
Share of Agriculture Sector in GVA
from 2012-13 to 2017-18. The share of
7.4 The share of agriculture, forestry & forestry & logging was 1.2 per cent in 2017-
fishing sector in GVA has seen a steady 18. (Table 2)
Table 2: Share of Agriculture, Forestry & Fishing at 2011-12 Prices (in per cent)
2018-19
Item 2012-13 2013-14 2014-15 2015-16* 2016-17# 2017-18 @
**
Agriculture,
forestry & 17.8 17.8 16.5 15.4 15.2 14.9 14.4
fishing
Crops 11.5 11.4 10.3 9.2 9.0 8.7 NA
Livestock 4.0 4.0 4.0 4.0 4.1 4.1 NA
Forestry &
1.5 1.5 1.4 1.3 1.2 1.2 NA
logging
Fishing &
0.8 0.8 0.8 0.9 0.9 0.9 NA
aquaculture
Source: Central Statistics Office, Ministry of Statistics & Programme Implementation (MoSPI).
Note-* Third Revised Estimate,# Second Revised Estimate, @ First Revised Estimate
**As per the press note on Provisional Estimates of Annual National Income 2018-19 and Quarterly Estimates of
Gross Domestic Product for the Fourth Quarter (Q4) of 2018-19 released by CSO on 31st May 2019
Gross Capital Formation in 14 but declined thereafter to 15.2 per cent

Agriculture & Allied Sector in 2017-18. The GCF in agriculture and
7.5 Gross Capital Formation (GCF) in allied sectors in absolute terms increased
agriculture and allied sectors as a percentage from `2,51,094 crore in 2012-13 to `2,73,755
of GVA saw a rise to 17.7 per cent in 2013- crore in 2017-18 at 2011-12 prices.
2
Dev, SM (2018), Transformation of Indian Agriculture? Growth, Inclusiveness and Sustainability.
Table 3: Gross Capital Formation in Agriculture & Allied Sectors
Gross Capital formation in GVA in GCF in Agriculture & Allied

Agriculture and Allied sector (in ` Agriculture & Sector as percentage of GVA
Period crore) at 2011-12 prices Allied Sector of Agriculture & Allied Sector
(at 2011-12
Public Private Total prices) Public Private Total
2012-13 36019 215075 251094 1524288 2.4 14.1 16.5
2013-14 33925 250499 284424 1609198 2.1 15.6 17.7
2014-15 37172 235491 272663 1605715 2.3 14.7 17.0
2015-16 39105 193734 232839 1616146* 2.4 12.0 14.7
2016-17 45981 219371 265352 1717467# 2.7 12.8 15.6
2017-18 NA NA 273755 1803039@ NA NA 15.2

Note:* Third Revised Estimate,# second revised estimate, @ first revised estimate.
7.6 A comparison of the share of public and sectors registers an increase from 2014-15
private investment in GCF in agriculture and and maintains an upward trend till 2016-17,
allied sectors shows that while the share of the share of private investment in GCF shows
public investment in agriculture and allied a decline during this period (Figure 2).
Figure 2: Share of Public and Private Sector in Total GCF in Agriculture

& Allied Sector (in per cent)
Share of Private Sector Share of Public Sector

89.0 20.0
16.8 17.3
88.0 18.0
87.0 14.3 88.1 86.4 16.0
86.0 14.0
85.0 85.7 11.9 13.6 12.0
84.0 10.0
83.0 8.0
82.0 83.2 6.0
82.7
81.0 4.0
80.0 2.0
79.0 0.0
2012-13 2013-14 2014-15 2015-16 2016-17
PATTERN OF AGRICULTURAL holdings, i.e. land put to agricultural use,

LAND HOLDINGS IN INDIA has increased to 14.6 crore in 2015-16 from
7.7 As per Phase-I results of the Agriculture 13.8 crore in 2010-11, thereby registering
Census, 2015-16, the number of operational an increase of 5.3 per cent. The share of
marginal holdings (less than 1 ha) in total 4.3 percent. The area operated by the marginal
operational holdings increased from 62.9 per and small holdings increased from 38.9 per
cent in 2000-01 to 68.5 per cent in 2015-16,
cent in 2000-01 to 47.4 per cent in 2015-16,
while the share of small holdings (1 ha to
2 ha) decreased from 18.9 per cent to 17.7 while that of the large holdings decreased
per cent during this period. Large holdings from 37.2 per cent to 20 per cent during this
(above 4 ha) decreased from 6.5 per cent to period (Figure 3).
Figure 3: Operational Land Holdings (Number & Area Operated in Ha)
80.0
67.1 68.5
70.0 64.8
62.9
60.0
Percentage NLH/AH
50.0
40.0
30.0 24.2
22.5
18.7 20.2
20.0 23.2
20.2 20.9 22.1
18.9 18.5 17.9 17.7
10.0
6.5 37.2 5.8 34.9 4.9 31.8 4.3 20.0
0.0
Marginal (.5 ha - 1 ha) Small (1 ha - 2 ha) Medium (2 ha - 4 ha) Large (4 ha & above)
Source: Agriculture Census 2015-16.

Note: NLH: Number of Operational Land Holdings, AH: Area Operated by Operational Land Holdings.
Growing Number of Women Farmers holdings cultivated by women has increased

7.8 Women play a significant and crucial from 11.7 per cent in 2005-06 to 13.9 per cent
role in agriculture including crop production, in 2015-16. The marginal and small holdings
livestock production, horticulture, post- operated by women farmers together
harvest operations, agro/social forestry, constitute 27.9 per cent of total operational
fisheries, etc. The share of operational holdings cultivated by women (Table 4).
Table 4: Operational Land Holdings Operated by Women (in percent)

Size Group 2005-06 2010-11 2015-16*
Marginal (below 1.00 ha.) 12.6 13.6 14.6
Small (1.00-2.00 ha.) 11.1 12.2 13.3
Semi-Medium (2.00-4.00 ha.) 9.6 10.5 11.5
Medium (4.00-10.00 ha.) 7.8 8.5 9.6
Large (10.00 ha. & above) 6.0 6.8 7.7
All Size Groups 11.7 12.8 13.9
Source: Agriculture Census 2015-16; * - provisional results
BRINGING RESOURCE agriculture is dependent highly on water. So,

EFFICIENCY IN appropriate mechanism needs to be framed
for economical use of water among small and
SMALLHOLDER AGRICULTURE
marginal farmers.
7.9 The pattern of agricultural holdings
7.12 The cropping pattern in India is
reflects pre-dominance (85 per cent) of small
highly skewed towards crops that are water
and marginal farmers in agriculture sector.
intensive. The incentive structures like MSP,
The development strategy for agriculture
heavily subsidized electricity, water and
should prioritise smallholder agriculture in
fertilizers have played a significant role in the
order to promote sustainable livelihoods
misalignment of crop patterns in the country.
and for reduction of poverty in India. The
'The water guzzlers, paddy and sugarcane,
productivity of a farm depends on the use
consume more than 60 per cent of irrigation
of inputs like fertiliser, access to irrigation,
water available in the country, thereby
technology, crop intensity and choice of crops
reducing water availability for other crops'4.
(crop pattern) grown at the farm. One of the
key aspects which can improve productivity 7.13 Figure 4 highlights the divergence
of small farm holdings is improving resource between land productivity and irrigation water
use efficiency (one of the sources of income productivity in the major sugarcane producing
growth identified by the Committee on States in India reflecting the urgent need to
Doubling Farmers' Income. See Annexure 1), focus on irrigation water productivity5 to raise
be they, natural resources like water or other agricultural productivity. The States like Tamil
resources/inputs like fertilisers, pesticides etc. Nadu, Karnataka, Maharashtra and Andhra
Pradesh which have high land productivity tend
7.10 The following section examines the key
to have very low irrigation water productivity,
factors which will bring resource efficiency
reflecting inefficient use of water and the need
in smallholder agriculture in India and lays
to re-calibrate the cropping pattern.
out the main policy changes that are required
to bring about resource efficiency. Figure 4: Comparison of Land Productivity
and Irrigation Water Productivity across
Increasing Irrigation Water the Major Sugarcane Growing States
Productivity (IWP) in Agriculture 120 13.9 15
103
7.11 In India, according to the Asian Water 100 89
80
10.6
76
Development Outlook, 2016, almost 89 per 80
61
10
52
cent of groundwater extracted is for irrigation. 60
4.1
3.5 3.5 3.7
There is a major concern whether the present 40 5
20
practice of groundwater use can be sustained
0 0
as the depth of the groundwater level continues Tamilnadu Karnataka Maharashtra Andhra Uttar Pradesh Bihar
to drop. By 2050, India will be in the global Pradesh
hot spot for ‘water insecurity3’. Agriculture Land Productivity (t/ha) IrrigationWater
Irrigation waterProductivity (kg/ m3)
Productivity(kg/cu.m)
remains the predominant occupation in

terms of number of people employed. Also, Source: NABARD and ICRIER, 2018.
3
India’s water insecurity index shows that the resilience score of India is also very low.
4
Water Productivity Mapping of Major Indian Crops, NABARD AND ICRIER Study, April 2018.
5
Irrigation water productivity is defined as ratio of the crop output to the irrigation water applied by the farmer/
irrigation system either through surface canals, tank, pond or the well and tubewell during the crop growth. Thus
irrigation is an economic activity and the farmer has to incur certain expenditure to apply the water (kg/m3).This is
a practical indicator which helps in estimating the crop output obtained with respect to the actual irrigation water
applied by the farmer.
7.14 Adopting improved methods of water use, can be replaced with MI supported
irrigation and irrigation technologies will cropping patterns and systems which will
have a critical role in increasing irrigation maximise irrigation productivity and resource
water productivity along with re-calibrating use efficiency. A study6 has found that there
the cropping patterns. While adoption of are ‘bright spots’ which can be models for
micro-irrigation systems (MI) is one of sustainable water use in agriculture.
the possible ways to improve water use
efficiency, it can be seen that the States with 7.15 A combination of measures which suit
penetration of MI systems and improved the local agro-economic context need to be
adoption of micro irrigation systems have applied to improve irrigation productivity
almost 40 to 50 per cent savings in energy and in agriculture which will reflect sustainable
fertiliser consumption (Figure 5). Though, water use in agriculture. In this regard,
the costs of installation of MI systems can focus in agriculture should shift from
be a disincentive unless subsidies are given ‘land productivity’ to ‘irrigation water
by the government to small and marginal productivity’. Therefore, devising policies to
farmers, it needs to be examined whether the incentivise farmers to adopt efficient ways of
procurement supported systems which are water use should become a national priority
resource inefficient in terms of subsidies and to avert the looming water crisis.
Figure 5. Energy Consumption and Fertilizer Consumption Savings from Micro

Irrigation, 2015
Energy Consumption Saving (%) Fertiliser Consumption Saving (%)
Total 30.5 Total 28.5

Tamil Nadu 15.1 Bihar 7.6
Uttar Pradesh 18.1 Uttrakhand 18
Odisha 22.2 Odisha 20.9
Andhra Pradesh 22.4 Uttar Pradesh 22.8
Karnataka 26.8 Maharashtra 23
Uttrakhand 29.9 Tamil Nadu 27.1
Maharashtra 33.4 Karnataka 28.2
Sikkim 35.1 Andhra Pradesh 28.8
Chattisgarh 37.8 Haryana 37.5
Bihar 40.0 Chattisgarh 40.4
Gujarat 40.0 Sikkim 40.9
Rajasthan 42.0 Gujarat 42.7
Haryana 49.3 Rajasthan 43.8
Source: Indian Council of Food and Agriculture, Micro Irrigation: Market Update.
Economizing the Use of Fertilizers of profitability of farming. Since 2002, the

and Pesticides fertilizer consumption in India has continually
7.16 For the small and marginal farmers, increased till 2011. However, the fertiliser
the costs of fertilizers are key determinants consumption has been declining since then.
6
Water Productivity Mapping of Major Indian Crops, NABARD and ICRIER, 2018
7.17 Further, the fertilizer response ratio management.
is showing a declining trend (Figure 6).
7.19 The improvement in fertilizer use
The declining fertilizer response ratio is an
indicator of declining responsiveness of soil efficiency7 requires farmers’ knowledge
fertility to fertiliser application. regarding the right product, dosage, time and
method of application. Some of the suggested
7.18 According to Department of Fertilisers,
measures are the use of optimal dose based on
the declining fertilizer response ratio in
Indian agriculture is due to inadequacy and soil health status, promotion of neem-coated
imbalance in fertiliser use, increasing multi- urea, promotion of micronutrients, promotion
nutrient deficiency, lack of farmers awareness of organic fertilizers, and promotion of water-
about balanced plant nutrition and poor crop soluble fertilizers.
Figure 6: Declining Fertilizer Response Ratio
16
13.4
14
12
10 8.2
8
5.8
6 4.1
4
2
0
1970 1980 1990 2000
Fertiliser Response Ratio
Source: Department of Fertilizers.
Increasing Sustainability in appropriate soil and moisture conservation

Agriculture - Turning to Organic measures.
and Natural Farming 7.21 The Government has been promoting
organic farming in the country through the
7.20 The main objective of the National schemes such as Paramparagat Krishi Vikas
Mission for Sustainable Agriculture (NMSA) Yojana (PKVY) and Rashtriya Krishi Vikas
is to make agriculture more productive, Yojana (RKVY). In the revised guidelines
sustainable, remunerative and climate of PKVY scheme during the year 2018,
resilient by promoting location specific various organic farming models like Natural
integrated/composite farming systems Farming, Vedic Farming, Cow Farming,
and to conserve natural resources through Homa Farming, Zero Budget Natural Farming
7
Yield per unit of fertilizer input
8
“Zero Budget” primarily means without using any credit, and without spending any money on purchased inputs. ‘’Natural
farming’’ means farming with nature and without chemicals.
(ZBNF)8 etc. have been included wherein Adopting Appropriate Technologies for
flexibility lies with the States to adopt any Smallholder Farms
model of Organic Farming depending on the
7.24 In smallholder farms, resource efficiency
farmer’s choice. Under the RKVY scheme, can be brought about through adoption
organic farming/natural farming project of appropriate technologies. However,
components are considered by the respective use of technology, investment in costly
State Level Sanctioning Committee (SLSC) farm machinery, or scaling up the existing
according to their priority/choice. technology may not be economically feasible
7.22 The main aim of Zero Budget Natural for small and marginal farmers. Hence, there
Farming (ZBNF) is elimination of chemical is need to promote use of environment-
pesticides and promotion of good agronomic friendly automated farm machinery tools
practices. ZBNF also aims to sustain suited to small scale operations. The Custom
agriculture production with eco-friendly Hiring Centers (CHCs) can be set up to
processes in tune with nature to produce promote use of high-tech machinery for the
mechanization of small and marginal farm
agricultural produce free of chemicals. Soil
holdings, especially in difficult terrains. From
fertility & soil organic matter is restored
2014-15 to 2017-18, a total of 8162 CHCs
by pursuing ZBNF. Less water is required
were established under the Sub Mission
under ZBNF and it is a climate friendly
on Agricultural Mechanization (SMAM)
agriculture system.The programme is being
scheme.
implemented in 131 clusters covering 704
villages under RKVY and 1300 clusters 7.25 To facilitate communication and reduce
covering 268 villages under PKVY. So transaction costs, the ICT (Information and
far, 1,63,034 farmers are practicing ZBNF. Communication Technology) applications
Organic farming is also being promoted are crucial in smallholder farming. The spread
through the scheme Mission Organic Value of mobile phones in rural areas has already
Chain Development for North Eastern Region impacted the way the small and marginal
(MOVCDNER) under National Mission for farmers get access to information about soil
Sustainable Agriculture (NMSA). health, weather and prices. In the context
of poor infrastructure, adoption of ICT in
7.23 Some of the States which are agriculture will promote market access,
progressively practicing ZBNF are Karnataka, facilitate financial inclusion and contribute
Himachal Pradesh and Andhra Pradesh. After significantly to early warning signals that are
ZBNF, Andhra Pradesh has witnessed a sharp critical for the development of smallholder
decline in input costs and improvement in community. Technology can play a critical
yields (Government of Telangana, 2017). role in bridging the information gaps that
Box 1: Coffee Board Activates Blockchain Based Marketplace in India
Coffee Board has launched blockchain based coffee e-marketplace. This is a pilot project
which is likely to help integrate the farmers with markets in a transparent manner and
lead to realization of fair price for the coffee producer. It will also reduce the number
of layers between coffee growers and buyers and help farmers double their income.
India is the only country in the world where entire coffee is grown under shade, handpicked and
sun dried. Coffee is produced in India by small coffee growers, tribal farmers adjacent to National
Parks and Wildlife Sanctuaries in Western and Eastern Ghats, which are two of the major bio-
diversity hot spots in the world. Indian coffee is highly valued in the world market and sold as
premium coffee. However, the share of farmers in the final returns from coffee is very meagre.
Blockchain based market place app for trading of Indian coffees is intended to bring in transparency in
the trade of Indian coffee, maintain the traceability of Indian coffee from bean to cup so as consumer
tastes real Indian coffee, the grower is paid fairly for his coffee produced. This initiative will reduce
grower’s dependency on intermediaries by providing direct access to buyers at a fair price for their
produce. The initiative will also help coffee producers find exporters within the stipulated time to
meet the growing demands and in building greater trust through increased transparency.
Coffee Board is in the process of developing Blockchain based marketplace application. This
platform has already registered a group of 15-20 coffee farmers, exporters, importers and retailers are
already registered on the platform from India and abroad. India is one of the few coffee blockchain
processors for coffee in the world, after France and Ethiopia.
The stakeholders like coffee farmers, traders, exporters register on platform to make trade transactions.
The coffee farmers register credentials like place where coffee is grown, details of crop, elevation
etc. A block is created for each lot farmer sells. The credentials of the lot are stored on the blockchain
throughout its journey and is immutable.
prevail in agricultural markets. The use of connectivity to nearby mandis, it will

blockchain technology in the coffee market help farmers fetch better prices for their
represents one such example (Box.1). agricultural produce. A combination of
Improving Infrastructure and Access to enhancing rural infrastructure to improve
Markets connectivity, Information, Communication
7.26 The informal actors like local traders Technology (ICT) to provide timely
and input dealers are more prominent in information about prices, aggregation and
the marketing channels of the smallholder storage facilities can help small and marginal
farmers. However, if farmers’ access farmers in overcoming the marketing
to markets are improved through better bottlenecks.
Box 2. Agricultural Marketing and Farmer Friendly Reforms Index (AMFFRI)
NITI Aayog launched in 2016 an index to rank States and UTs based on implementation of seven
provisions proposed under model APMC Act like joining e-NAM initiative, special treatment to
fruits and vegetables for marketing and level of taxes in mandis. These indicators reveal ease of
doing agribusiness as well as opportunities for farmers to benefit from modern trade and commerce
and have wider option for sale of her/his produce. These indicators also represent competitiveness,
efficiency and transparency in agri markets. The second area of reforms captured by the index include
facilitation and liberalization of land lease. The third area included in the index represent freedom
given to farmers for felling and transit of trees grown on private land. This represent opportunity to
diversify farm business.
The Index is named as “Agricultural Marketing and Farmer Friendly Reforms Index (AMFFRI)”
and it has a score that can have minimum value “0” implying no reforms and maximum value “100”
implying complete reforms in the selected areas. States and UTs have been ranked using this index.
Ranking of States in terms of implementation of marketing and other farmer friendly reforms
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
Goa
Delhi UT
Assam
Mizoram
Tripura
Haryana
Uttar Pradesh
Punjab
Andhra Pradesh
Karnataka
Nagaland
Jharkhand
Tamil Nadu
Meghalaya
Gujarat
Chhattisgarh
Lakshadweep
Telangana
Odisha
Rajasthan
Jammu & Kashmir

Sikkim
Arunachal Pradesh
Himachal Pradesh
Uttarakhand
Madhya Pradesh
West Bengal
Chandigarh
Puducherry
Maharashtra
Source: NITI Aayog Study Report on Agricultural Marketing and Farmer Friendly Reforms across Indian
States and UTs, October, 2016.
Ranking of States based on AMFFRI

No state in the country has implemented the entire set of market reforms. Also, land leasing and
harvest and marketing of some tree species on private farm land are subjected to various degrees
of restrictions in almost all the States/UTs. The State of Maharashtra achieved first rank in
implementation of various reforms. The State has implemented most of the marketing reforms and it
offers best environment for doing agri-business among all the States/UTs. Gujarat ranks second with
a score of 71.5 out of 100, closely followed by Rajasthan and Madhya Pradesh.
The State of Karnataka, which is considered progressive in implementing market reforms, did not
figure among the top states for two reasons. It is lagging in liberalization of land lease and restrictions
on felling of trees on private land. Two, it is not yet integrated with eNAM. However, the State has
its own Unified Market Platform operated by ReMS, which has all the provisions as envisaged under
eNAM. If this reform in the State is treated at par with eNAM, then Karnataka earns additional score
of 7.4. This increases the score of the State in AMFFRI from 55.5 to 62.9 and raises its rank from
8th place to the 6th place.
Agriculturally developed State of Punjab ranks 14th with a score of 43.9. This is because of poor
implementation of market reforms in the State.
Almost two third States/UTs could not reach even halfway mark of reforms score. Major States
like U.P., Punjab, West Bengal, Assam, Jharkhand, Tamil Nadu and J&K are in this group. It is
also pertinent to mention that some States/UTs do not have APMC Act. It is a challenge to provide
ranking to these States in market reforms.
ROLE OF EXTENSION SERVICES the information needs of small and marginal

farmers. Secondly, the report highlighted the
7.27 Agricultural extension plays a key role in
need to bring small and marginal farmers
boosting agricultural productivity, enhancing
within the framework of extension services.
food security, improving rural livelihoods and
changing farmers’ preferences and farming 7.28 As per the latest ‘NSSO Report on
practices positively (for example, adoption Some Aspects of Farming in India, 2012-13’
of better quality seeds and cutting down loss reflects results of the survey that collected
by getting their crops insured). A Report on information regarding the agricultural
Review of Agricultural Extension in India, household’s access to technical advices
2010 by IFPRI had highlighted the increasing specific to the crops they harvested during
need to share knowledge and skills in order the two halves of the agricultural year July
to provide locally relevant services that meet 2012- June 2013.
Figure 7: Distribution of Agricultural Households by Source of Accessing

Technical Advice
Any Agent 41 35
NGO 11
Veterinary Department 8 7
Radio/T.V./Newaspaper/Internet 20 17
Progressive farmers 20 18
Private commercial agents 7 7
Agricultural University/College 11
Krishi Vigyan Kendras 3 2
Extension Agent 6 4
0 10 20 30 40 50
Percentage
Households reporting acess in season Jan-June, 2013(%) Households reporting acess in season July-Dec 2012 (%)
Source: NSS Report No. 573: Some Aspects of Farming in India, 2012-13.
7.29 The farmers tend to access technical during the period July-December 2012
advice more during the second half of accessed technical advice on agriculture
the year i.e., during January-June (Figure from some of the listed sources (Any
7). About 41 per cent of the agricultural agent). ‘Progressive farmer’ and ‘radio/
households engaged in crop production TV/newspaper/internet’ were the two
most accessed sources for technical advice Adoption of Accessed Advice and Its
by the agricultural households during Usefulness
this period; 20 per cent of the agricultural
households reported accessing technical 7.30 The adoption of technical advice was
advice from these two sources. There is highest among the agricultural households
thus greater scope to improve services by that received advice from veterinary
Krishi Vigyan Kendras (KVKs) and department and progressive farmers during
agricultural universities in agriculture both the halves of the agricultural year
advisory services. and was the least for the source radio/TV/
newspaper/internet.
Table 5: Accessing Agricultural Households Who Adopted Technical Advice
Accessing
Adopting
households who
households who reported the
adopted advice
Sources advice as useful during the
during the season
season Jan-June, 2013
Jan-June, 2013
(per cent)
(per cent)
Extension Agent 86 94
Krishi Vigyan Kendra 79 98

Agricultural university
81 93
/college
Private commercial agents (including
87 96
drilling contractor)
Progressive farmer 92 97
Radio/t.v./newspaper/internet 64 95
Veterinary department 92 98
NGO 85 99
Any agent 85 NA
Source: NSS Report No. 573: Some Aspects of farming in India, 2012-13.
NA: Data not available.
7.31 Among the households that had adopted Trend of Expenditure on Agriculture
the received technical advice, majority Research & Education
of them found the advice to be beneficial
which reflects the significance of extension 7.32 There has been an increasing trend in
services in agriculture. the expenditure on agricultural research and
education as a percentage of total agricultural
GVA with an exception of 2017-18.
Figure 8: Share of Expenditure on Agriculture Research & Education in
Agricultural GVA (in per cent)
0.40 0.37
0.36
0.35 0.33
0.32
0.30 0.30 0.30
0.30
0.25
0.20
0.15
0.10
0.05
0.00
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
Source: Expenditure Budget
AGRICULTURAL CREDIT distribution of agricultural credit in India

7.33 The access to timely credit or finance (Figure 9) shows that the distribution of
is a critical determinant of profitability credit is highly skewed. It is seen that the
of agriculture. If credit is not available to distribution of agricultural credit is low in
purchase seeds at the time of sowing, or North Eastern, Hilly and Eastern States. The
if lack of credit delays the administering share of North Eastern States has been less
of fertilizers, it can severely impact than one per cent in total agricultural credit
agricultural productivity. The regional disbursement.
Figure 9: Percentage of Agricultural Credit Disbursement
15.00
14.00
13.00
12.00
11.00
10.00
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
-
Assam
Bihar
Goa
Kerala
Tripura
Haryana
Jharkhand
Mizoram
Punjab
Uttar Pradesh
Karnataka
Nagaland
Meghalaya
Tamil Nadu
Uttrakhand
Gujarat
Jammu & Kashmir
Orissa
Rajasthan
Telangana
Chattisgarh
Sikkim
West Bengal
Madhya Pradesh
Maharashtra
Arunachal Pradesh
Himachal Pradesh
Andhra Pradesh
Manipur
2012-13 2014-15 2018-19*
Source: Department of Agriculture Cooperation and Farmers Welfare.

*As on September 2018
7.34 The financial inclusion in the eastern the crops (crop residues, hay and straw) are
and north eastern India is relatively less as used as input for dairy production, in addition
compared to the South and West (Crisil, to other inputs for which they have to directly
2018)9. The small and marginal holdings incur costs (cattle feed, veterinary medicines
constitute majority (more than 85 per cent) and artificial insemination). Animal dung and
of total operational holdings in the eastern urine are used as inputs (bio-fertilizers and
region, north-eastern region and central bio pesticides) by farmers to improve soil
region, which warrants greater distribution fertility.
of agricultural credit disbursement to this
region. Animal Husbandry and Dairying
ALLIED SECTORS: ANIMAL 7.36 India ranks first in milk production,
accounting for 20 per cent of world
HUSBANDRY, DAIRYING AND
production. Milk production in India has
FISHERIES been increasing steadily over the years from
7.35 Livestock, poultry, dairying and fisheries 55.6 million tonnes in 1991-92 to 176.3
is a sub-sector of agriculture that provides million tonnes in 2017-18, at an average
livelihood to agricultural households during annual growth rate of 4.5 percent. But there
phases of seasonal unemployment. According exists wide inter-state variability in milk
to the 19th Livestock Census, India has vast production (Figure 10). The per capita
resource of livestock comprising about 300 availability of milk is determined by the
million bovines, 65.1 million sheep, 135.2 production of milk in the State. While the All
million goats and 10.3 million pigs. Livestock India per capita availability of milk is 375
farming in India is part of a composite farming grams per day, it varies between 71 grams
system characterized by crop-livestock per day in Assam to 1120 grams per day in
interactions. The by-products from several of Punjab.
Figure 10: Inter-State Variability in Milk Production & Per Capita Availability
33.00 1120 1200

30.00 1005
27.00 834
1000
Milk Availability
Milk Production (mt)
24.00
21.00 800
574 592
18.00 542 505 600
15.00 401
12.00 359
313 300 400
239 256
9.00 192
132 153
6.00 71 200
3.00
0.00 0
Source: National Dairy Milk

Development
ProductionBoard.
(million tonnes) Per Capita Milk avilability (gms/day)
9
Crisil Inclusix, Februray,2018
Domestic Demand and Price of Milk cent in 2014-15, it increased only by 2.91 per
7.37 An analysis of the data on production of cent in 2016-17 (Table 6). There are three key
milk and its wholesale price index shows that drivers of increasing milk demand viz; (i)
though production of milk has been rising population growth (ii) urbanization and (iii)
at an increasing rate, the change in its price income growth which leads to an increase in
shows a fluctuating trend. After rising 9 per the price of milk10.
Table 6: Milk Production and WPI of Milk

Wholesale Price Index % Change in % Change in
Year Milk Production
(WPI) of Milk Production Price
2012-13 132.4 107.6 - -
2013-14 137.7 116 4.00 7.81
2014-15 146.3 126.6 6.25 9.14
2015-16 155.5 130.5 6.29 3.08
2016-17 165.4 134.3 6.37 2.91
2017-18 176.3 139.7 6.59 4.02

Source: National Dairy Development Board and Price Data from O/o Economic Adviser
7.38 Of the total milk produced in rural and is a supplementary source of income for
areas around 52 per cent is the marketable farmers during lean seasons especially for
surplus. Of this surplus less than half of marginal, women and landless farmers.
the milk sold is handled by the organized 7.40 Small ruminants have higher survival
sector comprising of dairy cooperatives and rates under drought conditions compared
private dairy companies and the rest by the to large ruminants. Moreover, because of
unorganized sector. their higher reproductive rates and smaller
Small Ruminant Sector reproductive cycle flock numbers can be
restored more rapidly. With regard to goats,
7.39 As per the 70th round of NSSO, livestock water economy is also an important biological
rearing was the principal source of income feature. Due to their short reproductive cycles
to about 3.7 per cent of the agricultural (short kidding interval) and high incidence of
households. Sheep and goat are collectively multiple births, there is potential for a higher
known as small ruminants. India supports annual off take of goats than seen with cattle
16.1 per cent of the world’s goat population & buffaloes. This allows farmers/producers
and 6.4 per cent of its sheep (Food & a quick interval of selling part of their flock
Agriculture Organisation). Nationally, total and generating cash income. Sheep/goats can
livestock population is 512.1 million, of also efficiently survive on available shrubs
which goat and sheep population stands at and trees in adverse harsh environment in low
200 million (39 per cent of the country’s total fertility lands where no other crop or animals
livestock population). Sheep/Goat rearing is can survive except some rare exceptions like
practiced mainly by resource-poor families camel.
10
Vision 2022, Dairy Development by Department of Animal Husbandry and Dairying.
Box 3: Schemes/Initiatives to Improve Productivity of Livestock and Dairy Sector
Rashtriya Gokul Mission (RGM): To undertake breed improvement programme for indigenous
breeds so as to improve the genetic makeup and increase the stock. Indigenous cattle are well known
for their quality of heat tolerance and ability to withstand extreme climatic conditions.
E Pashu Haat Portal: Under the scheme National Mission on Bovine Productivity, E Pashudhan
Haat portal was developed for connecting breeders and farmers regarding availability of quality
bovine germplasm. Through the portal, breeders/farmers can sell or purchase their breeding stock.
Information on all forms of germplasm including semen embryos and live animals with all the
agencies and stakeholders in the country has been uploaded on the portal.
National Livestock Mission: National Livestock Mission ensures intensive development of livestock,
especially small livestock (sheep/goat, poultry rearing etc.) along with adequate availability of
quality feed and fodder.
Livestock Health & Disease Control Scheme: Assistance provided under the Scheme for
prevention and control of animal diseases like Foot and Mouth Disease (FMD), Peste des Petits
Ruminants, (PPR), Brucellosis, Classical Swine Fever etc. In order to strengthen and expand the
trained veterinary manpower, the number of recognized veterinary colleges has been increased.
Dairy Development: The Government is making efforts for strengthening infrastructure for
production of quality milk, procurement, processing and marketing of milk and milk products
through the following dairy development schemes viz; National Programme for Dairy Development,
National Dairy Plan (Phase-I), Dairy Entrepreneurship Development Scheme, Dairy Processing and
Infrastructure Development Fund (DIDF).
Fisheries Sector and possibilities in the fisheries sector,

a separate Department of Fisheries was
7.41 Fisheries is a fast-growing sector in
created in February 2019. The Government
India, which provides nutrition and food has merged all the schemes of fisheries
security to a large population of the country Sector into an umbrella scheme of ‘Blue
besides providing income and employment Revolution: Integrated Development and
to more than 14.5 million people. India Management of Fisheries’ focusing on
is the second largest fish producer in the increasing fish production and productivity
world with a total production of 13.7 million from aquaculture and fisheries resources, both
metric tonnes in 2018-19 of which 65 per inland and marine. Towards realization of
cent was from inland sector. Almost 50 per these objectives the creation of the Fisheries
cent of inland fish production is from culture and Aquaculture Infrastructure Development
fisheries, which constitutes 6.5 per cent of Fund (FIDF) was approved with a total fund
global fish production. The sector has been size of `7522.48 crore.
showing a steady growth in the total gross
value added and accounts for 5.23 per cent 7.43 While enhancing incomes through
livestock development and fisheries sector, it
share of agricultural GDP. Fish and fish
is significant to integrate the SDGs of ensuring
product exports emerged as the largest group
incomes and livelihoods for the poor. This
in agricultural exports and in value terms
must be undertaken without compromising
accounted for `47,620 crore in 2018-19.
the needs of the future generation by over
7.42 Foreseeing the vast resource potential exploiting/depleting marine resources.
Box 4: Draft National lnland Fisheries and Aquaculture Policy (NIFAP), 2019
Although inland fisheries and aquaculture have grown in absolute terms, the development in terms
of its potential is yet to be realized. The unutilized and underutilized vast and varied resources, in the
form of 191,024 km of rivers and canals, 1.2 million hectares of floodplain lakes, 2.36 million hectares
of ponds and tanks, 3.54 million hectares of reservoirs and 1.24 million hectares of brackish water
resources offer great opportunities for livelihood development and ushering economic prosperity. As
the sector is extremely diverse and dynamic, there is a need to streamline policies and programmes,
infuse public and private investments, and take R&D benefits to the farmers and fishers. These will
help to bring optimal resource utilization and development of the sector as an instrument of growth.
Major Policy Recommendations in the NIFAP, 2019
Inland fisheries: The policy measures recommended for inland fisheries include: (i) conserving
indigenous resources, and restoring natural ecosystem of rivers, (ii) transferring management of
fisheries in manmade reservoirs to the state fisheries departments for scientific enhancement and
efficient governance, (iii) conserving and restoring ecosystem in natural wetlands, and (iv) bringing
policies, law, and conservation programmes for development of fisheries in the Himalayan and
north-eastern states.
Aquaculture: Measures recommended for development of aquaculture include: (i) developing state
and area-specific action plans, (ii) redefining land use categories to include fisheries and aquaculture
as components of agriculture, (iii) developing separate programmes for small farmers, (iv) simplifying
requirements for registration and leasing of farms, (v) encouraging private sector in production of
seed, feed and other aquaculture inputs, and (vi) developing the required regulatory frameworks.
Other policy measures include: (i) making registration of all aquaculture inputs compulsory,
(ii) regulating exotic species, (iii) improving disease surveillance, (iv) diversifying species, (v)
developing post-harvest and marketing infrastructure, (vi) strengthening fisheries cooperatives,
(vii) strengthening of current welfare and social protection programmes in convergence with other
similar schemes to enhance fishers and farmers’ welfare, (viii) Strengthening of inland fisheries and
aquaculture database through census at regular intervals covering inland fisheries and aquaculture
and (ix) gender equity through empowerment of women and strengthening their organization and
leadership capabilities.
FOOD SECURITY AND FOOD (GFSI), 2018 considered four core issues
MANAGEMENT IN INDIA of food security across 113 countries: (i)
affordability, (ii) availability, (iii) quality
7.44 Food security exists when all people, & safety and (iv) natural resources and
at all times, have physical and economic resilience. The GFSI ranks countries on
access to sufficient, safe and nutritious food a score of 0-100 based on the first three
that meets their dietary needs and food
categories while natural resources and
preferences to ensure an active and healthy
resilience is used as an adjustment factor. A
life (FAO, 2018). The timely availability
rank of 100 is considered most favourable.
and affordability of food are critical for a
GFSI’s major goal is to assess in a timely
developing country like India.
manner which countries are most and least
Food Security vulnerable to food insecurity (Table 7).
7.45 The Global Food Security Index
Table 7: India’s Food Security Score, 2018

Score India’s
India of All Rank out
Category (Score) Countries of 113
(average) Countries
OVERALL 50.1 58.4 76
1) Affordability 46.4 56.3 73
2) Availability 54.1 60.3 70
3) Quality and Safety 48.2 58.2 79
1) AFFORDABILITY
1.1) Food consumption as a share of household expenditure 53.5 55.6 61
1.2) Proportion of population under global poverty line 66.0 80.9 87
1.3) Gross domestic product per capita (US$ PPP) 5.0 16.7 73
1.4) Agricultural import tariffs 46.4 75.4 108
1.5) Presence of food safety net programmes 50.0 65.5 66
1.6) Access to financing for farmers 75.0 62.6 43
2) AVAILABILITY
2.1) Sufficiency of supply 27.4 56.8 100
2.2) Public expenditure on agricultural R&D* 0.0 15.6 62
2.3) Agricultural infrastructure 41.7 58.7 78
2.4) Volatility of agricultural production 93.5 86.4 39
2.5) Political stability risk 70.6 46.8 18
2.6) Corruption 25.0 37.6 49
2.7) Urban absorption capacity 94.8 76.9 3
2.8) Food loss 86.4 84.9 70
3) QUALITY AND SAFETY
3.1) Diet diversification 39.7 56.0 81
3.2) Nutritional standards 100.0 80.1 1
3.3) Micronutrient availability 26.5 43.9 98
3.4) Protein quality** 18.5 47.2 98
3.5) Food safety 91.3 80.3 70
Source: Global Food Security Index, 2018, Economic Intelligence Unit, The Economist
Note: * It is a measure of govt spending on R&D taken as a per cent of GDP. Taken from OECD and Agricultural
Science & Technology Indicators. ** measures the amount of high-quality protein in the average national diet.
7.46 India’s food security challenges lie in (ii) Undertake procurement of food
the areas of low GDP per capita, sufficiency grains through FCI and decentralised
of supply, public expenditure on R&D and procurement by State Agencies
protein quality (Table 7). India ranks No.1 (iii) Maintain buffer stocks; and
in Nutritional standards. India’s overall Food
Security Score is 50.1 out of 100 which (iv) Open market sale of wheat and rice to
ranks India 76 out of 113 countries. This check inflation.
reflects the need for India to further improve MSP and Foodgrains Procurement
the management of food supply in various
7.48 The Minimum Support Price (MSP)
aspects.
is announced for 22 crops before the sowing
7.47 The Central Government takes several season. The objective is to give guaranteed
steps to prudently manage foodgrain stock, to prices and assured market to the farmers and
ensure adequate availability of wheat and rice protect them from price fluctuations. In 2018-
in the Central pool, to keep a check on the 19, the government raised the MSP of both
open market prices, to augment the domestic kharif and rabi crops to ensure a return of at
availability of wheat and rice, and to ensure least 50 per cent above the cost of production to
food security. The Government specifically enhance farmers’ income. An increase in MSP
leads to increase in production, but only about
undertakes the following measures:
one-third of the total production of foodgrains
(i) Announcing Minimum Support Prices are procured. The rest of the foodgrains are
and Central Issue Price sold in the open market (Table 8).
Table 8: Foodgrains Production, Procurement & Offtake (In million tonnes)
Foodgrains Procurement Offtake (TPDS Balance

Foodgrains
Years Production (% share in + Welfare stock as
Procurement
minus pulses Production) schemes of 1st July
2015-16 235.22 64.91 27.6 53.73 54.72
2016-17 251.98 61.14 24.3 56.45 49.85
2017-18 259.60 69.10 26.6 57.85 53.48
2018-19 257.36 75.28 29.3 56.40 65.14

Source: Foodgrain Bulletin, DFPD.
7.49 In States like Punjab, Haryana, tonnes, the stock of food grains in the
Chhattisgarh, Uttar Pradesh, Madhya Central Pool continues to be in excess of the
Pradesh etc. where MSP procurement is prescribed buffer stock norms. As on 1st July,
well established, there arise problems in 2018, the Central stock was 65 million tonnes
storage of foodgrains. The procurement from against the norm of 41 million tonnes.
these States exceeds the buffer stock norms The government tries to liquidate excess
fixed by the Government in 2015 (Table 8). stocks through open market sale to bulk
While the offtake of food grains from the buyers above the reserve price, which
Central Pool for TPDS and other welfare equals the MSP plus the procurement
schemes varies between 53-58 million cost. Bulk buyers prefer wheat over rice
and in 2018-19 about nine million tonnes export subsidy. Moreover, this would expose
was sold in the open market of which India to disputes in the multilateral trade
8.2 million tonnes was wheat. Exports of framework. Exports of food grains by FCI
food grains by FCI at prices lower than the either as aid or commercial sale has been less
reserve price would effectively imply and than 1 million tonnes.
Table 9: Foodgrains Stocking Norms for Central Pool from January, 2015
(in million tonnes)
Date Rice Wheat
Total food
Operational Strategic Operational Strategic grains
Total Total
stocks Reserve stocks Reserve
1st April 11.58 2.00 13.58 4.46 3.00 7.46 21.04
1st July 11.54 2.00 13.54 24.58 3.00 27.58 41.12
1st October 8.25 2.00 10.25 17.52 3.00 20.52 30.77
1st January 5.61 2.00 7.61 10.8 3.00 13.80 21.41
Source: Department of Food and Public Distribution.
7.50 According to an Evaluation Study provided to States undertaking decentralized

on Minimum Support Price conducted by procurement. The acquisition and distribution
Development Monitoring & Evaluation costs of procuring food grains for the central
Office (DMEO), NITI Aayog (January 2016), pool constitute the economic cost. The
in majority of the sample states, farmers are difference between the per quintal economic
unaware of the MSP announcement before cost and the per quintal Central Issue Price
the sowing season. In Eastern India, in States (CIP) gives the quantum of per quintal
such as Assam, West Bengal, the poor impact consumer subsidy.
of the scheme could be judged from the fact
that none of the selected farmers were even 7.52 The economic cost of wheat for FCI
aware of the existence of such a scheme. operations has increased from `1908.32 per
In certain cases, though aware of the MSP, quintal in 2013-14 to `2435.23 per quintal
the absence of procurement centres in the in 2018-19. Similarly, the economic cost of
villages, transportation costs, reluctance of rice has increased from `2615.51 per quintal
mill owners to buy small quantities from the in 2013-14 to `3472.94 per quintal in 2018-
farmers remain stumbling blocks. 19. However, the CIP of wheat and rice for
Food Subsidy NFSA beneficiaries has not been revised
from `200 per quintal in case of wheat and
7.51 Food subsidy comprises of two main
`300 per quintal in case of rice. These rates
components. The first component includes
were fixed under the National Food Security
subsidy provided to the Food Corporation of
Act, 2013 initially for a period of three years
India (FCI) for procurement and distribution
of wheat and rice under the National Food from the date of commencement of the Act
Security Act (NFSA), 2013 and other welfare (July 13, 2013). Thereafter, they were to be
schemes and for maintaining the buffer stock fixed by the Central Government from time
of food grains as a measure of food security. to time, while not exceeding the minimum
The second component comprises subsidy support price.
7.53 In order to ensure food security to the Distribution System (TPDS). The BPL/APL
vulnerable sections, Government continues categories were required to pay higher CIPs.
with the subsidized pricing under NFSA.
This has resulted in widening of the gap 7.54 The NFSA provides a wider coverage
between the economic cost and CIP and than the erstwhile TPDS. It also made the
the per quintal food subsidy incurred by the Antyodaya CIPs uniformly applicable to all
Government has risen substantially over the NFSA beneficiaries. APL/BPL categorization
years. The subsidized CIPs of `3/2/1 per kg was done away with under NFSA. The wider
for rice, wheat and coarse grains respectively coverage provided under the Act together with
under NFSA were earlier applicable only to lower CIPs have obvious implications for the
the Antyodaya Anna Yojana Families (which food subsidy bill. The trend in the amount of
constitute about 2.5 crore poorest of the food subsidy released by the Government of
poor households) under the Targeted Public India since 2012-13 may be seen in Figure 11.
Figure 11: Expenditure on Food Subsidy (` Crore) & Annual Growth Rate (%)
160000 26.1 30.0

140000 25.0
19.2 19.6
120000
16.8 20.0
Food Subsidy
100000
Annual Growth
15.0
80000 9.4
6.1 10.0
60000
5.0
40000
20000 -3.2 0.0
0 -5.0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19*
Food Subsidy (Rs. crore) Annual Growth (per cent)
Source: Department of Food & Public Distribution.

*As on 05.03.2019
For sustainability of food security operations, designated depots of the FCI. The State
the issue of burgeoning food subsidy bill Governments are responsible for allocation
needs to be addressed. and distribution of food grains involving
identification of eligible beneficiaries/
Computerization of Targeted Public families, issuance of ration cards to them and
Distribution System supervision and monitoring of functioning of
7.55 The Targeted Public Distribution Fair Price Shops (FPSs).
System (TPDS) is operated under the joint 7.56 Instructions have been issued to
responsibility of the Central and State/UT States/UTs and Food Corporation of India
Governments. The Central Government (FCI) to ensure supply of good quality food
is responsible for procurement, allocation grains under PDS. Therefore, as and when
and transportation of food grains upto the complaints are received by the Government
from individuals and organizations as well as Order, 2015 is liable for penal action under the
through press reports, they are sent to State/ Essential Commodities Act, 1955. Thus, the
UT Governments concerned for inquiry and Order empowers State/UT Governments to
appropriate action. An offence committed in take punitive action in case of contravention
violation of the provisions of TPDS (Control) of relevant provisions of these Orders.
Table 10: Achievements of TPDS Computerisation
Scheme Components Achievement
Digitization of ration cards/

Completed in all States/UTs
beneficiary’s data
Completed in all States/UTs except UTs of Chandigarh &
Online allocation of food grains
Puducherry, which have adopted DBT/Cash transfer scheme
Computerization of supply chain Completed in 25 States/UTs and the work is in progress in the
management remaining States/UTs
Transparency portals Set up in all States/UTs
Intra-State portability of ration cards

to enable purchase from any FPS in Operational in 11 States
the State
Toll-free helplines/online registration facility is available in
Grievance redressal facilities
all States/UTs
7.57 To modernize and bring about intervention, the TPDS has become more
transparency in the TPDS operations, the transparent at the FPS. However, there needs
Central Government is implementing the to be holistic monitoring along the supply
Scheme ‘End-to-end Computerisation of chain to completely prevent the diversions
TPDS Operations’11 on cost sharing basis with and leakages of foodgrains and also to
the States/UTs. The validity of the scheme maintain the quality of foodgrains distributed
was extended upto March 2019. The scheme through the FPS.
provides for digitization of ration cards
7.59 There are 5.33 lakh Fair Price Shops
and beneficiary records, computerization
(FPSs) and over 23 crore ration card holders
of supply chain management, setting up of
in the country as on March 2019. About 3.95
transparency portal and grievance redressal
lakh FPSs have been automated by installing
mechanisms. The outcomes of the scheme
the electronic point of sale device. However,
are given at Table 10.
the level of computerization of FPSs across
7.58
Through technology and digital States is not uniform (Figure 12).
11
The Justice Wadhwa Committee Report for PDS (2011) divided computerization into two parts: a first one to
prevent diversion, and a second one to enable secure identification at ration shops. The Committee has recognized
Chhattisgarh as a model state for the first component, and Gujarat as a model for the second.
Figure 12: End-to end Computerization in Fair Price Shops
100.00
90.00
80.00
Percentage of FPS
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
Bihar
Kerala
Haryana
Goa
Assam
Uttar Pradesh
Tripura
Jharkhand
Karnataka
Punjab
Meghalaya
Andhra Pradesh
Telangana
Tamil Nadu
Gujarat
Odisha
Chhattisgarh
Rajasthan
Jammu & Kashmir
Lakshadweep
Arunachal Pradesh
Uttarakhand
Sikkim
Himachal Pradesh
Andaman & Nicobar Islands
West Bengal
Daman and Diu
Madhya Pradesh
Maharashtra
CHAPTER AT A GLANCE
 Although, contribution of Agriculture’s Gross Value Added (GVA) to overall GVA has
been declining (14.4 per cent in 2018-19) it is still a crucial sector, as a large proportion
of the population engage in agriculture. Furthermore, agriculture is critical for the
country’s food security. Gross Capital Formation (GCF) in agriculture as percentage
of GVA declined to 15.2 per cent in 2017-18 and the role of public sector in GCF in
agriculture has increased.
 The number of operational land holdings and area under operation have shifted towards
small and marginal farmers. Women’s participation in agriculture has increased and
their concentration is highest (28 per cent) among small and marginal farmers.
 Around 89 per cent of groundwater extracted is used for irrigation and crops such as
paddy and sugarcane consume more than 60 per cent of irrigation water. Focus should
shift from land productivity to ‘irrigation water productivity’. Therefore devising
policies to incentivize farmers to improve water use should become a national priority.
Thrust should be on micro-irrigation that can improve water use efficiency.
 Fertilizer response ratio has been declining over time. Organic and natural farming
techniques including Zero Budget Natural Farming (ZBNF) can improve both water
use efficiency and soil fertility.
 Adopting appropriate technologies through Custom Hiring Centers and implementation
of ICT are critical to improve resource use efficiency among small and marginal farmers.
 Diversification of livelihoods is critical for inclusive and sustainable development in
agriculture and allied sectors. Policies should focus on (i) dairying as India is the largest
producer of milk;(ii) livestock rearing particularly of small ruminants; and (iii) fisheries
sector, as India is the third largest producer.
ANNEXURE-1
ACTION PLAN FOR DOUBLING THE INCOME OF FARMERS

The Government has set a target of doubling of farmers’ income by the year 2022. For the
said purpose, the Government had constituted an Inter-Ministerial Committee to examine issues
relating to Doubling of Farmers’ Income (DFI) and recommend strategies. The Committee has
identified seven sources of income growth viz, improvement in crop productivity; improvement
in livestock productivity; resource use efficiency or savings in the cost of production; increase
in the cropping intensity; diversification towards high value crops; improvement in real prices
received by farmers; and shift from farm to non-farm occupations. Several initiatives have
already been rolled out on the recommendations of DFI Committee which inter-alia include
advocating progressive market reforms through the State Governments, Encouraging contract
farming through the State Governments by promulgating of Model Contract Farming Act,
Up-gradation of Gramin Haats to work as centers of aggregation and for direct purchase of
agricultural commodities from the farmers, e-NAM to provide farmers an electronic online
trading platform, Distribution of Soil health Cards to farmers so that the use of fertilizers can
be rationalized, Increase water efficiency through Pradhan Mantri Krishi Sinchayee Yojana
(PMKSY)-“ Per drop more crop”, Better insurance coverage to crops for risk mitigation under
Pradhan Mantri Fasal Bima Yojana (PMFBY), providing total interest subvention up to 5 per
cent (inclusive of 3 per cent prompt repayment incentive) on short-term crop loans up to R3 lakh,
thus making loan available to farmers at a reduced rate of 4 per cent per annum and extended
the facility of Kisan Credit Card (KCC) for animal husbandry and fisheries related activities as
well as Interest Subvention facilities to such categories of farmers.
Giving a major boost for the farmers’ income, the Government has approved the increase in the
Minimum Support Price (MSPs) for all Kharif & Rabi crops for 2018-19 season at a level of at
least one and half times of the cost of production.
Further, with a view to provide social security net for small and marginal farmers as they have
minimal or no savings to provide for old age and to support them in the event of consequent
loss of livelihood, the Government has decided to implement a new Central Sector Scheme
for providing old age pension of R3000/- to the eligible small and marginal farmers, subject to
certain exclusion clauses, on attaining the age of 60 years. The scheme aims to cover around
5 crore beneficiaries in the first three years. It would be a voluntary and contributory pension
scheme, with entry age of 18 to 40 years. The Government has approved a budgetary provision
of R10774.50 crore for the scheme till March 2022.
The Government has constituted an Empowered Body on 23.01.2019 for monitoring the
implementation of the recommendations of the DFI Strategy.
Source: Ministry of Agriculture & Farmers Welfare.

Industry and Infrastructure
08
CHAPTER
Sloth makes all things difficult, but industry, all things easy.
— Benjamin Franklin
The king shall promote trade and commerce by setting up trade routes by land and by
water and market town/ports.
— The Arthashastra
The story of economic growth is half-documented without narrating the story of industry-
infrastructure nexus. India, being home to more than 133 crore people, needs to build a
robust industry with a buoyant and resilient infrastructure. The industrial growth rate
in terms of Index of Industrial Production (IIP) during 2018-19 stood at 3.6 per cent as
compared to 4.4 per cent growth rate in 2017-18. The moderation in 2018-19 has been
mainly due to subdued manufacturing activities in Q3 and Q4 due to slower credit flow
to medium and small industries, reduced lending by NBFCs owing to liquidity crunch,
tapering of domestic demand for key sectors such as automotive sector, pharmaceuticals,
and machinery and equipment, volatility in international crude oil prices etc. Meanwhile,
the eight core infrastructure supportive industries have achieved the overall growth rate of
4.3 per cent during 2018-19 similar to the increase achieved in 2017-18. The Government
has initiated a number of measures in crucial sectors to accelerate higher manufacturing
growth such as Start-up India, Ease of doing Business, Make in India, Foreign Direct
Investment Policy reforms. India has considerably improved its ranking to 77th position in
2018 among 190 countries assessed by the World Bank Doing Business Report, 2019 in
which India has leapt 23 ranks over its rank of 100 in 2017.
A robust and resilient Infrastructure is fundamental and essential for budding industries.
While India has invested in its infrastructure over the years, the challenge is to mobilize
adequate investment in infrastructure sector which runs into several trillions of dollars.
The investment gaps in the infrastructure would have to be addressed through various
innovative approaches with the collaboration of both public and private sector.
INDIAN INDUSTRY: AN OVERVIEW of the Annual National Income 2018-19

8.1 Industry plays a decisive role in released by Central Statistics Office (CSO),
determining the overall growth of an the growth of industry real Gross Value
economy. The industrial sector performance Added (GVA) was higher at 6.9 per cent in
during 2018-19 has improved as compared 2018-19 as compared to 5.9 per cent in 2017-
to 2017-18. As per the provisional estimates 18 (Table 1). Construction and manufacturing
sectors have experienced 8.7 per cent and The IIP assigns a weight of 77.63 per cent
6.9 per cent growth rate respectively during to manufacturing sector, 14.37 per cent to
2018-19. The mining and quarrying sector mining sector and 7.99 per cent to electricity
has experienced sluggish growth in 2018-19 sector. The industrial growth rate in terms of
as compared to 2017-18. IIP was 3.6 per cent in 2018-19 as compared
to 4.4 per cent in 2017-18. The Mining,
Index of Industrial Production (IIP)
Manufacturing and Electricity sectors
8.2 The IIP is a measure of industrial registered positive growth rates of 2.9 per
performance which sheds some light on cent, 3.6 per cent and 5.2 per cent respectively
where we stand in terms of industrial growth. in 2018-19. (Table 2).
Table 1: Gross Value Added in Industry Sector
Sectors Growth rate of GVA at constant prices Share of GVA at

(in per cent) current prices (in per
cent)
2016-17 2017-18 2018-19 (P)^ 2018-19 (P)^
Mining & Quarrying 9.5 5.1 1.3 2.4
Manufacturing 7.9 5.9 6.9 16.4
Electricity, Gas, Water 10.0 8.6 7.0 2.8
Supply & Other Utility
Services
Construction 6.1 5.6 8.7 8.0
Industry 7.7 5.9 6.9 29.6
Source: Central Statistics Office (CSO). ^ P: Provisional estimates
Table 2: Growth Rates of IIP (Base: 2011-12) (in Per cent)
Sector/ UBC Weight 2016-17 2017-18 2018-19 (P)

Sectoral classification
Mining 14.3725 5.3 2.3 2.9
Manufacturing 77.6332 4.4 4.6 3.6
Electricity 7.9943 5.8 5.4 5.2
General Index 100.00 4.6 4.4 3.6
Use Based Classification (UBC)
Primary goods 34.0486 4.9 3.7 3.5
Capital goods 8.2230 3.2 4.0 2.8
Intermediate goods 17.2215 3.3 2.3 -0.5
Infrastructure/ construction goods 12.3384 3.9 5.6 7.5
Consumer durables 12.8393 2.9 0.8 5.5
Consumer non-durables 15.3292 7.9 10.6 3.9
Source: CSO. P: Provisional
Industry and Infrastructure 199
8.3 In terms of use-based classification of moderate growth of 2.8 per cent in 2018-19
IIP, the index of infrastructure/construction which is indicative of shortfall in investment
goods remained higher at 7.5 per cent in activities. Overall investment as indicated
2018-19 driven by the robust performance by the real gross fixed capital formation has
of cement and steel sectors (Figure 1). increased by 10 per cent in 2018-19. But its
Large scale public spending has boosted the share in GDP at current prices is estimated
demand for these sectors. Primary goods and to be only marginally higher at 29.3 per cent
consumer non-durables have registered a during 2018-19. Within consumer goods,
positive growth rate of 3.5 per cent and 3.9 per consumer durables have shown improved
cent in 2018-19 respectively. On the other performance with a growth of 5.5 per cent in
hand, the capital goods sectors registered a 2018-19.
Figure 1: Monthly growth (in per cent) of IIP (Use based classification)
20
15
10
5
0
-5
-10
-15
Primary Goods Capital Goods

Intermediate Goods Infra/construction Goods
Consumer Durable Goods Consumer Non Durable Goods
Source: CSO.
8.4 The Index of eight core industries Fertilizers registered positive growth
measures the performance of Coal, Crude rate in 2018-19 with Cement and Coal
Oil, Natural Gas, Petroleum Refinery registering a higher growth rate of 13.3
Products, Fertilizers, Steel, Cement and per cent and 7.4 per cent respectively
Electricity. The eight core industries (Table 3). The growth rate of 3 months
comprise about 40.3 per cent weight moving average Month-on-Month (M-o-M)
in the IIP. The overall Index of of IIP, eight core industries and
eight core industries registered a growth manufacturing sector during 2017-18
rate of 4.3 per cent in 2018-19 similar to the and 2018-19 (in per cent) shows that the
increase achieved in 2017-18. The production three indicators move simultaneously and
of Coal, Steel, Cement, Electricity, started improving from February 2019
Refinery Products, Natural Gas and (Figure 2).
Table 3: Growth in production of Eight Core Industries (in Per cent)
Sector Weight 2016-17 2017-18 2018-19 (P)
Coal 10.3335 3.2 2.6 7.4

Crude Oil 8.9833 -2.5 -0.9 -4.1
Natural Gas 6.8768 -1.0 2.9 0.8

Refinery Products 28.0376 4.9 4.6 3.1
Fertilizers 2.6276 0.2 0.03 0.3
Steel 17.9166 10.7 5.6 4.7
Cement 5.3720 -1.2 6.3 13.3
Electricity 19.8530 5.8 5.3 5.2
Overall Index 100.00 4.8 4.3 4.3
Source: Office of the Economic Adviser, DPIIT; P : Provisional
Note: The industry-wise weights indicated above are individual industry weight derived from IIP and blown up
on pro rata basis to a combined weight of Index of Core Industries equal to 100.
Figure 2: Growth rate of 3 Months Moving Average Month-on-Month (M-o-M) of IIP,

Eight Core Industries and Manufacturing sector in 2017-18 and 2018-19 (in Per cent).
Source: Office of the Economic Adviser, DPIIT & CSO.

Central Public Sector Enterprises per cent to `1,28,374 crore during 2017-18.
(CPSEs) Further, the CPSEs contribution to the total
Central Exchequer decreased by 2.98 per
8.5 The CPSEs play a significant role in
cent in 2017-18 as against the previous year.
Indian economy. According to Department
A comparative analysis of the performance of
of Public Enterprises, there are 339 CPSEs as
on 31 March, 2018. Out of these 339 CPSEs, a few CPSEs vis-a-vis private sector using 5
257 are in operation and 82 are non-operational year average net profit margin (in per cent)
during 2017-18. Out of the operating 257 in selected sectors show that there is a great
CPSEs, 184 CPSEs were profit making, 71 scope for improvement for CPSEs in some
loss making and 2 CPSEs at no profit no sectors as the private sector firms have
loss. The profit of profit making CPSEs (184) performed relatively better than the public
stood at `1,59,635 crore, while the loss of sector firms (Figure 3). The return on assets
loss-making CPSEs (71) stood at `31,261 and return on equity depicts a similar picture
crore during 2017-18. The overall net profit of the public and private firms in these
of the 257 operating CPSEs went up by 2.29 selected industries.
Figure 3: Performance of a few CPSEs vis-a-vis Private sector in terms of 5 year average
Net Profit Margin in selected sectors (in per cent).
Defence: Oil Production & Exploration: Oil Refineries:
Power Equipment: Steel: Fertilizers:
Source: CMIE
Corporate sector Performance moderation was observed in nominal sales

growth of manufacturing companies due to
8.6 Growth of sales (YoY) of over 1700 subdued demand conditions faced by textiles;
non-governmental non-financial (NGNF) iron and steel; motor vehicles and other
listed manufacturing companies was 21.6 transport equipments. On the positive side,
per cent in Q1, 19.3 per cent in Q2 and 13.2 the demand scenario improved for consumer
per cent in Q3 during 2018-19. According to driven sectors such as food products,
RBI, NGNF listed manufacturing companies beverages and pharmaceuticals. The capacity
posted double digit growth rate in nominal utilization of India’s manufacturing sector
sales in Q4 of 2016-17 and continued its increased to 75.9 per cent in Q3 of 2018-
recovery path till Q2 of 2018-19 with minor 19 which is higher than Q3 of 2017-18
moderations in between. In Q3 of 2018-19, (Table 4).
Table 4: Growth of Sales, Net Profits and Capacity Utilisation for

the Corporate Sector (in Per cent)
Item 2016-17 2017-18 2018-19
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Sales -1.0 3.7 4.9 10.2 8.9 9.5 14.0 13.4 21.6 19.3 13.2
Net Profit 28.8 27.5 57.5 22.2 -33.6 -4.0 -2.4 6.3 59.8 29.4 43.1
Capacity Utilisation 71.7 72.0 71.0 74.6 71.2 71.8 74.1 75.2 73.8 74.8 75.9
Source: RBI.
Note: The sales and net profits of over 1700 listed manufacturing companies and capacity utilisation on a sample
of over 800 responding Companies.
Gross Capital Formation in Industrial cent in 2016-17 to 7.6 per cent in 2017-18,
Sector showing upward momentum of investment
in industry. The Mining & Quarrying,
8.7 As per the data on national income,
consumption expenditure, saving and Manufacturing, Electricity, Gas, Water
capital formation released by CSO on Supply & Other Utility Services and
31 January, 2019, the rate of growth of Construction had registered a growth rate of
Gross Capital Formation (GCF) in industry 7.1 per cent, 8.0 per cent, 6.1 per cent and 8.4
has registered a sharp rise from (-) 0.7 per per cent respectively in 2017-18 (Table 5).
Table 5: Growth rate of GCF by Industry (at 2011-12 constant prices) (in Per cent)
2015-16* 2016-17# 2017-18@

Industry 11.1 -0.7 7.6
Mining & Quarrying -19.6 16.4 7.1
Manufacturing 11.4 1.3 8.0
Electricity, Gas, Water Supply & Other Utility Services 22.4 -12.9 6.1
Construction 2.6 10.1 8.4
Source: CSO
Note:*= Third Revised Estimates, #=Second Revised Estimates, @=First Revised Estimates
Credit Flow to the Industrial sector construction, infrastructure, other industries

increased in 2018-19 while a sharp decline was
8.8 According to RBI, the growth in gross
noticed in industries like textiles, petroleum,
bank credit flow to the industrial sector has
increased by 6.9 per cent in March, 2019 coal products and nuclear fuel, basic metal
compared to the increase of 0.7 per cent in & metal products in 2018-19. Mining and
March, 2018. Credit flow to industries like quarrying, food processing, vehicles, vehicle
chemicals and chemical products, cement and parts and transport equipment registered
cement products, all engineering industries, lower growth rate in 2018-19 (Table 6).
Table 6: Growth of Industry-wise deployment of Gross Bank Credit (in Per cent)
2017-18* 2018-19**
Industry 0.7 6.9
Mining and Quarrying (including Coal) 19.7 1.1
Food processing 6.8 1.1
Textiles 6.9 -3.0
Petroleum, coal products & nuclear fuel 9.4 -3.1
Wood and Wood Products 3.3 10.2
Chemicals and Chemical Products -5.5 17.5
Glass and glassware products 6.5 17.0
All engineering 3.8 8.6
Cement & cement products -3.1 5.9
Basic metal & metal products -1.2 -10.7
Vehicles, Vehicle Parts and Transport equipment 7.0 1.4
Construction 9.5 10.4
Infrastructure -1.7 18.5
Other industries -4.2 6.8
Source: RBI
Note: * End March 2018 over end March 2017 : ** End March 2019 over end March 2018
Key Initiatives taken to boost Industrial of the existing rules and introduction of
Sector in India information technology to make governance
8.9 The Government of India has taken more efficient and effective. As per the World
several industry specific reform initiatives Bank Doing Business (DB) Report released
since 2014 that has significantly improved on 31 October 2018, India has considerably
the overall business environment. To improve improved its ranking to 77th position among
ease of doing business, the emphasis has been the 190 countries and has leapt 23 ranks over
given to simplification and rationalization its previous rank of 100 (Figure 4).
Figure 4: India’s ranking in World Bank Ease of Doing Business Reports
8.10 The World Bank Doing Business Report its rank in 6 out of 10 indicators and has
2019 covers 10 indicators which span the moved closer to international best practices
life-cycle of a business. India has improved (Distance to Frontier score) (Figure 5).
Figure 5: India’s progress in Ease of Doing Business Report Rankings

Start-up India had announced the “Start-up India, Stand-

up India” initiative on August 15, 2015. The
8.11 Start-ups drive economic growth, initiative aims to create an ecosystem that is
create employment and foster a culture of conducive for the growth of Start-ups. A plan
innovation. In order to promote innovation comprising 19 action points was unveiled
and entrepreneurship among enterprising on January 16, 2016. As on March 1, 2019,
youth, the Hon’ble Prime Minister of India 16,578 new start-ups were recognized
across 499 districts, 47 per cent Start-ups as ‘One Stop Shop’ for the start-up ecosystem
from Tier II and III cities and 46 per cent in which 2,37,902 users have availed free Start-
of Recognized Start-ups have at least one up India Learning Program to build business
woman director. Steps are taken for easing plans, 647 Start-ups supported through
regulations such as exemption from Income dedicated facilitation services, 1,262 start-
tax on investments raised by Start-ups, 22 ups connected to mentors, etc. Maharashtra,
regulatory reforms implemented to improve followed by Karnataka and Delhi, are among
Ease of Doing Business for Start-ups, Self- the top ten performers in terms of State-wise
certification regime for six labour laws and distribution of recognized Start-ups in India
three environmental laws, Start-up India Hub (Table 7).
Table 7 : Major State-Wise Distribution of recognized Start-ups in India (in per cent)
Sl. No. State / Union Territory Percentage of Recognized Start-ups

1 Maharashtra 18.91
2 Karnataka 14.67
3 Delhi 13.38
4 Uttar Pradesh 8.23
5 Telangana 5.59
6 Haryana 5.33
7 Tamil Nadu 5.18
8 Gujarat 5.17
9 Kerala 4.00
10 West Bengal 3.03
Source: DPIIT
8.12 As per industry-wise distribution of Healthcare and Life Sciences at around

recognized start-ups, IT Services accounted 9 per cent and education at 8 per cent
for around 15 per cent followed by (Table 8):
Table 8: Major Industry-Wise Distribution of Recognised Start-ups in India (in per cent)
Sl. No. Industry Per centage of Recognized Start-ups

1 IT Services 15.23
2 Healthcare & Life sciences 8.97
3 Education 8.07
4 Professional & Commercial Services 4.15
5 Food & Beverages 4.01
6 Agriculture 3.73
7 Finance, Technology 3.10
8 Renewable Energy 3.09
9 Internet of Things 3.05
10 Technology Hardware 3.04
Source: DPIIT
Foreign Direct Investment (FDI) IIP is 7.22 per cent and it accounts for 7.53
per cent of the Wholesale Price Index (WPI).
8.13 FDI is a major driver of economic
Globally, India is the second largest producer
growth as it enhances productivity by
of crude steel in the world surpassing Japan
bringing capital, skills and technology to
with a global share of 6 per cent. During
the host country. The Government is playing
2018-19, crude steel’s production stood
a proactive role in investment promotion
at 106.56 million tonnes, witnessing a
through a liberal FDI policy. During 2018-
growth rate of 3.3 per cent over the
19, total FDI equity inflows were US$44.36
corresponding period of 2017-18 at 103.13
billion as compared to US$44.85 billion
million tonnes with utilisation capacity of
during 2017-18. Out of FDI equity inflows
77.24 per cent.
of US$44.36 billion during 2018-19, more
than 70 per cent have come mainly from 8.15 India is the third largest consumer of the
Singapore, Mauritius, Netherlands, Japan finished steel after China and USA, however,
and United Kingdom. its per capita consumption is only 69 kg as
SECTOR WISE ISSUES AND against the global average of 214 kg (Figure
PERFORMANCES 6). With huge investments in infrastructure,
construction and automobile sector, steel
Steel demand and corresponding consumption is
growing at an average of 7.4 per cent. This
8.14 The steel sector is one of the core will lead steel production to go up to 255
industries in the economy that have strong million tonnes by 2030 and per capita steel
forward and backward linkages in terms of consumption to 160 kg.
material flows and income generation. As
per estimates, the Steel industry directly 8.16 In the global scenario, the year 2018-
contributes to about 1.4 to 2 per cent of 19 witnessed weakening of steel market
India’s GDP and its weightage in the official fundamentals, increase in trade friction,
Figure 6: Per capita consumption per kg of Indian steel sector
from 2012 to 2018 (in Kg)
Source: Ministry of Steel & World Steel Association

imposition of protectionist measures and faces high tariffs in partner country markets
excess steel capacity. Pursuant to the for leather goods and non-leather footwear.
imposition of trade restrictive measures by In order to address these challenges, a
USA, European Union and Canada, India’s special package of `2600 crore under the
exports have declined. The total export with scheme Indian Footwear and Accessories
highest volume of 9.62 million tonnes during Development Programme is being
2017-18 fell to 6.36 million tonnes during implemented (2017-20). The special package
2018-19. On the other hand, imports have for the leather industry has the potential to
gone up particularly from Korea, Japan generate 3.24 lakh new jobs in three years
and ASEAN countries. India remained an and assist in formalization of 2 lakh jobs.
importer of finished steel at 7.84 million
tonnes during 2018-19 as against 7.48 million Gems and Jewellery
tonnes during 2017-18. 8.20 The gem and jewellery sector
8.17 The National Steel Policy, 2017 gives contributes to exports and employment
broad policy directives to the industry for generation of around 5 million. During the
encouraging long-term growth for Indian year 2017-18, the gem and jewellery exports
steel on both supply and demand fronts. It were 13.69 per cent of total merchandise
envisages focus on domestic production exports in the country. With a view to
especially of value added steel in order to strengthen the sector, the Government has
meet the growing demand. Further, there is taken a number of steps, such as establishment
a need for investment in capacity addition of Special Notified Zone, setting up of
and infusion of modern technology for Common Facility Centres for gems and
production.
jewellery sector, creation of separate ITC HS
8.18 Some of the key challenges faced Code for lab grown diamond, reduction of
by the Indian steel Industry are capacity GST rates for cut and polished diamonds and
expansion as the demand for steel is bound to precious stones, exempting Integrated Goods
rise with economic growth. High grade and and Service Tax on import of gold by specified
value-added steel are used in power, defence agencies and banks, exemption from GST
and automobile which is currently imported. on supply of gold by nominated agencies to
Difficulties in acquiring mining lease and exporters and providing financial assistance
high dependency on import of coking coal for participation of international fairs. To
add to cost of steel production. High logistics
strengthen the domestic manufacturing and to
costs also act as a major constraint.
help organise the small scale based domestic
Leather and Footwear jewellery industry, a Domestic Council for
Gems & Jewellery has been envisaged and
8.19 Indian leather and footwear industry, launched in January 2019.
a highly employment intensive sector, is the
second largest producer of footwear, second MSME
largest exporter of leather garments and fifth
largest exporter of leather goods. The global 8.21 The Micro, Small and Medium
demand for footwear is moving towards non Enterprises (MSME) sector in India plays a
leather footwear, while Indian tax policies crucial role by providing large employment
favour leather footwear production. India opportunities, industrialization of rural
areas, reducing regional imbalances, etc. manufacturing and 2.3 per cent to GDP.
Government is committed to supporting India has a share of 5 per cent of the
this important sector with better credit global trade in textiles and apparel. During
flow, technology upgradation, ease of doing 2018-19, the share of textile and clothing in
business and market access. In November India’s total exports stands at a significant 12
2018, Government made various key per cent. The sector is the biggest employer
announcements for faster growth of this after agriculture employing 4.5 crore people
sector and for promoting ease of doing directly and another 6 crore people in allied
business that included ‘in-principle approval’ sectors. Apparel also plays a critical role in
for loans up to `1 crore within 59 minutes improving social dynamics as mostly women
through online portal. Interest subvention are employed in the sector. Above all, the
of 2 per cent for all GST registered MSMEs backward linkages of the sector to the rural
on incremental credit up to `1 crore is also economy give huge opportunities to millions
being provided and will be in operation for of farmers, artisans, handloom and handicraft
a period of two financial years 2018-19 and manufacturers. The sector is perfectly aligned
2019-20 with an allocation of `975 crore. with Government’s key initiatives viz., Make
Small Industries Development Bank of India in India, Skill India, Women Empowerment
acts as the Nodal Agency for implementation and Rural Youth Employment.
of the Scheme. The term loan or working 8.24 The textile supply chain is perhaps
capital extended by Scheduled Commercial one of the most diverse in terms of the raw
Banks and RBI Registered Systemically materials used, technologies deployed and
Important Non-Banking Finance Companies products produced. However, the challenges
and Regional Rural Banks will be covered lie in the absence of scale or fragmented
under the Scheme. and scattered manufacturing. Except for the
spinning segment, all other sectors lack scale.
8.22 The Government has undertaken a While the ginning and spinning sectors are
number of schemes/programmes like the on par with international standards, marginal
Prime Minister’s Employment Generation technological gap exists in weaving,
Programme, Credit Guarantee Trust Fund for processing and embroidery and larger gaps
Micro and Small Enterprises, Credit Linked in knitting, technical textile and garmenting
Capital Subsidy Scheme for Technology segments. In recent times, several developing
Up-gradation, Scheme of Fund for countries, enjoying zero/preferential duty
Regeneration of Traditional Industries, access to key markets, have become major
and Micro and Small Enterprises- competitors of India in the garments sector.
Cluster Development Programme for Indian exports of apparel continue to face
the establishment of new enterprises and higher average tariffs in external markets
as compared with competing nations which
development of existing ones.
enjoy duty free access.
Textiles and Apparels
8.25 To address the issue of competitiveness
8.23 Indian textile industry, the second and to boost textiles and apparel exports,
largest manufacturer and exporter in Government announced a Special Package
the world, contributes 12.65 per cent to for garments and made-ups sectors. The
package offers Rebate of State Levies, labour and tertiary productive activities cannot
law reforms, additional incentives under function”. The very success of social and
Amended Technology Up-gradation Fund economic transformation of an economy
Scheme and relaxation of Section 80JJAA lies in providing inclusive and sustainable
of Income Tax Act. Further, the rates under infrastructure amenities to the people and the
Merchandise Exports from India Scheme pace of economic growth depends on how
have been enhanced from 2 to 4 per cent competently and judiciously an economy is
for apparel, 5 to 7 per cent for made-ups, able to address its infrastructure bottlenecks.
handloom and handicrafts from 1 November SDG goal number 9 aims to “Develop
2017. Products such as fibre, yarn and quality, reliable, sustainable and resilient
fabric in the textile value chain are being infrastructure, including regional and trans-
strengthened and made competitive through border infrastructure, to support economic
various schemes. Assistance is also provided development and human well-being, with a
focus on affordable and equitable access for
to exporters under Market Access Initiative
all”.
Scheme. Further, Government has enhanced
interest equalization rate for pre and post 8.27 The role of infrastructure development
shipment credit for the textile sector from 3 in economic growth has been well recognized
to 5 per cent with effect from 02 November, in the literature. The correlation between
2018. The benefit which was limited to only infrastructure investment and economic
manufacturers earlier has been extended to growth for India is very high (Figures 7
merchant exporters from 2019. to 10). The correlation of investments in
inland, road, rail and airport infrastructure
INFRASTRUCTURE to GDP are higher than 0.90 indicating that
8.26 In Economic literature, infrastructure there exists a strong correlation between
is popular by the name “Overhead Capital” GDP and investment in infrastructure.
or “Social Overhead Capital”. The famous This further reiterates the fact that massive
economist A.O Hirschman stated that investment is needed in infrastructure to
Social Overhead capital is the “basic achieve targeted economic growth in the
services without which primary, secondary country.
Figure 7: GDP & Inland transport Figure 8: GDP & Airport infrastructure
infrastructure investment investment
Figure 9: GDP & rail infrastructure Figure 10: GDP & road transport
investment investment
Source: Indian Public Finance Statistics, MOSPI & ITF-OECD (Rail Investment Data)
Note: beta is regression coefficient/slope, r2 is r squared, p is p-value
8.28 India needs to spend 7-8 per cent of its Road Sector
GDP on infrastructure annually, which
translates into annual infrastructure 8.29 Roads are part of an integrated multi-
investment of US$200 billion currently. modal system of transport which provides
However, India has been able to spend crucial links to airports, railway stations,
only about US$100-110 billion annually on ports and other logistical hubs and acts as a
infrastructure, leaving a deficit of around catalyst for economic growth by playing a
US$90 Billion per annum. Given the fiscal critical role in the supply chain management.
constraints that leave less room for expanding It is the dominant mode of transportation in
public investment at the scale required, there comparison with rail, air traffic and inland
is an urgent need to accelerate the flow of water-ways and accounts for about 3.14 per
private capital into infrastructure. With the cent of GVA and 69 per cent and 90 per cent
aim of boosting investment in infrastructure, of the country wide freight and passenger
National Investment and Infrastructure traffic respectively. India has a road network of
Fund has been created with a capital of about 58.98 lakh kms as on 31 March, 2017
approximately `400 billion to provide with rural roads constituting 70.65 per cent and
investment opportunities to commercially National highways constituting 1.94 per cent
viable projects. In addition, a Credit (Table 9). Ministry of Road Transport and
Enhancement Fund for infrastructure projects Highways (MORTH) declared 2018-19 as the
for increasing the credit rating of bonds floated ‘Year of Construction’, and has been making
by infrastructure companies is going to be constant efforts to expand and upgrade
launched in the country. A new Credit Rating the network of National Highways in the
System for infrastructure projects, based country as a result of which road
on Expected Loss approach, has also been construction in kms grew @ 30 kms per day
launched which seeks to provide additional in 2018-19 as compared to 12 kms per day in
risk assessment mechanism for informed 2014-15 (Table 10).
decision making by long-term investors.
Further, measures like infrastructure 8.30 The major constraints faced are
investment trusts and Real Estate Investment availability of funds for financing large
Trusts have been formulated to pool projects, lengthy processes in acquisition of
investment in infrastructure. land and payment of compensation to the
Table 9 : Road Length Category wise
Length of Roads Share of Total Roads

Category of Road
(km) (per cent)
National Highways (NHs) 1,14,158 1.94
State Highways 1,75,036 2.97
District Roads 5,86,181 9.94
Rural Roads(including JRY Roads) 41,66,916 70.65
Urban Roads 5,26,483 8.93
Project Roads 3,28,897 5.58
Total 58,97,671 100
Source: MORTH, Government of India
Table: 10: Road Length Awarded & Constructed (Length in km)
Information regarding Road Length Awarded & Constructed

during the period 2014 -15 to 2018-19
2014–15 2015–16 2016–17 2017-18 2018-19
Award of NHs/ Road projects 7,972 10,098 15,948 17055 5470
Construction of NHs/ Roads 4,410 6,061 8,231 9,829 10,824
Road construction per day 12 17 23 27 30
Source: MORTH, Government of India
beneficiaries, environmental concerns, time for leveraging both private and public
and cost overruns due to delays in project funding, streamlining land acquisition
implementation, procedural delays, lesser processes, issue of explicit guidelines on
traffic growth than expected increasing the standards of road construction in hill areas
riskiness of the projects resulting in stalled or etc.
languishing projects and shortfall in funds for
8.32 Huge investments have been made in
maintenance.
the sector with total investment increasing
8.31 The increase in the pace of construction more than three times from `51,914 crore
was achieved by introducing a proactive in 2014-15 to `158,839 crore in 2018-19.
sector policy to respond to the major In India, the investments in roads have been
challenges faced by the sector, including financed from budgetary support, internal
process streamlining indicating approval and extra-budgetary resources (IEBR) and
authorities with enhanced delegation of private sector investment. Budgetary Support
approval limits, putting in place mechanisms accounted for 48 per cent of the investments
for inter-ministerial coordination, detailing in 2018-19 and IEBR accounted for 39 per
steps to be taken for languishing projects, cent with private investment accounting for
introducing innovative project financing 14 per cent (Figure 11).
Figure 11: Investment in Road Sector (in ` crore)
350000
300000
250000
200000
Total Investment
150000
Private Sector investment
100000
IEBR
50000
Total Budgetary Support
0
Source: MORTH
8.33 Private sector investment has been tardy 8.35 Major outcomes in Road sector during
as private investors are interested in short the period 2014-15 to 2018-19 were
term investments while NHAI and NHIDCL construction of Eastern Peripheral
were looking for long-term borrowing Expressway, Delhi-Meerut expressway and
arrangements keeping in view long gestation Dhola-Sadiya Bridge. Eastern Peripheral
period of road projects. There are also the Expressway constructed with the objective to
associated risks from the projected revenue decongest the national capital by providing an
streams not materialising from tolls because alternate route to the traffic not destined for
of uncertainty of traffic. Delhi. Delhi-Meerut Expressway is the first
8.34 Central Road Fund (CRF) which is a national highway in the country with
major source of budgetary support for the 14 lanes, dedicated cycle tracks and
Highway sector was also amended by the pedestrian paths with several eco-friendly
Finance Act, 2018, and replaced by Central features. Dhola-Sadiya Bridge connects
Road and Infrastructure Fund (CRIF) Assam to Arunachal Pradesh and ensures
wherein the fund now is to be earmarked 24X7 connectivity.
for various infrastructure sectors such as
Railways
Transport, Energy, Water and Sanitation,
Communication, Social and Commercial 8.36 The history of rail transport in India
infrastructure. dates back to 1832. Being a cost-effective
long distant transport mode, Indian Railways freight showing an increase of 61.84 million
(IR) has witnessed commendable progress. In tonnes over the freight traffic of 2017-18 and
order to provide safe, secure and comfortable translating into an increase of 5.33 per cent.
journey to passengers, IR has taken numerous There is an increase of 2.09 per cent the
steps such as provision of lifts/escalators, number of passengers carried by IR during
plastic bottle crusher machines, mechanized 2017-18 as compared to 2016-17 and 0.64
cleaning and housekeeping etc. at major per cent increase in 2018-19 as compared to
stations. 2017-18.
8.37 Freight and passenger performance: 8.38 Rail Safety: The category-wise break-
Revenue Earning Freight loading up of consequential train accidents shows
(excluding loading by Konkan Railways) that the incident of train collisions has
by Indian Railways during 2017-18 was come down to zero in the year 2018-19
placed at 1159.55 million tonnes, as against (Table11). The incidents of derailment have
1106.15 million tonnes during 2016-17, decreased from 78 in 2016-17 to 46 in the
registering an increase of 4.83 per cent, year 2018-19. However, the occurrence of
with incremental loading of 53.40 million fire in trains has increased to six in the year
tonnes over 2016-17. In 2018-19, IR carried 2018-19 as compared to one in 2016-17
1221.39 million tonnes of revenue earning (Table 11).
Table 11: Rate of occurrence of rail accidents
Type of Accidents 2016-17 2017-18 2018-19
Collisions 5 3 0
Derailments 78 54 46
Manned Level Crossing
0 3 3
Accidents
Unmanned Level Crossing
20 10 3
Accidents
Fire in Trains 1 3 6
Miscellaneous 0 0 1
Total 104 73 59
Source: Ministry of Railways
8.39 Mission Electrification: IR has which constitutes 51.85 per cent of total
initiated a major electrification program for network and carries 64.50 per cent of
electrifying 100 per cent of its Broad Gauge freight and 53.70 per cent of coaching
network. This would reduce the nation’s
traffic. The pace of electrification
dependence on imported diesel oil. As on
01 April, 2019, Indian Railways has 35,488 accelerated and a total of 38,000 RKM has
Route Kilometre (RKM) of network been identified for electrification by 2021
commissioned on electric traction (Figure 12).
Figure 12: Trends of Electrification works sanctioned (Route Kilometre)
16000
14000 14149
12000
10000
8000
7176
6608
6000
4000
2569
2000
0 462
2014-15 2015-16 2016-17 2017-18 2018-19
Source: CORE Website https://core.indianrailways.gov.in
8.40 ‘Swachh Rail, Swachh Bharat’, obtain “Green Rating”. Similarly IR has also
mission focuses on cleanliness. As per the encouraged Green Certification of Workshop
swacch rail portal, Beas station ranked first and Production Units through Green
in India in the case of cleanliness among ‘A’ Industries Certification in collaboration
category stations and ‘Visakhapatnam’ tops with Confederation of Indian Industry. So
the list among ‘A1’ category stations. IR far 10 Railway Stations, 34 workshops and
has also made sincere efforts in the area of 4 production units have been green certified
energy and water conservation and there is by CII. The progress made in Swachh Rail,
an increasing competition among stations to Swachh Bharat is given in Table 12.
Table 12: Progress of Swachh Rail; Swachh Bharat

Status as on Status as on
Activity
31.03.2015 31.03.2019
Bio-toilets in passenger coaches 19746 Nos 195917 Nos
Mechanized cleaning contracts at stations 584 stations 890 stations
Plastic bottle crushing machines Nil 128 stations
Rag picking contracts 877 stations 1280 stations
Provided at some Provided at all major
Dustbins
stations only stations
EMS (ISO: 14001) certification Nil 8 stations
Funds allocated for Station sanitation (`) 294 Crore 643 Crore
No. of persons penalized for littering activities 3.7 lakhs 4.4 lakhs
Source: Ministry of Railways

Civil Aviation 2018-19, a total of 107 airports provided

scheduled airline operations. Based on
8.41 India’s scheduled domestic air
the performance of joint ventures in the
transportation for passengers and goods
airport sector, Government has decided to
has grown by 14 per cent and 12 per cent
lease out six brownfield airports of Airports
respectively in 2018-19. Domestic passenger
Authority of India (AAI) in Public-Private
traffic in revenue passenger kilometre (RPK)
recorded the fastest growth in the world at Partnership on Operation, Maintenance and
about 20 per cent for over 50 consecutive Development model (Guwahati, Lucknow,
months up to December 2018, which has Jaipur, Ahmedabad, Mangalore and
positively impacted India’s economy. Total Thiruvananthapuram), which is expected
domestic and international passengers were to enhance service quality at these airports
204 million in 2018-19. To meet the surging besides bringing enhanced revenue to
demand and providing air connectivity to AAI. The demand and supply trends in
remote regions, new Greenfield airports civil aviation shows that passenger demand is
are being rapidly developed. At the end of higher than the seat supply (Figure 13).
Figure 13: Indian Aviation Demand and Supply Trends

ASK of Scheduled Domestic RPK of Scheduled
Services (Bn) 157 135
Domestic Services (Bn)
135 117
117 99
98 81
85
67
2014-15 2015-16 2016-17 2017-18 2018-19

2014-15 2015-16 2016-17 2017-18 2018-19
ASK of Scheduled 112

102 RPK of Scheduled 90
International Services International Services 82
(Bn) 91
82 (Bn) 71
76 65
60
2014-15 2015-16 2016-17 2017-18 2018-19 2014-15 2015-16 2016-17 2017-18 2018-19
Source: DGCA data, 2019
ASK: Available Seat Kilometres; RPK: Revenue Passenger Kilometres
8.42 UDAN: Under “Ude Desh ka Aam already been provided to more than 22 States/
Naagrik-UDAN”, a total of 719 routes have UTs. Once all routes are operationalized,
been awarded in three rounds of bidding more than 1 crore RCS-UDAN seats will be
for regional connectivity, 182 of which are provided annually, and 21 States would have
operational (Table 13). The routes are widely more than 3 operational airports each. Prior
spread geographically providing connectivity to UDAN, only 7 States had more than 3
country-wide and ensuring balanced regional operational airports each. Overall, the scheme
growth, while making air travel convenient has provided connectivity to 23 unserved
and affordable. Currently, connectivity has airports out of the aim to operationalize 100
by the year 2026-27. UDAN (International) to Bangkok and Dhaka shortly. The benefit
Scheme has been launched recently, under of international connectivity is open to other
which Guwahati Airport will be connected cities as well.
Table 13 : Snapshot of Regional Connectivity Scheme (RCS-UDAN)
RCS Routes Number of RCS RCS routes

Scheme
awarded Airports + Heliports operationalized
UDAN-1 128 43 72
UDAN-2 312 30 Airports+31 Heliports 84
UDAN-3 279 42 Airports+10 Waterdromes 26

115 Airports+ 31 Heliports
UDAN (Total) 719 182
+ 10 Waterdromes
Source : Ministry of Civil Aviation
8.43 Air Cargo: Impressive double-digit to achieve fundamental re-engineering of

domestic air cargo growth of 12.1 per cent the whole-of-the-value-chains for domestic
in 2018-19 over 2017-18 was achieved and export-import air freight for reaching
and air cargo handled reached 3.6 MMT. the target of handling 10 million tonnes by
General cargo tonnage handled increased by 2026-27. The objectives are to leverage the
over 10 per cent per year in last four years Indian air cargo network to provide cargo
with courier services increasing by 17 per transportation by air at an affordable cost
cent. In conformance with the objectives of and connect every village to the national and
the holistic National Civil Aviation Policy, global supply chains. It also aims to make
2016, a number of initiatives and measures air cargo and logistics in India among the
were taken up. The first National Air Cargo most efficient, seamless, and cost and time
Policy’s outline was released at the Global effective in the world over a period of 10 years
Aviation Summit in January 2019. It aims (Figure 14).
Figure 14: Indian Air Cargo growth
3.6
3.4
3.0
(in Million Metric Tonnes)
2.7
2.4 2.5
2.3 2.2 2.3
2.0
1.6 1.7 1.7

8.44 MRO: High airport tariffs, royalty and competition amongst domestic airlines.
other charges, shortages of certain skilled Currently annual import of MRO services by
manpower in civil aviation sector and recourse airlines in India is about `9,700 crore.With
to overseas suppliers of Maintenance Repair airlines’ fleet growing annually by 100, the
& Overhaul (MRO) facilities, particularly for size of domestic and imported Indian airline
periodic engine, landing gears, propellers and MRO is set to grow annually to `21,600
airframes, besides the intensive and multiple crore in the next five years and to `36,000
checks at the end of lease tenor of aircraft, crore once the fleet size reaches 2,000 aircraft
have contributed to engendering cut-throat (Figure 15).
Figure 15. India MRO as of May 2019
Global MRO Sub-sectors (in per cent) Indian MRO Sub-sectors (in per
cent)
Compon
Line ents Line
17% 15% 17%
Engine
42%
Air frame
17%
Airframe Engine
34% 34%
Compone
nts
24%
8.45 Aviation Turbine Fuel: High and January 31, 2019, India had a fleet strength
unpredictable change in global crude oil prices of 1405 ships with dead weight tonnage
during 2018-19 have been compounded by a (DWT) of 19.22 million (12.74 million GT)
high domestic tax regime on aviation turbine including Indian controlled tonnage, with
fuel. These have led to the demand from Shipping Corporation of India (SCI) having
airline carriers and general aviation to bring the largest share of around 30.52 per cent. Of
the fuel within the ambit of GST with input this, around 458 ships of 17.58 million DWT
tax credit in order to create a level playing (11.26 million GT) cater to India’s overseas
field for them vis-à-vis international carriers. trade and the rest to coastal trade.
Shipping 8.47 Ports Sector: Port sector development

is very crucial for the development of any
8.46 Shipping plays a pivotal role in India’s economy. Ports handle around 90 per cent of
trade dynamics. As per the Indian Shipping EXIM Cargo by volume and 70 per cent by
Statistics 2018, “India had a fleet strength of value. In order to meet the ever increasing trade
1400 vessels with gross registered tonnage requirements, expansion of Port Capacity
(GRT) of 12.68 million as compared to fleet has been accorded the highest priority
strength of 1371 vessels with 12.35 million with implementation of well-conceived
GRT at the end of December 2017”. As on infrastructure development projects like
sagarmala, project Unnati etc. As per the Port Telecom Sector

Performance Benchmarking & Performance
Index published by Logistics Data Bank for 8.50 Telecommunication has been
February, 2019, Gateway Terminals India is in recognized world-over as a powerful tool of
the top performing category and International development and poverty reduction through
Container Transhipment Terminal, Kochi in empowerment of masses. Growth in the
the low performing category. telecom sector in India remains strong over
the last few years on the back of strong
8.48 Towards facilitating Ease of Doing
Business, Ministry of Shipping had identified consumer demand and supportive policies of
various parameters for reducing dwell the Government.
time and transaction costs in the major 8.51 From a low of 93.30 crore in 2013-
ports. These include elimination of manual 2014, total telephone connections in India
forms, accommodation for laboratories to touched 118.34 crore in 2018-19, registering
Participating Government Agencies, Direct a growth of 26.84 per cent (Figure 16). As
Port Delivery, Installation of Container
on March 2019, the total subscription stood
Scanners, E-delivery orders, Radio Frequency
at 118.34 crore out of which 51.42 crore
Identification based Gate-automation System,
connections were in the rural areas and
etc. These initiatives have already been
66.91 crore in the urban areas. The wire-
implemented at Jawaharlal Nehru Port Trust
less telephony now constitutes 98.17 per
and are being taken up in other major ports.
cent of all subscriptions whereas share of
8.49 Inland Water Transport: India’s first landline telephones now stands at only 1.83
inland waterway multimodal terminal per cent. The overall tele-density in India
(MMT) at Varanasi was inaugurated on 12 stands at 90.10 per cent, the rural tele-density
November 2018 by Hon’ble Prime Minister being 57.50 per cent and urban tele-density
and the first container consignment on Ganga being 159.66 per cent at the end of March
which had sailed from Kolkata was received 2019. The private sector dominated overall
at Varanasi MMT on the same day. The main connections with a share of 88.72 per cent
focus of MMT is to promote inland waterways (104.99 crore) at the end of March’19 while
as it is cheap and environment friendly. To the share of public sector was 11.28 per cent
enhance the access and establish alternative (13.35 crore).
connectivity to the North East through Indo-
Bangladesh Protocol route, dredging works Figure 16: Total telephone connections
between Ashuganj and Zakiganj and Sirajganj (in crore)
and Daikhawa in Bangladesh through 80:20
140
sharing (80 per cent by India and 20 per cent by 119.499 121.18 118.341
120
Bangladesh) have been awarded. In October 99.613
105.933
100 93.302
2018, a Standard Operating Procedure of 89.802
80
MoU on Passenger and Cruise service on the
60
Coastal and Protocol routes between India
40
and Bangladesh has been signed to enhance
bilateral movement of passengers/tourists.
20
The cargo traffic on National Waterways 0

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
was 55 million tonnes in 2017-18 and has

increased by 31 per cent in 2018-19. Source: Ministry of Telecommunications
8.52 India’s Mobile Economy: The of doorstep governance and availability of
mobile industry has witnessed exponential services, medical support, benefits transfers,
growth over the last few years driven by education, entertainment and build a digital
affordable tariffs, wider availability, roll payment, knowledge and services economy.
out of Mobile Number Portability (MNP), The Government has constituted High Level
expanding 3G and 4G coverage, evolving 5G India 2020 Forum to articulate the Vision
consumption patterns and a conducive for 5G in India and submitted its report
on “Making India 5G Ready” in August,
policy and regulatory environment. As per a
2018. Based on the recommendations of
GSMA report, the mobile industry supports
the forum, seven committees have been
about 6.5 per cent of India’s GDP. Telecom
constituted for action on Spectrum Policy,
industry contribution to GDP is expected to Regulatory Policy, Education and Awareness
reach 8.2 per cent by 2020. In 2018, mobile Promotion Program, Application & Use Case
technologies and services generated 4.6 per Labs, Development of Application Layer
cent of GDP globally, a contribution that Standards, Major Trials & Technology
amounted to US$3.9 trillion of economic Demonstration and Participation in
value added. By 2023, mobile’s contribution International Standards for 5G.
will reach US$4.8 trillion (4.8 per cent of
8.54 13-digit Machine to Machine (M2M)
GDP). The wider mobile ecosystem also
Numbering Plan for M2M communication:
supported a total of 32 million jobs (directly
M2M Communications /Internet of Things
and indirectly) and made a substantial (IoT) refers to technologies which involve
contribution to the funding of the public machines or devices communicating among
sector, with almost US$500 billion raised themselves through a network without human
through general taxation (before regulatory intervention. Sensors and communication
and spectrum fees). Further ahead, 5G modules are often embedded within M2M
technologies are expected to contribute devices, enabling data to be transmitted from
US$2.2 trillion to the global economy over one device to another device through wired
the next 15 years, with key sectors such as and wireless communications networks. The
manufacturing, utilities and professional/ transformational impact of M2M/IoT for
financial services benefiting the most from the common people will be realized through
the new technology. transformation of the way services are
designed and how they utilize information
Policy Initiatives to meet the needs of citizens more efficiently
and effectively.
8.53 Making India 5G ready by 2020: The
world is at the cusp of a next generation of 8.55 FDI in telecom sector: FDI has played
wireless technology-5G. The 5G has been a crucial role in shaping the progress of the
conceived as a foundation for expanding telecom sector over the years by providing
the potential of the Networked Society. The much needed finances for expansion of
landscape is expanding to include massive telecom infrastructure in the country. During
scale of “smart things” to be interconnected. 2018-19 FDI equity inflow touched US$2.67
For India, 5G provides an opportunity for billion – more than double rise from the level
industry to reach out to global markets, of US$1.3 billion witnessed in 2015-16. The
and consumers to gain with the economies substantial foreign inflows in the telecom
of scale and citizens to reap the benefits sector is indicative of the faith of global
community in Government policy, reforms 8.58 Refinery production (in terms of crude
and measures taken towards ease of doing oil processed), during 2018-19 was 257.20
business, as well as the bright prospects of MMT which was 2.09 per cent higher than
the telecom sector in the country. the production in year 2017-18. Refinery
production during March, 2019 was 22495.43
8.56 Digital Communications Commission:
TMT which is higher at 6.51 per cent
until recently known as the Telecom
compared to March, 2018 and 8.18 per cent
Commission, was set up by the Government
higher than the target for the month. There
of India vide resolution dated 11 April, 1989
are total 23 refineries in the country, 18
with administrative and financial powers
in the public sector, 2 in the joint venture
of the Government of India to deal with
sector and 3 in the private sector. Refinery
various aspects of Telecommunications.
capacity in India is projected to be 400
Vide Resolution dated 22 October, 2018, the
approximately MMTPA by the year 2030
‘Telecom Commission’has been re-designated
through capacity revamps/ expansions at
as the ‘Digital Communications Commission’
existing refineries and a number of grass-root
to ensure effective implementation and
refineries (Figure 18).
monitoring of the newly announced ‘National
Digital Communications Policy- 2018’. Policy Initiatives
Petroleum & Natural Gas 8.59 Ministry of Petroleum & Natural Gas
8.57 The Government aims to “Reform, has undertaken a series of reforms and new
Perform and Transform” the energy sector initiatives. Some of these include Hydrocarbon
of the country by achieving self-sufficiency. Exploration Licensing Policy (HELP)/
India’s primary energy demand is expected Open Acreage Licensing Policy (OALP),
to grow at a CAGR of 4.21 per cent during Discovered Small Field (DSF) Policy,
2017-2040, much faster than any major Policy to Promote and Incentivize Enhanced
economy in the world. There is thus a Recovery Methods for Oil and Gas, Policy
need to augment refining capacity to meet framework for exploration and exploitation
growing demand for petroleum fuels and of Unconventional Hydrocarbons under
petrochemicals, which play significant role existing Production Sharing Contracts
in sustaining GDP. Crude oil production (PSCs), Coal Bed Methane contracts and
during 2018-19 was 34.203 Million Metric Nomination fields, Policy for Relaxations,
Tonnes (MMT) which was 4.15 per cent Extensions and Clarifications under PSC
lower as compared to production achieved regime for early monetization of hydrocarbon
during 2017-18. Crude oil production during discoveries, Policy for early monetization of
March, 2019 was 2854.32 Thousand Metric Coal Bed Methane, Setting up of National
Tonnes (TMT) which is 12.99 per cent lower Data Repository, Appraisal of Unappraised
than target and 6.16 per cent lower compared areas in Sedimentary Basins, Re-assessment
with March, 2018 (Figure 17). Natural gas of Hydrocarbon Resources, Policy for
production during 2018-19 was 32.873 BCM Extension of PSCs, Policy framework to
which was 0.69 per cent higher than the streamline the working of PSCs in Pre-NELP
production achieved in 2017-18. and NELP Blocks.
____________
1
BP Energy Outlook 2019
Figure 17: Monthly Crude Oil Production (Quantity in TMT)
3200 2018-19 2017-18

3100 3041.65
3000
2900 2854.32
2800
2700
2600
2500
Source: Monthly Report, MoP&NG
Figure 18: Monthly Refinery Production (Quantity in TMT)
2018-19 2017-18
24000
23000 22495.43
22000
21000
20000 21120.72
19000
18000
Source: Monthly Report, MoP&NG
8.60 With a view to promote exploration, Programme reduced.

early monetization, incentivise production, (iv) No production and revenue sharing,
streamline procedure and promote ease of only statutory levies except in case of
doing business, a series of policy decisions windfall gain.
have been taken by the Government on 19
(v) Full marketing and pricing freedom
February, 2019 in the hydrocarbon sector, the
at Arm’s Length basis based on
highlights of which are given below:
competitive bidding.
(i) Weightage to Minimum Work (vi) Grant of concessional royalty, if
Programme (MWP) has been enhanced. production commences within 4 years
(ii) Revenue sharing ceiling at highest / 5 years.
revenue point to be set at 50 per cent. (vii) National Oil Companies (NOCs)
(iii) The timeline for completion of have been given freedom to choose
committing Minimum Work field specific implementation model
like Technical Services Model, Joint- constant efforts of Government to foster

Venture Model, Farming-out Model, investment in the sector. As a result, India
etc., for enhancing production. improved its ranking in the Energy Transition
(viii) New gas discoveries to get pricing and Index published by World Economic Forum
marketing freedom. (76th position). Fostering Effective Energy
Transition, 2019 report of WEF states that
(ix) NOCs have also been mandated to bid- “India, Indonesia and Bangladesh have made
out fields with complete marketing and
fast progress towards universal electrification
pricing freedom on revenue sharing
due to strong political commitment, a stable
model under the supervision of DGH.
policy regime, use of grid expansion, and
8.61 Pradhan Mantri Ujjwala Yojana decentralized generation sources, and a
(PMUY) was launched with the objective supportive environment for investment in
of providing LPG connections to five crore infrastructure.”
women belonging to the Below Poverty
8.63 Along with universal electrification,
Line (BPL) families over a period of three
commendable progress has been made in
years starting from 2016-17. The target was generation and transmission of electricity.
subsequently increased from 5 crore to 8 The installed capacity has increased from
crore to be achieved by 2019-20. More than 3,44,002 MW in 2018 to 3,56,100.19 MW
7.189 crore LPG connections have been in 2019. Total generation of energy during
released under this scheme as of 31 March, 2018-19 was 1376 BU (including imports and
2019. The original target of issuing 5 crore renewable sources of energy). The capacity
LPG connections was achieved by 3 August, of thermal power is 64 per cent followed by
2018, eight months in advance of the target. renewable energy (Figure 19). Further, more
Power Sector than 46 per cent of power generation comes
from private sector. In addition, the peak
8.62 Power sector in India has witnessed deficit i.e. the percentage shortfall in peak
a paradigm shift over the years due to the power supply vis-à-vis peak hour demand has
Figure 19: Total Power Generation Capacity as on

April, 2019 (Fuel-wise & Sector-wise)
RES Central
77,641.6 (86,596.6
MW MW)
21.8% 24.3%
Private
(1,64,427.7
Thermal MW)
Hydro
2,26,279.3 46.2%
45,399.2
MW MW State
12.7 % 63.5% (1,05,075.9
MW)
Nuclear 29.5%
6,780.0
MW
1.9%
Source: Ministry of Power

Figure 20: Electrification Status
Source: https://saubhagya.gov.in
declined from around 9 per cent in 2012-13 to in India has become an important and
0.8 per cent during 2018-19 (March 2019). irreversible process, and it is an important
determinant of economic growth and poverty
8.64 The Pradhan Mantri Sahaj Bijli Har
Ghar Yojana (SAUBHAGYA) was launched reduction. The process of urbanization
in October, 2017 with the aim of universal has been characterized by increase in the
household electrification by providing last mile number of large cities, although India may
connectivity and electricity connections to all be said to be in the midst of transition from
remaining un-electrified households in rural a predominantly rural to a quasi-urban
and all poor households in urban areas. As on society. Ministry of Housing and Urban
March 2019, 2.62 crore households have been Affairs (MoHUA) addresses various issues
electrified since the launch of SAUBHAGYA relevant to urban sector through appropriate
scheme (Figure 20). policy guidelines, subordinate legislation and
sectoral programmes.
Housing
Policy Initiatives
8.65 Housing is one of the fastest moving
sectors in the country. According to Census 8.66 The Real Estate (Regulation and
2011, 377.1 million Indians comprising 31.14 Development) Act, 2016 (RERA): One of the
per cent of the country’s population lived in important concerns in the real estate sector is
urban areas, which are projected to grow the legal battle being fought by home buyers
more than 600 million by 2031. Urbanization against the builders for delaying the housing
Table 14: Four rounds of SCM
Round 1 Round 2 Round 3 Round 4 Total

No. of selected cities 20 40 30 10* 100
Period of selection Jan 2016 May to Sep Jun 2017 Jan 2018
2016
Total No. of projects 829 1,959 1,891 472 5,151
Investment (in Rs. crores) 48,064 83,698 57,393 15,863 2,05,018
Avr. SCP size (in Rs. Crores) 2,403 2,092 1,913 1,586 2,050
Source : Ministry of Housing and Urban Affairs

Note: *Shillong selected as 100th Smart City in June 2018
projects. The RERA is one of the significant Smart Cities Mission

reforms implemented in the real estate sector. 8.68 Smart Cities Mission (SCM) was
The core objective of this transformative launched in June 2015 for a 5-year period
legislation is to ensure regulation and promote
with the objective of promoting cities
real estate sector in an efficient and transparent
that provide core infrastructure and give
manner and to protect the interest of home
a decent quality life to its citizens (Table
buyers. Rules under RERA has been notified by
30 States/UTs and 28 States/UTs have set up the 14). The strategic components of Smart
Regulatory Authorities. North Eastern States Cities initiative are area-based development
(Arunachal Pradesh, Meghalaya, Nagaland involving city improvement (retrofitting), city
and Sikkim) are under process to notify the renewal (redevelopment) and city extension
rules under RERA. Though RERA was not (Greenfield development) and a Pan-city
applicable in the state of Jammu & Kashmir, development in which Smart Solutions are
the State has notified its own legislation applied covering larger parts of the city. The
named as ‘The Jammu and Kashmir Real 100 cities under the Mission have proposed
Estate (Regulation and Development) Act, to execute 5,151 projects worth `2,05,018
2018’ on 16 December, 2018. crore in 5 years from their respective dates of
8.67 Pradhan Mantri Awas Yojana (Urban): selection. Financial innovation is in-built in
PMAY was launched on 25 June 2015 with the design of the programme. The distribution
the objective of providing housing facilities of funding from Central and State Government
to all the eligible families/beneficiaries by is `93,552 crore (45 per cent) and funds from
2022. So far 4,427 cities/towns have been PPP is `41,022 crore (21 per cent) (Figure 21).
included under PMAY (U). The duration Current Implementation Status
of the Mission is seven years (2015-16 to
8.69 Under the SCM, all 100 cities have
2021-22) and has four components: “In-
incorporated Special Purpose Vehicles
situ” Slum Redevelopment, Credit Linked
(SPVs), City Level Advisory Forums
Subsidy Scheme, Affordable Housing in (CLAFs) and appointed Project Management
Partnership with public or private sector Consultants (PMCs). Significant progress
and Beneficiary-led individual house has been made with respect to
construction/ enhancements. implementation of projects pertaining to
Figure 21: Source of funding under the Smart to the next stage of development. The first
Cities Mission framework on ‘Ease of Living’ Index for
cities was launched in June 2017 with the
Own Funds Others objective of framing an index to enable a shift
1% 8%
Debt/Loans to data driven approach in urban planning
4%
and management and promote healthy
competition among cities. As a part of
Public
Private improving the index, a new edition ‘The Ease
Centre &
Partnership
21%
State Govts of Living (EoL) Index 2019’ was introduced
45%
with more focus on outcomes and aims to
assess the ease of living of citizens across
three pillars such as quality of life, economic
ability and sustainability which are further
Convergence
21% divided into 14 categories across 50 indicators.
Another index, Municipal Performance
Source : Ministry of Housing and Urban Affairs Index (MPI), 2019, seeks to examine the
sectoral performance of municipalities across
Integrated Command and Control Centres,
a set of 5 verticals namely Service, Finance,
Smart Roads, Smart Water, Solar Rooftops,
Planning, Technology and Governance. The
and Vibrant Public Spaces (Table 15). EoL 2019 focuses on outcome indicators,
Other Smart Cities Mission Initiatives accompanied by MPI 2019 which would
assess the performance of cities based on
8.70 The Mission has launched several new enablers. The Ease of Living indicators are
initiatives that will not only ensure integrated strongly linked to Sustainable Development
development across various aspects of urban Goals (SDGs) and this exercise will help our
development but also catapult the mission Country to track and achieve SDGs.
Table 15: Progress achieved under Smart Cities Mission
Smart Command & Control Centres Smart water

•Completed- 16 cities (₹ 2, 927 cr) •Completed- 24 cities (₹ 1,218 cr)
•Work started- 44 Cities (₹ 4, 170 cr) •Work started- 54 cities (₹10,119 cr)
•Tendered- 11 cities (₹1,509 cr) •Tendered - 36 cities (₹9,614 cr)
Smart Roads Public Private Partnership

•Completed- 23 cities (₹ 835 cr) •Completed- 26 cities (₹2,282 cr)
•Work started -58 cities (₹9,511 cr) •Work started- 45 cities (₹10,552 cr)
•Tendered- 36 cities (₹4,119 cr) •Tendered- 36 cities (₹9,614 cr)
Smart Solar Vibrant Public Spaces

•Completed- 15 cities (₹ 113 cr) •Completed- 21 cities (₹277 cr)
•Work started -37 cities (₹707 cr) •Work started- 34 cities (₹4,688 cr)
•Tendered- 8 cities (₹140 cr) •Tendered- 20 cities (₹3,293 cr)
Source : Ministry of Housing and Urban Affairs

8.71 To drive the new urban transformation 8.73 One of the challenges facing this
agenda of the Government through sector is to devise a comprehensive
innovation and delivery, there is a growing resolution/ settlement option for projects
need to nurture a well-knit ecosystem of which are either stuck-up mid-way or
urban innovation to encourage innovation in wherein the arbitral disputes/ claims have
technology, governance, financing, and citizen not been settled. The need is to establish an
engagement. It is envisaged that NUIH with institutional mechanism to deal with time-
necessary physical and digital infrastructure bound resolution of disputes in infrastructure
will anchor the innovation efforts and build sectors. Further, private developers have
necessary capacity for urban transformation. faced issues of leveraged balance sheets and
NUIH will be the apex national level aggressive bidding making it difficult for
institution that will drive the MoHUA’s them to mobilize resources for completion
whole-of -system innovation through a Hub- of projects. Accordingly, Government
and-Spoke network across states and UTs has adopted the Hybrid Annuity Mode
and for delivering the capacity building and of PPP to encourage private participation
governance reforms in urban sector. in infrastructure projects. Government
contributes 40 per cent of the total project
Infrastructure Financing: Public
cost in the construction period, remaining 60
Private Partnerships (PPPs) per cent is paid as biannual annuity after the
8.72 Private investment in infrastructure completion of the project construction. The
has come mainly in the form of PPPs. HAM model is considerably de-risked for the
More than a third of the infrastructure private concessionaires. In order to discourage
investment in India in the past decade has aggressive bidding under HAM model, there
come from the private sector. PPPs help in is a provision of Additional Performance
addressing the infrastructure gap as well as Security which will be applicable in case
improving efficiency in infrastructure service the Bid Project Cost of the Lowest Bidder is
delivery. As per the Private Participation lower by more than 10 per cent with respect
in Infrastructure database of World Bank, to the estimated project Cost.
India is ranked second among developing
countries both by the number of PPP Projects WAY FORWARD
as well as the associated investments.
8.74 In a fast moving world to maintain
Indian private participation in infrastructure
growth momentum, India has to develop
program supports a number of PPP models
its industry and infrastructure. As an
including management contracts, Build-
emerging economy, the scope for Industry
Operate-Transfer (BOT) contracts, Design-
Build-Finance-Operate-Transfer contracts, 4.0 and Next generation infrastructure are
Rehabilitate - Operate - Transfer, Hybrid enormous. To experience the potential of
Annuity Model, and Toll-Operate-Transfer the perfect blend of Industry 4.0 and next
model. Under the BOT model, there are two generation infrastructure, it is necessary to
variants – BOT (Toll) and BOT (Annuity) clear the decks which are obstructing the
depending on who bears the traffic risk. In way forward. Industry 4.0 encompasses
the case of BOT (Toll), the traffic risk is automation in industrial sectors whereas next
borne by the PPP concessionaire while in generation infrastructure brings physical
the case of BOT (Annuity), it is borne by the infrastructure and technology like internet
Government (Public Authority). of things, automation together to maximize
the efficiency of physical infrastructure. For eager to bring their capital into developed
a smooth and fast travelling, India needs Indian states as compared to less developed
adequate and timely investment in quality states. Therefore, the real challenge lies in
infrastructure. bringing adequate private investment across
the country with the collaboration of public
8.75 In order to create a ten trillion
sector. Along with physical infrastructure;
dollar economy by 2032, India needs
provision of social infrastructure is also
a robust and resilient infrastructure.
equally important as these two would
Public investment cannot fund the entire
determine where India will be placed in the
infrastructure investment requirements of the
world by 2030.
country. Further, private players are usually
CHAPTER AT A GLANCE
 The industrial growth in terms of Index of Industrial Production (IIP) registered 3.6 per cent in
2018-19 as compared to 4.4 per cent growth rate in 2017-18. The moderation in IIP growth is
mainly due to subdued manufacturing activities in Q3 and Q4 of 2018-19.
 The overall Index of Eight Core Industries registered a growth rate of 4.3 per cent in 2018-19
similar to the increase achieved in 2017-18.
 India has considerably improved its ranking to 77th position in 2018 among 190 countries assessed
by the World Bank Doing Business (DB) Report, 2019 in which India has leapt 23 ranks over its
rank of 100 in 2017.
 Building sustainable and resilient infrastructure has been given due importance with the
formulation of sector specific programmes such as SAUBHAGYA scheme, PMAY etc.
 Road construction in kms grew @ 30 kms per day in 2018-19 as compared to 12 kms per day in
2014-15.
 Rail freight and passenger traffic grew by 5.33 per cent and 0.64 per cent respectively in 2018-19
as compared to 2017-18.
 Total telephone connections in India touched 118.34 crore in 2018-19.
 The installed capacity of electricity has increased from 3,44,002 MW in 2018 to 3,56,100 MW
in 2019.
 Public Private Partnerships are quintessential for addressing infrastructure gaps in the country.
 There is a need for establishing an institutional mechanism to deal with time-bound resolution of
disputes in infrastructure sectors.
Services Sector
09
CHAPTER
The services sector accounts for 54 per cent of India’s Gross Value Added (GVA).
Its growth rate moderated to 7.5 per cent in 2018-19 from 8.1 per cent in 2017-
18. The segments that saw deceleration are tourism, trade, hotels, transport,
communication and services related to broadcasting, public administration and
defence. Financial, real estate and professional services category accelerated.
An important finding is that India’s services sector does not generate jobs in
proportion to its share in GVA. This contrasts with the international experience.
India received 10.6 million foreign tourists in 2018-19 compared to 10.4
million in 2017-18. Foreign exchange earnings from tourism in India stood at
US$27.7 billion in 2018-19 compared to US$28.7 billion in 2017-18. Many
of the high frequency indicators, such as bank credit to services sector,
decelerated in 2018-19. However, the IT-BPM industry grew by 8.4 per cent in
2017-18 to US$167 billion and is estimated to have reached US$181 billion in
2018-19.
SERVICES SECTOR in the sub-sector ‘financial services, real

PERFORMANCE IN INDIA: estate & professional services’ picked up
AN OVERVIEW to 7.4 per cent in 2018-19 from 6.2 per
cent in 2017-18. Despite the recent growth
India’s Gross Value Added in the moderation, services sector growth continues
Services Sector to outperform agriculture and manufacturing
9.1 As per the provisional estimates for sector growth, contributing more than 60 per
gross value added (GVA), services sector cent to total GVA growth.
growth moderated in 2018-19 to 7.5 per
cent rate from 8.1 per cent in 2017-18 9.2 This moderation in the growth of
(Table 1). This was due to a deceleration the services sector was also reflected in
in the sub-sectors ‘trade, hotels, transport, some of the key high frequency indicators
communication & broadcasting services’ (Figure 1). Bank credit growth y-o-y to
to 6.9 per cent and ‘public administration services sector moderated significantly
and defence & others services’ to 8.6 per between September 2018 and February 2019
cent in 2018-19. On the bright side, growth although it has partly recovered. The Nikkei
Services Sector 229
Table 1: Services Sector Performance in India’s GVA
Share in GVA
Growth (per cent YoY)
(per cent)
Sector 2018-19 2016-17 2017-18 2018- 19 2018- 19 (P)
(P) (P)
Q1 Q2 Q3 Q4
Total Services (Excluding Construction) 54.3 8.4 8.1 7.5 7.1 7.3 7.2 8.4
Trade, hotels, transport, communication
18.3 7.7 7.8 6.9 7.8 6.9 6.9 6
and services related to broadcasting
Financial, real estate & professional

21.3 8.7 6.2 7.4 6.5 7 7.2 9.5
services
Public administration, defence & other
14.7 9.2 11.9 8.6 7.5 8.6 7.5 10.7
services
Source: Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation.
Note: Shares are in current prices and growth in constant 2011-12 prices; P= Provisional Estimates
Figure 1(a): Bank Credit Growth (y-o-y) Figure 1(b): Nikkei India Services
to Services Sector (in per cent) Purchasing Managers’ Index
28% 55
26%
54
24%
22% 53
20%
52
18%
16% 51
14%
50
12%
10% 49
Nov-18
Apr-18
Jun-18
Jul-18
Mar-19
Apr-19
May-18
Aug-18
Sep-18
Dec-18
Oct-18
Jan-19
Feb-19
Apr-18
Nov-18
Apr-19
May-18
Jun-18
Jul-18
Aug-18
Mar-19
May-19
Sep-18
Dec-18
Oct-18
Feb-19
Jan-19
Figure 1(c): CPI Services Inflation Figure 1(d): Growth in Airport Traffic
(in per cent) (y-o-y) (in per cent)
7.0 25
21
6.6
17
6.2 13
9
5.8 5
1
5.4 Passenger Traffic
-3 Cargo Traffic
5.0 -7
Apr-17
Apr-18
Apr-19
Jun-17
Jun-18
Aug-17
Dec-17
Aug-18
Dec-18
Oct-17
Feb-18
Oct-18
Feb-19
Apr-18
Apr-19
Jun-18
Jul-18
Nov-18
Mar-19
May-18
Aug-18
Sep-18
Dec-18
Oct-18
Jan-19
Feb-19
Source: RBI, IHS Markit Economics, Labour Bureau, Ministry of Civil Aviation
India Services Purchasing Managers’ Index, Telangana 63.2 10.7

which has been on a declining trend since
November 2018, fell to a one-year low of Kerala* 62.6 6.7
50.2 in May 2019. CPI Services inflation also Bihar 62.2 8.4
started to cool down since December 2018.
Maharashtra 58.5 8.9
9.3 Performance of the states shows that Jammu & 57.5 5.7
the share of services in total gross state value Kashmir*
added (GSVA) was more than 50 per cent Meghalaya 57.2 6.3
in 14 out of the 33 states and UTs (Table 2).
The share of services is particularly high in Nagaland* 56.3 5.7
Chandigarh and Delhi with over 80 per cent West Bengal 54.0 6.7
share while Sikkim was at the bottom with Tamil Nadu 53.4 6.5
30.2 per cent share. In contrast, services
sector accounts for less than 40 per cent of Haryana* 49.8 10.5
share of services in GSVA in states such as Jharkhand 49.3 9.8
Gujarat, Uttarakhand, Madhya Pradesh and
Puducherry 48.2 4.7
Chhattisgarh. Even states with relatively
low share of services, such as Haryana, Uttar Pradesh 48.0 7.5
Jharkhand, Odisha, Andhra Pradesh and Assam* 47.5 5.7
Uttarakhand, have witnessed strong services
Punjab 46.1 7.1
sector growth in the recent years. (Note:
In some States and UTs such as Kerala, Odisha 45.2 9.4
J&K, Haryana, Assam, Nagaland, Goa, Rajasthan 44.2 7.0
Gujarat, Andaman and Nicobar Islands,
Himachal 43.3 8.1
Chandigarh, data is available only up
Pradesh
to 2016-17).
Mizoram 43.0 4.5
Table 2: State-Level Services Sector Andhra 42.7 9.2

Performance Pradesh
Arunachal 40.1 9.1
State Services Services Pradesh
Sector Share Sector
in GSVA in Growth Tripura 39.7 3.0
2017-18 (per (per cent Uttarakhand 39.7 9.2
cent) YoY, 2013-
17 average) Chhattisgarh 36.4 6.3
Goa* 35.9 5.5
Chandigarh* 88.9 7.2
Gujarat* 35.5 8.9
Delhi 84.3 8.4
Madhya 35.4 6.3
Andaman 68.5 7
Pradesh
and Nicobar
Islands* Sikkim 30.2 5.1
Karnataka 65.9 10.5 Source: CSO, Ministry of Statistics and
Programme Implementation.
Manipur 65.5 5.9 Note: *Based on data available up to 2016-17.
Services Sector 231
Trade in Services Sector finance nearly 50 per cent of India’s trade

9.4 Services exports have slowed deficit as of 2017-18 (April-December).
somewhat during April-December 2018 after However, the service trade surplus is
witnessing strong performance in 2017-18 largely driven by Computer & ICT services,
(April-December) (Table 3). By sub-sector, and to some extent, travel services. Meanwhile,
exports of transport services have maintained India runs a very small trade surplus in
strong momentum during 2017-18 (April- business services and insurance & pensions
December) and April-December, 2018, and a small trade deficit in financial services.
supported by strengthening merchandise trade
9.5 Computer & ICT services, business
activity, while exports of Computer & ICT
services and travel services account for about
services have continued to recover steadily.
75 per cent of the total services exports.
On the other hand, travel receipts have
Trends in the shares of sub-sectors in total
slowed somewhat during April-December,
2018 after posting strong growth in 2017-18 services exports, however, have been
(April-December), which is in line with the mixed in the recent years. While the share
moderation in foreign tourist arrivals during of traditional services such as transport has
this period. Exports of business services fallen, the share of value-added services,
have witnessed a similar trend. Meanwhile, such as Computer & ICT services, financial
services imports have slowed during April- services and insurance & pensions has also
December, 2018 from the previous year led experienced a decline. Meanwhile, the share
by a deceleration in imports across all sectors. of travel services has risen somewhat during
The rising services trade surplus has helped this period.
Table 3: Services Trade Performance by Sub-Sector
Share in Value (in US$ billion) YoY Growth (in per cent)
per cent
By Sub-Sector 2012-13 2017-18 Apr- Apr- Apr- Apr- Apr- Apr-
Dec Dec Dec Dec Dec Dec
2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
(P) (P) (P) (P) (P) (P)
Services Exports 100 100 122.4 143.5 153.5 6.5 17.2 7.0
Transport 12 9 11.6 12.8 14.3 11.2 9.7 12.2
Travel 12 15 16.5 20.6 20.9 7.5 24.9 1.0
Insurance & Pensions 2 1 1.61 1.87 1.94 8.9 15.7 3.9
Financial Services 3 3 4.1 3.5 3.7 3.3 -15.0 7.7
Computer & ICT 47 41 57.8 59.3 63.8 0.0 2.6 7.7
Business services 20 19 24.6 27.4 28.8 13.5 11.3 5.2
Other 5 13 6.1 18.1 20.0

Services Imports 100 100 72.6 86.1 93.3 18.4 18.6 8.4
Transport 18 15 10.4 12.7 15.1 -8.6 21.3 19.2
Travel 15 17 12.8 14.8 16.6 14.1 15.6 12.1
Insurance & Pensions 2 1 1.1 1.3 1.2 17.2 25.8 -10.7
Financial Services 6 5 4.42 4.36 2.9 74.1 -1.3 -34.3
Computer & ICT 4 6 3.6 4.8 5.4 23.5 34.5 13.0
Business services 38 31 24.1 27.2 29.3 7.3 13.0 7.7
Other 18 26 16.2 21.0 22.9
Services Trade Balance 49.8 57.4 60.3
Goods Trade Balance -82.7 -118.4 -145.3
Source: Reserve Bank of India ( RBI).
9.6 Monthly data on services trade suggests quarter of 2018-19. However, both exports
that exports and imports of services started and imports of services, started slowing
recovering from second quarter of 2017- down since the beginning of second quarter
18 (Figure 2). The trend continued till first of 2018-19.
Figure 2: Growth in Services Trade (3mma*)
41%
35% Exports
Imports
29% Net Exports
23%
17%
11%
5%
-1%
-7%
Mar-19
Apr-19
Apr-17
Mar-18
Apr-18
Jul-17
Jul-18
Jun-17
Aug-17
Nov-17
Jun-18
Aug-18
Nov-18
Dec-18
May-17
Dec-17
May-18
Sep-17
Sep-18
Jan-19
Feb-19
Oct-17
Jan-18
Feb-18
Oct-18
Source: RBI
Note - 3mma = 3 months moving average, Data is provisional.
Services Sector 233
Box 1: India in World Commercial Services Exports and Imports

India’s trade in commercial services, both in exports and imports, moderated in 2018 (Figure 1). India
experienced a recovery in growth of exports and imports of commercial services during 2015-17, in
line with global recovery in commercial services trade. However, in 2018, world trade in commercial
services stagnated. India's growth rate decelerated but remains above world growth rate
Figure 1(a): Growth in Commercial Figure 1(b): Growth in Commercial

Services Exports Services Imports
15% 16%
13%
11%
10%
7% 7%
3% 4%
1%
-1%
-2%
-5% -5%
2013
2014
2015
2016
2017
2018
2013
2014
2015
2016
2017
2018
World India
World India
Source: World Trade Organization (WTO). Source: World Trade Organization (WTO).
According to the WTO data, India is among the world’s top 10 exporters and importers of commercial
services1, ranking eighth in exports and tenth in imports in 2017, with the ranking staying unchanged
from 2016 (Table 1). India’s share in world’s commercial services exports has risen steadily over the
past decade to reach 3.5 per cent in 2017.
Table 1: Performance of World’s Top 10 Exporters and

Importers of Commercial Services
Share in World’s
Rank in Com- Share in World’s Rank in Com-
Commercial Ser-
Country mercial Services Commercial Services mercial Ser-
vices Imports (per
Exports Exports (per cent) vices Imports
cent)
2017 2007 2017 2017 2007 2017
U.S.A 1 13.9 14.4 1 10.9 10.2
UK 2 8.3 6.6 6 6.3 4.1
Germany 3 6.3 5.7 3 8.1 6.3
France 4 4.2 4.7 4 4.0 4.7
China 5 3.7 4.3 2 4.2 9.1
Netherlands 6 2.7 4.1 5 2.8 4.2
Ireland 7 2.7 3.5 7 3.1 3.9
India 8 2.7 3.5 10 2.5 3
Japan 9 3.9 3.4 8 4.8 3.7
Singapore 10 2.0 3.1 9 2.3 3.4
Source: World Trade Organization (WTO).
_______________
1
Commercial services refer to all services excluding government services.
World commercial services export growth eased marginally to 7.7 per cent in 2018. Commercial
services export growth in India also moderated slightly to 10.7 per cent in 2018 following the strong
growth witnessed in 2017 (Table 2). Nonetheless, India remains one of the strongest performers among
the major service-exporting countries.
Government has taken many initiatives that included measures such as Start-up India, Insolvency and
Bankruptcy Code, National Intellectual Property Rights (IPR) policy, implementing GST regime and
improving the ease of doing business, which have helped increase India’s ranking in the World Bank’s
Ease of Doing Business Index from 100 in 2017 to 77 in 2018, Digital India, e-visas, infrastructure
status to Logistics, schemes for the housing sector etc., which could give a further fillip to the growth
of services sector. The Government has implemented FDI reforms in a number of sectors, including
defence, construction development, insurance/pension/other financial services, asset reconstruction
companies, broadcasting, civil aviation, pharmaceuticals and trading etc. An investor-friendly FDI
policy has been put in place under which up to 100 per cent FDI is permitted via automatic route in
most sectors, including single-brand retail trading, construction development and regulated financial
sector activity.
Table 2: Commercial Services Export Growth in Major Exporting Countries
Commercial Services Export Growth (per cent)
Country 2017 2018 CAGR (2010-18)
World 8.0 7.7 5.2

U.S.A 5.2 3.8 5.1
UK 2.4 5.6 3.9
Germany 8.0 7.3 5.0
France 5.7 6.2 4.7
China 8.7 17.1 5.2
Netherlands 14.3 11.4 5.2
Ireland 20.5 14.3 10.6
India 14.5 10.7 7.3
Japan 6.4 3.1 4.5
Singapore 10.0 6.6 7.8
Source: World Trade Organization (WTO). Note: Data is on calendar year basis.
Further, in order to boost services exports, the Service Exports from India Scheme (SEIS) covers business
services, education services, health services, tourism and travel related services, transport services etc.
Government has also created a dedicated fund of `5,000 crore for financing sectoral initiatives under the
Champion Services Sector Scheme. The Screening Committee has so far recommended the proposals
of seven nodal Ministries/departments totalling `4,344.75 crore, including the Ministry of Corporate
Affairs, Ministry of Human Resource Development, Department of Telecommunication, Ministry of
AYUSH, Ministry of Housing and Urban Affairs, Ministry of Tourism, and Ministry of Electronics
and Information Technology. Under this scheme, various domestic policy reforms critical to enhance
the competitiveness of services exports, including on data privacy/security and e-commerce, would be
pursued through the Ministries concerned.
Services Sector 235
FDI into Services Sector US$28.26 billion, which is in line with the
small decline witnessed in overall FDI inflows
9.7 FDI equity inflows into the services into India. This was driven by weaker FDI
sector1 accounted for more than 60 per cent of inflows into sub-sectors such as telecom,
the total FDI equity inflows into India (Table consultancy services, air and sea transport,
4). During 2018-19, FDI equity inflows into which offset the strong inflows witnessed in
services sector fell by US$696 million or education, retail trading and information &
1.3 per cent from the previous year to about broadcasting.
Table 4: FDI Equity Inflows into Services Sector (US$ million)
Services Sectors 2016-17 2017-18 2018-19

Financial, Business, Outsourcing, R&D, 8,684 6,709 9,158
Courier, Tech. Testing & Analysis
Computer Software & Hardware 3,652 6,153 6,415
Trading 2,338 4,348 4,462
Telecommunications 5,564 6,212 2,668
Information & Broadcasting 1,517 639 1,252
Hotel & Tourism 916 1,132 1,076
Hospitals & Diagnostic Centers 747 708 1,045
Education 160 286 777
Retail Trading 451 224 443
Consultancy Services 261 760 411
Sea Transport 735 1,051 279
Air Transport 83 629 191
Agriculture Services 76 110 88
Total FDI Equity Inflows into Services 25,185 28,960 28,264
Total FDI Equity Inflows into India 43,478 44,857 44,366
Share of Services in Total FDI Inflows 57.9 64.6 63.7
Source: Estimated using data from Department for Promotion of Industry and Internal Trade on FDI equity
inflows into major service sectors.
SERVICES SECTOR GROSS GDP size and 9th in terms of services sector
VALUE ADDED VERSUS size in 2017. Note that India's rank has since
EMPLOYMENT risen to 6th in terms of GDP but the 2017
numbers have been used here for purposes
9.8 As per the UN National Accounts of comparison (Table 5). Notably, among
Statistics data, India ranked 7th in terms of these 15 countries, India has the second
____________
2
Estimated as FDI equity inflows into financial services, business services, outsourcing, R&D, technology testing & analysis,
courier, telecommunications, trading, computer hardware & software, hotels & tourism, hospital & diagnostic centres,
consultancy services, sea transport, information & broadcasting, retail trading, agriculture services, education, ports and air
transport.
fastest growing services sector after China, 9.10 This divergence in the performance of
registering a growth of 7.9 per cent both in the services sector in India has been witnessed
2017 and during 2007-17 in CAGR terms. as the sector has not been able to generate
India also ranks second after the UK in terms jobs in proportion to its size. The share of
of services share in exports, with the shares services in employment is roughly the share
as high as seen in developed countries, such of services GVA for other countries such as
as U.S.A, France and Spain. USA (79 per cent), China (56 per cent), Japan
9.9 In contrast, among top 15 economies (71 per cent), Germany (72 per cent), UK (81
in terms of GDP and Services GVA in 2017, per cent), Brazil (69 per cent), Mexico (61
India ranks the second lowest after China per cent) in 2017 implying that the services
in terms of services share in Gross Value sector expansion in the recent decades
Added (GVA) and ranks the lowest in terms has been unable to generate proportionate
of services share in employment. In addition, employment, especially in the formal sector.
compared to the experience of other countries, This also suggests that there lies immense
services share in India’s employment at 34 potential for employment generation in the
per cent is significantly lower than services services sector in the coming years in line
share in GVA at 54 per cent. with other countries.
Table 5: Services Sector Performance among Top 15 Countries
Country Rank GDP Services Services Sector Share of Services Sector (per cent)
in (US$ GVA Growth (per cent) GVA Employment Exports
GDP trillion) (US$
trillion)
2017 2017 2017 2016 2017 CAGR 2007 2017 2007 2017 2007 2017
(2007-
17)
World 80.5 51.7 2.4 2.9 2.3 67 68 44 51 20 23
USA 1 19.5 15.7 2.0 2.2 1.6 77 81 78 79 29 33
China 2 12.2 6.1 7.7 8.3 8.7 42 50 39 56 9 9
Japan 3 4.9 3.4 0.4 0.9 0.3 69 71 68 71 14 21
Germany 4 3.7 2.3 1.3 2.1 1.0 69 68 68 72 14 17
UK 5 2.6 1.9 1.9 1.7 1.4 78 79 76 81 42 44
France 6 2.6 1.8 1.6 2.1 1.2 77 79 73 77 26 32
India 7 2.6 1.3 7.5 7.9 7.9 48 54 26 34 37 38
Brazil 8 2.1 1.3 -2.6 -1.4 1.5 68 72 60 69 12 13
Italy 9 1.9 1.3 1.0 1.1 -0.1 71 74 66 70 19 18
Canada 10 1.6 1.1 2.2 2.9 2.1 67 71 76 78 14 17
Russia 11 1.6 0.9 -0.6 2.2 1.6 59 62 62 66 11 14
S. Korea 12 1.5 0.8 2.5 2.2 2.9 60 58 67 70 16 13
Australia 13 1.4 1.0 2.9 3.1 2.7 70 73 75 78 23 22
Spain 14 1.3 0.9 2.2 2.5 1.0 68 73 66 76 32 30
Mexico 15 1.2 0.7 3.9 3.1 2.8 62 64 61 61 6 6
Source: UN National Accounts Statistics database for GDP and GVA, World Bank database for employment, and
WTO database for exports.
Services Sector 237
MAJOR SERVICES: SECTOR- The tourism sector also experienced a

WISE PERFORMANCE AND SOME sharp slowdown in 2018. The Telecom
RECENT POLICIES Sector, however, continued to grow at a
rapid pace led by wireless internet
9.11 While sub-sectors within the services
subscriptions.
sector slowed down in 2018-19, some
others accelerated (Table 6). IT-BPM and 9.12 This section covers some of the
cargo traffic continued to recover in terms important services for India based on their
of absolute numbers but the growth significance in terms of GDP/GVA, exports
rate declined. Growth of aviation sector and future prospects. Some important
declined mainly on account of slowdown services covered in other chapters have been
in international airline passenger traffic. excluded to avoid duplication.
Table 6: Performance of Key Sub-Sectors in India’s Services Sector

Year
Sub-Sector Indicator Unit
2014-15 2015-16 2016-17 2017-18 2018-19
IT-BPM service
US$ billion 132.4 143.0 154.0 167.0 181.0(E)
revenues:
IT –BPM* Exports US$ billion 98.5 108.0 117.0 126.0 136.0(E)
Domestic US$ billion 34.0 34.8 38.0 41.0 45.0(E)
Airline passengers: million 115.8 135.0 158.4 183.9 204.2(P)
Aviation** Domestic million 70.1 85.2 103.7 123.3 140.3
International million 45.7 49.8 54.7 60.6 63.9
Wireless phone
million 969.5 1034.1 1170.5 1188.9 1161.7
subscriptionsa
Telecom
Wireless internet
million 283.3 322.2 400.6 472.7 615.05
subscriptionsa
Foreign tourist
million 7.8 8.2 9.1 10.4 10.6 (P)
arrivals
Tourism Foreign exchange
earnings from US$ billion 20.4 21.4 23.8 28.7 27.7 (P)
tourism
Gross tonnage of
million 10.5 10.9 11.6 12.6 12.7^
Shipping shippinga
Number of shipsa numbers 1210.0 1273.0 1316.0 1384.0 1400^
million
Cargo traffic 1052.2 1071.8 1133.7 1208.6 1276.8(P)
tonnes
Ports
million
Cargo capacity 1560.5 1703.1 2147.6 2307.4 2405.9(P)
tonnes
Sources: Telecom Regulatory Authority of India (TRAI), Department of Telecom, Ministry of Tourism, Ministry
of Shipping, Ministry of Civil Aviation, Ministry of Electronics and Information Technology, NASSCOM.
Note: *Including Hardware and excluding e-commerce; **Domestic passengers carried by scheduled Indian carriers
on scheduled domestic services and international passengers carried by scheduled Indian and foreign carriers to
and from the Indian territory; a As of March of ensuing financial year ^As of December 2018. P=(Provisional).
E= Expected with current pace.
Tourism (FTAs) growing at 14 per cent to 10.4 million

and Foreign Exchange Earnings (FEEs) at
9.13 Tourism sector is a major engine
20.6 per cent to US$28.7 billion in 2017-18.
of economic growth that contributes
However, the sector witnessed a slowdown in
significantly in terms of GDP, foreign
2018-19. The Foreign Tourist Arrivals (FTAs)
exchange earnings and employment. As per
in 2018-19 stood at 10.6 million compared to
the World Tourism Barometer of the United
10.4 million in 2017-18. In terms of growth,
Nation’s World Tourism Organization (June,
the growth rate of FTAs declined from 14.2
2018 edition) International Tourist Arrivals
per cent in 2017-18 to 2.1 per cent in 2018-
(ITA) reached a total of 1.3 billion in 2017,
19. Foreign exchange earnings (FEEs) from
84 million more than in the previous year,
tourism stood at US$27.7 billion in 2018-19
with a growth rate of 6.7 per cent higher than
as compared to US$28.7 billion in 2017-18.
the growth rate of 3.7 per cent in 2016.
In terms of growth, the FEEs declined from
9.14 In India, the Tourism sector had been 20.6 per cent in 2017-18 to -3.3 per cent in
performing well with Foreign Tourist Arrivals 2018-19.
Figure 3(a): Growth in Foreign Tourist Figure 3(b): Growth in Foreign Exchange
Arrival in India (in per cent) Earnings from Tourism (in per cent)
25 30
25
20 20
15 15
10
10 5
0
5 -5
0
-10
-15
Jun-16
Mar-17
Jun-17
Mar-18
Jun-18
Mar-19
Sep-16
Dec-16
Sep-17
Dec-17
Sep-18
Dec-18
Jun-16
Mar-17
Jun-17
Mar-18
Jun-18
Mar-19
Sep-16
Dec-16
Sep-17
Dec-17
Sep-18
Source: Ministry of Tourism Source: Ministry of Tourism Dec-18
9.15 Outbound tourism increased in recent and Maharashtra (119.2 million) were the
years, with the number of departures of top 5 destination States, accounting for 63.2
Indian nationals from India, that stood at per cent of total number of domestic tourist
23.94 million in 2017 from 21.87 million in visits in 2017. Amongst centrally protected
2016, with a growth rate of 9.5 per cent in ticketed monuments, Taj Mahal, Agra (5.66
2017. This was more than double the foreign million) was the most visited monument in
tourist arrivals in India. 2017-18 for domestic visitors followed by
Sun Temple, Konark (3.22 million) and Red
9.16 Growth in domestic tourist visits
Fort, Delhi (3.04 million).
slowed down from 12.7 per cent in 2016 to
2.4 per cent in 2017. In absolute numbers, 9.17 The Ministry of Tourism launched
there were 1,652.5 million domestic tourists the ‘National Mission on Pilgrimage
in 2017 compared to 1,615.4 million in Rejuvenation and Spiritual, Heritage
2016. Tamil Nadu (345.1 million), Uttar Augmentation Drive’ (PRASHAD)
Pradesh (234 million), Karnataka (180 in January 2015 with the objective of
million), Andhra Pradesh (165.4 million) pilgrimage infrastructure at selected
Services Sector 239
important pilgrimage destinations. The total Wildlife Circuit, Rural Circuit, Spiritual
number of sites identified for development Circuit, Ramayana Circuit, Heritage Circuit,
under the scheme at present is 41 in 25 states. Tirthankar Circuit and Sufi Circuit. These
Till date 28 projects in 17 states have been circuits cover religious, spiritual, cultural,
approved under the scheme since January 2015. natural, tribal sites in the country. Under
9.18 Under the Swadesh Darshan Scheme, the the scheme the Ministry is developing
Ministry of Tourism has identified 15 thematic these thematic circuits on the principles
circuits for development namely: Himalayan of high tourist value, competitiveness and
Circuit, North East Circuit, Krishna sustainability in an integrated manner with an
Circuit, Buddhist Circuit, Coastal Circuit, objective of enriching tourist experience and
Desert Circuit, Tribal Circuit, Eco Circuit, enhance employment opportunities.
Box 2: HEALTH AND MEDICAL TOURISM IN INDIA
Government has taken various Policy initiatives and measures to promote Health and Medical
Tourism in India along with the Public Private Initiatives in the Tourism sector. India has emerged as a
major Medical Tourism destination. The Ministry of Tourism has recognized Medical and Wellness
Tourism including Ayurveda as a Niche product in order to overcome the aspect of ‘seasonality’ and
to promote India as a 365 days’ destination and attract tourists with specific interests.
INDIAN HEALTHCARE INDUSTRY: The market size of medical tourism in India is estimated
at `195 billion (US$ 3 billion) in 2017. The value of medical tourism is forecasted to reach US$ 9
billion by 2020. India currently has around 18 per cent of the global medical tourism market. In an
estimate, it can be a US$ 9 billion-worth medical tourism destination by having 20 per cent global
market share by 2020. (Source: Services Export Promotion Council, Ministry of Commerce). Share of
Medical Tourists to India is 4.9 per cent out of total FTAs in 2017. The arrival in India on Medical visa
during 2014 to 2017 are given in (Table 1)
Table 1: ARRIVALS IN INDIA ON MEDICAL VISA
2014 2015 2016 2017

1,39,447 2,33,918 4,27,014 4,95,056
Source: Ministry of Tourism.
Government offers financial support as Marketing Development Assistance, for Publicity and for
organising Wellness and Medical Tourism Promotion shows. Medical Tourism is regularly highlighted
for promotion as part of the Incredible India Campaign in the print, electronic, online and outdoor
media in India and abroad as well as at the various travel trade exhibitions overseas. ‘Medical Visa’
has been introduced, which can be given for specific purpose to foreign travellers coming to India for
medical treatment. ‘E- Medical Visa’ has also been introduced for 166 countries.
Hospitality Services December 2018 from 1116 as on December

2014. Similarly there was a growth rate of
9.19 As per the Ministry of Tourism statistics, 43.85 per cent in number of approved Hotel
there has been a growth rate of 75.71 per cent Rooms in India to 102490 as on December
in number of approved Hotels to 1961 as on 2018 from 71244 as on December 2014
(Table 7). Of course, this is only a subset providers (data for this is being collected
of the hotel market which has grown and will be a subject of a future Economic
sharply due to entry of online-based service Survey).
Table 7: Number of Approved Hotels and Hotel Rooms for Major categories, 2014 to 2018
S. Category as on as on as on as on as on
No. of Hotels 31.12.2014 31.12.2015 31.12.2016 31.12.2017 31.12.2018
No. of No. of No. of No. of No. of No. of No. of No. of No. of No. of
Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms
1 One Star 41 1193 26 785 12 398 8 286 9 348

2 Two Star 80 1902 68 1922 53 1190 43 1028 37 990
3 Three Star 554 22724 531 22793 428 17604 481 17428 535 18889
4 Four Star 134 7969 197 9972 210 9892 256 13184 322 16451
5 Five Star 92 11744 125 15230 136 16214 162 19431 181 22673
6 Five Star 113 23907 127 27775 146 31037 152 34376 170 37955
Deluxe
7 Apartment 3 249 - - - - 1 126 3 252
Hotels
8 Guest 5 77 7 110 118 690 6 88 7 106
House
9 Heritage 42 1237 30 1065 40 1258 46 1403 58 1843
Hotels
10 B&B Estt 52 242 283 1359 316 1596 664 3268 639 2983
Total 1116 71244 1394 81011 1459 79879 1819 90618 1961 102490
Source: Ministry of Tourism
9.20 Some of the issues relating to tourism hotels and reserve land for hotels in all
sector are briefly stated below: new townships under planning.
• The co-ordination mechanism of • Fast-track clearances for hotel projects.
various like-minded Ministries and
• Increase skill development efforts to
Stakeholders to resolve issues for
train more persons.
promotion of tourism in the country
needs to be strengthened. • Make the Taxation regime on Hospitality
Industry globally competitive.
• State/UT Government need
sensitization about tourism as a major
IT –BPM Services
driver of employment and poverty
alleviation. 9.21 The Indian IT-BPM industry grew by
8.4 per cent in 2017-18 to US$167 billion
• Budgetary allocation for development (excluding e-commerce but including
of tourism infrastructure should be hardware) from US$154 billion in 2016-17, as
increased. per NASSCOM data (Table 8). It is estimated
• Land should be made available for to have reached US$181 billion in 2018-
Services Sector 241
19. IT-BPM exports grew by 7.7 per cent to with a share of around 52 per cent, followed
US$126 billion in 2017-18 and is estimated by BPM with share of around 20 per cent.
at US$136 billion for 2018-19. E-commerce Software products and engineering services
market is estimated at US$43 billion for FY together accounted for around 19 per cent
2018-19, at the growth rate of 12 per cent. share whereas hardware accounts for 10 per
The IT services constitute the largest segment cent (Figure 4).
Figure 4: Indian IT BPM Industry Marketshare (2017-18)
9%
20% IT Services
Buiness Process Management

52%
Software Products &
Engineering Services
19% Hardware
Source: NASSCOM, 2018
Table 8: Performance of India’s IT-BPM Services : Some Indicators

(In US$ billion)
Indicators 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
IT-BPM *
83.5 100.72 109.0 119.3 132.4 143.0 154.0 167.0 181#
Revenue
Exports* 59.4 69.1 77.0 87.7 98.5 108.0 117.0 126.0 136#
Domestic* 29.02 31.7 32.0 31.6 34.0 34.8 38.0 41.0 45#
Source :Ministry of Electronics and Information Technology, NASSCOM Strategic Review (Yearly)
Notes : (*): Including Hardware and Excluding e-Commerce
(#):Expected with Current Pace.
9.22 The Indian Information Technology / alia include creating eco-system for globally
Information Technology enabled Services competitive ESDM sector; promotion of
(IT/ ITeS) industry has contributed immensely electronic components manufacturing
in positioning the country as a preferred ecosystem; special package of incentives
investment destination amongst global for mega projects; encouraging industry-led
investors and creating huge job opportunities R&D and innovation and promoting start-up
in India, as well as in the USA, Europe and eco-system in all sub-sectors of electronics,
other parts of the world. USA, UK and EU including emerging technology areas such
account for ~ 90 per cent of the total IT-ITeS as 5G, IoT/ Sensors, artificial intelligence
exports. However, there are new challenges (AI), machine learning, augmented reality
surfacing in these traditional geographies. (AR) and virtual reality (VR), drones,
Demand from APAC, Latin America and robotics, additive manufacturing, gaming
Middle East Asia is growing and new and entertainment, photonics, nano-based
opportunities are emerging for expanding in devices, medical electronics, defence and
continental Europe, Japan, China and Africa. strategic electronics, automotive electronics,
Efforts are being made to further strengthen cyber security, power electronics and
existing markets, and simultaneously automation; providing incentives and
diversify and increase presence in the new support for skill development including re-
and emerging markets in Europe (besides skilling, in the ESDM sector; promoting
UK which is a mature market), Africa, South research, innovation and support to industry
America, Israel, Australia, China and Japan for green processes and sustainable e-waste
through market development and industry management, emphasis on cyber security and
repositioning initiative. promoting trusted electronics value chain
initiatives to improve India’s national cyber
9.23 India’s digital economy has received
security profile etc.
a tremendous boost through various
Government initiatives such as Digital India Media & Entertainment Services
covering e-Government services, common
service centres, BPO promotion schemes, 9.25 The Media and Entertainment sector
digital payments, electronic manufacturing, comprises mainly of television, print, radio,
Digital Saksharta Abhiyaan, e-commerce, films, music, digital advertising, over the top
GST network, Make in India, Start-up India, (OTT-film and television content delivered
over internet), visual effects (VFX) and
e-health, Smart Cities, and e-agriculture
gaming. Technology has rapidly changed
market place/ digital mandis. These
the profile of this sector especially in the area
initiatives coupled with new and emerging
of content and carriage. As per the FICCI-
technologies are enhancing the digital
EY Media and Entertainment Report 2019,
economy of the country and are creating IT
the size of the Industry has increased from
and electronics led new opportunities for `91,810 crore in 2013 to `1,67,500 crore in
revenue and job creation in both traditional 2018, a growth of 82.44 per cent in the last
as well as new sectors of the economy such 5 years. The size composition of the various
as transport, health, power, agriculture, and components of the Industry can be seen in
tourism. the Figure 5. Audio–visual services have
9.24 The National Policy on Electronics been identified by the Government (2018) as
2019 (NPE 2019) has been notified on one among the 12 Champion Service sectors
February 2019 by the Ministry of Electronics for focused development so as to reap its full
and Information Technology (MeitY) inter- potential.
Services Sector 243
Figure 5: Composition of Media and Entertainment
Industry in India 2018 (percentage of Revenue)
2%
2% 1%
3%
Television
5% Print
5% Film
Digital media
44% Animation&VFX
10%
Live events
Online gaming
Out of home media
10% Radio
Music
18%
Source: FICCI-EY Media and Entertainment Report 2019
Private Television Sector 2018, which is 7.7 per cent increase over
9.26 India is the second largest pay-TV the previous Broadcast India Survey 2016
market in the world after China. As per (Figure 6). Of the 19.7 crore TV households,
Broadcasting Audience Research Council 10.3 crore households were covered by
of India (BARC)/EY estimates, out of the Cable services, 5.6 crore households by
estimated 29.8 crore households in India, Direct to Home (DTH) services and 3.6 crore
TV penetration reached 66 per cent in the households were covered by Doordarshan
country with 19.7 crore TV households in Free Dish in 2018.
Figure 6: TV Penetration in India (2018)
Above 90%
80-90%
60-79%
45-59%
30-45%
Below 30%
Source: BARC, 2018

9.27 As per FICCI-EY Media & including a channel for farmers, News and
Entertainment Report (2019), TV sector Current Affairs, Art and Culture and Sports
grew at 12.1 per cent to reach `74,000 crore etc. 67 Studio Centres of Doordarshan
in 2018 with advertising comprising 41 spread across the country provide extensive
per cent of the revenue while distribution coverage of News and Current Affairs to DD
accounted for the balance. India has at network channels.
present a large broadcasting and distribution
9.31 Doordarshan also operates its own
sector in the world comprising 906 satellite
Direct to Home platform viz., DD Free
TV channels, 1469 Multi System Operators
Dish. DD Free Dish has a bouquet of 104
(MSO), 60,000 Local Cable Operators
television channels including 24 Satellite
(LCO), 6 DTH operators and several IBTV
channels of DD which operate 24X7 and 11
service providers. 43 per cent of all private
regional channels which operate for a few
satellite channels are news channels (April
specified hours. The bouquet also has 44
2019). The growth drivers for TV sector
audio channels of AIR. Activities of All India
include digitisation of cable services, higher
Radio are discussed in the section under
uptake of High Definition channels, growth
Radio sector.
of OTT platform aided by rising smart phone
penetration and high speed data adoption. Print Media
9.28 In the distribution sector, Cable TV still 9.32 Print accounted for the second largest
dominates the distribution of TV channels in share of the Indian M&E industry with revenue
the country through MSOs and LCOs. DTH of `30,550 crore in 2018 with a growth of
sector is rapidly becoming a key player in the 0.7 per cent (FICCI & EY Report 2019).
distribution sector. Apart from Doordarshan’s Print Industry is declining all over the world
DD Free Dish, DTH services are provided by primarily due to huge in roads of internet and
six other private players. TV channels in media industry. India is also
no exception to this phenomenon. The share
Public Service TV Broadcasting of advertising revenue in Print Media is 71
9.29 Prasar Bharati is the country’s public per cent of the total revenue income while
service broadcaster with All India Radio the balance is accounted for subscription
and Doordarshan as its two constituents. It revenue. While newspapers accounted for
came into existence in 1997 with a mandate about 96 per cent of the revenue, the rest was
to organise and conduct public broadcasting through the magazines.
services to inform, educate and entertain the
9.33 As per the Registrar of Newspapers
public and to ensure a balanced development
for India (RNI), the number of registered
of broadcasting in the country.
publications in the country as on 31st March
9.30 Doordarshan has the world’s largest 2018 stood at 1,18,239, registering a growth
terrestrial broadcast facility with over 1400 of 3 per cent in 2017-18 over the previous
terrestrial TV transmitters and also provides year. However, growth of circulation of
free to air DTH services. The terrestrial publications contracted by 11.9 per cent in
network of Doordarshan reaches out to 2017-18 over the previous year. The total
every nook and corner with transmitters circulation of publications in the country
set up throughout the country. Currently, during 2017-18 was 43 crore of which Hindi,
Doordarshan has 24 Satellite channels, English and Urdu publications were 19.56
Services Sector 245
crore, 5.34 crore and 2.52 crore respectively. Figure 7: Number of screens in India
In terms of circulation of daily newspapers,
Single Screens Multi Screens
there was a contraction by 11.9 per cent 10,000
in 2017-18 with total circulation of daily 2,450 2,750 2,950

8,000
newspapers falling to 24.26 crore. Hindi
6,000
dailies continue to be the largest in terms of
circulation followed by English and Urdu. 4,000
7,031 6,780 6,651
(As on March 31, 2018). 2,000
Films
2016 2017 2018
Source: FICCI-EY Media & Entertainment Report

9.34 As per FICCI-EY Media & (2019)
Entertainment Report (2019), India is the
world’s biggest producer of films with 1,776 Figure 8: Screen count in India, China
domestic film releases in 2018. Indian film and USA
industry grew at 12 per cent in 2018 with India China US
revenue of `17,450 thousand crore. The 60,000

50,776
55,623
highest number of films were released in 50,000

41,179 40,604 40,246 40,837
Kannada (243) followed by Hindi (238) and 40,000
Telugu (237). 30,000
20,000
9.35 Despite producing the most number of 9,481 9,530 9,601
10,000
movies in the world, India has less than 25 per
-
cent of the number of screens as compared 2016 2017 2018
to China or USA. India has 9601 screens, Source: FICCI-EY Media & Entertainment Report
of which 47 per cent are in the five southern (2019)
states. China has been adding cinema screens Figure 9: Screens per million population,
at a CAGR of over 16 per cent over the last 2018
two years. India’s screens per million of
140
population is also the very low, primarily due 120
to lack of cinema penetration in tier-II, tier- 100
III and tier-IV markets in India. This presents 80
a large untapped potential for the Indian film 60
segment (Figure 7, 8 and 9). 40
9.36 In the Overseas Theatre Performances, 20
the highest number of film exports were 0

India Brazil China South Korea UK US
made to the Gulf region (50) followed by

Source: FICCI-EY Media & Entertainment Report
Australia (48) and USA/Canada (46). In (2019)
terms of value, however, China became the
largest international market for Indian film Digital Media
content, accounting for highest collection
of US$272.3 million. While the number 9.37 The various segments of digital media
of screens (both single and multi-screen) include- online video viewing, audios, news
have been steadily increasing, the screen count through OTT platforms and social media etc.
is still lower than large international markets. As per FICCI-EY Media & Entertainment
Report (2019), total number of mobile cent to reach `169 billion in 2018. Internet
subscribers stood at 1.17 billion in 2018. subscribers grew 28 per cent from 446
Smartphone users increased by 39 per million in December 2017 to 570 million
cent to reach 340 million in 2018. Average in November 2018, driven by rural internet
data consumption doubled from 4 GB to subscriber growth of 49 per cent. Given that
8 GB per month between 2017 and 2018. there are around 4 billion internet users in
Moreover, digital media market grew 42 per the world, one in eight is Indian (Table 9).
Table 9: Internet Penetration in India (2018)

Dec-17 Nov-18 Growth
(Million) (Million) (per cent)
Total internet subscribers 446 570 28
Urban internet subscribers 314 373 19
Rural internet subscribers 132 197 49
Source: FICCI-EY Media & Entertainment Report (2019)
Figure 10: Category wise consumption of mobile content (Jan - Sept 2018)
Economics 1.6%
Education 1.7%
Tech 2.5%
Humour 3.2%
Offbeat 4.1%
Politics 5.1%
Society 10.2%
Lifestyle 13.8%
Sports 18.6%
Entertainment 27.4%
Source: FICCI-EY Media & Entertainment Report (2019)
9.38 According to the total rate of content per cent) (Figure 10).
consumption on UC News Feed platform in 9.39 Social Media penetration reached
India, Entertainment was the largest category 17 per cent in 2018, up from 11 per cent
in mobile content consumption for Indian in 2015. The most active social media
users, accounting for 27.4 per cent, followed platforms were YouTube, Facebook,
by sports (18.6 per cent) and lifestyle (13.8 WhatsApp and Instagram. (Figure 11)
Services Sector 247
Figure 11: Social media users and subsequent batches. Community Radio
penetration in India (2018) Stations are set up with the involvement
21 240
of various educational institutions and
19 226 200
civil society organizations. At present,
17
196 17
160
250 Community Radio stations have been
168
operationalized. It is proposed to establish at
Per cent
15
15 142 120
13
13
80
least one CRS in each district with priority to
11 coastal districts and aspirational districts.
11 40
9
2015 2016 2017 2018
0
Emerging Media
Share of population (per cent) No. of users (Million, RHS)
9.42 As compared to the traditional media, it
Source: FICCI-EY Media & Entertainment Report is the non-linear media comprising of digital
(2019) media including OTT, animation & VFX,
Radio Sector live events, online gaming, etc. that has been
9.40 All India Radio (AIR) broadcasts are witnessing double digit growth in the media
functional at 479 locations covering nearly & entertainment sector in recent years. The
92 per cent of the geographical area and 99.2 spread of broadband connectivity, fall in data
per cent of the population of the country. prices, demand for regional language content
Presently, FM Service of AIR is being have triggered the growth of digital media.
provided from 495 transmitters functional The Animation, VFX, gaming and comics
at 458 locations across the country reaching sector in India is also a thriving business with
nearly 39 per cent of the area and 52 per cent even Hollywood movies being outsourced
of the total population of the country. Further to India for work related to post-production
expansion of AIR FM is being carried out in which includes video editing, visual effects,
a phased manner under forthcoming schemes animation, 2D-3D conversion, etc. It is one
of AIR. In addition, 37 radio channels of AIR of the sunrise sectors for India and given the
are available on Doordarshan’s DTH platform rapid expansion of the sector the requirement
(DD Free Dish) which can be received through of skilled professionals is also immense.
a set top box all over the country.
Policy initiatives
9.41 The opening of private FM radio since
9.43 The Media and Entertainment sector
1999 has not only resulted in providing
needs to be holistically reviewed in the light
good quality of reception to radio listeners,
of technological interventions that have
but also helped encouraging local talent and
redefined entertainment today. The following
generating employment to large number of
initiatives have been taken in the recent
people in various cities. As on May 2019, 380
years to facilitate Media and Entertainment
Private FM channels are operational in 107
industry.
cities spread across 27 States and 3 Union
Territories. The Government has announced • In view of increasing piracy of films
policy guidelines on expansion of private FM by unauthorized recording of films in
Radio broadcasting (Phase-III) wherein the cinema halls, a Bill has been introduced
Ministry of Information and Broadcasting in the Rajya Sabha in February 2019
will auction 683 channels in 236 cities in to amend the Indian Cinematograph
Act 1952. The Bill has since then Space Services

referred to the Standing Committee on
9.44 Indian Space Programme contributes
Information Technology for detailed
to National Development, through the
examination.
application of space technology, comprising
• Audio–visual service has been identified of earth observation, communication and
by the Government as one among the 12 navigation to address issues related to socio-
Champion Service sectors identified for economic development from macro to micro
focused development so as to reap its levels. Over the last three decades, space
full potential. Ministry of Information technology has matured from providing
& Broadcasting is proposing various simple mapping applications to development
incentives to promote audio-visual of complex models, decision support and
services. These include: Audio-visual early warning systems, incorporating space
co-production with foreign countries, and derived inputs. Satellite launch services
incentives for shooting of foreign and satellite database mapping and Geospatial
films in India, organization of global services are areas in which India is making a
film summit and promotion of single mark and has huge potential for the future.
screens in Tier II and Tier III cities. India has achieved significant milestones in
• With the objective of imparting space transportation capability through the
world class education in animation, operationalization of Polar Satellite Launch
gaming, visual effects and employment Vehicle (PSLV), Geosynchronous Satellite
generation in the sector, Government Launch Vehicle (GSLV) and Geosynchronous
of India is in the process of setting up Satellite Launch Vehicle Mark III
National Centre of Excellence (NCOE) (GSLV Mk-III) for launching satellites for
for Animation, Visual Effects, Gaming earth observation, communication, navigation
and Comics. Government of India has and space exploration. India became the sixth
taken over the possession of land from nation to develop this highly coveted complex
Government of Maharashtra in March, cryogenic rocket propulsion technology and also
2018 at Goregaon, Mumbai. The project paved the way for the development of a high
is being executed through Indian Institute thrust Cryogenic engine & stage for the next
of Mass Communication, New Delhi. generation launch vehicle i.e. GSLV Mk-III.
• As part of the initiative to encourage 9.45 In the case of Satellite Launching, as

talent among youngsters of the North on March 2019, PSLV had cumulatively
East in the sector of film and television, launched 324 satellites that include 45
the Government of India has decided to National Satellites, 10 student satellites
establish a Film and Television Institute built by Universities/Academic institutions
in Arunachal Pradesh. The project has and 269 International customer satellites
been sanctioned at an estimated cost from 32 Countries. PSLV also holds the
of `204.32 crore. Foundation stone distinction of launching the highest number
for FTI, Arunachal Pradesh was laid in of satellites, 104, in a single launch. GSLV
February 2019. A temporary campus Mk-III has successfully completed a sub-
has been set up in Itanagar where short orbital experimental flight followed by
courses have been conducted. two developmental flights. In its second
Services Sector 249
developmental flight on November 14, 2018, potato, sugarcane, cotton in the country.
GSLV Mk- III launched the heaviest satellite Using the techniques developed by ISRO,
from Indian soil, GSAT-29, and has entered the Mahalanobis National Crop Forecast
the operational phase. The first operational Centre (under Ministry of Agriculture &
flight is slated to launch Chandrayaan-2 in Farmers Welfare) regularly generates crop
2019, which is India’s second lunar mission forecasts at District/State/National level and
and the first landing mission to the moon. provides to the Government for planning
and decision making. Some of the major
Bhuvan Services satellite data based mapping/Geospatial
9.46 ISRO’s Bhuvan Geo-portal provides services developed include Horticulture
multi sensor, multi-platform and multi Crop Inventory, Hydro-informatic products
temporal Satellite Imagery, thematic maps under National Hydrology Project (NHP),
and satellite data-derived information related Village level Ground Water Prospects,
to Earth Observation & Disaster Management Telegana and Andhra Pradesh Water
Support. Since its launch in 2009, it has grown Resources Information & Management
horizontally in diverse areas of applications, Systems (TWRIS/APWRIMS), Watershed
and vertically, in terms of number of images Monitoring under Integrated Watershed
and thematic & disaster services including Management Programme (IWMP),
high-resolution satellite data. Presently, more Monitoring of progress of road construction
than 6500 map services offered by Bhuvan under PMGSY, GIS implementation of
MGNREGA (GeoMGNREGA), Inventory
are being used under various applications.
& site Management plans for heritage sites
Bhuvan has enriched portals of more than
& monuments, Monitoring of stage of
20 Central Ministries/Departments and 30
construction of benefeciary houses under
States, and is also providing Geospatial
Housing for All-Urban (PMAY), Geospatial
support for many flagship programmes of the
database for Urban Master Plan formulation
Government.
under AMRUT, etc.
Mapping and Geospatial Services 9.48 Periodic assessment of state of natural
9.47 Satellite data, synchronous with ground resources like vegetation, land cover,
data, are used to estimate crop acreage in- snow & glaciar and wetland is also being
season forecasting of production for 8 major carried out, in addition to national level
crops in the country viz. wheat, rice (kharif assessment of status of wastelands and land
& rabi), mustard, rabi sorghum, jute, winter degradation.
CHAPTER AT A GLANCE
 Services sector (excluding construction) has a share of 54.3 per cent in India’s GVA
and contributed more than half of GVA growth in 2018-19.
 The services sector growth declined marginally to 7.5 per cent in 2018-19 from 8.1 per
cent in 2017-18 due to deceleration in the growth of sub sectors such as trade, hotels,
transport, communication and broadcasting services. However, growth of financial
services, real estate and professional services accelerated.
 India’s services sector does not generate jobs in proportion to its share in GVA. Services
share in employment is 34 per cent in 2017 which is significantly lesser that its share
of 54 per cent in GVA
 The moderation in services growth are reflected in various other high frequency
indicators such as bank credit to services sector, Nikkei India Services PMI, air
passenger traffic etc.
 During 2018-19, FDI equity inflows into service sector fell by US$696 million or 1.3
per cent from the previous year to about US$28.26 billion.
 India received 10.6 million foreign tourists in 2018-19 compared to 10.4 million in
2017-18. The foreign exchange earnings from tourism stood at US$27.7 billion in
2018-19 compared to US$28.7 billion in 2017-18.
 The IT-BPM industry grew by 8.4 per cent in 2017-18 to US$167 billion and is
estimated to reach US$181 billion in 2018-19.
Social Infrastructure, Employment 10
and Human Development CHAPTER
“More than ever before, there is a global understanding that long-term

social, economic, and environmental development would be impossible
without healthy families, communities and countries.”
Gro Harlem Brundtland1
Inclusiveness has been the cornerstone of India’s development agenda. Over the
last few years, efforts in this direction have been accelerated by the Government
through the mantra of inclusiveness ‘Sabka Sath, Sabka Vikas’, further
elaborated by ensuring ‘Sabka Vishwas’. As India is a developing economy
with resource constraints, we have to prioritize and optimize the expenditure on
social infrastructure to promote sustainable and inclusive growth. It is critical
at this juncture to focus on public investments in human capital and strengthen
the delivery mechanisms of government interventions to ensure transparency
and accountability. With India having the demographic advantage, improving
educational standards, skilling the youth, enhancing job opportunities, reducing
disease burden and empowering women will help in realizing the potential of a
buoyant economy in the future.
INTRODUCTION on provisioning of assets such as schools,

institutes of higher learning, hospitals, access
10.1 The 2030 Agenda for Sustainable to sanitation, water supply, road connectivity,
Development as reflected in the 17 Sustainable affordable housing, skills and livelihood
Development Goals (SDGs) and 169 targets, opportunities. This gains significance given the
calls for global partnership to ensure peace fact that India is home to the world’s youngest
and prosperity for people and the planet, now population as half of its population is below
and into the future. It is recognized that ending the age of 25. It has also been estimated that
poverty and other deprivations must go hand- demographic advantage in India is available
in-hand with strategies that improve health for five decades from 2005-06 to 2055-56,
and education, reduce inequality and spur longer than any other country in the world
economic growth in a sustainable manner. (UNFPA, 2018). This demographic advantage
India is committed to achieve these SDGs and can be reaped only if education, skilling and
a strong social infrastructure is key to achieve employment opportunities are provided to the
them. The Government has been focusing young population.
1
First female Prime Minister of Norway. Brundtland Commission submitted its report ‘Our Common Future’ which brought the
concept of Sustainable Development in the global agenda.
HUMAN DEVELOPMENT and Punjab occupy the top four positions

INDEX while the States like Bihar, UP and MP are at
the bottom of the rankings. The States which
10.2 India’s HDI (Human Development were the worst-performing ones in HDI
Index) has improved significantly over the during 1990s are presently doing well in the
years between 1990 and 2017. The country’s social parameters. The region-wise trend of
HDI value increased from 0.427 to 0.640, HDI scores suggests that most Southern and
but its position is still lowest among its peer Northern States have performed much better
countries (Asian and developing economies). as compared to their Eastern counterparts
As per the UNDP Human Development who have registered poor performance in
Index (HDI), India is ranked 130 among SHDIs.
189 countries. Moreover, India also reflects
inter-State disparities in regional and human Sustainable Development Goals
development which are reflected by State (SDGs)
level HDIs.
10.5 As mentioned earlier, the SDG’s are
10.3 The Subnational Human Development a collection of 17 global goals and 169
Index (SHDI) for different States for the targets set to be achieved by 2030, aimed
period 1990 and 2017, released by UNDP at addressing global challenges. To measure
show that all States have shown significant India’s performance in SDG’s, NITI Aayog
improvement in levels of human development. has developed the SDG India Index for all
The minimum SHDI for year 2017 is more States and UTs. Based on this index, States
than maximum SHDI for year 1990 across all are classified into four categories, for each of
States (Figure 1). the SDGs (except Goals 12, 13, 14 and 17):
10.4 The 2017 HDI scores indicate that the a. Achiever – when SDG India Index
States like Kerala, Goa, Himachal Pradesh score is equal to 100.
Figure 1: Subnational Human Develoment Index 1990 vs 2017

1990 2017
Source: SBI Research and UNDP Global Data Lab

Social Infrastructure, Employment and Human Development 253
b. Front Runner – when SDG India In- that States like Kerala, Himachal Pradesh
dex score is less than 100 but greater and Tamil Nadu are occupying top three
than or equal to 65. positions and are in the front runner
c. Performer – when SDG India Index category while UP, Bihar and Assam
score is less than 65 but greater than are ranked at the lowest in the aspirant
or equal to 50. category. Figure 2 shows the ranks of
different States along with their categories.
d. Aspirant – when SDG India Index
score is less than 50. Chapter 5 on Sustainable Development and
Climate Change may be referred for more
10.6 The 2018 SDG India index indicates details.
Figure 2: States Rank and categories in SDG India Index (2018)
100
90
INDIA= 57
80
70
60
50
40
69
69
69
68
65
64
64
64
64
64
30
63
62
62
61
60
60
59
59
59
58
58
58
57
56
55
55
53
52
52
51
51
51
50
49
20 48
10 42
0
CHHAT
UTK
MIZ
RAJ
J&K
HP
KER
AP
WB
BIH
CHAN
TN
GOA
KAR
PUN
MEG
UP
D&D
DEL
D&N
GUJ
MAH
TEL
MAN
SIK
HAR
MP
TRI
NAG
ASM
ODI
JHAR
PUD
ARN P
LAKSHD
Front Runner Performer Aspirant A&N
Source: SDG India Index by NITI Aayog
Table 1: SDGs targets and achievements in Health - Goal 3: Good Health & Well-Being
Global Targets India’s Achievements
1 By 2030, reduce the global MMR to less India’s MMR during 2014-16 was 130.
than 70 per 100,000 live births.
2 To reduce neonatal mortality to at least as In 2016, Neo-natal mortality rate of India was 24.
low as 12 per 1,000 live births by 2030.
3 To reduce under-5 mortality to at least as In 2016, under-5 mortality rate of India was 39.
low as 25 per 1,000 live births by 2030.
Table 2: SDGs target and achievements in Education - Goal 4: Quality Education
Global Targets India’s Achievements

1. By 2030, ensure that all girls and boys U-DISE provisional data shows that the all India
complete free, equitable and quality primary gross enrolment ratio (GER) under elementary
and secondary education leading to relevant education is 93.55 per cent during 2016-17, while
and effective learning outcomes. it is 79.35 per cent in secondary education.
2. By 2030, ensure equal access for all women India’s GER is significantly lower in higher
and men to affordable and quality technical, education. The MHRD provisional data for the
vocational and tertiary education, including year 2017-18 indicates that the GER in higher
higher educaton. education is 25.8 per cent (18-23 years).
3. By 2030, eliminate gender disparities in India’s gender parity index (GPI) shows an
education and ensure equal access to all improvement in girls’ education at all levels of
levels of education and vocational training education, except higher education. In the case of
for the vulnerable, including persons with Scheduled Tribe (ST) students, the GPI value is
disabilities, indigenous peoples and children <1 indicating disparity between girls and boys in
in vulnerable situations. primary education.
4. By 2030, ensure that all youth and a substantial The total literacy rate is 73.0 per cent in 2011 for
proportion of adults, both men and women, the age group 7 and above having 80.9 per cent
achieve literacy and numeracy. and 64.6 per cent for male and female respectively.
Source: Reports of GoI
10.7 The underlying dimensions of SDG Hence, it is imperative that the government
targets are closely related to education policies give necessary focus on investments
and health aspects as evident in the in education and health to achieve
positive correlation between HDI and equitable and inclusive development in the
SDG rankings of Indian States (Figure 3). country.
Figure 3: Correlation between HDI and SDG rankings of Indian States for year 2018
Source: Calculation based on SDG India Index - Baseline Report, 2018 and UNDP-SBI Research (SBI-ECOWRAP),
March 2019.
GENDER ISSUES change in the society.
10.8 As the World aspires to achieve the Financial Inclusion and level of
SDGs by 2030, one of the most important household autonomy of women
factors which will determine whether
countries achieve their targets set under SDGs 10.9 Financial inclusion of women
will be ‘gender equality’ (SDG-5). The role of is considered as an essential tool for
women is critical not only across agriculture empowerment of women as it enhances
and industrial sectors but also in governance, their self-confidence and enables financial
education and health services. Societies with decision-making to a certain extent.
patriarchal norms and gender stereotyping As far as financial inclusion in India is
will continuously move backwards without concerned, significant progress has been
making progress. The Government of India made during the last decade (Figure 4). At
has initiated several programmes like Beti all India level, the proportion of women
Bachao, Beti Padhao (BBBP), Ujjwala having a bank or saving account that
Scheme, Poshan Abhiyaan, Pradhan Mantri they themselves use have increased from
Matra Vandana Yojana etc., to mainstream 15.5 per cent in 2005-06 to 53 per cent
women and make women active agents of in 2015-16.
Figure 4 : Percentage of women having bank account-State wise
120
2005-06 2015-16
100
80
60
40
20
0
CHH…
TRI
PUN
WB
JHK
ASM
ARN P
TEL
RAJ
TN
MP
MIZ
AP
ODI
J&K
UP
HP
KER
GOA
NAG
UTK
MEG
BIH
GUJ
SIK
India
HAR
KAR
MAH
MAN
Source: NFHS-4 (2015-16) (latest available).

Note: Data for newly created states Andhra Pradesh & Telangana have not been reported for 2005-06.
10.10 As far as women’s participation in per cent in 2015-16 at all India level. States
household decision making is concerned, like Chhattisgarh, Goa, Himachal Pradesh,
it has also improved significantly. As per Kerala, West Bengal and North Eastern
NFHS-4, participation of currently married States are front runners in terms of women’s
women in household decision making has participation in household decision making
increased from 76.5 per cent in 2005-06 to 84 compared to other States (Figure 5).
Figure 5
Figure 5 : Percentage of Currently Married Women (15-59 years) involved in Household
Decision Making- State wise
90
2005-06 2015-16
80
70
60
50
40
30
20
10
0
TRI
ASM
JHK
MP
PUN
TN
RAJ
WB
India
ARN P
MIZ
SIK
TEL
AP
HP
UTK
UP
KER
MEG
CHHAT
GUJ
HAR
J&K
KAR
MAH
MAN
ODI
GOA
NAG
BIH
Source: NFHS 4 (2015-16) (latest available).

Note: Data for newly created states Andhra Pradesh & Telangana have not been reported for 2005-06.
Box 1: Gender Budgeting
“Gender Budgeting is a tool for gender mainstreaming. It uses the Budget as an entry point to apply
a gender lens to the entire policy process (MoWCD, 2015)”. The Ministry of Women and Child
Development (MoWCD) as the Nodal agency has adopted the mission strategy of 'Budgeting for
Gender Equity' to ensure that government budgets are planned according to the differential needs of
women and men and accordingly prioritized. Gender Budgeting is concerned with gender-sensitive
formulation of legislation, policies, plans, programmes and schemes; allocation and collection
of resources; implementation and execution; monitoring, review, audit and impact assessment
of programmes and schemes; and follow-up corrective action to address gender disparities. It is
undertaken through several institutional mechanisms such as Gender Budget Statement, Gender
Budget Cells, as well as various schemes/programmes for women and girls.
Gender budgeting was referred for the first time by the then Finance Minister of India in his budget
speech in 2001. Subsequently, it was recommended to have a separate chapter in annual reports of
Ministries/Departments. Department of Expenditure has been issuing a note on Gender Budgeting as
a part of budget circular since 2005-06. Further, Chief Secretaries of all States/UTs were instructed to
set up gender budget cells on the lines of the Charter for Gender Budget cells issued by the Ministry of
Finance in 2012. A guideline was also issued to provide a road map towards institutionalising Gender
Budgeting at State level in 2013. In order to implement Gender Budgeting at State level, MoWCD
has been conducting number of trainings, workshops, one to one interactions and development of
resource material.
In the Gender Budget Statement of 2019-20, 30 Ministries/Departments reported having schemes
with women's component, amounting to approximately 5 per cent (`1,31,699.52 Crore) of the
total Union Budget. Furthermore, 57 Ministries/Departments have formed Gender Budget Cells to
institutionalise and strengthen gender budgeting processes. During the last 3 financial years, over
4500 Government officials have been trained under the GB Scheme.
TRENDS IN SOCIAL SECTOR has registered an increase of more than 1

EXPENDITURE percentage points during the period 2014-15
to 2018-19 (BE), from 6.2 per cent in 2014-
10.11 The expenditure on social infrastructure
like health and education is a critical indicator 15 to 7.3 per cent in 2018-19 (BE) (Table 3).
of the commitment of the government The increase was witnessed across all social
towards these sectors. Public investment sectors especially education where the public
in social infrastructure has a critical role expenditure as a per cent of GDP increased
in providing access to social services for from 2.8 per cent in 2014-15 to 3 per cent in
the people, especially the marginal and 2018-19. The share of expenditure on social
vulnerable sections of the society. services out of total budgetary expenditure
10.12 The expenditure on social services by increased from 24.9 per cent in 2013-14 to
the Centre and States as a proportion of GDP 26 per cent in 2018-19.
Table 3: Trends in Social Services Expenditure by General Government (Combined
Centre and States)
Item 2013-14 2014-15 2015-16 2016-17 2017-18 RE 2018-19 BE

(` in crore)
Total Budgetary
30,00,299 32,85,210 37,60,611 42,65,969 48,57,990 53,61,181
Expenditure
Expenditure on
Social Services 7,46,391 7,67,622 9,15,500 10,40620 12,52,943 13,93,643
of which:
i) Education 3,48,267 3,53,589 3,91,881 4,34,974 4,92,544 5,66,770
ii) Health 1,39,280 1,48,791 1,75,272 2,13,119 2,54,365 2,76,083
iii) Others 2,58,844 2,65,243 3,48,348 3,92,527 5,06,034 5,50,790
As percentage to GDP
Expenditure on
Social Services 6.6 6.2 6.6 6.8 7.3 7.3
of which:
i) Education 3.1 2.8 2.8 2.8 2.9 3.0
ii) Health 1.2 1.2 1.3 1.4 1.5 1.5
iii) Others 2.3 2.1 2.5 2.6 3.0 2.9
As percentage to total expenditure
Expenditure on
Social Services 24.9 23.4 24.3 24.4 25.8 26.0
of which:
i) Education 11.6 10.8 10.4 10.2 10.1 10.6
ii) Health 4.6 4.5 4.7 5.0 5.2 5.1

iii) Others 8.6 8.1 9.3 9.2 10.4 10.3
As percentage to social services
i) Education 46.7 46.1 42.8 41.8 39.3 40.7
ii) Health 18.7 19.4 19.1 20.5 20.3 19.8
iii) Others 34.7 34.6 38.0 37.7 40.4 39.5
Source: Budget Documents of Union and State Governments, Reserve Bank of India.
Note:
1. Social services include, education, sports, art and culture; medical and public health, family welfare; water
supply and sanitation; housing; urban development; welfare of SCs, STs and OBCs, labour and labour
welfare; social security and welfare, nutrition, relief on account of natural calamities etc.
2. Expenditure on ‘Education’ pertains to expenditure on ‘Education, Sports, Arts and Culture’.
3. Expenditure on ‘Health’ includes expenditure on ‘Medical and Public Health’, ‘Family Welfare’ and ‘Water
Supply and Sanitation’.
4. The ratios to GDP at current market prices are based on 2011-12 base.
10.13 The Government has been committed sector schemes by the Government of
to provision of social security which is India during the last five years as shown in
evident in the initiation of major social Table 4.
Table 4: Major Social Protection Schemes and Achievements during 2014-2019
Scheme Features Status

Pradhan Mantri Accident insurance scheme, offers As on 31/10/2018, gross enrolment
Suraksha Bima Yojana, a one-year accidental death and is 14.27 crore. Amount of claims
2015 disability cover. Annual premium is raised: `449.82 crore
`12. Available to people in the age
group 18 to 70 years
Pradhan Mantri Jeevan Government-backed life insurance As on 31/10/2018, gross enrolment
Jyoti Bima Yojana, scheme. Annual premium is `330. is 5.57 crore, Amount of claims
2015 Available to people between 18 and raised: `2422.54 crore
50 years of age
Atal Pension Yojana, Pension scheme targeted at the In 2017-18, total subscribers
2015 unorganized sector. enrolled were 97.05 lakh
Pradhan Mantri Fasal A Crop Insurance Scheme. Replaces Kharif 2017: 13.7 million farmers
Bima Yojana, 2016 the existing two schemes National received compensation of
Agricultural Insurance Scheme as `17209.94 crore.
well as the Modified NAIS.
Pradhan Mantri Vaya Pension Scheme exclusively for the As on 30/11/2018, 3.31 lakh
Vandana Yojana, 2018 senior citizens aged 60 years and subscribers, corpus of `22,812.75
above. crore
Atal Bimit Vyakti For Insured Persons (IP) covered To benefit 3 crore insured persons
Kalyan Yojana, 2018 under the Employees’ State Insurance under ESIC coverage
Act, 1948. Relief payable in cash in
case of unemployment and while they
search for new engagement.
Pradhan Mantri Rojgar 12 per cent of employer contribution Number of establishments

Protsahan Yojana to EPFO of the new employees’ benefitted between 2016-17 & 15th
drawing salary upto `15000 pm is January, 2019 was 1.24 lakh.
given by government for the initial
three years.
PM Shram-Yogi Offers every individual with a regular As on 20th June, 2019 30.67 lakh
Mandhan Yojana, 2019 pension after they attain 60 years. subscribers
Beneficiaries in unorganized sector
workers.
PM-KISAN, 2019 Offers income support of `6000/- per As on 23rd April, 2019, around 3.10
annum in three equal instalments to crore small farmers have received
all eligible farmers irrespective of the first tranche of `2,000 and 2.10
land holdings. crore farmers have got the second
instalment.
Ayushman Bharat, 2018 Umbrella scheme of two major health As on 11th January, 2019, 4503
initiatives:. (i) Health & Wellness HWCs operationalized.
Centres to provide to comprehensive PMJAY: as on 30th December, 2018,
primary health care. (ii) PMJAY aims no. of hospitals empaneled: 16,112,
to cover 10.74 crore poor & vulnerable beneficiaries admitted: 6.81 lakh,
families providing health coverage e-cards issued: 39.48 lakh.
upto `5 lakh per family per year for
secondary & tertiary hospitalization.
National Nutrition Ensure attainment of malnutrition free Scheme rolled out in all districts
Mission or POSHAN India by 2022. Targeted intervention of 36 States/UTs. Mass media
Abhiyaan in areas with high malnutrition campaign and information
burden. dissemination at grassroots level
being undertaken. September 2018
observed as Rashtriya Poshan Maah
(month).
Mission Indradhanush To vaccinate unreached/partially As of 12th April, 2019, 3.39 crore
(MI) and Intensified reached pregnant women and children immunized of which 81.79
Mission Indradhanush children so as to reduce vaccine lakh fully immunized. Under IMI,
(IMI) preventable under-5 mortality rate. full immunization coverage in 190
The drive is foucused on pockets of districts increased from 50.5 per
low immunization average and hard cent to 69 per cent as per Coverage
to reach areas where proportion of Evaluation Survey, 2018 conducted
unvaccinated and partially vaccinated by WHO and UNDP.
children and pregnent women is high.
Pradhan Mantri Awas Housing for All by 2022 PMAY - Urban: 80.96 lakh houses
Yojana-Rural & Urban sanctioned and 25.69 lakh houses
completed as on 27th May, 2019. 90
lakh houses completed in PMAY-
Gramin during 2017-19.
Swachh Bharat 100 per cent open defecation free by Urban areas of 21 States/UTs
Mission-Urban +Rural 2019 declared ODF
5.33 lakh villages in 25 States/UTs
declared ODF
Source: Year-end achievements of various Central Ministries.
EDUCATION FOR ALL providing primary education has yielded

results across social categories and gender
10.14 Goal 4 of Sustainable Development
in Gross Enrolment Rate (GER). Over the
Goals (SDGs) on education requires ensuring
years, remarkable progress has been made in
equitable, inclusive and quality education
respect of female participation up-to
along with promotion of lifelong learning
secondary level and GER for girls has
opportunities for all by 2030.
exceeded that of boys (Table 5). But girls’
Status of Education in India enrolment rate is lower than that of boys at
the higher education level. At this level, the
10.15 As per Educational Statistics at gap is visible across the social categories too
a Glance (ESAG), 2018, the thrust on (Figure 6).
Table 5: GER (per cent), Drop-out Rate (per cent) and Pupil Teacher Ratio at levels of schooling
Drop-Out Rate Pupil Teacher Ratio

Level GER (2016-17)
(2016-17) (Norm) 2015-16
Male: 94.02 Male: 6.3
Primary 23 (30 - RTE)
Female: 96.35 Female: 6.4
Male: 86.90 Male: 4.97
Upper Primary 17 (35 - RTE)
Female: 95.19 Female: 6.42
Male: 78.51 Male: 19.97 27 (30 – Secondary level
Secondary laid down in the relevant
Female: 80.29 Female: 19.81 Scheme)
Senior Male: 54.93 Male: .6.37
37
Secondary Female: 55.91 Female: 5.49
Higher Male: 26.3 NA
30
Education Female: 25.4 NA
Source: Educational Statistics at a Glance 2018, U-DISE 2016-17 and AISHE 2017-18 (latest available).
Fig 6
Figure 6: GER at Higher Education Level 10.16 The drop-out rates are very high for boys
(per cent) 2017-18 at the secondary school level. According to
NSSO 71st round2 (2014), the reasons for male
students dropping out are economic activities,
30 26.3 25.8
Male Female Total lack of interest in education and financial
25 22.2 21.8 constraints. The transition rate from secondary
25.4
20 17 school to senior secondary and further to higher
21.4 15.9
15
education is also very low. The Pupil Teacher
14.9
10
Ratio (PTR) at national level for primary schools
is 23, 17 for upper primary, 27 for secondary and
5
37 for senior secondary schools. While the PTR
0
General Schedule Caste Schedule Tribe appears to be satisfactory, it is clear that while
there are sufficient teachers, the main issue is
Source: AISHE, 2017-18 (Ministry of Human their balanced deployment based on student
Resource Development) strength.
_______________
2
Key Indicators of Social Consumption in India: Education, 2014.
Gender Parity Index (GPI) based on higher education level and for all other
GER levels it was above 1) (Figure 7). Although,
enrolment of girls is higher than that of
10.17 GPI based on GER indicates boys in government schools, the pattern gets
increasing trend of female participation at reversed in private schools. The gender gap in
all7 levels (Figure 7). At the higher education
Fig
enrolment in private schools has consistently
level the GPI is low (0.92 in 2015-16 for increased across age groups (Figure 8).
Figure 7: Gender Parity Index (2015-16) Figure
Figure 8 8: Gender gap in GER in Private
schools (per cent)
1.2
1 40 Boys Girls
2015-16 2008-09
0.8 35
Elementary
0.6 (I-VIII) 30
0.4 25
2014-15 0.2 2009-10 20
0 Secondary
15
( IX-X)
10
5
2013-14 2010-11 Higher
0
Education
2011 2018 2011 2018 2011 2018
2012-13 2011-12 Age (7-10 Yrs) Age(11-14 Yrs) Age(15-16 Yrs)
Source: ASER, 2018.

Source: Educational Statistics at a Glance, 2018
Learning Outcomes: Improving are the basic levels of learning that students
quality of education should achieve at the end of each class.
10.18 As per Annual Status of Education National Achievement Survey
Report (ASER, 2018), from 2014 to 2018, 10.20 National Achievement Survey (NAS)
there is a gradual improvement in both basic which was earlier based on textbook
literacy and numeracy for Class III students content, has been made a competency-based
but still only a quarter of them are at grade evaluation from 2017. As compared to only
level (ability to read and do basic operations 4.43 lakh students who were earlier tested
like subtraction of Class II level). The report across Classes 3, 5 and 8, in 2017 over 22
also shows that 1 out of 4 children leaving lakh students from around 1,10,000 schools
Class VIII are without basic reading skills across 701 districts of India (including rural
(ability to read at least at Class II level). and urban) were assessed. In the case of Class
10.19 The Rules of the RTE Act were X, over 15 lakh students from around 44000
amended in February, 2017 to include, for schools across 609 districts were assessed
the first time, the class wise, subject wise in 2018 compared to 2.77 lakh students
Learning Outcomes till Class VIII, thereby assessed in the previous cycle at the State
emphasising the importance of quality level only. The NAS, 2017 was therefore
education. In this regard, Learning Outcomes one of the world’s largest sample surveys of
for each class in Languages (Hindi, English student learning achievement. The District
and Urdu), Mathematics, Environmental wise report cards, generated under NAS,
Studies, Science and Social Science up to the show the learning levels of students in
elementary stage have been developed. These every district against the expected learning
outcomes of a particular grade. In the case Table 6: Available manpower for teaching
of Class X, over 15 lakhs students from job, pass out in D.Ed. /B.Ed. and number
around 44000 schools across 609 districts of surplus teachers during 2015-16
were assessed in 2018 compared to 2.77
No. of candidates Male Female Total
lakh students assessed in the previous cycle
at the State level only. D.Ed. or
39011 49501 88512
equivalent pass out
Shortfall of teachers
B.Ed. pass-out 197793 348440 546233
10.21 The shortage of teachers is a perennial Teachers
problem with 9.08 lakh vacancies of in schools with zero - - 24921
teachers at elementary level in government enrolment
schools as on 31st March 2016. This is Total availability of
- - 636861
despite the high number of pass-outs school teachers
in D.Ed./B.Ed. programme and the number Demand for teachers 400000
of surplus teachers in zero enrolment schools - -
at elementary level (approx.)
(Table 6 ).
Source: Education Statistics at a Glance, 2018
Box 2: Recent Initiatives in School Education Sector
Samagra Shiksha: A comprehensive programme subsuming Sarva Shiksha Abhiyan (SSA),

Rashtriya Madhyamik Shiksha Abhiyan (RMSA) and Teacher Education (TE). For first time, it also
includes provisions for support at pre-school level, library grants and grants for sports and physical
equipment. The vision of the Scheme is to ensure inclusive and equitable quality education from
pre-school to senior secondary stage in accordance with the Sustainable Development Goal (SDG)
for Education (SDG-4).
Swayam platform offers 10 courses of Diploma in Elementary Education (D.El.Ed) and more than
13 lakh unqualified teachers have enrolled for this diploma.
UDISE+, an updated online real time version of UDISE (Unified District Information on School
Education) has been launched with three additional features – GIS mapping, data verification through
third-party mobile application and data analytics.
PGI, Ministry of Human Resource Development has launched a 70-point Performance Grading
Index (PGI) to assess areas of deficiency in each state’s school education system so that targeted
interventions can be made at every level from pedagogy to teacher training.
ICT driven initiatives: Shaala Sidhi (to enable all schools to self-evaluate their performance),
e-Pathshala (providing digital resources such as textbooks, audio, video, periodicals etc.) and Saransh
(an initiative of CBSE for schools to conduct self-review exercises).
10.22 The shortage of teachers and principals PGI (Performance Grading Index, 2017-18)
and administrative staff, lack of regular in the Governance and Management Domain
supervision and inspection, inadequate for the first time. As per PGI report, 2017-18
training of the teachers, timely availability of in this domain, the top score (279, Gujarat)
finances are some of the factors plaguing the is only 78 per cent of the maximum points
education system in the country as captured by (360) and at the other end of the spectrum,
the minimum score obtained in this Domain is training that equip the youth to enter the labour
below 40 per cent (36.1 per cent). This clearly market and improves their employability.
implies that ‘Governance’ is the domain which According to NSSO Report 2011-12, only
all States and UTs must focus upon. The PGI 2.3 per cent of the total workforce in India
accords the highest importance to the Domain had formal sector skill training. Keeping in
relating to Governance and Management view the predominance of young population,
the Government had formulated the
because compliance with the indicators here
National Policy on Skill Development &
will lead to critical structural reforms in areas
Entrepreneurship, 2015 under which the Skill
ranging from monitoring the attendance of India Mission by 2022 was formulated. The
teachers to ensuring a transparent recruitment government had launched a comprehensive
of teachers and principals. skill development programme in the last five
SKILL DEVELOPMENT years with the setting up of a Ministry for Skill
Development & Entrepreneurship. Some of
10.23 The schooling system improves the the major skill development programmes are
educational level of the population. It is skill listed in Table 7.
Table 7: Skilling in India: Recent Government Initiatives
Initiatives Objectives Achievements
Pradhan Mantri Mobilize youth to take up industry relevant During 2015-16, 19.8 lakh youth
Kaushal Vikas skill training. Targets to train 1 crore youth were trained as against the target of
Yojana (PMKVY) by 2020. Recognizes and certifies prior 24 lakh.
(1.0), 2015 learning.
Pradhan Mantri PMKVY version 2 has mandatory Short term training: 30 lakh
Kaushal Vikas provisions for placement tracking. candidates enrolled, 27.9 lakh
Yojana (2.0), 2016- trained, 12.05 lakhs placed.
20 Placement percentage: 54 per cent.
Recognition of Prior Learning:
22.65 lakh enrolled, 22.08 lakh
trained and 17.84 lakh assessed out
of which 16.60 lakh passed as on
13th May, 2019
Pradhan Mantri Aspirational Model Training Centers to be Till June 2019, 851 PMKKs have
Kaushal Kendra, opened in every district. been allocated, 601 PMKKs have
2015 already been established.
National To promote apprenticeship. Consists of Till June 2019, 11.87 lakhs
Apprenticeship Basic Training and On-the-Job Training/ candidate registered. 76,860
Promotion Scheme, Practical Training at workplace. establishments registered under the
2016 scheme.
SANKALP, 2017 Creating convergence among all skill As on December 2018, the process
training activities, improving quality of of disbursements of funds to
skill development programmes, Creating States/ UTs is underway. Regional
industry led and demand driven skill workshops with States/ UTs are
training capacity. also being held to facilitate roll out.
STRIVE, 2017 Creating awareness through industry As on December 2018, the
clusters, integrating and enhancing operations manual of the project
delivery quality of ITIs. has been prepared.
Source: Ministry of Skill Development & Entrepreneurship.

Bridging the disconnect in the Skilling currently. At implementation level,

Ecosystem proper pre-screening on the candidates
10.24 The various government initiatives should be done and ensure that only
in the skilling ecosystem require further eligible candidates are enrolled for
coordinated and concerted efforts between the programme. Moreover, stronger
various Departments/Ministries and State facilitation support to avail MUDRA
governments for improving quality, relevance, loan should be provided to PMKVY
quantity, aspirations, mobility and financing certified candidates.
of skill development. Some recommendations • Skill Voucher can be introduced as
towards improving the skill development a financing instrument given to a
programmes are stated below:
beneficiary that enables them to sign
• Approximately 30 per cent of the up for vocational education course at
surveyed STT participants in PMKVY any accredited training institute. Once
were not looking for employment training is completed, the accredited
Box 3: Impact of PMKVY.2 on Employability and Income- An Evaluation
The key question which the evaluation of PMKVY.2 aimed to answer is: What is the impact of
PMKVY training and certification on the employability and income of its participants?
For evaluation of STT (Short Term Training) component, a three-arm design has been adopted. Arm
1 consists of individuals who have completed their training and have been certified under PMKVY.
Arm 2 consists of individuals who have completed their training but have not been certified (did not
appear or pass the assessment test) under PMKVY. Arm 3 consists of individuals who are similar
to the PMKVY trained/certified respondents in terms of eligibility criteria but have not attended the
PMKVY training. Through this design, the study aims to essentially assess the impact of PMKVY
training and certification on employment and salary premium, based on survey conducted during
Deccember, 2018 to January, 2019 of PMKVY trained candidates.
Employment impact: Impact analysis of STT on the employability shows that PMKVY training and
certification has led to a nine-percentage point increase in proportion of employed individuals, as the
proportion of employed individuals was 32 per cent in Arm 1 as compared to 23 per cent in Arm 3.
PMKVY training alone was found to have an impact of eight percentage points on employability, as
Arm 2 employment rate was 31 per cent as compared to 23 per cent in Arm 3. However, PMKVY
certification alone, was found to have a non-significant impact of two percentage points when the
employment rate of Arm1 was compared with employment rate of Arm 2 respondents.
Income impact: On assessment of impact of STT on the income, PMKVY training and certification was
observed to have an impact of 15 per cent on the mean monthly income (`8629/- in Arm 1 as compared
to `7474/- in Arm3). PMKVY training alone was observed to have an impact of nine per cent, as mean
monthly income of PMKVY trained individuals was observed to be `8283 as compared to `7584 of the
comparison group. Also, PMKVY certification alone was found to have an impact of nine per cent on the
mean monthly income (`8588 in Arm 1 as compared to `7907 in Arm 2).
While assessing the impact of RPL (Recognition of Prior Learning) programme on income, a
significant difference of 19 per cent was observed in the mean monthly income of RPL certified
candidates (`10997/-) when compared to that of the comparison group (`9275/-). The analysis of the
before RPL and current monthly income of RPL certified individuals suggest a 25 per cent increase
in their mean monthly income (`11006/- currently as compared to `8836/- before RPL programme).
Further, 35 per cent of PMKVY certified respondents who had an increase in their current income,
have acknowledged the contribution of RPL programme in the same.
Source: Ministry of Skill Development & Entrepreneurship.
institution can redeem the voucher from Table 8: Key Labour Market indicators
the government. for all age group in 2017-18 (in per cent)
• Industry should be incentivized to set Indicators Rural Urban Total
up training institutions in PPP mode. Usual Status
Local Industry must be involved for LFPR 37.0 36.8 36.9
curriculum development, training WPR 35.0 33.9 34.7
modules, provision of equipment, UR 5.3 7.8 6.1
training of trainers etc. Industry can help CWS
in developing a database of instructors LFPR 35.7 36.4 35.9
for selection of Training providers. WPR 32.6 32.9 32.7
• The personnel of Railways and other UR 8.5 9.6 8.9
para-military forces could be used for Source: Annual Report, PLFS (2017-18)
skill training or lending institutional
support in imparting training in hilly, declined to 36.9 per cent in 2017-18 from
inaccessible and difficult terrains. Local 39.5 per cent in 2011-12 (NSSO) as per usual
bodies can be used for skill mapping and status. In rural areas, it has declined by 3.6
creating a data base of youth at local percentage points while it has declined by 0.1
level to assess demand supply gaps. percentage points in urban areas. The Worker
Population Ratio (WPR) has also shown
EMPLOYMENT SCENARIO similar trend. As per usual status, WPR in
India has declined to 34.7 per cent in 2017-
Findings of Periodic Labour Force 18 from 38.6 per cent in 2011-12 (NSSO).
Survey The WPR has declined by 4.9 percentage
10.25 The Periodic Labour Force Survey points in rural areas while it has declined
(PLFS) has been designed to yield annual by 1.6 percentage points in urban areas
estimates of the labour force on employment (Table 8).
and unemployment along with quarterly 10.27 The unemployment rate (UR) in India
estimates for the urban areas. The first stood at 6.1 per cent with 5.3 per cent in rural
annual PLFS (2017-18) provides quarterly areas and 7.8 per cent in urban areas as per
employment statistics for urban areas on usual status. As per CWS, the UR was 8.9 per
Current Weekly Status (CWS) basis and cent with 8.5 per cent in rural areas and 9.6
annual estimates of employment indicators per cent in urban areas (Table 8).
both in rural and urban areas on CWS and
10.28 General education of youth has
usual status basis3. However, labour market
improved to 65.4 per cent for urban females
estimates by PLFS is not strictly comparable
and 65.8 per cent for urban males. However,
with NSSO-EUS. For comparability, the
94.3 per cent of those aged 15 or over in
result of the PLFS with earlier rounds of
urban areas do not have technical education.
NSSO surveys need to be understood in the
The proportion of urban youth who received
context with which the survey methodology
formal vocational training has improved
and sample solution has been designed.
to 4.4 per cent in 2017-18. PLFS found on
10.26 As per PLFS estimates, Labour Force average, a male employee earned nearly
Participation Rate (LFPR) in India has 1.2-1.3 times the earnings of female regular
3
A person who is unable to get work for even for an hour in the last seven days of reference week despite available and
seeking for work is considered as unemployed under CWS while under usual status activity of a person is determined on the
basis of reference period of 365 days preceding the date of survey.
salaried worker in 2018. However, self- social security schemes like the Employees’
employed male workers earned 2 times more Provident Fund (EPF), Employees’ State
than the earnings of self-employed female Insurance (ESI) Scheme and the National
workers in urban areas in 2018. Pension Scheme (NPS). The next section
examines the indicator for employment in
10.29 Keeping in view India’s demographic formal sector based on the payroll data of
advantage and with almost 93 per cent of EPFO.
the informal workforce, it is important
to improve measures of employment Indicators for Employment in Formal
through administrative statistics, which
Sector
should be complemented by periodic
surveys. In this direction, the Ministry of 10.30 The Government has been bringing
Statistics and Programme Implementation out the employment related statistics in the
has started bringing out estimates of new formal sector (since April 2018) covering
subscribers/members enrolling in large the period September 2017 onwards, using
Figure 9: Indicator for Employment in Formal Sector (in thousands)
Source: EPFO data
information on the number of subscribers (Figure 9).

who have subscribed under three major
10.31 The net employment generation in
schemes, namely, the Employees’ Provident
the formal sector was higher at 8.15 lakh in
Fund (EPF) Scheme, the Employees’ State
March 2019 against 4.87 lakh in February,
Insurance (ESI) Scheme and the National
2018. The trend line reflects a positive trend
Pension Scheme (NPS). There are elements
in terms of employment in the formal sector.
of overlap and the estimates are not additive.
However, the payroll data released by HEALTH FOR ALL
EPFO based on the number of members
10.32 Human health and wellbeing are
subscribing to the scheme gives an idea of
interrelated with sustainable development in a
the level of employment in the formal sector
complex, bidirectional way, in that investment
Figure 10: MMR: Global Comparison Figure 11: Decline in MMR (in points) for
EAG States (2011-13 to 2014-16)

Source: MMEIG Report 2015 and SRS Report for India (2018) & EAG States (latest available).
in health for all supports social, economic Maternal Health

and environmental sustainability (WHO,
2017). A healthy productive population 10.34 Maternal Mortality Ratio (MMR) of
is an enabler for sustainable development India has declined by 37 points from 167 per
and hence it is critical that the Government lakh live births in 2011-13 to 130 per lakh live
remains committed to improve public health births in 2014-16, in a span of three years.
delivery, reduce health inequities and ensure Between 1990 and 2015, MMR in India has
affordable health care for all. Though India declined by 77 per cent as compared to 44 per
has made substantial progress, there are areas cent decline in global average (Figure 10).
which require policy interventions to attain 10.35 Between 2011-13 and 2014-16, all
the goals of accessible, affordable and quality Empowered Action Group (EAG) States
health care. have shown MMR decline which is higher
than that of National Average (SRS 2014-16)
Status of Health (Figure 11). New intiatives of the Government
10.33 The National Health Mission (NHM), to improve Maternal and New-born Health
with its two sub-missions National Urban are given in Box 4.
Health Mission (NUHM) and National
Rural Health Mission (NRHM) envisages
Child Health
achievement of universal access to equitable, 10.36 As per the latest Sample Registration
affordable and quality healthcare services System, 2016 report, the Under Five Mortality
that are accountable and responsive to Rate in India is 39 per 1000 live births,
peoples’ needs. Under this Mission, support is Infant Mortality Rate is 34 per 1000 live
provided to States/UTs to provide accessible, births and Neonatal Mortality Rate is 24 per
affordable, accountable and effective 1000 live births. The U5MR has declined
healthcare up to District Hospital level. Major at a faster pace in the period 2008-2016,
programme components under NRHM are registering a compound annual decline of
Reproductive-Maternal-Neonatal-Child and 6.7 per cent per year, compared to 3.3 per
Adolescent Health and Communicable and cent compound annual decline observed over
Non-Communicable diseases. 1990-2007.
Box 4: New Initiatives for Maternal & New born Health

LaQshya: 'LaQshya - Quality Improvement Initiative' was launched in December, 2017 with
the objectives of reducing preventable maternal and new born mortality, morbidity and stillbirths
associated with the care around delivery in Labour room and Maternity OT (Operation Theatre) and to
ensure respectful maternity care. LaQshya initiative is a focused and targeted approach to strengthen
key processes related to the labour rooms and maternity operation theatres in order to achieve time
bound targets and to ensure desired outcome within a short period.
Midwifery initiative: The revision of Nurse Practitioner in Midwifery curriculum is being undertaken
by the Indian Nursing Council to include core competence. The Governent has initiated midwifery
services throughtout the country in 2018, with an objective to provide access to quality maternal and new
born health services, promote natural birthing, ensure respectful care and reduce over medicalization.
The Midwifery Services Initiative aims to create a cadre for Nurse Practitioners in Midwifery who are
skilled in accordance to ICM competencies, knowledgeable and capable of providing compassionate
women-centric pregnancy care.
Pradhan Mantri Surakshit Matritva Abhiyan (PMSMA): Pradhan Mantri Surakshit Matritva
Abhiyan (PMSMA) was launched in 2016 to provide comprehensive and quality Ante-Natal Care
(ANC) to pregnant women on the 9th of every month. Under PMSMA, doctors from both the public
and private sector examine pregnant women on 9th of every month at Government health facilities. So
far, more than 1.8 Crore antenatal check-ups (in addition to routine four ANC check-ups) have been
conducted across the country under this program.
Expenditure on health Figure 12: Government Health

Expenditure & OOPE (in per cent)
10.37 As per the National Health Accounts
Estimates during 2013-14 to 2015-16, 80
69.4
there is an encouraging trend of decreasing 60
64.2 62.6 60.6
Out of Pocket Expenditure (OOPE) and an
increase in public health expenditure out 40
28.6 29 30.6
of Total Health Expenditure (THE). Public
20 22.5
health expenditure (Centre, States and Local
Bodies), as a percentage of Total Health 0
Expenditure (THE) increased from 22.5 per 2004-05 2013-14 2014-15 2015-16
GHE as % of THE OoPE as % THE
cent in 2004-05 to 30.6 per cent in 2015-16
(Figure 12). Source: National Health Accounts Estimates for India,
MoHFW (latest available).
10.38 The Out-of-Pocket expenditure still Fig 13
remains the major component of healthcare Figure 13: OOPE as a percentage of

expenditure, as evidenced from the cross- Current Health Expenditure (in per cent)
country analysis (Figure 13). 70
60
10.39 One major component of OOPE is 50
expenditure on medicines. Government 40
has made various provisions to provide 30
20
medicines free of cost in Government 10
facilities, but in reality, a majority 0
(more than 60 per cent) of the patients are

still forced to pay for some of the medicines
Source: Global Health Expenditure Database, WHO,
they receive. The Government has taken
OOPE India figure calculated by WHO (extracted on
several steps to reduce Out of Pocket May 31, 2019).
Box 5: Ayushman Bharat – a major step towards achieving Universal Health Coverage
Ayushman Bharat is a flagship programme of the Government, which comprises of two inter-
related components, viz. establishment of “Health and Wellness Centres” (HWCs) for delivering
Comprehensive Primary Health Care and “Pradhan Mantri Jan Arogya Yojana” (PMJAY), a health
assurance scheme for preventing the financial hardships in availing in-patient care. This is the strategy
adopted by India to achieve the vision of Universal Health Coverage (UHC) with its underlying
commitment of “leaving no one behind”.
The National Health Policy, 2017 recommends strengthening the delivery of primary health care,
through establishment of Health and Wellness Centres and calls for a commitment of two third of the
health budget for Comprehensive Primary Health care. Government of India announced upgradation
of 1,50,000 Sub Centres and Primary Health Centres to Health and Wellness Centres by 2022 under
Ayushman Bharat. This initiative is an attempt to move from selective and segmented approach to a
comprehensive need-based health care service delivery.
The HWCs provide preventive, promotive, rehabilitative and curative care for Reproductive,
Maternal, New Born, Child plus Adoloscent Health (RMNCH+A), Communicable diseases, non-
communicable diseases, Ophthalmology, ENT, trauma services etc. The HWCs would undertake
population based screening, prevention and control for Common NCDs- Hypertension, Diabetes,
and the three common cancers (Oral, Cervix and Breast cancer), building on the already existing
National Programme for the Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases
and Stroke (NPCDCS). The HWC would be the first point of contact with the PHC/ CHC serving as
the first referral point. This would, over time, reduce the burden on secondary and tertiary centres
having to provide care for primary health as well, and also reduce out of pocket expenditures.
The second component of Ayushman Bharat, PMJAY, the largest public health insurance scheme
in the world aims at providing financial protection (Swasthya Suraksha) to 10.74 crore poor and
vulnerable families (approx. 50 crore beneficiaries) as per the latest Socio-Economic Caste Census
(SECC) data, and existing RSBY beneficiaries. The scheme offers a benefit cover of `5 lakh per
family per year (on a family floater basis). PMJAY covers medical and hospitalization expenses for
most of the secondary and tertiary care procedures. PMJAY has defined 1,350 medical packages
covering surgery, medical and certain day care treatments including medicines, diagnostics and
transport.
To ensure that nobody is left out (especially the girl child, women, children and elderly), there is no
cap on family size and age in the scheme. The scheme is cashless and paperless at public hospitals
and empanelled private hospitals. The benefits also include pre and post-hospitalization expenses.
The scheme is entitlement based.
Expenditure (OOPE) and burden of diseases 10.40 Affordability is a key issue in

in the country. One of the major steps healthcare. In terms of the costs to the
taken by the Government to move towards Government and for the individuals
Universal Health Coverage has been the who seek healthcare in a country like
launch of Ayushman Bharat (Box 5). Free India, the potential of AYUSH in reducing
Drugs and Diagnostics Service initiatives health expenses is immense. This aspect has
is another key initiative to bring down been rightly recognised by the National Ayush
OOPE. Mission (NAM)4. There are several scalable
______________
4
Recognising the scope of alternative systems of medicine, the Mission was launched by Hon’ble PM in September 2014 to
address the gaps in health services through supporting the efforts of State/UT Governments for providing AYUSH health
services/education in the country, particularly in vulnerable and far-flung areas. Under NAM special focus will be given for
specific needs of such areas and for allocation of higher resources in their Annual Plans.
projects in the areas of infertility treatments, to choose, what is appropriate for them, thus
NCDs etc. which can be adopted across making healthcare more accessible,
India by co-locating AYUSH healthcare accountable, affordable and customised
services under single roof so that people are free (Box 6).
Box 6: Promoting AYUSH: An Affordable Healthcare Option for All
The role of AYUSH in preventive and promotive healthcare has not received the attention which
is due to it, owing to the market driven supply systems that have emerged in health sector. As per
NSSO, 71st round, only 5 to 7 per cent usage of ‘other’ including AYUSH (Ayurveda, Yoga or
Naturopathy Unani, Siddha and homoeopathy) has been reported both in rural and urban areas. In
terms of costs, the average out of pocket expenditure on AYUSH medicines per treated person is
lower compared to non-AYUSH medicine as can be seen below:
Average out of pocket expenditure on AYUSH medicines and other (non-AYUSH)

medicines per treated person in the last 15 days by sex and place of residence, 2014
OOP expenditure (in `)

System of medicine Rural Urban
Male Female All Male Female All
AYUSH medicine 322 228 270 462 311 378
Other (non-AYUSH)
381 402 392 485 430 454
medicine
Source: NSSO 71st Round on Social Consumption: Health (2014).
Further, there are scalable projects which can be replicated in other States depending on the local
traditional preference/acceptability for the systems, like Unani in Uttar Pradesh, Sidhha in Tamil
Nadu and Ayurveda across India, since it is India’s own system of medicine.
‘JANANI’5 scheme of Government of Kerala is an exemplar which has popularised the system of
homeopathy treatment for infertility in public health facilities6. In July to December 2012, the launch
year of the pilot project JANANI, the number of cases at Kannur district was less than 100. However,
over time there has been exponential growth in the number of infertility cases being registered and
treated (see Figure) at Kannur District Homeopathy Hospital.
There is immense scope and potential in expanding the AYUSH systems of treatment for attaining
the universal healthcare goals set by India. Recognising the significance of alternative systems,
government has approved the continuation of National Ayush Mission (NAM) from 01.04.2017 to
31.03.2020 with an outlay of `2400 crore over the 3 year period.
______________________
5
Mother and child’ Pilot project for Homeopathic Intervention in infertility launched in Kannur District Homeopathy Hospital
in 2012; Newsletter, Dept. of Homeopathy, Government of Kerala, February 2019.
6
Government of Kerala, Survey data show, in Kerala 10.25% of women face the problem of infertility but more than 60% of
couples in Kerala resort to modern system of treatment, which entails huge costs for infertility treatment and hospitalization
charges.
Cases at Janani Kannur District Homeopathy Hospital

-XO\'HF -DQ'HF -DQ'HF -DQ'HF -DQ'HF -DQ'HF

Source: Kannur District Homeopathy Hospital, Government of Kerala, February 2019.
Health Infrastructure in Rural Areas of health care delivery in the country. The
upgradation of facilities to IPHS norms
10.41 Health infrastructure is an important can lead to reduction in maternal mortality.
indicator of the quality of health care MMR in the States where PHCs were
delivery systems. IPHS (Indian Public functioning according to IPHS norms
Health Standards) are a set of uniform ranged between 1.7 per cent (Haryana) to
standards envisaged to improve the quality 100 per cent (Andhra Pradesh) (Figure 14).
Figure
Fig14:
14 State-wise status of antenatal care (per cent) and Maternal Mortality Ratio
with PHCs functioning as per IPHS norms (per cent)
120.0 PHCs Functioning as per IPHS norms (%)

Mother had full antenatal care (%) 200
MMR 2014-16 -RHS
100.0
150
PHC & ANC (%)
80.0
MMR
60.0
100
40.0
50
20.0
0.0 0
MAH TN AP GUJ HAR WB RAJ UK UP All India
Source: Rural Health Statistis 2016, NFHS-4 and Census SRS Bulletin on MMR 2014-16
10.42 Andhra Pradesh, Tamil Nadu retaining, and ensuring regular presence of
are the States where higher percentage of highly trained medical professionals. There
PHCs are following IPHS norms, indicating exists shortfall across all cadres in the posts
higher level of antenatal care, thereby
of doctors and specialists. There are large
reflecting low MMR. Haryana and UP had
number of PHCs which are functioning with
very low percentage of PHCs functioning
as per IPHS norms and they reflect very high one doctor or without doctor. The States
MMR. where large number of PHCs are functioning
with ‘one doctor and without doctor’
Human Resource in health sector indicate relatively higher level of rural
10.43 The rural public health facilities across IMR and MMR compared to other States
the country have difficulty in attracting, (Figure 15).
Figure 15: State-wise PHCs with Doctors and without doctors (per cent),
IMR-Rural and MMR
100.0 250
90.0
80.0 200
PHC with Doctors(%)
70.0
MMR & IMR

60.0 150
50.0
40.0 100
30.0
20.0 50
10.0
0.0 0
With one doctor (%) Without doctor (%)

MMR-Total 2014-16 (RHS) IMR Rural-2016 (RHS)
Source: Rural Health Statistis 2017, and Census SRS Bulletin on MMR 2014-16 (latest available).
10.44 Moreover, what this data do not reveal National Quality Assurance
is that even if the personnel are present, their Programme
level of participation in providing health
services, may not be at desirable levels due 10.45 In order to improve healthcare
to lack of supplies, inadequate infrastructure delivery through the public health facilities
facilities, poor monitoring of the staff, and and to improve beneficiary satisfaction,
so on. Public health services delivery in rural ‘Kayakalp’ initiative was introduced.
areas warrants better governance mechanisms This initiative rewards public health
through adoption of technologies, community facilities to maintain cleanliness,
and Local Self Government (LSG) hygiene and infection control in the facilities
participation and social audit. (Box 7).
Box. 7 : ‘Kayakalp’: Assuring Quality across Health Systems for Improving Outcomes
The lack of sanitation and hygiene protocols in health care facilities in India could cause for spreading
infections and other diseases. Keeping in view, the urgency of the situation, under the ambit of
NQAP, Kayakalp: Clean Hospital Initiative was launched in 2015. It is the ramification of Swachh
Bharat Abhiyan in public health system. Kayakalp aims to promote sanitation and hygiene in public
healthcare institutions. Facilities are assessed using objective checklist covering seven domains (a)
Hospital Upkeep, (b)Sanitation & Hygiene, (c) Waste Management, (d) Infection control, (e) Support
Services (f) Hygiene Promotion, and (g) Beyond the hospital boundary.
The programme made modest beginning in 2015-16 involving District Hospitals only and later
included SDH/ CHC, PHC, UPHC and UCHC. The number of facilities participating in Kayakalp
has risen from 712 in 2015-16 to 23975 in 2017-18. The number of facilities achieving Kayakalp
awards has also increased from 97 facilities in 2015-16 to 1459 facilities in 2016-17 and 2959 in
2017-18.
Box
Percentage of facilities scoring more than 70 per cent in external assessment
40 36.35
35
Primary Health
30 27.06
Centres
25
20 Sub Division
Hopitals/CHCs
13.62 13.48
15
9.99
10 5.73 District Hospitals
6.14
5
0 0
0
2015-16 2016-17 2017-18
The major achievement with the advent of Kayakalp is the improvement of many of the components
of basic amenities related to availability of water, sanitation, hand hygiene, biomedical waste
management and basic environmental cleaning in public health facilities.
RURAL DEVELOPMENT many other social services. The Pradhan

Mantri Gram Sadak Yojana launched in
Rural Connectivity 2000, aims to provide funds to States to
10.46 The quality of life of people can construct rural roads to connect villages by
be substantially improved by improving all-weather roads. The rigor with which the
connectivity which will enhance their access scheme has been pursued has been reflected
to medical services, schools, markets and in the numbers.
Figure 16: Length of rural roads constructed under PMGSY in India (in K.m.)
70000
60000
50000
40000
30000
20000
10000
Source: Ministry of Rural Development
10.47 Figure 16 shows the length of rural road construction, i.e. kms of rural road
roads constructed in each year. Since constructed per day, there is an increased
2014, around 190,000 km of rural roads momentum from 2015-16 onwards
has been constructed. The rate of rural (Figure 17).
Figure 17: Rate of rural road construction under PMGSY (Km per day)
180
160
140
120
100
80
60
40
20
0

Figure 18: Length of rural roads by States (in thousand Km)
450
400
350
300
250
200
150
100
50
0
Rajasthan
Odisha
Kerala
Nagaland
Goa
Assam
Maharashtra
Gujarat
Punjab
Jharkhand
Jammu & Kashmir
Sikkim
West Bengal
Andhra Pradesh
Haryana
Meghalaya
Telangana
Mizoram
Madhya Pradesh
Karnataka
Himachal Pradesh
Tripura
Uttar Pradesh
Bihar
Tamilnadu
Chhattisgarh
Uttarakhand
Arunachal Pradesh
Manipur
Source: Basic Road Statistics of India, 2016-17 (M/o Road, Transport & Highways)
Note: The Rural Roads comprise of PMGSY, rural roads built by State PWD/RWD & those constructed by
Panchayati Raj Roads.
10.48 Some of the better performing states are reduce environmental pollution, increase the
Maharasthra, Assam, Uttar Pradesh & Odisha. working season and bring cost effectiveness.
Whereas on the other end, we have Mizoram, Using “Green Technologies”, 28,619 km of
Sikkim, Goa & Meghalaya where the length of roads have been constructed and a record
rural roads is very less. Total length in North road length of 14,756 km was constructed in
Eastern areas (except Assam) is quite poor, 2018-19.
due to the hilly terrain (Figure 18).
Rural housing (PMAY-G): Shelter
10.49 PMGSY is aggressively encouraging for the Poorest of the Poor
use of “Green Technologies” and non-
conventional materials like waste plastic, cold 10.50 Pradhan Mantri Awas Yojana (Gramin)
mix, geo-textiles, fly-ash, iron and copper (PMAY-G) was launched in 2016 with a
slag etc. in rural roads (Box 8). This is to target to complete one crore pucca houses
reduce the “Carbon Footprint” of rural roads, with basic amenities by March 31, 2019.
Box 8: PMGSY – WAYS TO RECYCLE
62 million tonnes of solid waste is generated daily in India and 8 per cent of this is plastic waste.
Recycling is the best way to manage plastic waste. PMGSY is recycling waste plastics in a novel
way by constructing roads out of recycled plastics. Plastic waste material is shredded to a fine size
and mixed with hot aggregates in a mixing chamber where it uniformly coats the aggregates. The
plastic coated aggregate is then mixed with hot bitumen and the resultant mixture is used for road
construction.
Besides solving the problem of plastic disposal, bitumen usage is also reduced by one tonne per
kilometer. Plastic as construction material also increases the strength of roads by reducing road
fatigue and these roads have better resistance towards rainwater and cold weather. 12,666.52 kms of
roads have been constructed across the country using waste plastic.
Fig 19
During 2014-2019, 1.54 crore houses were Figure 19: Average construction
completed including those carried over from completion time (in days)
Indira Awas Yojana through convergence of 350
government initiatives like piped drinking
300
water, toilets under Swachh Bharat Mission/
MGNREGS, electricity connection under 250
Saubhagya programme, LPG connection 200
under Ujjwala programme. 150 313.82
10.51 On account of DBT, geo tagging, fair 100 221.39
beneficiary selection, effective transaction 50 113.59
based MIS, monitoring through “AwaasSoft”
0
and mobile based application “AwaasApp
2015-16 2016-17 2017-18
etc, misutilization of funds was substantially
brought down leading to faster completion of
houses. The average number of days taken Source: NIPFP Study (2018) findings on PMAY-G
for completion of a house under IAY was 314
by providing at least one hundred days of
days (more than 10 months) against 221 days
(seven months) under first year of PMAY in guaranteed wage employment in a financial
2016-17 and around 114 days (three months) year to every rural household whose adult
during the second year of PMAY in 2017-18 members volunteer to do unskilled manual
(Figure 19). work. Chapter 10 in Volume-1 examines
MGNREGS in detail, especially the role of
Mahatma Gandhi National Rural technology in welfare programmes. Creation
Employment Guarantee Act (MGNREGA) of productive assets of prescribed quality &
10.52 Mahatma Gandhi National Rural durability, social inclusion, gender parity,
Employment Guarantee Act (MGNREGA), social security and equitable growth are the
2005 aims at enhancing livelihood security foundational pillars of Mahatma Gandhi
of households in rural areas of the country NREGA. The Government has accorded
Figure 20: Budgetary Support to MGNREGA (in thousand crore)
70
60
50
40
30
20
10
0
2014-15 2015-16 2016-17 2017-18 2018-19
Revised Estimate Release Budget Estimate
Source: Ministry of Rural Development.

priority for providing adequate budgetary unemployment by providing employment to
support to MGNREGS which is reflected in the rural poor and unskilled people. It has
the upward trend in budget allocation and generated 267.96 crore persondays during
release of funds to the States in the last four 2018-19. Out of the total persondays,
years (Figure 20). persondays for women was 54.6 per cent, SC
was 20.7 per cent and ST was 17.4 per cent
10.53 MGNREGS has been instrumental and which are well above the norms (Table 9).
a guiding factor for tackling rural poverty and During 2018-19, 66 per cent of total works
Table 9: Key performance indicators/ Achievements under MGNREGA
Indicators 2014-15 2015-16 2016-17 2017-18 2018-19
Persondays Generated so far

166.2 235.1 235.6 233.7 267.9
[In Cr]
SC persondays per cent as of total
22.2 21.3 21.6 20.7
persondays 22.4
ST persondays per cent as of total
17.8 17.6 17.5 17.4
persondays 16.9
Women Persondays out of Total
55.3 56.2 53.5 54.6
(per cent) 54.8
Total Households Worked
4.1 4.8 5.1 5.1 5.3
[In Cr]
Average days of employment
48.85 46 45.7 50.9
provided per Household 40.1
Total No of HHs completed 100

24,92,654 48,47,975 39,91,202 29,55,152 52,05,443
Days of Wage Employment
taken up pertained to individual beneficiary of demographic dividend, the government

schemes and 63 per cent of the total is committed to improve the outcomes
expenditure was on agriculture and allied in education and skilling, and to provide
works. Around 85,000 km of road length employment and affordable healthcare to
was constructed under MGNREGA during all. Scaling up development programmes for
2018-19. improving connectivity, providing housing,
and bridging gender gaps in socio-economic
THE WAY FORWARD indicators is of paramount importance for
sustainable development. India's march
10.54 India's development trajectory is towards achieving SDGs is firmly anchored
critically intertwined with the investments in investing in human capital and inclusive
in social infrastructure. To reap the benefits growth.
CHAPTER AT A GLANCE
 The public investments in social infrastructure like education, health, housing and
connectivity have a critical role in ensuring inclusive development in a developing
country like India.
 The 17 SDGs (Sustainable Development Goals) and 169 targets envisaged in the
Agenda 2030, are closely interrelated with social infrastructure. With the underlying
dimensions of education and health embedded in SDGs, the improvement in HDI is
also interlinked to SDGs as evidenced in the correlation between SDG rankings and
HDI rankings of the States.
 India being a developing economy, the percentage of GDP expended on education has
remained stagnant at around 3 per cent while that on health has hovered around 1 per
cent during the past few years.
 With the available resources, India has made substantial progress in both quantitative
and qualitative indicators of education. This is reflected in the improvements in Gross
Enrolment Ratios, Gender Parity Indices and learning outcomes at primary school levels.
The rural urban disparities in access to quality schooling and drop out rates at senior
secondary levels are areas of concern.
 The Skilling ecosystem in India is equipping the youth to meet the challenges of a
dynamic labour market by providing various short term and long term skilling under
programmes like Pradhan Mantri Kaushal Vikas Yojana. PMKVY has had positive
impact on employment and incomes of the youth as per evaluation studies.
 The PLFS has reported declining LFPR along with increasing unemployment rate.
 For a healthy India, accessible, affordable and quality healthcare are being provided
by the Government under the National Health Mission and through new schemes like
Ayushman Bharat. The select health indicators like MMR, IMR, U5MR have shown
tremendous improvement over the past few years.
 Household autonomy of women is the first step towards achieving empowerment and
becoming agents of change in patriarchal socieities like India. Financial inclusion has
improved the household autonomy of women as reflected by the NFHS data.
 Connectivity is critical for rural areas to improve quality of lives of the poor by
enhancing access to various social services, education, health and access to markets.
PMGSY has played a crucial role in connecting the unconnected in rural India and
enhanced their livelihood opportunities.
 Government has accorded highest priority to rural housing, by providing dwelling with
all basic facilities to the most needy under PMAY-G.
 Government has also prioritized employment programmes like MGNREGS which is
reflected in the upward trend in budget allocation and release of funds to the States in
the last four years.
ECONOMIC SURVEY 2018-19
STATISTICAL APPENDIX
STATISTICAL APPENDIX : ECONOMIC SURVEY 2018-19 PAGE
1 National Income and Production

1.1 Gross National Income and Net National Income ................................................................................................................. A1-A2
1.2 Annual Growth Rates of Gross National Income and Net National Income ......................................................................... A3-A4
1.3 A Real Gross Value Added at Factor Cost by Industry of Origin .............................................................................................. A5-A6
1.3 B Real Gross Value Added at Basic Prices by Industry of Origin ............................................................................................. A7
1.4 A Nominal Gross Value Added at Factor Cost by Industry of Origin ....................................................................................... A8-A9
1.4 B Nominal Gross Value Added at Basic Prices by Industry of Origin ...................................................................................... A10
1.5 A Annual Growth Rates of Real Gross Value Added at Factor Cost by Industry of Origin ...................................................... A11-A12
1.5 B Annual Growth Rates of Real Gross Value Added at Basic Prices by Industry of Origin .................................................... A13
1.6 Components of Gross Domestic Product at Current Prices ................................................................................................... A14-A15
1.7 Components of Gross Domestic Product at Constant Prices ................................................................................................. A16-A18
1.8 Gross Domestic Saving and Gross Capital Formation (at current prices) ............................................................................. A19-A22
1.9 Gross Domestic Saving and Gross Capital Formation (as per cent of GDP at current market prices) ................................. A23-A26
1.10 A Net State Domestic Product at Current Prices (2011-12 Series) ............................................................................................ A27
1.10 B Growth of Net State Domestic Product at Current Prices (2011-12 Series) .......................................................................... A28
1.11A Per Capita Net State Domestic Product at Current Prices (2011-12 Series) ........................................................................... A29
1.11 B Growth of Per Capita Net State Domestic Product at Current Price (2011-12 Series) ........................................................... A30
1.12 Index Numbers of Agricultural Production ............................................................................................................................. A31
1.13 Index Numbers of Area Under Principal Crops ...................................................................................................................... A32
1.14 Index Numbers of Yield of Principal Crops ............................................................................................................................ A33
1.15 Production of Major Crops ..................................................................................................................................................... A34
1.16 Gross Area Under Major Crops .............................................................................................................................................. A35
1.17 Yield per Hectare of Major Crops .......................................................................................................................................... A36
1.18 Production of Important Crops in Three Largest Producing States in 2016-17 ...................................................................... A37
1.19 Per Capita Net Availability of Cereals and Pulses ................................................................................................................... A38
1.20 Net Availability, Procurement and Public Distribution of Foodgrains .................................................................................. A39
1.21 Per Capita Availability of Certain Important Articles of Consumption ................................................................................. A40
1.22 Production, Imports and Consumption of Fertilizers ............................................................................................................. A41
1.23 Production of Major Livestock Products and Fish .................................................................................................................. A42
1.24 Production of Coal and Lignite .............................................................................................................................................. A43
1.25 Progress of Electricity Supply (Utilities and Non-utilities)
A: Installed Plant Capacity ...................................................................................................................................................... A44
B: Energy Generated ............................................................................................................................................................... A45
1.26 Operations of Indian Railways ............................................................................................................................................... A46
1.27 Revenue Earning Goods Traffic on Indian Railways
A: Traffic Originating ............................................................................................................................................................. A47
B: Goods Carried .................................................................................................................................................................... A48
1.28 Operations of Road Transport .................................................................................................................................................. A49
1.29 Growth of Civil Aviation ......................................................................................................................................................... A50-A51
1.30 Commodity Balance of Petroleum and Petroleum Products ................................................................................................... A52
1.31 Index of Industrial Production (Base: 2011-12) ...................................................................................................................... A53
2 Budgetary Transactions
2.1 Budgetary Transactions of the Central and State Governments and Union Territories ......................................................... A54
2.2 Total Expenditure of the Central Government ....................................................................................................................... A55-A56
2.3 Financial Performance of Indian Railways ............................................................................................................................ A57
2.4 Financial Performance of the Department of Posts ............................................................................................................... A58
2.5 Receipts and Expenditure of the Central Government (` crore) ............................................................................................ A59
2.6 Receipts and Expenditure of the Central Government (As per cent to GDP) ....................................................................... A60
2.7 Outstanding liabilities of the Central Government ................................................................................................................ A61
2.8 Total Expenditure and Capital Formation by the Central Government and its Financing ..................................................... A62
2.9 Receipts and Disbursements of State and Consolidated General Government (` crore) ...................................................... A63
2.10 Receipts and Disbursements of State and Consolidated General Government (as per cent to GDP) ................................... A64
Ad | Economic Survey 2018-19 Volume 2
STATISTICAL APPENDIX : ECONOMIC SURVEY 2018-19 PAGE
3.0 Employment
3.1 Employment in Organised Sectors —Public and Private ....................................................................................................... A65
3.2 Performance of Central Public Sector Enterprises ................................................................................................................. A66
4.0 Monetary Trends
4.1 Scheduled Commercial Banks: Seasonal Flow of Funds ....................................................................................................... A67
4.2 Scheduled Commercial Banks: Variations in Selected Items ................................................................................................. A68
4.3 Number of Functioning Branches of Commercial Banks - Bank Group-wise ...................................................................... A69
4.4 Advances to Agriculture and other Priority Sectors by Public Sector Banks ........................................................................ A70-A71
State-wise Number of Reporting Bank-offices, Deposit and Bank Credit of SCBs and Percentage Share of Advances to
4.5 A72
Priority Sectors by PSBs .........................................................................................................................................................
5.0 Prices
5.1 Index Numbers of Wholesale Prices ...................................................................................................................................... A73-A76
5.2 Index Numbers of Wholesale Prices - Selected Commodities and Commodity Groups ....................................................... A77-A80
5.3 All India Consumer Price Index Numbers ............................................................................................................................. A81-A83
5.4 Index Numbers of Wholesale Prices - Relative Prices of Manufactured and Agricultural Products ..................................... A84-A85
5.5 Minimum Support Price/Procurement Price for Crops .......................................................................................................... A86-A87
6.0 Balance of Payments
6.1A Foreign Exchange Reserves (` crore) .................................................................................................................................... A88-A90
6.1B Foreign Exchange Reserves (US$ million) ............................................................................................................................ A91-A92
6.2 Balance of Payments as per IMF Balance of Payments Manual 5 ........................................................................................ A93-A94
6.3A Balance of Payments as per IMF Balance of Payments Manual 6 (` crore) ......................................................................... A95-A96
6.3B Balance of Payments as per IMF Balance of Payments Manual 6 (US$ million) ................................................................. A97-98
6.4 Exchange Rate of Rupee vis-a-vis Selected Currencies of the World ................................................................................... A99-A100
6.5 Trends in Nominal and Real Effective Exchange Rate of Rupee .......................................................................................... A101
7.0 Foreign Trade
7.1A Exports, Imports and Trade Balance (` crore) ....................................................................................................................... A102-A103
7.1B Exports, Imports and Trade Balance (US$ million) ............................................................................................................... A104-A105
7.2A Principal Imports .................................................................................................................................................................... A106-A108
7.2B Share and Percentage Change of Major Imports .................................................................................................................... A109
7.3A Principal Exports .................................................................................................................................................................... A110-A112
7.3B Share and Percentage Change of Major Exports .................................................................................................................... A113
7.4A Direction of Imports : Imports by Regions and Countries ..................................................................................................... A114-A122
7.4B Direction of Exports : Exports by Regions and Countries ..................................................................................................... A123-A131
7.5 India’s Share in World Exports by Commodity Divisions and Groups (US$ million) .......................................................... A132-A136
7.6 Index Numbers of Foreign Trade ........................................................................................................................................... A137
8.0 External Assistance
8.1A Overall External Assistance (` crore) ..................................................................................................................................... A138-A139
8.1B Overall External Assistance (US$ million) ............................................................................................................................ A140-A141
8.2A Authorization of External Assistance by Source (` crore) ..................................................................................................... A142-144
8.2B Authorization of External Assistance by Source (US$ million) ............................................................................................ A145-147
8.3A Utilization of External Assistance by Source (` crore) .......................................................................................................... A148-150
8.3B Utilization of External Assistance by Source (US$ million) ................................................................................................. A151-153
8.4A India’s External Debt Outstanding (` crore) .......................................................................................................................... A154-A156
8.4B India’s External Debt Outstanding (US$ million) .................................................................................................................. A157-A159
9.0 Human Development Indicators
9.1 Selected Indicators of Human Development for Major States ............................................................................................... A160
9.2 Gross Enrolment Ratio 2016-17 (Provisional) ....................................................................................................................... A161
9.3 Number of Recognised Educational Institutions in India ..................................................................................................... A162-A163
9.4 State-wise Literacy Rates (1951-2011) .................................................................................................................................. A164
9.5 Households with Access to Safe Drinking Water in India ..................................................................................................... A165
9.6 Population of India (1951-2011) ............................................................................................................................................ A166
9.7 Population under Different Age Groups and Child Sex Ratio in 2001 and 2011 .................................................................. A167
9.8 Socio-Economic Profiles & Inter State Comparison of Selected Major States of India ........................................................ A168-A171
Economic Survey 2018-19 Volume 2 | A1
Table 1.1. Gross National Income and Net National Income

Gross national income Net national income Per capita net national income
(` crore) ( ` crore) (`)
Year
Current Constant Current Constant Current Constant
prices prices prices prices prices prices
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1950-51 10360 292996 9829 269724 274 7513
1951-52 11019 302010 10443 279256 286 7651
1952-53 10825 310068 10241 287818 275 7737
1953-54 11791 329250 11235 307397 296 8111
1954-55 11141 344902 10635 326057 276 8447
1955-56 11361 356460 10819 337156 275 8579
1956-57 13530 376234 12944 356008 323 8878
1957-58 13931 374503 13277 353525 325 8644
1958-59 15516 402020 14802 379855 354 9087
1959-60 16327 412031 15564 389080 365 9133
1960-61 17870 434497 17062 411519 393 9482
1961-62 18912 450212 18016 426103 406 9597
1962-63 20321 463161 19350 437686 426 9641
1963-64 23350 491049 22266 464130 480 10003
1964-65 27222 527153 25982 498287 548 10512
1965-66 28693 512985 27300 482480 563 9948
1966-67 32439 512781 30806 480102 622 9699
1967-68 38003 552429 36136 517516 714 10228
1968-69 40257 571460 38259 534677 739 10322
1969-70 44334 608809 42035 569591 795 10767
1970-71 47354 640275 44550 596470 823 11025
1971-72 50708 650938 47630 605211 860 10924
1972-73 55912 647647 52487 600195 926 10585
1973-74 68095 669444 63983 619883 1103 10688
1974-75 80479 678151 75182 625455 1268 10547
1975-76 86452 740806 80189 685230 1321 11289
1976-77 93189 753348 86382 694149 1393 11196
1977-78 105615 808500 98287 746719 1550 11778
1978-79 114491 854867 106380 790566 1642 12200
1979-80 125882 811357 115995 743925 1747 11204
1980-81 149987 866338 138565 795193 2041 11711
1981-82 175845 917272 161924 842429 2340 12174
1982-83 196010 946491 179895 867337 2541 12251
1983-84 228077 1015342 210108 932241 2906 12894
1984-85 255187 1052643 234211 963767 3169 13041
1985-86 288095 1108266 262958 1013410 3483 13423
1986-87 322144 1160809 293806 1060195 3811 13751
Contd....
A2 | Economic Survey 2018-19 Volume 2
Table 1.1. Gross National Income and Net National Income

Gross national income Net national income Per capita net national income
(` crore) ( ` crore) (`)
Year
Current Constant Current Constant Current Constant
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1987-88 365592 1204856 332400 1097111 4218 13923
1988-89 432397 1317940 393546 1204380 4889 14961
1989-90 496197 1396154 450949 1275833 5486 15521
1990-91 578667 1470766 526017 1342031 6270 15996
1991-92 663798 1485707 599171 1348043 7000 15748
1992-93 762900 1567944 688762 1422097 7899 16308
1993-94 879275 1644886 796418 1492864 8928 16736
1994-95 1032507 1755272 935759 1592980 10283 17505
1995-96 1213241 1888228 1100655 1715639 11861 18487
1996-97 1406195 2032837 1276347 1849226 13492 19548
1997-98 1559189 2118975 1411922 1920927 14646 19927
1998-99 1788410 2250012 1624669 2038124 16528 20734
1999-00 2007699 2448654 1821227 2220003 18194 22178
2000-01 2154680 2535911 1947788 2291795 19115 22491
2001-02 2335777 2661819 2106928 2401875 20259 23095
2002-03 2519637 2766298 2273456 2492931 21529 23607
2003-04 2820795 2983497 2548640 2692470 23775 25116
2004-05 3219835 3219835 2899944 2899944 26629 26629
2005-06 3667253 3518348 3303532 3167455 29869 28639
2006-07 4261472 3841974 3842743 3456274 34249 30805
2007-08 4966578 4233768 4481882 3806140 39384 33446
2008-09 5597140 4390966 5031943 3922062 43604 33987
2009-10 6439827 4763090 5780028 4241183 49402 36249
2010-11 7702308 5227739 6942089 4657438 58534 39270
2011-12 8932892 5586683 8052996 4958849 66997 41255
2011-12 Series
2011-12 8659505 8659505 7742330 7742330 63462 63462
2012-13 9827250 9104662 8766345 8094001 70983 65538
2013-14 11093638 9679027 9897663 8578417 79118 68572
2014-15 12320529 10402987 10978238 9224343 86647 72805
2015-16 13612095 11234571 12162398 9963681 94797 77659
2016-17 (2 RE)
nd
15185986 12153754 13595261 10772800 104659 82931
2017-18 (1st RE) 16910192 13034121 15128474 11531159 114958 87623
2018-19 (PE) 18816538 13932287 16837219 12329646 126406 92565
Source : Central Statistics Office

Notes :
PE : Provisional Estimates, RE: Revised Estimates
Table 1.2. Annual Growth Rates of Gross National Income and Net National Income
(per cent)
Gross national income Net national income Per capita net national
income
Year Current Constant Current Constant Current Constant
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1951-52 6.4 3.1 6.2 3.5 4.5 1.8
1952-53 -1.8 2.7 -1.9 3.1 -3.8 1.1
1953-54 8.9 6.2 9.7 6.8 7.7 4.8
1954-55 -5.5 4.8 -5.3 6.1 -7.1 4.1
1955-56 2.0 3.4 1.7 3.4 -0.1 1.6
1956-57 19.1 5.5 19.6 5.6 17.3 3.5
1957-58 3.0 -0.5 2.6 -0.7 0.6 -2.6
1958-59 11.4 7.3 11.5 7.4 9.1 5.1
1959-60 5.2 2.5 5.1 2.4 3.2 0.5
1960-61 9.5 5.5 9.6 5.8 7.6 3.8
1961-62 5.8 3.6 5.6 3.5 3.2 1.2
1962-63 7.5 2.9 7.4 2.7 5.0 0.5
1963-64 14.9 6.0 15.1 6.0 12.6 3.8
1964-65 16.6 7.4 16.7 7.4 14.2 5.1
1965-66 5.4 -2.7 5.1 -3.2 2.7 -5.4
1966-67 13.1 0.0 12.8 -0.5 10.6 -2.5
1967-68 17.2 7.7 17.3 7.8 14.8 5.4
1968-69 5.9 3.4 5.9 3.3 3.4 0.9
1969-70 10.1 6.5 9.9 6.5 7.6 4.3
1970-71 6.8 5.2 6.0 4.7 3.6 2.4
1971-72 7.1 1.7 6.9 1.5 4.4 -0.9
1972-73 10.3 -0.5 10.2 -0.8 7.7 -3.1
1973-74 21.8 3.4 21.9 3.3 19.2 1.0
1974-75 18.2 1.3 17.5 0.9 14.9 -1.3
1975-76 7.4 9.2 6.7 9.6 4.2 7.0
1976-77 7.8 1.7 7.7 1.3 5.5 -0.8
1977-78 13.3 7.3 13.8 7.6 11.3 5.2
1978-79 8.4 5.7 8.2 5.9 5.9 3.6
1979-80 9.9 -5.1 9.0 -5.9 6.4 -8.2
1980-81 19.1 6.8 19.5 6.9 16.8 4.5
1981-82 17.2 5.9 16.9 5.9 14.7 3.9
1982-83 11.5 3.2 11.1 3.0 8.6 0.6
1983-84 16.4 7.3 16.8 7.5 14.4 5.3
1984-85 11.9 3.7 11.5 3.4 9.1 1.1
1985-86 12.9 5.3 12.3 5.2 9.9 2.9
1986-87 11.8 4.7 11.7 4.6 9.4 2.4
1987-88 13.5 3.8 13.1 3.5 10.7 1.2
1988-89 18.3 9.4 18.4 9.8 15.9 7.5
Contd....
Table 1.2. Annual Growth Rates of Gross National Income and Net National Income
(per cent)
Gross national income Net national income Per capita net national
income
Year Current Constant Current Constant Current Constant
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1989-90 14.8 5.9 14.6 5.9 12.2 3.7
1990-91 16.6 5.3 16.6 5.2 14.3 3.1
1991-92 14.7 1.0 13.9 0.4 11.6 -1.5
1992-93 14.9 5.5 15.0 5.5 12.8 3.6
1993-94 15.3 4.9 15.6 5.0 13.0 2.6
1994-95 17.4 6.7 17.5 6.7 15.2 4.6
1995-96 17.5 7.6 17.6 7.7 15.3 5.6
1996-97 15.9 7.7 16.0 7.8 13.8 5.7
1997-98 10.9 4.2 10.6 3.9 8.6 1.9
1998-99 14.7 6.2 15.1 6.1 12.8 4.1
1999-00 12.3 8.8 12.1 8.9 10.1 7.0
2000-01 7.3 3.6 6.9 3.2 5.1 1.4
2001-02 8.4 5.0 8.2 4.8 6.0 2.7
2002-03 7.9 3.9 7.9 3.8 6.3 2.2
2003-04 12.0 7.9 12.1 8.0 10.4 6.4
2004-05 14.1 7.9 13.8 7.7 12.0 6.0
2005-06 13.9 9.3 13.9 9.2 12.2 7.5
2006-07 16.2 9.2 16.3 9.1 14.7 7.6
2007-08 16.5 10.2 16.6 10.1 15.0 8.6
2008-09 12.7 3.7 12.3 3.0 10.7 1.6
2009-10 15.1 8.5 14.9 8.1 13.3 6.7
2010-11 19.6 9.8 20.1 9.8 18.5 8.3
2011-12 16.0 6.9 16.0 6.5 14.5 5.1
2011-12 Series
2012-13 13.5 5.1 13.2 4.5 11.9 3.3
2013-14 12.9 6.3 12.9 6.0 11.5 4.6
2014-15 11.1 7.5 10.9 7.5 9.5 6.2
2015-16 10.5 8.0 10.8 8.0 9.4 6.7
2016-17 (2 RE)nd
11.6 8.2 11.8 8.1 10.4 6.8
2017-18 (1st RE) 11.4 7.2 11.3 7.0 9.8 5.7
2018-19 (PE) 11.3 6.9 11.3 6.9 10.0 5.6
Source : Central Statistics Office,

Notes :
Table 1.3 A. Real Gross Value Added at Factor Cost by Industry of Origin
(R crore)
At constant prices
Year Agriculture, Manufacturing, Trade, Financing, Community Gross value
forestry & construction, hotels, insurance, real social & added at
fishing, mining electricity, gas transport & estate and personal factor cost
and quarrying and water supply communication business services services (2 to 6)
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1950-51 150191 40138 30792 23325 28474 279618
1951-52 152987 41996 31608 23863 29329 286147
1952-53 157764 41834 32641 24863 29934 294267
1953-54 169547 44416 33861 25219 30860 312177
1954-55 174611 48325 36065 26140 31967 325431
1955-56 173255 53962 38700 27190 32955 333766
1956-57 182651 58809 41537 27635 34219 352766
1957-58 175180 57737 42831 28679 35765 348500
1958-59 192337 62009 44965 29492 37233 374948
1959-60 190851 66378 47779 30619 38834 383153
1960-61 204340 73555 51879 31252 40741 410279
1961-62 205014 78638 55259 32596 42656 423011
1962-63 202234 83517 58503 33693 45686 431960
1963-64 207030 92432 62650 34735 48684 453829
1964-65 225287 99250 66890 35688 51894 488247
1965-66 202906 102475 68079 36766 53950 470402
1966-67 200481 106304 69862 37412 56438 475190
1967-68 228813 109856 72852 38431 58659 513860
1968-69 228836 115422 76155 40305 61272 527270
1969-70 243347 124372 80275 41980 64655 561630
1970-71 258665 126356 84205 43735 68218 589787
1971-72 254395 129506 86121 45989 71264 595741
1972-73 243082 133917 87991 47767 73594 593843
1973-74 259751 134649 91686 48936 75541 620872
1974-75 256719 136045 97176 48779 79120 628079
1975-76 289695 144928 105980 52142 81914 684634
1976-77 274522 158354 110697 56277 84190 693191
1977-78 300873 170123 118084 59032 86450 744972
1978-79 307874 182590 127772 63203 90186 785965
1979-80 271096 176035 126751 63818 96779 745083
1980-81 305906 183970 133906 65041 101666 798506
1981-82 321876 197519 142057 70326 103842 843426
1982-83 323862 197833 149903 77029 111849 868092
Contd....
Table 1.3 A. Real Gross Value Added at Factor Cost by Industry of Origin
(R crore)
At constant prices
and quarrying and water supply communication business services services (2 to 6)
(1) (2) (3) (4) (5) (6) (7)
2004-05 series
1983-84 354720 214737 157545 84585 116027 936270
1984-85 360230 224284 165037 90907 124065 973357
1985-86 362783 233818 178195 99783 131184 1013866
1986-87 364989 245385 188888 110295 141043 1057612
1987-88 360949 259641 198578 118383 151240 1094993
1988-89 417581 280863 210405 129934 160385 1206243
1989-90 425075 304461 226074 146088 173022 1280228
1990-91 444880 325450 237736 155165 180564 1347889
1991-92 438685 325150 243178 171956 185232 1367171
1992-93 465084 336716 256897 181320 196332 1440504
1993-94 479592 357237 274682 201568 205101 1522344
1994-95 504477 389903 301997 209401 209742 1619694
1995-96 504527 436863 342536 226348 225157 1737741
1996-97 549202 468146 370200 240354 243288 1876319
1997-98 542313 483585 398109 268495 263486 1957032
1998-99 574374 504485 428613 289440 289085 2087828
1999-00 590696 535730 477605 327111 323800 2254942
2000-01 592227 570571 508299 338661 338723 2348481
2001-02 624923 585971 552118 359684 352267 2474962
2002-03 594280 627374 597896 385661 365724 2570935
2003-04 643183 676833 664637 406098 384998 2775749
2004-05 650454 744755 727720 437174 411361 2971464
2005-06 680628 824272 815407 492340 440426 3253073
2006-07 711768 928626 910084 561063 452823 3564364
2007-08 751077 1023998 1009520 628124 483917 3896636
2008-09 753744 1071681 1085125 703629 544497 4158676
2009-10 764817 1173089 1197891 771905 608369 4516071
2010-11 828431 1262722 1344024 849189 634167 4918533
2011-12 864557 1369932 1402261 945534 665246 5247530

Notes :
1. For the years prior to 1999-2000 totals under col. 7 may not add up to totals of individual item under col. 2 to col. 6 due to
splicing technique applied independently at the level of each industry and at the total level.
2. Estimates for the years 2011-12 onwards (at base 2011-12) are available at basic prices only and are given in table 1.3B.
Table 1.3 B. Real Gross Value Added at Basic Prices by Industry of Origin
(R crore)
At constant prices
forestry & construction, hotels, insurance, social & added at
fishing, mining electricity, gas transport & real personal basic prices
and quarrying and water supply communication estate and services (2 to 6)
business
services
(1) (2) (3) (4) (5) (6) (7)
2011-12 series
2011-12 1762983 2373988 1413116 1530877 1025982 8106946
2012-13 1786897 2458558 1551143 1680031 1069646 8546275
2013-14 1872305 2561081 1652062 1867407 1110794 9063649
2014-15 1894401 2733213 1807689 2073714 1203115 9712133
2015-16 1934120 2993343 1992825 2294787 1276797 10491870
2016-17 (2nd RE) 2065555 3219288 2145415 2494444 1394269 11318972
2017-18 (1st RE) 2168716 3413837 2312214 2649146 1560252 12104165
2018-19 (PE) 2226196 3668368 2471128 2846393 1694851 12906936
Source : Central Statistics Office

Notes :
Table 1.4 A. Nominal Gross Value Added at Factor Cost by Industry of Origin
(R crore)
At current prices
and quarrying and water communication business services services (2 to 6)
supply
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1950-51 5274 1346 968 1254 1115 10036
1951-52 5453 1505 1048 1349 1162 10596
1952-53 5316 1416 1055 1425 1201 10449
1953-54 5850 1559 1121 1537 1250 11378
1954-55 4993 1640 1151 1647 1283 10689
1955-56 4847 1760 1192 1768 1361 10861
1956-57 6152 2071 1378 1917 1430 12965
1957-58 6045 2148 1525 2054 1503 13255
1958-59 7002 2334 1667 2203 1597 14827
1959-60 7043 2616 1801 2364 1760 15574
1960-61 7434 3113 1985 2547 1989 17049
1961-62 7704 3398 2145 2602 2154 17992
1962-63 7899 3740 2348 2987 2343 19238
1963-64 9274 4274 2628 3231 2599 21986
1964-65 11291 4788 3084 3512 2945 25686
1965-66 11301 5199 3345 3796 3276 26895
1966-67 13123 5819 3890 4063 3665 30613
1967-68 16393 6380 4445 4458 4105 35976
1968-69 16912 6940 4732 4772 4422 37938
1969-70 18505 7944 5107 5120 4822 41722
1970-71 19086 8622 5627 5579 5315 44382
1971-72 19510 9538 6102 6117 5901 47221
1972-73 21448 10534 6730 6694 6456 51943
1973-74 28171 12230 8057 7465 7261 63658
1974-75 31062 15232 10642 8390 9142 74930
1975-76 31028 16571 12067 9511 10290 79582
1976-77 31833 18811 13066 10579 11311 85545
1977-78 37592 21270 14702 11540 12296 97633
1978-79 38717 23951 16119 12448 13529 104930
1979-80 40373 26774 18604 13576 15149 114500
1980-81 50760 30900 21968 15120 17537 136838
1981-82 58745 36090 26946 17835 19927 160214
1982-83 63985 39953 30749 20453 23134 178985
Contd....
Table 1.4 A. Nominal Gross Value Added at Factor Cost by Industry of Origin
(R crore)
At current prices
and quarrying and water communication business services services (2 to 6)
supply
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1983-84 75982 47053 35716 23388 26345 209356
1984-85 82204 53656 41125 26907 30311 235113
1985-86 88083 60593 48022 30819 34284 262717
1986-87 95182 67754 54272 35337 39428 292924
1987-88 105358 77630 61963 40387 45700 332068
1988-89 130731 91163 73159 46926 52994 396295
1989-90 144461 108908 85630 55297 60741 456540
1990-91 168166 127079 100318 64598 70019 531814
1991-92 195454 140700 115570 78904 81366 613528
1992-93 219680 163887 136250 87495 94507 703723
1993-94 254876 188251 160990 105686 106090 817961
1994-95 293013 229365 192142 119442 118663 955386
1995-96 319243 280971 231175 143791 140190 1118586
1996-97 381142 318260 273135 158637 166469 1301788
1997-98 408521 348543 313093 180642 193188 1447613
1998-99 466446 393491 358538 210593 236123 1668739
1999-00 497027 426993 400650 260522 273013 1858205
2000-01 506476 474323 443169 282316 294459 2000743
2001-02 546674 497578 491952 321543 317513 2175260
2002-03 548062 550421 543691 360194 341496 2343864
2003-04 608788 618840 624394 402510 371288 2625819
2004-05 650454 744755 727720 437174 411361 2971464
2005-06 732234 859410 846606 493102 459151 3390503
2006-07 829771 1033410 998379 586595 505121 3953276
2007-08 961330 1205458 1150044 691464 573790 4582086
2008-09 1083032 1360426 1310845 845369 703895 5303567
2009-10 1242818 1536492 1481623 964937 883033 6108903
2010-11 1524552 1763584 1779630 1165243 1015850 7248860
2011-12 1721814 2061650 2072272 1381524 1154431 8391691

Notes :
1. For the years prior to 1999-2000 totals under col. 7 may not add up to totals of individual item under col. 2 to col. 6 due to
splicing technique applied independently at the level of each industry and at the total level.
2. Estimates for the years 2011-12 onwards (at base 2011-12) are available at basic prices only and are given in table 1.4 B.
Table 1.4 B. Nominal Gross Value Added at Basic Prices by Industry of Origin
(Rcrore)
At current prices
fishing, mining electricity, gas transport & estate and personal basic prices
and quarrying and water communication business services (2 to 6)
supply services
(1) (2) (3) (4) (5) (6) (7)
2011-12 Series
2011-12 1762983 2373988 1413116 1530877 1025982 8106946
2012-13 1960949 2637551 1663986 1776632 1163574 9202692
2013-14 2222166 2895076 1874467 2069508 1301935 10363153
2014-15 2402088 3139713 2107597 2363347 1491536 11504279
2015-16 2521544 3472237 2294513 2626138 1660067 12574499
2016-17 (2nd RE) 2818230 3771001 2538268 2911901 1896516 13935917
2017-18 (1 RE)st
3021204 4178806 2823263 3252789 2206652 15482715
2018-19 (PE) 3186003 4674382 3151709 3666326 2521395 17199815

Notes:
PE : Provisional Estimates RE: Revised Estimates
Table 1.5 A. Annual Growth Rates of Real Gross Value Added at Factor
Cost by Industry of Origin
(per cent)
At Constant Prices
and quarrying and water supply communication business services services
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1951-52 1.9 4.6 2.6 2.3 3.0 2.3
1952-53 3.1 -0.4 3.3 4.2 2.1 2.8
1953-54 7.5 6.2 3.7 1.4 3.1 6.1
1954-55 3.0 8.8 6.5 3.7 3.6 4.2
1955-56 -0.8 11.7 7.3 4.0 3.1 2.6
1956-57 5.4 9.0 7.3 1.6 3.8 5.7
1957-58 -4.1 -1.8 3.1 3.8 4.5 -1.2
1958-59 9.8 7.4 5.0 2.8 4.1 7.6
1959-60 -0.8 7.0 6.3 3.8 4.3 2.2
1960-61 7.1 10.8 8.6 2.1 4.9 7.1
1961-62 0.3 6.9 6.5 4.3 4.7 3.1
1962-63 -1.4 6.2 5.9 3.4 7.1 2.1
1963-64 2.4 10.7 7.1 3.1 6.6 5.1
1964-65 8.8 7.4 6.8 2.7 6.6 7.6
1965-66 -9.9 3.2 1.8 3.0 4.0 -3.7
1966-67 -1.2 3.7 2.6 1.8 4.6 1.0
1967-68 14.1 3.3 4.3 2.7 3.9 8.1
1968-69 0.0 5.1 4.5 4.9 4.5 2.6
1969-70 6.3 7.8 5.4 4.2 5.5 6.5
1970-71 6.3 1.6 4.9 4.2 5.5 5.0
1971-72 -1.7 2.5 2.3 5.2 4.5 1.0
1972-73 -4.4 3.4 2.2 3.9 3.3 -0.3
1973-74 6.9 0.5 4.2 2.4 2.6 4.6
1974-75 -1.2 1.0 6.0 -0.3 4.7 1.2
1975-76 12.8 6.5 9.1 6.9 3.5 9.0
1976-77 -5.2 9.3 4.5 7.9 2.8 1.2
1977-78 9.6 7.4 6.7 4.9 2.7 7.5
1978-79 2.3 7.3 8.2 7.1 4.3 5.5
1979-80 -11.9 -3.6 -0.8 1.0 7.3 -5.2
1980-81 12.8 4.5 5.6 1.9 5.0 7.2
1981-82 5.2 7.4 6.1 8.1 2.1 5.6
1982-83 0.6 0.2 5.5 9.5 7.7 2.9
Contd....
Table 1.5 A. Annual Growth Rates of Real Gross Value Added at Factor
Cost by Industry of Origin
(per cent)
At Constant Prices
and quarrying and water supply communication business services services
(1) (2) (3) (4) (5) (6) (7)
2004-05 Series
1983-84 9.5 8.5 5.1 9.8 3.7 7.9
1984-85 1.6 4.4 4.8 7.5 6.9 4.0
1985-86 0.7 4.3 8.0 9.8 5.7 4.2
1986-87 0.6 4.9 6.0 10.5 7.5 4.3
1987-88 -1.1 5.8 5.1 7.3 7.2 3.5
1988-89 15.7 8.2 6.0 9.8 6.0 10.2
1989-90 1.8 8.4 7.4 12.4 7.9 6.1
1990-91 4.7 6.9 5.2 6.2 4.4 5.3
1991-92 -1.4 -0.1 2.3 10.8 2.6 1.4
1992-93 6.0 3.6 5.6 5.4 6.0 5.4
1993-94 3.1 6.1 6.9 11.2 4.5 5.7
1994-95 5.2 9.1 9.9 3.9 2.3 6.4
1995-96 0.0 12.0 13.4 8.1 7.3 7.3
1996-97 8.9 7.2 8.1 6.2 8.1 8.0
1997-98 -1.3 3.3 7.5 11.7 8.3 4.3
1998-99 5.9 4.3 7.7 7.8 9.7 6.7
1999-00 2.8 6.2 11.4 13.0 12.0 8.0
2000-01 0.3 6.5 6.4 3.5 4.6 4.1
2001-02 5.5 2.7 8.6 6.2 4.0 5.4
2002-03 -4.9 7.1 8.3 7.2 3.8 3.9
2003-04 8.2 7.9 11.2 5.3 5.3 8.0
2004-05 1.1 10.0 9.5 7.7 6.8 7.1
2005-06 4.6 10.7 12.0 12.6 7.1 9.5
2006-07 4.6 12.7 11.6 14.0 2.8 9.6
2007-08 5.5 10.3 10.9 12.0 6.9 9.3
2008-09 0.4 4.7 7.5 12.0 12.5 6.7
2009-10 1.5 9.5 10.4 9.7 11.7 8.6
2010-11 8.3 7.6 12.2 10.0 4.2 8.9
2011-12 4.4 8.5 4.3 11.3 4.9 6.7

Table 1.5 B. Annual Growth Rates of Real Gross Value Added at

Basic Prices by Industry of Origin
(per cent)
At Constant Prices
forestry & construction, hotels, insurance, social & added at
fishing, mining electricity, gas transport & real personal basic prices
and quarrying and water communication estate and services
supply business
services
(1) (2) (3) (4) (5) (6) (7)
2011-12 Series
2012-13 1.4 3.6 9.8 9.7 4.3 5.4
2013-14 4.8 4.2 6.5 11.2 3.8 6.1
2014-15 1.2 6.7 9.4 11.0 8.3 7.2
2015-16 2.1 9.5 10.2 10.7 6.1 8.0
2016-17 (2nd RE) 6.8 7.5 7.7 8.7 9.2 7.9
2017-18 (1st RE) 5.0 6.0 7.8 6.2 11.9 6.9
2018-19 (PE) 2.7 7.5 6.9 7.4 8.6 6.6

Notes:
Table 1.6. Components of Gross Domestic Product at Current Prices

(` crore)
Year PFCE GFCE GFCF CIS Valu- Export of Import of Discrepan- GDP
ables goods and goods and cies
services services
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
2004-05 Series
1950-51 9394 608 968 165 na 736 711 -759 10401
1951-52 10307 638 1045 173 na 846 1038 -917 11054
1952-53 10284 661 974 40 na 715 702 -1122 10850
1953-54 11190 698 968 -67 na 644 652 -970 11810
1954-55 10414 728 1112 36 na 705 750 -1076 11170
1955-56 10417 780 1384 53 na 757 839 -1180 11371
1956-57 12286 860 1771 235 na 767 1174 -1198 13547
1957-58 12462 1005 1803 242 na 800 1304 -1057 13951
1958-59 14148 1078 1782 2 na 719 1104 -1074 15551
1959-60 14707 1136 2003 209 na 779 1010 -1440 16384
1960-61 15891 1240 2290 328 na 787 1205 -1389 17942
1961-62 16617 1377 2554 276 na 804 1113 -1506 19010
1962-63 17501 1670 2842 357 na 837 1211 -1567 20429
1963-64 19430 2146 3374 275 na 987 1362 -1387 23462
1964-65 22873 2313 3972 363 na 1002 1529 -1627 27367
1965-66 24144 2665 4420 316 na 938 1478 -2147 28857
1966-67 28119 2921 4866 514 na 1330 2142 -2939 32669
1967-68 33509 3265 5395 432 na 1517 2236 -3621 38261
1968-69 33524 3576 5672 96 na 1608 1968 -1996 40512
1969-70 36265 4008 6192 554 na 1628 1767 -2275 44605
1970-71 38474 4479 6488 809 na 1771 1816 -2568 47638
1971-72 41496 5185 7479 1066 na 1838 2006 -4059 50999
1972-73 45736 5514 8480 411 na 2225 2049 -4102 56214
1973-74 55135 6045 9675 1639 na 2830 3176 -3728 68420
1974-75 66799 7334 12080 2929 na 3835 4779 -7429 80770
1975-76 68314 8645 13895 2123 na 4812 5664 -5419 86707
1976-77 71024 9602 15546 1393 na 6139 5614 -4669 93422
1977-78 81788 10245 17835 1387 na 6640 6517 -5529 105848
1978-79 88950 11373 19719 3218 na 7115 7423 -8305 114647
1979-80 96590 13074 22564 3791 na 8340 10094 -8536 125729
1980-81 118068 15179 26815 188 na 9029 13596 -6041 149642
1981-82 135676 17785 32650 5753 na 10256 14809 -11506 175805
1982-83 149773 21022 38905 4451 na 11563 15736 -13334 196644
1983-84 175357 24288 44005 1787 na 13139 17675 -11880 229021
1984-85 194037 27927 50449 4820 na 15846 19484 -16984 256611
1985-86 214154 33257 59640 8314 na 14951 21754 -19038 289524
1986-87 240209 39322 69476 6532 na 16543 22359 -25774 323949
1987-88 266649 46160 81204 2019 na 20281 25259 -22843 368211
1988-89 310497 53280 95617 8543 na 25913 32010 -24947 436893
1989-90 346807 60997 113993 6014 na 34609 40212 -20279 501928
1990-91 398529 69525 139663 6355 na 40635 48698 -19797 586212
1991-92 457735 78458 152466 -903 na 56254 56249 -13887 673875
1992-93 516118 88846 177929 9839 na 67312 73000 -12499 774545
1993-94 591308 103066 191456 -1719 na 86147 85999 7095 891355
Contd....
Table 1.6. Components of Gross Domestic Product at Current Prices

(` crore)
Year PFCE GFCE GFCF CIS Valu- Export of Import of Discrepan- GDP
ables goods and goods and cies
services services
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
2004-05 Series
1994-95 687154 114672 228442 14072 na 101607 104710 4354 1045590
1995-96 792015 135883 295046 24557 na 130733 144953 -6556 1226725
1996-97 928629 154089 328046 -14991 na 144854 161022 39672 1419277
1997-98 1018559 182245 372401 13044 na 165203 184333 5275 1572394
1998-99 1166300 225716 427069 -3023 na 195280 224745 16780 1803378
1999-2000 1312537 258868 484666 42497 15519 227697 265702 -52952 2023130
2000-01 1406661 273400 495196 15158 14724 278126 297523 -8329 2177413
2001-02 1531672 291189 590240 -1971 14187 290757 311050 -49179 2355845
2002-03 1620293 301573 601120 18200 13957 355556 379981 5608 2536327
2003-04 1771305 324783 697478 20667 24572 417425 436878 22151 2841503
2004-05 1917508 354518 931028 80150 41054 569051 625945 -25154 3242209
2005-06 2152702 401619 1120292 104389 41392 712087 813466 -25647 3693369
2006-07 2476667 443477 1343774 147101 49709 904872 1040535 -30359 4294706
2007-08 2840727 513021 1641673 201534 53592 1018907 1219109 -63255 4987090
2008-09 3249284 615333 1821099 106791 72213 1328765 1614040 50618 5630063
2009-10 3707566 771151 2055772 179171 116312 1298780 1647139 -3786 6477827
2010-11 4360323 890136 2407069 273509 162836 1710193 2050182 30230 7784115
2011-12 5141896 1025895 2861062 170596 246673 2150326 2721947 135220 9009722
2011-12 Series
2011-12 4910447 968375 2997733 207983 253033 2143931 2715554 -29620 8736329
2012-13 5614484 1062404 3324973 214524 273775 2439707 3108428 122574 9944013
2013-14 6475649 1156509 3515621 144621 161761 2856781 3191811 114389 11233522
2014-15 7247340 1301762 3750392 312698 209407 2863636 3235962 18687 12467959
2015-16 8126408 1436171 3957092 262477 203506 2728647 3044923 102495 13771874
2016-17 (2nd 9115769 1583312 4335014 139714 166559 2948772 3220591 293838 15362386
RE)
2017-18 (1st 10083121 1885613 4896813 173890 218706 3210547 3758519 384835 17095005
RE)
2018-19 (PE) 11290029 2134615 5569998 187671 193992 3752230 4493933 375562 19010164

Notes:
1. PFCE: Private Final Consumption Expenditure
2. GFCE: Government Final Consumption Expenditure
3. GFCF: Gross Fixed Capital Formation
4. CIS: Change in Stocks
5. na: not available
6. GDP: Gross Domestic Product
Table 1.7. Components of Gross Domestic Product at Constant Prices

(R crore)
Year PFCE GFCE GFCF CIS Valuables Export Import of Discrep- GDP
of goods goods and ancies
and services
services
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
2004-05 Series
1950-51 244888 17979 40701 4205 na 20455 23085 -11206 293937
1951-52 260454 18166 39772 3949 na 22790 32667 -9865 302599
1952-53 270964 18187 37131 1046 na 20085 23038 -13831 310544
1953-54 287254 18415 38705 -2382 na 17625 20846 -9127 329643
1954-55 296678 18523 43546 1156 na 21411 26611 -9201 345503
1955-56 299514 19036 50947 1457 na 23206 30047 -7429 356684
1956-57 312764 20361 62224 4449 na 20817 37224 -6808 376582
1957-58 306585 22929 57579 7128 na 20981 39954 -215 375033
1958-59 334730 23742 56784 -480 na 18136 32533 2371 402749
1959-60 338538 24168 61613 4479 na 19117 28957 -5638 413320
1960-61 357795 25473 66760 6128 na 18891 33792 -5218 436037
1961-62 363895 27415 73110 5204 na 18856 30495 -5715 452270
1962-63 368636 33078 80082 4508 na 18747 31687 -7836 465527
1963-64 382349 40647 90736 3680 na 20322 32762 -11540 493432
1964-65 405190 42464 98565 6218 na 18999 33869 -7358 530207
1965-66 405548 46580 101821 4695 na 16365 30125 -28652 516232
1966-67 410819 47380 102257 6621 na 20593 38747 -32976 515947
1967-68 434061 48658 107340 5590 na 21614 37219 -23719 556324
1968-69 445463 51211 111372 1435 na 22292 31874 -24727 575172
1969-70 462008 56050 111724 7245 na 21860 27719 -18381 612787
1970-71 477697 61370 107541 8631 na 28759 32685 -6923 644390
1971-72 486992 67386 118995 11455 na 29062 38578 -20336 654976
1972-73 490254 68031 124912 3242 na 31456 37849 -28694 651352
1973-74 502285 67936 123058 11795 na 33017 40906 -24368 672818
1974-75 501907 65398 128951 14863 na 35724 35687 -30362 680793
1975-76 530409 71715 128683 2170 na 41600 36143 4652 743085
1976-77 540985 77084 141513 7607 na 49845 36829 -24763 755443
1977-78 585099 79719 158620 11260 na 48067 46918 -25597 810249
1978-79 620859 85618 165842 21755 na 51818 46941 -42416 856535
1979-80 606933 90975 165092 15528 na 57597 56011 -68448 811668
Contd....

(R crore)
and services
services
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
2004-05 Series
1980-81 661562 95196 178287 1004 na 60614 64051 -66273 866340
1981-82 690331 99203 185401 23590 na 60119 70474 -69795 918374
1982-83 697235 108747 197159 17857 na 63738 72909 -61533 950295
1983-84 751352 113612 209780 7483 na 63155 88937 -36884 1019561
1984-85 773009 122059 217283 17374 na 67764 76192 -62780 1058515
1985-86 805271 134924 229215 27276 na 63485 86761 -59276 1114133
1986-87 830682 147610 251020 21203 na 66934 101583 -48516 1167350
1987-88 859153 159705 266072 6009 na 75452 99889 -52862 1213640
1988-89 912779 168458 284466 24171 na 81091 109073 -31406 1330486
1989-90 958075 177460 306311 16060 na 90805 111346 -27749 1409615
1990-91 1000867 183488 347966 15063 na 100888 115094 -45562 1487615
1991-92 1022458 183180 328594 -1791 na 110637 115111 -24629 1503337
1992-93 1048825 189503 358162 18331 na 116050 139432 -5683 1585756
1993-94 1094417 200751 354848 -3816 na 132041 166297 49147 1661092
1994-95 1147607 203529 388410 21529 na 149265 203883 65246 1771702
1995-96 1217472 219412 451596 34275 na 196128 261227 48244 1905900
1996-97 1312114 229594 465355 -22555 na 208464 254853 111667 2049786
1997-98 1351342 255429 506706 16929 na 203610 288495 87279 2132799
1998-99 1439195 286572 555913 -5221 na 231880 348634 104995 2264700
1999-2000 1526689 320320 599973 52890 na 273617 373012 64553 2465029
2000-01 1579201 324727 591610 17320 na 323288 390132 113697 2559711
2001-02 1673209 332369 682143 -3481 na 337221 401619 63348 2683190
2002-03 1721238 331753 679170 20049 na 408324 449800 74525 2785258
2003-04 1823227 340962 750940 21668 na 447450 512250 132194 3004190
2004-05 1917508 354518 931028 80150 41054 569051 625945 -25154 3242209
2005-06 2083309 386007 1081792 101511 40414 717424 829926 -37288 3543244
2006-07 2259892 400579 1231265 133556 45933 863459 1008198 -54998 3871489
2007-08 2471397 438919 1430764 175411 47263 914628 1110963 -116472 4250947
2008-09 2649610 484459 1480943 85290 59987 1048140 1363302 -28778 4416350
2009-10 2845303 551702 1594475 143052 94524 999030 1334180 -103059 4790847
2010-11 3092373 583544 1769792 206953 125191 1195003 1542428 -148042 5282386
2011-12 3378506 623574 1986645 117111 133454 1381129 1867249 -120120 5633050
Contd....

(R crore)
and services
services
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
2011-12 Series
2011-12 4910447 968375 2997733 207983 253033 2143931 2715554 -29620 8736329
2012-13 5179091 974263 3145793 201528 259949 2289836 2879079 41635 9213017
2013-14 5557329 979825 3194924 129758 148879 2468269 2644555 -33060 9801370
2014-15 5912657 1054151 3278096 274751 187957 2512145 2667595 -24487 10527674
2015-16 6381419 1132802 3492183 239557 185986 2370282 2511540 78804 11369493
2016-17 6904085 1199041 3783778 124087 150784 2490437 2621586 267700 12298327
(2nd RE)
2017-18 7417489 1378563 4136572 150417 192120 2607310 3083560 380947 13179857
(1st RE)
2018-19 (PE) 8016674 1506035 4548452 157637 174780 2933969 3557901 297939 14077586

Notes:
1. PFCE: Private Final Consumption Expenditure
2. GFCE: Government Final Consumption Expenditure
3.
GFCF: Gross Fixed Capital Formation
4.
CIS: Change in Stocks
5.
na: not available
6. GDP: Gross Domestic Product
Table 1.8. Gross Domestic Saving and Gross Capital Formation (at current prices)
(` crore)
Year Gross domestic saving Gross fixed capital forma- Change in stocks Gross capital formation Gross
tion domestic
product
House- Private Public Total Public Private Total Public Private Total Public Private Valu- Total Errors Adjust-
hold corpo- sector (2+3+4) sector sector (6+7) sector sector (9+10) sector sector ables (12+13+14) & ed
sector rate omis- total
sector sions (15+16)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)
2004-05 series
1950-51 681 93 215 989 264 704 968 26 140 165 290 844 na 1133 -165 968 10401
1951-52 634 136 309 1079 304 741 1045 30 143 173 334 884 na 1218 44 1262 11054
1952-53 695 64 195 954 324 650 974 -18 59 40 306 709 na 1014 -95 920 10850
1953-54 672 90 181 943 381 587 968 -26 -42 -67 355 545 na 901 29 930 11810
1954-55 774 118 213 1105 453 659 1112 45 -9 36 498 650 na 1148 -28 1121 11170
1955-56 1041 134 247 1422 619 765 1384 -25 77 53 594 842 na 1437 24 1461 11371
1956-57 1222 155 318 1696 721 1050 1771 37 198 235 758 1248 na 2006 49 2056 13547
1957-58 1028 121 336 1485 752 1051 1803 139 103 242 891 1154 na 2045 -87 1958 13951
1958-59 986 140 325 1450 817 965 1782 83 -81 2 900 884 na 1784 42 1826 15551
1959-60 1267 185 351 1803 1045 958 2003 12 198 209 1057 1156 na 2212 -178 2034 16384
1960-61 1226 281 572 2079 1215 1075 2290 63 265 328 1278 1340 na 2618 -58 2560 17942
1961-62 1237 320 654 2211 1269 1285 2554 29 247 276 1298 1532 na 2830 -274 2556 19010
1962-63 1519 344 750 2613 1510 1332 2842 97 260 357 1607 1592 na 3199 -146 3053 20429
Economic Survey 2018-19
1963-64 1589 394 929 2912 1794 1580 3374 87 188 275 1881 1768 na 3649 -297 3352 23462
1964-65 1897 389 1072 3358 2106 1866 3972 90 272 363 2196 2138 na 4335 -377 3958 27367
1965-66 2596 405 1085 4086 2348 2072 4420 124 192 316 2472 2264 na 4736 -51 4685 28857
Volume 2
1966-67 3161 424 941 4526 2360 2506 4866 64 450 514 2424 2956 na 5380 69 5449 32669
|
1967-68 3275 410 944 4629 2320 3075 5395 233 199 432 2553 3274 na 5827 -361 5466 38261
1968-69 3277 439 1165 4881 2431 3241 5672 41 55 96 2472 3296 na 5768 -471 5297 40512
A19
Contd....
A20
(` crore)
|
tion domestic
product
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)
2004-05 Series
1969-70 4375 549 1361 6285 2525 3667 6192 50 504 554 2575 4171 na 6746 -220 6526 44605
1970-71 4531 672 1618 6821 2742 3746 6488 302 507 809 3044 4253 na 7297 -82 7215 47638
1971-72 5229 769 1689 7687 3245 4234 7479 356 710 1066 3601 4944 na 8545 -380 8165 50999
1972-73 5330 806 1816 7952 4185 4295 8480 88 322 411 4273 4617 na 8891 -641 8249 56214
Volume 2
1973-74 8020 1083 2363 11466 4631 5044 9675 541 1097 1639 5172 6141 na 11314 545 11858 68420
1974-75 8677 1465 3340 13482 4948 7132 12080 938 1992 2929 5886 9124 na 15009 -874 14135 80770
1975-76 9790 1083 4192 15066 6401 7494 13895 1447 676 2123 7848 8170 na 16018 -1070 14949 86707
1976-77 11206 1181 5195 17582 8051 7495 15546 1121 272 1393 9172 7767 na 16939 -666 16273 93422
1977-78 13679 1413 5253 20345 8792 9043 17835 109 1278 1387 8901 10321 na 19222 -341 18880 105848
1978-79 16482 1652 5976 24110 9638 10081 19719 1100 2118 3218 10738 12199 na 22937 1301 24238 114647
1979-80 16338 2398 6331 25068 11532 11032 22564 1346 2445 3791 12878 13477 na 26355 -707 25648 125729
1980-81 18116 2339 6135 26590 13656 13159 26815 71 116 188 13727 13275 na 27003 1682 28684 149642
1981-82 19013 2560 9120 30692 17376 15274 32650 2006 3747 5753 19382 19021 na 38403 -5100 33303 175805
1982-83 21972 2980 10004 34956 22276 16629 38905 1136 3315 4451 23412 19944 na 43356 -5833 37522 196644
1983-84 26955 3254 9030 39239 24225 19780 44005 337 1450 1787 24562 21230 na 45792 -4037 41756 229021
1984-85 32796 4040 8950 45786 27823 22626 50449 1676 3144 4820 29499 25770 na 55269 -6191 49078 256611
1985-86 36666 5426 11322 53414 32590 27050 59640 1932 6383 8314 34522 33433 na 67954 -8306 59648 289524
1986-87 42111 5336 11246 58693 39723 29753 69476 896 5636 6532 40619 35389 na 76008 -10960 65048 323949
1987-88 57304 5932 10471 73707 41211 39993 81204 -1515 3534 2019 39696 43527 na 83223 -2691 80532 368211
1988-89 67063 8486 11943 87492 47566 48051 95617 -493 9036 8543 47073 57087 na 104160 -4364 99796 436893
1989-90 82985 11845 11900 106730 52517 61476 113993 1690 4324 6014 54207 65800 na 120007 -998 119009 501928
Contd....
(` crore)
tion domestic
product
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)
2004-05 Series
1990-91 108603 15164 10641 134408 60013 79650 139663 1987 4368 6355 62000 84018 na 146018 6586 152604 586212
1991-92 105632 20304 17594 143530 70701 81765 152466 -2207 1304 -903 68494 83069 na 151563 -4656 146907 673875
1992-93 127943 19968 16709 164621 71197 106732 177929 2657 7182 9839 73854 113914 na 187768 -9331 178437 774545
1993-94 151454 29866 11674 192994 79309 112147 191456 1974 -3693 -1719 81283 108454 na 189737 8048 197785 891355
1994-95 187142 35260 24266 246668 102134 126308 228442 -604 14676 14072 101530 140984 na 242514 16047 258561 1045590
1995-96 198585 59153 31527 289265 105704 189342 295046 -613 25170 24557 105091 214512 na 319603 -9558 310045 1226725
1996-97 224653 62540 31194 318387 108750 219296 328046 1883 -16873 -14991 110633 202423 na 313055 23069 336125 1419277
1997-98 284127 66080 29583 379790 112814 259587 372401 3553 9491 13044 116367 269078 na 385445 16647 402092 1572394
1998-99 352114 69191 -3146 418159 128621 298448 427069 2277 -5300 -3023 130898 293148 na 424046 12475 436521 1803378
1999-00 438851 87234 -9238 516847 138611 346055 484666 15553 26944 42497 154164 372999 15519 542682 -3848 538834 2023130
2000-01 463750 81062 -29266 515545 145973 349223 495196 9326 5831 15158 155299 355054 14724 525078 3222 528299 2177413
2001-02 545288 76906 -36820 585374 160190 430050 590240 9079 -11050 -1971 169269 419000 14187 602456 -31310 571146 2355845
2002-03 564161 99217 -7148 656230 168143 432977 601120 -4740 22940 18200 163403 455917 13957 633277 -5534 627743 2536327
2003-04 657587 129816 36372 823775 190806 506672 697478 -3076 23743 20667 187730 530415 24572 742717 19699 762416 2841503
2004-05 763685 212519 74499 1050703 224108 706920 931028 16472 63678 80150 240580 770598 41054 1052231 11809 1064041 3242209
2005-06 868988 277208 88955 1235151 271342 848950 1120292 22008 82381 104389 293350 931331 41392 1266073 13681 1279754 3693369
Volume 2
2006-07 994396 338584 152929 1485909 339617 1004157 1343774 16939 130162 147101 356556 1134319 49709 1540583 -9151 1531433 4294706
|
2007-08 1118347 469023 248962 1836332 401326 1240347 1641673 40597 160937 201534 441923 1401284 53592 1896799 3963 1900762 4987090
2008-09 1330873 417467 54280 1802620 480698 1340401 1821099 51032 55759 106791 531730 1396160 72213 2000103 -68723 1931380 5630063
A21
Contd....
A22
(` crore)
|
tion domestic
product
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)
2004-05 Series
2009-10 1630799 540955 10585 2182338 543883 1511889 2055772 48905 130266 179171 592788 1642155 116312 2351255 11878 2363132 6477827
2010-11 1800174 620300 201268 2621742 609189 1797881 2407069 47259 226250 273509 656448 2024131 162836 2843415 -1957 2841457 7784115
2011-12 2054737 658428 111295 2824459 639157 2221905 2861062 56678 113918 170596 695835 2335823 246673 3278331 -77698 3200633 9009722
2011-12 Series
Volume 2
2011-12 2065566 826805 134466 3026837 641260 2356472 2997733 17098 190885 207983 658358 2547358 253033 3458749 -55741 3403008 8736329
2012-13 2235280 994005 139917 3369202 698031 2626943 3324973 20617 193907 214524 718648 2820849 273775 3813272 33850 3847122 9944013
2013-14 2285301 1207187 115705 3608193 796950 2718671 3515621 -2019 146640 144621 794931 2865311 161761 3822003 -27868 3794135 11233522
2014-15 2439104 1457064 123789 4019957 872482 2877910 3750392 11988 300710 312698 884470 3178620 209407 4272496 -92718 4179779 12467959
2015-16 2474913 1638296 169050 4282259 1026741 2930351 3957092 16955 245522 262477 1043696 3175873 203506 4423075 -417 4422659 13771874
2016-17 2622927 1770143 255351 4648421 1049204 3285810 4335014 37800 101913 139714 1087005 3387723 166559 4641287 100098 4741385 15362386
2017-18 2938203 1986318 291501 5216022 1223453 3673360 4896813 11545 162345 173890 1234998 3835705 218706 5289409 237444 5526853 17095005

Notes:
na: not available

Table 1.9. Gross Domestic Saving and Gross Capital Formation
(As per cent of GDP at current market prices)
Year Gross domestic saving Gross fixed capital formation Change in stocks Gross capital formation
House- Private Public Total Public Private Total Public Private Total Public Private valuables Total Errors & Adjusted
hold corporate sector (2+3+4) sector sector (6+7) sector sector (9+10) sector sector (12+13+14) omissions Total
sector sector (15+16)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
2004-05 Series
1950-51 6.5 0.9 2.1 9.5 2.5 6.8 9.3 0.2 1.3 1.6 2.8 8.1 na 10.9 -1.6 9.3
1951-52 5.7 1.2 2.8 9.8 2.8 6.7 9.5 0.3 1.3 1.6 3.0 8.0 na 11.0 0.4 11.4
1952-53 6.4 0.6 1.8 8.8 3.0 6.0 9.0 -0.2 0.5 0.4 2.8 6.5 na 9.3 -0.9 8.5
1953-54 5.7 0.8 1.5 8.0 3.2 5.0 8.2 -0.2 -0.4 -0.6 3.0 4.6 na 7.6 0.2 7.9
1954-55 6.9 1.1 1.9 9.9 4.1 5.9 10.0 0.4 -0.1 0.3 4.5 5.8 na 10.3 -0.2 10.0
1955-56 9.2 1.2 2.2 12.5 5.4 6.7 12.2 -0.2 0.7 0.5 5.2 7.4 na 12.6 0.2 12.8
1956-57 9.0 1.1 2.4 12.5 5.3 7.8 13.1 0.3 1.5 1.7 5.6 9.2 na 14.8 0.4 15.2
1957-58 7.4 0.9 2.4 10.6 5.4 7.5 12.9 1.0 0.7 1.7 6.4 8.3 na 14.7 -0.6 14.0
1958-59 6.3 0.9 2.1 9.3 5.3 6.2 11.5 0.5 -0.5 0.0 5.8 5.7 na 11.5 0.3 11.7
1959-60 7.7 1.1 2.1 11.0 6.4 5.8 12.2 0.1 1.2 1.3 6.4 7.1 na 13.5 -1.1 12.4
1960-61 6.8 1.6 3.2 11.6 6.8 6.0 12.8 0.4 1.5 1.8 7.1 7.5 na 14.6 -0.3 14.3
1961-62 6.5 1.7 3.4 11.6 6.7 6.8 13.4 0.2 1.3 1.5 6.8 8.1 na 14.9 -1.4 13.4
1962-63 7.4 1.7 3.7 12.8 7.4 6.5 13.9 0.5 1.3 1.7 7.9 7.8 na 15.7 -0.7 14.9
1963-64 6.8 1.7 4.0 12.4 7.6 6.7 14.4 0.4 0.8 1.2 8.0 7.5 na 15.6 -1.3 14.3
1964-65 6.9 1.4 3.9 12.3 7.7 6.8 14.5 0.3 1.0 1.3 8.0 7.8 na 15.8 -1.4 14.5
1965-66 9.0 1.4 3.8 14.2 8.1 7.2 15.3 0.4 0.7 1.1 8.6 7.8 na 16.4 -0.2 16.2
1966-67 9.7 1.3 2.9 13.9 7.2 7.7 14.9 0.2 1.4 1.6 7.4 9.0 na 16.5 0.2 16.7
Volume 2
|
1967-68 8.6 1.1 2.5 12.1 6.1 8.0 14.1 0.6 0.5 1.1 6.7 8.6 na 15.2 -0.9 14.3
1968-69 8.1 1.1 2.9 12.0 6.0 8.0 14.0 0.1 0.1 0.2 6.1 8.1 na 14.2 -1.2 13.1
1969-70 9.8 1.2 3.1 14.1 5.7 8.2 13.9 0.1 1.1 1.2 5.8 9.4 na 15.1 -0.5 14.6
Contd....
A23
A24

|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
2004-05 Series
1970-71 9.5 1.4 3.4 14.3 5.8 7.9 13.6 0.6 1.1 1.7 6.4 8.9 na 15.3 -0.2 15.1
1971-72 10.3 1.5 3.3 15.1 6.4 8.3 14.7 0.7 1.4 2.1 7.1 9.7 na 16.8 -0.7 16.0
1972-73 9.5 1.4 3.2 14.1 7.4 7.6 15.1 0.2 0.6 0.7 7.6 8.2 na 15.8 -1.1 14.7
1973-74 11.7 1.6 3.5 16.8 6.8 7.4 14.1 0.8 1.6 2.4 7.6 9.0 na 16.5 0.8 17.3
1974-75 10.7 1.8 4.1 16.7 6.1 8.8 15.0 1.2 2.5 3.6 7.3 11.3 na 18.6 -1.1 17.5
Volume 2
1975-76 11.3 1.2 4.8 17.4 7.4 8.6 16.0 1.7 0.8 2.4 9.1 9.4 na 18.5 -1.2 17.2
1976-77 12.0 1.3 5.6 18.8 8.6 8.0 16.6 1.2 0.3 1.5 9.8 8.3 na 18.1 -0.7 17.4
1977-78 12.9 1.3 5.0 19.2 8.3 8.5 16.8 0.1 1.2 1.3 8.4 9.8 na 18.2 -0.3 17.8
1978-79 14.4 1.4 5.2 21.0 8.4 8.8 17.2 1.0 1.8 2.8 9.4 10.6 na 20.0 1.1 21.1
1979-80 13.0 1.9 5.0 19.9 9.2 8.8 17.9 1.1 1.9 3.0 10.2 10.7 na 21.0 -0.6 20.4
1980-81 12.1 1.6 4.1 17.8 9.1 8.8 17.9 0.0 0.1 0.1 9.2 8.9 na 18.0 1.1 19.2
1981-82 10.8 1.5 5.2 17.5 9.9 8.7 18.6 1.1 2.1 3.3 11.0 10.8 na 21.8 -2.9 18.9
1982-83 11.2 1.5 5.1 17.8 11.3 8.5 19.8 0.6 1.7 2.3 11.9 10.1 na 22.0 -3.0 19.1
1983-84 11.8 1.4 3.9 17.1 10.6 8.6 19.2 0.1 0.6 0.8 10.7 9.3 na 20.0 -1.8 18.2
1984-85 12.8 1.6 3.5 17.8 10.8 8.8 19.7 0.7 1.2 1.9 11.5 10.0 na 21.5 -2.4 19.1
1985-86 12.7 1.9 3.9 18.4 11.3 9.3 20.6 0.7 2.2 2.9 11.9 11.5 na 23.5 -2.9 20.6
1986-87 13.0 1.6 3.5 18.1 12.3 9.2 21.4 0.3 1.7 2.0 12.5 10.9 na 23.5 -3.4 20.1
1987-88 15.6 1.6 2.8 20.0 11.2 10.9 22.1 -0.4 1.0 0.5 10.8 11.8 na 22.6 -0.7 21.9
1988-89 15.3 1.9 2.7 20.0 10.9 11.0 21.9 -0.1 2.1 2.0 10.8 13.1 na 23.8 -1.0 22.8
1989-90 16.5 2.4 2.4 21.3 10.5 12.2 22.7 0.3 0.9 1.2 10.8 13.1 na 23.9 -0.2 23.7
Contd....
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
2004-05 Series
1990-91 18.5 2.6 1.8 22.9 10.2 13.6 23.8 0.3 0.7 1.1 10.6 14.3 na 24.9 1.1 26.0
1991-92 15.7 3.0 2.6 21.3 10.5 12.1 22.6 -0.3 0.2 -0.1 10.2 12.3 na 22.5 -0.7 21.8
1992-93 16.5 2.6 2.2 21.3 9.2 13.8 23.0 0.3 0.9 1.3 9.5 14.7 na 24.2 -1.2 23.0
1993-94 17.0 3.4 1.3 21.7 8.9 12.6 21.5 0.2 -0.4 -0.2 9.1 12.2 na 21.3 0.9 22.2
1994-95 17.9 3.4 2.3 23.6 9.8 12.1 21.8 -0.1 1.4 1.3 9.7 13.5 na 23.2 1.5 24.7
1995-96 16.2 4.8 2.6 23.6 8.6 15.4 24.1 -0.1 2.1 2.0 8.6 17.5 na 26.1 -0.8 25.3
1996-97 15.8 4.4 2.2 22.4 7.7 15.5 23.1 0.1 -1.2 -1.1 7.8 14.3 na 22.1 1.6 23.7
1997-98 18.1 4.2 1.9 24.2 7.2 16.5 23.7 0.2 0.6 0.8 7.4 17.1 na 24.5 1.1 25.6
1998-99 19.5 3.8 -0.2 23.2 7.1 16.5 23.7 0.1 -0.3 -0.2 7.3 16.3 na 23.5 0.7 24.2
1999-00 21.7 4.3 -0.5 25.5 6.9 17.1 24.0 0.8 1.3 2.1 7.6 18.4 0.8 26.8 -0.2 26.6
2000-01 21.3 3.7 -1.3 23.7 6.7 16.0 22.7 0.4 0.3 0.7 7.1 16.3 0.7 24.1 0.1 24.3
2001-02 23.1 3.3 -1.6 24.8 6.8 18.3 25.1 0.4 -0.5 -0.1 7.2 17.8 0.6 25.6 -1.3 24.2
2002-03 22.2 3.9 -0.3 25.9 6.6 17.1 23.7 -0.2 0.9 0.7 6.4 18.0 0.6 25.0 -0.2 24.8
2003-04 23.1 4.6 1.3 29.0 6.7 17.8 24.5 -0.1 0.8 0.7 6.6 18.7 0.9 26.1 0.7 26.8
2004-05 23.6 6.6 2.3 32.4 6.9 21.8 28.7 0.5 2.0 2.5 7.4 23.8 1.3 32.5 0.4 32.8
2005-06 23.5 7.5 2.4 33.4 7.3 23.0 30.3 0.6 2.2 2.8 7.9 25.2 1.1 34.3 0.4 34.7
Volume 2
2006-07 23.2 7.9 3.6 34.6 7.9 23.4 31.3 0.4 3.0 3.4 8.3 26.4 1.2 35.9 -0.2 35.7
|
2007-08 22.4 9.4 5.0 36.8 8.0 24.9 32.9 0.8 3.2 4.0 8.9 28.1 1.1 38.0 0.1 38.1
2008-09 23.6 7.4 1.0 32.0 8.5 23.8 32.3 0.9 1.0 1.9 9.4 24.8 1.3 35.5 -1.2 34.3
2009-10 25.2 8.4 0.2 33.7 8.4 23.3 31.7 0.8 2.0 2.8 9.2 25.4 1.8 36.3 0.2 36.5
A25
Contd....
A26

|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
2004-05 Series
2010-11 23.1 8.0 2.6 33.7 7.8 23.1 30.9 0.6 2.9 3.5 8.4 26.0 2.1 36.5 0.0 36.5
2011-12 22.8 7.3 1.2 31.3 7.1 24.7 31.8 0.6 1.3 1.9 7.7 25.9 2.7 36.4 -0.9 35.5
2011-12 Series
2011-12 23.6 9.5 1.5 34.6 7.3 27.0 34.3 0.2 2.2 2.4 7.5 29.2 2.9 39.6 -0.6 39.0
2012-13 22.5 10.0 1.4 33.9 7.0 26.4 33.4 0.2 1.9 2.2 7.2 28.4 2.8 38.3 0.3 38.7
Volume 2
2013-14 20.3 10.7 1.0 32.1 7.1 24.2 31.3 0.0 1.3 1.3 7.1 25.5 1.4 34.0 -0.2 33.8
2014-15 19.6 11.7 1.0 32.2 7.0 23.1 30.1 0.1 2.4 2.5 7.1 25.5 1.7 34.3 -0.7 33.5
2015-16 18.0 11.9 1.2 31.1 7.5 21.3 28.7 0.1 1.8 1.9 7.6 23.1 1.5 32.1 0.0 32.1
2016-17 17.1 11.5 1.7 30.3 6.8 21.4 28.2 0.2 0.7 0.9 7.1 22.1 1.1 30.2 0.7 30.9
2017-18 17.2 11.6 1.7 30.5 7.2 21.5 28.6 0.1 0.9 1.0 7.2 22.4 1.3 30.9 1.4 32.3

Notes:
na: not available
Table 1.10A. Net State Domestic Product at Current Prices (2011-12 Series)
As on 28.02.2019
(` crore)
State/UT 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Andhra Pradesh 339996 370196 413164 470934 544827 631249 734659 na
Arunachal Pradesh 10229 11617 13377 16495 17011 18433 21343 na
Assam 129354 142039 160442 172849 201309 225660 na na
Bihar 228497 261327 292143 315732 337987 391014 448584 na
Chhattisgarh 142273 159431 186050 197314 202299 228514 254925 279441
Goa 38009 34567 32043 43233 50354 56933 na na
Gujarat 532809 634572 707456 804764 893997 1018190 na na
Haryana 271152 314353 363590 395890 438140 494090 na na
Himachal Pradesh 60536 69432 80129 87345 96851 107585 117191 130349
Jammu & Kashmir 67274 72996 79692 81040 98427 106661 na na
Jharkhand 137383 160304 172030 200357 187479 216000 234052 na
Karnataka 554952 635924 746569 825782 950880 1050874 1205426 1373218
Kerala 328021 371384 417265 460614 505496 561080 na na
Madhya Pradesh 282371 333937 393115 429027 486155 589168 663000 738076
Maharashtra 1126595 1282180 1448768 1554800 1751276 1986806 2193973 na
Manipur 11501 12188 14440 16275 17493 18663 20635 na
Meghalaya 18028 19653 20415 20697 22516 24346 26954 29852
Mizoram 6404 7375 8989 12067 13595 15568 15668 na
Nagaland 10554 12318 14545 16104 17128 18926 na na
Odisha 204226 233312 260977 274941 288619 329674 363335 na
Punjab 239227 267116 297908 316745 350011 385810 427828 468672
Rajasthan 395331 446382 494236 551517 610934 665949 738849 830654
Sikkim 9742 10817 12203 13556 15743 17506 19444 na
Tamil Nadu 674478 768295 858870 957350 1057084 1139790 1279932 1440736
Telangana 325139 364030 408282 456280 522994 600313 686034 788566
Tripura 17419 19631 23329 26643 32476 35840 41755 na
Uttar Pradesh 645132 732995 833825 891798 1008179 1108017 1224672 1375600
Uttarakhand 101960 117041 131814 143789 158277 171342 191480 na
West Bengal 473205 539618 617470 651492 725992 802089 931313 na
Andaman & Nicobar 3404 3793 4288 4915 5336 5897 na na
Islands
Chandigarh 16930 19283 21825 22992 25122 27181 na na
Delhi 314650 357400 404841 448487 500524 557740 625795 708615
Puducherry 15160 16984 19778 20143 24303 26714 29383 32449
All-India NDP 7819154 8883108 10037547 11125668 12322177 13771661 15313286 17030846
Source: For States - Directorate of Economics & Statistics of respective State Governments, and for All-India - Central Statistics
Office
Note: na: not available
Table 1.10B. Growth of Net State Domestic Product at Current Prices (2011-12 Series)
As on 28.02.2019
(per cent)
State/UT 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(1) (2) (3) (4) (5) (6) (7) (8)
Andhra Pradesh 8.9 11.6 14.0 15.7 15.9 16.4 na
Arunachal Pradesh 13.6 15.1 23.3 3.1 8.4 15.8 na
Assam 9.8 13.0 7.7 16.5 12.1 na na
Bihar 14.4 11.8 8.1 7.0 15.7 14.7 na
Chhattisgarh 12.1 16.7 6.1 2.5 13.0 11.6 9.6
Goa -9.1 -7.3 34.9 16.5 13.1 na na
Gujarat 19.1 11.5 13.8 11.1 13.9 na na
Haryana 15.9 15.7 8.9 10.7 12.8 na na
Himachal Pradesh 14.7 15.4 9.0 10.9 11.1 8.9 11.2
Jammu & Kashmir 8.5 9.2 1.7 21.5 8.4 na na
Jharkhand 16.7 7.3 16.5 -6.4 15.2 8.4 na
Karnataka 14.6 17.4 10.6 15.1 10.5 14.7 13.9
Kerala 13.2 12.4 10.4 9.7 11.0 na na
Madhya Pradesh 18.3 17.7 9.1 13.3 21.2 12.5 11.3
Maharashtra 13.8 13.0 7.3 12.6 13.4 10.4 na
Manipur 6.0 18.5 12.7 7.5 6.7 10.6 na
Meghalaya 9.0 3.9 1.4 8.8 8.1 10.7 10.7
Mizoram 15.2 21.9 34.2 12.7 14.5 0.6 na
Nagaland 16.7 18.1 10.7 6.4 10.5 na na
Odisha 14.2 11.9 5.4 5.0 14.2 10.2 na
Punjab 11.7 11.5 6.3 10.5 10.2 10.9 9.5
Rajasthan 12.9 10.7 11.6 10.8 9.0 10.9 12.4
Sikkim 11.0 12.8 11.1 16.1 11.2 11.1 na
Tamil Nadu 13.9 11.8 11.5 10.4 7.8 12.3 12.6
Telangana 12.0 12.2 11.8 14.6 14.8 14.3 14.9
Tripura 12.7 18.8 14.2 21.9 10.4 16.5 na
Uttar Pradesh 13.6 13.8 7.0 13.1 9.9 10.5 12.3
Uttarakhand 14.8 12.6 9.1 10.1 8.3 11.8 na
West Bengal 14.0 14.4 5.5 11.4 10.5 16.1 na
Andaman & Nicobar Islands 11.4 13.0 14.6 8.6 10.5 na na
Chandigarh 13.9 13.2 5.3 9.3 8.2 na na
Delhi 13.6 13.3 10.8 11.6 11.4 12.2 13.2
Puducherry 12.0 16.4 1.8 20.7 9.9 10.0 10.4
All-India NDP 13.6 13.0 10.8 10.8 11.8 11.2 11.2
Office
Table 1.11A. Per Capita Net State Domestic Product at Current Prices (2011-12 Series)
As on 28.02.2019
(`)
State/UT 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Assam 41142 44599 49734 52895 60817 67303 na na
Bihar 21750 24487 26948 28671 30213 34409 38860 na
Chhattisgarh 55177 60849 69880 72936 73590 81808 89813 96887
Goa 259444 234354 215776 289185 334576 375550 na na
Gujarat 87481 102826 113139 127017 139254 156527 na na
Haryana 106085 121269 138300 148485 162034 180174 na na
Himachal Pradesh 87721 99730 114095 123299 135512 149028 160712 176967
Jammu & Kashmir 53173 56828 61108 61213 73229 78163 na na
Jharkhand 41254 47360 50006 57301 52754 59799 63754 na
Karnataka 90263 102319 118829 130024 148110 161922 183737 207062
Kerala 97912 110314 123388 135537 148011 163475 na na
Madhya Pradesh 38551 44931 52129 56069 62616 74787 82941 90998
Maharashtra 99564 111980 125039 132611 147610 165491 180596 na
Manipur 39762 41230 47798 52717 55447 57888 62640 na
Meghalaya 60013 64036 65118 64638 68836 72870 78976 85609
Mizoram 57654 65013 77581 103049 114055 128241 129057 na
Nagaland 53010 61225 71510 78367 82466 90168 na na
Odisha 48370 54703 60574 63173 65650 74234 80991 na
Punjab 85577 94318 103831 108970 118858 129321 141552 153061
Rajasthan 57192 63658 69480 76429 83456 89678 98078 108696
Sikkim 158667 174183 194624 214148 245987 270572 297765 na
Tamil nadu 92984 104943 116236 128372 140441 150036 166934 186178
Telangana 91121 101007 112162 124104 140840 160062 181102 206107
Tripura 47079 52434 61570 69474 83680 91266 105044 na
Uttar Pradesh 32002 35812 40124 42267 47062 50942 55456 61351
Uttarakhand 100305 113610 126247 135881 147592 157643 173820 na
West Bengal 51543 58195 65932 68876 75992 83126 95562 na
Andaman & Nicobar 88177 96027 106401 119291 126445 136824 na na
Islands
Chandigarh 159116 178549 199135 206760 222710 237599 na na
Delhi 185361 206590 229619 249589 273301 298832 328985 365529
Puducherry 119649 130548 148147 146921 172727 184869 197999 212922
All-India Per Capita 63462 70983 79118 86647 94797 104659 114958 126406
NNI
Office
Table 1.11B. Growth of Per Capita Net State Domestic Product at Current Prices (2011-12 Series)
as on 28.02.2019
(per cent)
State/UT 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(1) (2) (3) (4) (5) (6) (7) (8)
Andhra Pradesh 8.2 11.0 13.3 15.0 15.2 15.7 na
Arunachal Pradesh 11.3 12.9 20.8 1.2 6.2 13.4 na
Assam 8.4 11.5 6.4 15.0 10.7 na na
Bihar 12.6 10.1 6.4 5.4 13.9 12.9 na
Chhattisgarh 10.3 14.8 4.4 0.9 11.2 9.8 7.9
Goa -9.7 -7.9 34.0 15.7 12.2 na na
Gujarat 17.5 10.0 12.3 9.6 12.4 na na
Haryana 14.3 14.0 7.4 9.1 11.2 na na
Himachal Pradesh 13.7 14.4 8.1 9.9 10.0 7.8 10.1
Jammu & Kashmir 6.9 7.5 0.2 19.6 6.7 na na
Jharkhand 14.8 5.6 14.6 -7.9 13.4 6.6 na
Karnataka 13.4 16.1 9.4 13.9 9.3 13.5 12.7
Kerala 12.7 11.9 9.8 9.2 10.4 na na
Madhya Pradesh 16.6 16.0 7.6 11.7 19.4 10.9 9.7
Maharashtra 12.5 11.7 6.1 11.3 12.1 9.1 na
Manipur 3.7 15.9 10.3 5.2 4.4 8.2 na
Meghalaya 6.7 1.7 -0.7 6.5 5.9 8.4 8.4
Mizoram 12.8 19.3 32.8 10.7 12.4 0.6 na
Nagaland 15.5 16.8 9.6 5.2 9.3 na na
Odisha 13.1 10.7 4.3 3.9 13.1 9.1 na
Punjab 10.2 10.1 4.9 9.1 8.8 9.5 8.1
Rajasthan 11.3 9.1 10.0 9.2 7.5 9.4 10.8
Sikkim 9.8 11.7 10.0 14.9 10.0 10.0 na
Tamil Nadu 12.9 10.8 10.4 9.4 6.8 11.3 11.5
Telangana 10.8 11.0 10.6 13.5 13.6 13.1 13.8
Tripura 11.4 17.4 12.8 20.4 9.1 15.1 na
Uttar Pradesh 11.9 12.0 5.3 11.3 8.2 8.9 10.6
Uttarakhand 13.3 11.1 7.6 8.6 6.8 10.3 na
West Bengal 12.9 13.3 4.5 10.3 9.4 15.0 na
Andaman & Nicobar Islands 8.9 10.8 12.1 6.0 8.2 na na
Chandigarh 12.2 11.5 3.8 7.7 6.7 na na
Delhi 11.5 11.1 8.7 9.5 9.3 10.1 11.1
Puducherry 9.1 13.5 -0.8 17.6 7.0 7.1 7.5
All-India Per Capita NNI 11.9 11.5 9.5 9.4 10.4 9.8 10.0
Office
Note:
na: not available
Economic Survey 2018-19 Volume 2 | A 31
Table 1.12. Index Numbers of Agricultural Production

(Base : Triennium ending 2007-08= 100)
Weight 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18* 2018-19**
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
A. Foodgrains 50.7 100.6 114.3 119.5 119.4 123.3 115.9 115.7 131.1 136.6 134.2
(a) Cereals 41.7 100.2 111.1 119.1 117.3 120.7 114.6 115.5 123.7 127.2 126.0
Rice 16.9 94.8 102.2 112.1 112.0 113.5 112.3 111.1 116.8 120.2 123.0
Wheat 18.0 108.3 116.5 127.2 125.4 128.5 116.0 123.7 132.1 133.7 132.9
(b) Coarse Cerealsa 6.9 92.3 118.9 114.8 109.2 118.0 116.7 104.6 118.8 127.4 115.3
Maize 2.9 102.9 133.7 133.9 136.9 149.3 148.7 138.8 159.3 176.7 171.0
(c) Pulsesb 8.9 102.3 129.4 121.6 129.4 135.6 122.0 116.7 165.5 180.6 172.7
Gram 1.7 91.0 105.6 98.0 111.6 117.2 103.6 94.5 179.9 157.0 135.9
Tur 3.5 126.8 139.5 130.7 149.9 161.6 124.4 119.7 159.1 190.5 175.1
B. Non-foodgrains 49.3 105.0 128.0 129.6 129.0 136.4 132.2 126.1 132.5 136.9 131.2
(a) Oilseeds c
13.2 88.9 116.8 106.5 107.4 119.0 99.7 92.5 111.2 114.1 111.4
Groundnut 4.1 73.9 112.5 94.8 63.9 132.2 100.8 91.7 101.6 124.9 94.9
Rapeseed and 3.6 92.6 114.6 92.6 112.5 110.4 88.1 95.3 111.0 116.6 117.7
Mustard
(b) Fibres
Cotton 4.4 107.5 147.7 157.6 153.2 160.7 155.8 134.3 145.8 156.2 134.7
Jute 0.7 110.4 98.4 105.6 101.7 109.0 104.4 97.8 102.6 94.7 94.0
Mesta 0.0 62.5 65.1 70.6 62.8 64.6 54.1 62.1 56.5 54.2 54.6
(c) Plantation Crops
Tea 0.3 101.0 101.0 101.0 101.0 124.4 123.2 126.9 na na na
Coffee 0.6 105.4 110.0 110.0 110.0 110.9 119.1 126.7 na na na
Rubber^ 1.9 100.5 104.1 109.2 110.4 93.6 78.0 68.0 83.6 83.9 na
(d) Others
Sugarcane 9.9 89.0 104.3 110.0 103.9 107.3 110.4 106.1 93.2 114.8 116.0
Tobacco 0.4 147.4 170.6 160.0 139.8 156.4 182.0 170.8 171.4 na na
Potato 3.6 147.2 170.4 187.4 182.5 167.2 193.2 174.7 195.6 195.3 211.6
C. All Commodities 100.0 102.8 121.1 124.5 124.2 129.8 124.0 120.8 131.8 136.7 132.7
Source: Directorate of Economics & Statistics, Department of Agriculture, Cooperation and Farmers Welfare
Notes:
a Includes maize, jowar, ragi, bajra, small millets and barley
b Includes tur, urad, moong, gram, lentils and other pulses
c Includes groundnut, rapeseed & mustard, sesamum, linseed, castorseed, nigerseed, safflower, sunflower and soyabean.
na - not available, ^ 2017-18 - Provisional
* Agricultural and Commercial Crops As per 4th Advance Estimate 2017-18
** Agricultural Crops as per 2nd Advance estimates and Horticultural Crops as per 1st Advance Estimates

A 32 | Economic Survey 2018-19 Volume 2
Table 1.13. Index Numbers of Area under Principal Crops

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18* 2018-19 **
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
A. Foodgrains 100.0 104.4 104.1 102.0 105.6 105.4 103.9 109.0 107.4 104.1
(a) Cereals 99.5 101.8 103.3 101.6 104.0 105.7 102.9 104.5 102.1 99.8
Rice 95.7 97.9 100.5 97.6 100.8 100.7 99.3 100.5 100.0 99.0
Wheat 103.5 105.7 108.6 109.1 110.8 114.4 110.6 111.9 107.5 105.7
(b) Coarse Cerealsa 98.5 101.2 96.4 92.1 94.4 95.0 91.3 95.3 93.0 86.1
Maize 105.0 108.7 111.6 110.2 115.3 116.8 111.9 122.5 120.4 116.0
(c) Pulsesb 102.2 116.4 107.6 103.9 112.8 104.2 109.0 129.7 132.5 124.3
Gram 95.7 120.5 110.6 107.5 107.8 106.4 109.4 147.3 122.3 118.0
Tur 111.6 125.5 113.4 116.4 135.6 112.7 114.7 131.5 144.2 132.1
B. Non-foodgrains 104.2 113.9 116.0 116.0 119.2 118.5 119.5 114.2 113.8 110.5
(a) Oilseeds c
94.8 101.0 97.5 97.5 104.1 94.3 95.4 97.1 91.6 94.7
Groundnut 88.1 94.2 84.7 76.0 88.6 76.7 74.0 85.9 79.1 78.1
Rapeseed and Mustard 84.3 104.1 88.9 96.0 100.2 87.5 86.7 91.6 89.9 94.1
(b) Fibres
Cotton 111.6 123.8 134.1 131.9 131.7 141.2 135.4 119.3 136.9 136.0
Jute 102.8 98.1 102.5 98.4 95.8 95.0 92.3 89.5 86.0 86.5
Mesta 66.3 69.4 67.3 60.4 57.4 42.2 38.0 40.4 40.3 35.7
Tea 102.0 102.0 102.0 99.9 99.9 99.9 99.9 na na na
Coffee 103.7 105.1 105.1 107.5 111.2 112.6 115.8 0.0 na na
Rubber^ 111.4 115.5 119.3 123.0 126.3 129.1 131.6 132.8 133.2 na
(d) Others
Sugarcane 86.9 101.7 104.9 104.1 104.0 105.5 102.6 92.4 98.5 105.4
Tobacco 122.4 135.3 128.3 117.3 125.5 128.7 124.1 110.1 na na
Potato 124.0 125.9 127.6 134.6 133.3 140.3 143.1 147.3 145.4 147.6
C. All Commodities 102.1 109.1 110.0 108.9 112.3 111.9 111.6 111.5 110.6 107.3
Notes:
na - not available, ^ 2017-18 Provisional
* Agricultural and Commercial Crops as per 4th Advance Estimate 2017-18

Table 1.14. Index Numbers of Yield of Principal Crops

2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18* 2018-19 **
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
A. Foodgrains 100.6 109.5 114.9 117.1 116.8 110.0 111.3 120.3 127.1 128.9
(a) Cereals 100.7 109.1 115.3 115.4 116.0 108.5 112.3 118.3 124.6 126.3
Rice 99.1 104.4 111.5 114.8 112.6 111.5 111.9 116.2 120.2 124.2
Wheat 104.7 110.2 117.2 115.0 116.0 101.4 111.9 118.0 124.3 125.7
(b) Coarse Cerealsa 93.8 117.5 119.1 118.6 125.0 122.9 114.5 124.7 137.0 133.9
Maize 97.9 122.9 119.9 124.2 129.5 127.4 124.0 130.1 146.7 147.4
(c) Pulsesb 100.1 111.2 113.1 124.6 120.2 117.0 107.0 127.6 136.3 138.9
Gram 95.1 87.6 88.6 103.8 108.7 97.4 86.4 122.1 128.4 115.2
Tur 113.7 111.2 115.3 128.7 119.2 110.4 104.4 121.0 132.1 132.5
B. Non-foodgrains 100.7 112.4 111.7 111.2 114.4 111.6 105.5 116.1 120.2 118.7
(a) Oilseeds c
93.8 115.7 109.3 110.1 114.3 105.7 97.0 114.5 124.5 117.6
Groundnut 83.8 119.4 111.9 84.1 149.3 131.3 123.9 118.2 158.0 121.5
Rapeseed and Mustard 109.9 110.2 104.1 117.3 110.2 100.7 109.9 121.1 129.8 125.1
(b) Fibres
Cotton 96.4 119.4 117.5 116.1 122.0 110.3 99.2 122.3 114.1 99.0
Jute 107.4 100.4 103.0 103.3 113.7 109.9 105.9 114.6 110.1 108.7
Mesta 94.3 93.8 105.0 104.0 112.6 128.1 163.5 139.9 134.5 152.7
Tea 99.0 99.0 99.0 101.1 124.6 123.4 127.1 na na na
Coffee 101.7 104.6 104.6 102.3 99.7 105.7 109.4 na na na
Rubber^ 90.2 90.2 91.6 89.8 74.1 60.4 51.6 62.9 63.0 na
(d) Others
Sugarcane 102.4 102.5 104.8 99.8 103.2 104.6 103.5 100.9 116.5 110.1
Tobacco 120.4 126.1 124.6 119.2 124.6 141.4 137.6 155.7 na na
Potato 118.7 135.3 146.8 135.5 125.4 137.7 122.1 132.8 134.3 143.4
C. All Commodities 100.7 111.0 113.2 114.0 115.5 110.8 108.3 118.1 123.6 123.7
Notes:
na - not available, ^ 2017-18 Provisional
* Agricultural and Commercial Crops as per 4th Advance Estimate 2017-18

Table 1.15. Production of Major Crops

(Million Tonnes)
Group/Commodity 1990-91 2000-01 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18* 2018-19**
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Foodgrainsa 176.4 196.8 244.5 259.3 257.1 265.0 252.0 251.6 275.1 284.8 281.4
Kharif 99.4 102.1 120.9 131.3 128.1 128.7 128.1 125.1 138.3 140.7 142.3
Rabi 77.0 94.7 123.6 128.0 129.1 136.4 124.0 126.5 136.8 144.1 139.1
Cerealsb 162.1 185.7 226.3 242.2 238.8 245.8 234.8 235.2 252.0 259.6 257.4
Kharif 94.0 97.6 113.8 125.2 122.2 122.7 122.3 119.6 128.7 131.4 133.3
Rabi 68.1 88.1 112.5 117.0 116.6 123.1 112.5 115.7 123.2 128.2 124.1
Coarse Cerealsc 32.7 31.1 43.4 42.0 40.0 43.3 42.9 38.5 43.8 47.0 42.6
Kharif 27.7 24.9 33.1 32.4 29.8 31.2 30.9 28.2 32.4 33.9 31.3
Rabi 5.0 6.2 10.3 9.6 10.3 12.1 11.9 10.4 11.3 13.1 11.3
Pulsesd 14.3 11.0 18.2 17.1 18.3 19.3 17.2 16.4 23.1 25.2 24.0
Kharif 5.4 4.4 7.1 6.1 5.9 6.0 5.7 5.5 9.6 9.3 9.0
Rabi 8.9 6.6 11.1 11.0 12.4 13.3 11.4 10.8 13.6 15.9 15.0
Rice 74.3 85.0 96.0 105.3 105.2 106.6 105.5 104.4 109.7 112.9 115.6
Kharif 66.3 72.8 80.7 92.8 92.4 91.5 91.4 91.4 96.3 97.5 102.0
Rabi 8.0 12.2 15.3 12.5 12.9 15.1 14.1 13.0 13.4 15.4 13.6
Wheat 55.1 69.7 86.9 93.5 93.5 95.8 86.5 92.3 98.5 99.7 99.1
Jowar 11.7 7.5 7.0 6.0 5.3 5.5 5.5 4.2 4.6 5.0 3.8
Kharif 8.3 4.5 3.4 3.3 2.8 2.4 2.3 1.8 2.0 2.1 1.9
Rabi 3.4 3.0 3.6 2.7 2.4 3.1 3.2 2.4 2.6 2.9 1.8
Maize 6.9 6.8 10.4 10.3 8.7 9.3 9.2 8.1 9.7 9.1 7.5
Bajra 9.0 12.0 21.7 21.8 22.3 24.3 24.2 22.6 25.9 28.7 27.8
Gram 2.4 2.2 2.9 2.7 3.0 3.2 2.8 2.6 4.9 4.3 3.7
Tur 5.4 3.9 8.2 7.7 8.8 9.5 7.3 7.1 9.4 11.2 10.3
Oilseedse 18.6 18.4 32.5 29.8 30.9 32.7 27.5 25.3 31.3 31.3 31.5
Kharif 9.8 11.9 21.9 20.7 20.8 22.6 19.2 16.8 21.5 21.0 21.3
Rabi 8.8 6.5 10.6 9.1 10.2 10.1 8.3 8.6 9.8 10.3 10.2
Groundnut 7.5 6.4 8.3 7.0 4.7 9.7 7.4 6.7 7.5 9.2 7.0
Kharif 5.1 4.9 6.6 5.1 3.2 8.1 5.9 5.4 6.0 7.5 5.4
Rabi 2.4 1.5 1.6 1.8 1.5 1.7 1.5 1.4 1.4 1.6 1.5
Rapeseed and Mustard 5.2 4.2 8.2 6.6 8.0 7.9 6.3 6.8 7.9 8.3 8.4
Sugarcane 241.0 296.0 342.4 361.0 341.2 352.1 362.3 348.4 306.1 376.9 380.8
Cottonf 9.8 9.5 33.0 35.2 34.2 35.9 34.8 30.0 32.6 34.9 30.1
Jute and Mestag 9.2 10.5 10.6 11.4 10.9 11.7 11.1 10.5 11.0 10.1 10.1
Jute 7.9 9.3 10.0 10.7 10.3 11.1 10.6 9.9 10.4 9.6 9.6
Mesta 1.3 1.2 0.6 0.7 0.6 0.6 0.5 0.6 0.5 0.5 0.5
Plantation Crops
Tea 0.7 0.8 1.0 1.0 1.0 1.2 1.2 1.2 na na na
Coffee 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 na na na
Rubber^ 0.3 0.6 0.8 0.9 0.9 0.8 0.6 0.6 0.7 0.7 na
Potato 15.2 22.5 42.3 46.6 45.3 41.6 48.0 43.4 48.6 51.3 52.6
Notes:
a Includes cereals, coarse cereals and pulses
b Includes rice and wheat na - not available, ^ 2017-18 - Provisional
c Includes maize, jowar, ragi, bajra, small millets and barley
d Includes tur, urad, moong, gram, lentils and other pulses
e Includes groundnut, rapeseed & mustard, sesamum, linseed, castorseed, nigerseed, safflower, sunflower and soyabean.
f Bales of 170 Kgs. g Bales of 180 Kgs.
* Agricultural Crops as per 4th Advance Estimates 2017-18
** As per 2nd Advance Estimate 2018-19 & Horticultural Crops as per 1st Advance Estimate 2018-19
Table 1.16. Gross Area Under Major Crops

(Million Hectares)
Group/Commodity 1990-91 2000-01 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Foodgrainsa 127.8 121.0 126.7 124.8 120.8 125.0 124.3 123.2 129.2 127.6 122.7
Kharif 80.8 75.2 72.4 72.1 67.7 69.1 68.8 69.2 73.2 72.1 69.9
Rabi 47.0 45.8 54.3 52.7 53.1 56.0 55.5 54.0 56.0 55.5 52.9
Cerealsb 103.2 100.7 100.3 100.3 97.5 99.8 100.7 98.3 99.8 97.6 94.5
Kharif 69.3 64.6 60.1 60.9 57.7 58.7 58.8 57.9 58.8 58.0 56.7
Rabi 33.9 36.1 40.2 39.4 39.8 41.1 42.0 40.4 40.9 39.6 37.8
Coarse Cerealsc 36.3 30.3 28.3 26.4 24.8 25.2 25.2 24.4 25.0 24.2 22.0
Kharif 29.6 23.9 22.1 20.8 18.8 19.3 18.9 18.2 19.0 18.6 17.2
Rabi 6.7 6.4 6.3 5.7 5.9 5.9 6.2 6.2 6.0 5.6 4.8
Pulsesd 24.7 20.3 26.4 24.5 23.3 25.2 23.6 24.9 29.4 30.0 28.3
Kharif 11.5 10.6 12.3 11.2 10.0 10.3 10.0 11.3 14.4 14.1 13.2
Rabi 13.2 9.7 14.1 13.3 13.3 14.9 13.6 13.6 15.1 15.9 15.1
Rice 42.7 44.7 42.9 44.0 42.8 44.1 44.1 43.5 44.0 43.8 43.4
Kharif 39.7 40.7 38.0 40.1 38.9 39.4 39.8 39.7 39.8 39.4 39.4
Rabi 3.0 4.0 4.8 3.9 3.8 4.7 4.3 3.8 4.1 4.4 4.0
Wheat 24.2 25.7 29.1 29.9 30.0 30.5 31.5 30.4 30.8 29.6 29.1
Jowar 14.4 9.9 7.4 6.2 6.2 5.8 6.2 6.1 5.6 5.0 4.0
Kharif 8.6 4.9 3.1 2.6 2.4 2.3 2.3 2.1 2.1 1.9 1.6
Rabi 5.8 5.0 4.3 3.6 3.8 3.5 3.9 3.9 3.6 3.1 2.5
Maize 10.5 9.8 9.6 8.8 7.3 7.8 7.3 7.1 7.5 7.4 6.7
Bajra 5.9 6.6 8.6 8.8 8.7 9.1 9.2 8.8 9.6 9.5 9.1
Gram 3.6 3.6 4.4 4.0 3.9 3.9 3.9 4.0 5.3 4.4 4.3
Tur 7.5 5.2 9.2 8.3 8.5 9.9 8.3 8.4 9.6 10.6 9.7
Oilseedse 24.1 22.8 27.2 26.3 26.5 28.1 25.6 26.1 26.2 24.6 25.5
Kharif 14.0 15.8 18.2 18.4 18.3 19.7 18.2 18.9 18.7 17.3 18.0
Rabi 10.1 7.0 9.0 7.9 8.2 8.4 7.4 7.2 7.5 7.3 7.5
Groundnut 8.3 6.6 5.9 5.3 4.7 5.5 4.8 4.6 5.3 4.9 4.9
Kharif 6.8 5.7 5.0 4.3 3.9 4.6 4.0 3.8 4.6 4.1 4.1
Rabi 1.5 0.9 0.9 0.9 0.8 0.9 0.8 0.8 0.8 0.8 0.8
Rapeseed and Mustard 5.8 4.5 6.9 5.9 6.4 6.6 5.8 5.7 6.1 6.0 6.2
Sugarcane 3.7 4.3 4.9 5.0 5.0 5.0 5.1 4.9 4.4 4.7 5.1
Cotton 7.4 8.6 11.2 12.2 12.0 12.0 12.8 12.3 10.8 12.4 12.3
Jute and Mesta 1.0 1.0 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.7 0.7
Jute 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7
Mesta 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Plantation crops
Tea 0.4 0.5 0.6 0.6 0.6 0.6 0.6 0.6 na na na
Coffee (Plucked area) 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 na na na
Rubber^ 0.5 0.6 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 na
Potato 0.9 1.2 1.9 1.9 1.9 2.0 2.1 2.1 2.2 2.1 2.2
Source: Directorate of Economics & Statistics, Department of Agriculture, Cooperation & Farmers Welfare
Notes: na - not available, ^ 2017-18 - Provisional
b Includes rice and wheat
Table 1.17. Yield Per Hectare of Major Crops

(Kg. / Hectare)
Group/Commodity 1990-91 2000-01 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18* 2018-19**
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Foodgrainsa 1380 1626 1930 2078 2079 2120 2028 2042 2129 2233 2292
Kharif 1231 1357 1669 1822 1892 1864 1862 1808 1890 1953 2037
Rabi 1635 2067 2278 2430 2431 2435 2232 2342 2441 2596 2631
Cereals b
1571 1844 2256 2415 2449 2462 2331 2393 2525 2661 2725
Kharif 1357 1512 1893 2057 2116 2089 2081 2065 2188 2266 2352
Rabi 2010 2438 2800 2968 2932 2995 2681 2862 3010 3239 3282
Coarse Cerealsc
900 1027 1531 1590 1617 1717 1703 1579 1750 1941 1938
Kharif 937 5298 1500 1563 1583 1619 1633 1544 1708 1819 1816
Rabi 741 973 1641 1689 1725 2034 1915 1686 1885 2350 2380
Pulsesd 578 544 691 699 789 764 728 656 786 841 849
Kharif 471 417 578 541 594 580 573 489 667 664 682
Rabi 672 604 790 831 934 891 843 796 902 999 996
Rice 1740 1901 2239 2393 2462 2416 2391 2400 2494 2578 2665
Kharif 1670 1788 2121 2312 2374 2319 2295 2305 2417 2477 2587
Rabi 2671 3042 3184 3238 3353 3232 3291 3382 3230 3474 3445
Wheat 2281 2708 2989 3178 3117 3145 2750 3034 3200 3371 3408
Jowar 814 764 949 957 850 957 884 697 812 998 935
Kharif 969 938 1119 1257 1171 1050 1014 850 954 1106 1228
Rabi 582 594 827 741 644 896 808 615 730 931 748
Maize 658 688 1079 1171 1198 1184 1255 1132 1305 1237 1114
Bajra 1518 1822 2540 2478 2566 2676 2632 2563 2689 3032 3046
Gram 673 618 655 662 776 813 729 646 913 960 861
Tur 712 744 895 928 1036 960 889 840 974 1063 1067
Oilseedse 771 810 1193 1133 1168 1168 1075 968 1195 1270 1234
Kharif 698 757 1203 1123 1135 1151 1055 884 1153 1212 1182
Rabi 872 929 1174 1155 1240 1207 1125 1186 1300 1408 1358
Groundnut 904 977 1411 1323 995 1764 1552 1465 1398 1868 1436
Kharif 751 861 1335 1188 811 1735 1478 1399 1321 1838 1339
Rabi 1611 1756 1846 1938 1910 1919 1948 1801 1861 2016 1934
Rapeseed and Mustard 904 935 1185 1121 1262 1185 1083 1183 1304 1397 1346
Sugarcane (tonnes/hect.) 65 69 70 72 68 71 71 71 69 80 75
Cotton 225 190 499 491 486 510 462 415 512 477 414
Jute and Mesta 1634 1867 2192 2268 2281 2512 2473 2421 2585 2481 2473
Jute 1833 2026 2329 2389 2396 2639 2549 2457 2660 2556 2522
Mesta 988 1078 1115 1248 1237 1338 1525 1945 1664 1601 1816
Plantation Crops
Tea 1794 1673 1712 1967 2037 2170 2170 2170 na na na
Coffee 759 959 746 766 766 727 766 766 na na na
Rubber 1076 1576 1210 1229 1205 994 811 693 845 845 na
Potato 16 18 23 22 23 21 22 21 22 24 24
Notes: na - not available
b Includes rice and wheat
* Agricultural Crops as per 4th Advance Estimates 2017-18
** As per 2nd Advance Estimate 2018-19 & Horticultural Crops as per 1st Advance Estimate 2018-19

Table 1.18. Production of Important Crops in Three Largest Producing States in 2017-18*
(Production in Million Tonnes)
Crops/Groups of Crops States Production Per cent Share of Cumulative per cent
Production to All India Share of Production
(1) (2) (3) (4) (5)
I. Foodgrains
Rice West Bengal 14.97 13.26 13.26
Punjab 13.38 11.85 25.11
Uttar Pradesh 13.27 11.75 36.86
Wheat Uttar Pradesh 31.88 31.98 31.98
Punjab 17.85 17.90 49.88
Madhya Pradesh 15.91 15.96 65.84
Maize Karnataka 3.55 12.36 12.36
Maharashtra 3.54 12.33 24.69
Total Nutri/Coarse Rajasthan 6.57 13.99 13.99
Cereals
Karnataka 6.27 13.35 27.34
Maharashtra 6.09 12.96 40.31
Tur Maharashtra 1.07 25.24 25.24
Karnataka 0.77 18.08 63.06
Gram Madhya Pradesh 4.60 40.92 40.92
Maharashtra 1.78 15.89 56.81
Rajasthan 1.67 14.87 71.68
Total Pulses Madhya Pradesh 8.11 32.15 32.15
Rajasthan 3.39 13.42 45.57
Maharashtra 3.30 13.09 58.67
Total Foodgrains Uttar Pradesh 51.3 17.99 17.99
Punjab 31.7 11.13 40.87
II. Oilseeds
Groundnut Gujarat 3.94 42.88 42.88
Rajasthan 1.26 13.72 56.59
Andhra Pradesh 1.04 11.34 67.93
Rapeseed & Mustard Rajasthan 3.40 40.88 40.88
Haryana 1.11 13.32 54.20
Soyabean Madhya Pradesh 5.32 48.46 48.46
Maharashtra 3.89 35.41 83.87
Rajasthan 1.07 9.74 93.62
Sunflower Karnataka 0.10 47.35 47.35
Bihar 0.02 10.47 57.82
Odisha 0.02 7.35 65.17
Total Oilseeds Madhya Pradesh 6.95 22.20 22.20
Rajasthan 5.97 19.07 41.27
Gujarat 5.86 18.71 59.98
III. Other Cash Crops
Sugarcane Uttar Pradesh 177.06 46.98 46.98
Maharashtra 83.13 22.06 69.03
Karnataka 28.26 7.50 76.53
Cottona Gujarat 12.64 36.22 36.22
Maharashtra 6.55 18.76 54.98
Telangana 4.75 13.63 68.61
Jute & Mestab West Bengal 7.64 75.32 75.32
Bihar 1.45 14.32 89.64
Assam 0.84 8.25 97.90
Notes:
a : Production in million bales of 170 kgs. b : Production in million bales of 180 kgs.
* : 4th Advance Estimates
1.19. Per Capita Net Availability of Foodgrains*

(000 TONNES UNLESS OTHERWISE STATED) (As on 19.11.2018)
Year Population Production Net Imports Change Net Per capita net availability#
in thousand Gross Net of Stocks availability Kg. per year Grams per
persons day
RICE
2015 1259108 105480 97464 -11032 946 85486 67.9 186.0
2016 1273986 104410 96475 -10043 786 85646 67.2 184.2
2017 1288522 109700 101363 -12581 2731 86051 66.8 183.0
2018(P) 1302896 112910 104329 -12683 1792 89854 69.0 188.9
WHEAT
2015 1259108 86530 76060 -176 -1325 77209 61.3 168.0
2016 1273986 92290 81123 1693 -10041 92857 72.9 199.7
2017 1288522 98510 86590 5134 5815 85909 66.7 182.7
2018(P) 1302896 99700 87636 1420 5172 83884 64.4 176.4
OTHER CEREALS
2015 1259108 42860 36753 -1189 -156 35720 28.4 77.7
2016 1273986 38520 33705 -349 45 33311 26.1 71.6
2017 1288522 43770 38299 -373 18 37908 29.4 80.6
2018(P) 1302896 46990 41116 -555 -48 40609 31.2 85.4
CEREALS
2015 1259108 234870 205511 -12397 -535 193649 153.8 421.4
2016 1273986 235220 205818 -8699 -9210 206329 162.0 443.7
2017 1288522 251980 220483 -7820 8564 204099 158.4 434.0
2018(P) 1302896 259590 227141 -11818 6916 208407 160.0 438.2
PULSES
2015 1259108 17150 15006 5115 0 20121 16.0 43.8
2016 1273986 16350 14306 5951 241 20016 15.7 43.0
2017 1288522 23130 20239 6811 1314 25736 20.0 54.7
2018(P) 1302896 25230 22076 5428 939 26565 20.4 55.9
FOODGRAINS
2015 1259108 252020 220518 -7282 -535 213771 169.8 465.1
2016 1273986 251570 220124 -2748 -8969 226345 177.7 486.8
2017 1288522 275110 240721 -1009 9878 229834 178.4 488.7
2018(P) 1302896 284820 249218 -6390 7855 234973 180.3 494.1
P - Provisional figures is based on 4th Advance Estimates of production for 2017-18, Net Import for April 2017 to March 2018 and
stock position as on 01.04.2018.
* The net availability of foodgrains is estimated to be Gross Production (-) seed, feed & wastage, (-) exports (+) imports, (+/-) change
in stocks. The net availability of foodgrains divided by the population estimates for a particular year indicate per capita availability
of foodgrains in terms of kg/year. Net availability, thus worked out is further divided by the number of days in a year i.e., 365 days
which is taken as net availaility of foodgrains in terms of grams/day.
# Figures in respect of per capita net availability given above are not strictly representative of actual level of consumption in the
country especially as they do not take in to account any change in stocks in possession of traders, producers and consumers.
Table 1.20. Net Availability, Procurement and Public Distribution of Foodgrains

(Million tonnes)
Year Net Net Net Procurement Public dis- Col. 3 as Col. 5 as Col. 6 as
production of imports availability of tributionb per cent of per cent of per cent of
foodgrains foodgrainsa Col. 4 Col. 2 Col. 4
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1951 48.1 4.8 52.4 3.8 8.0 9.2 7.9 15.3
1961 72.0 3.5 75.7 0.5 4.0 4.6 0.7 5.3
1971 94.9 2.0 94.3 8.9 7.8 2.1 9.3 8.3
1981 113.4 0.7 114.3 13.0 13.0 0.6 11.4 11.4
1991 154.3 (-)0.1 158.6 19.6 20.8 … 12.7 13.1
2001 172.2 (-)2.9 156.9 42.6 13.2 (-)1.8 24.7 8.4
2002 186.2 (-)6.7 189.5 40.3 18.2 (-)3.5 21.7 9.6
2003 152.9 (-)5.5 170.6 34.5 23.2 (-)2.8 22.6 13.2
2004 186.5 (-)6.5 183.3 41.1 28.3 (-) 3.5 22.0 15.5
2005 173.6 (-)6.0 170.0 41.5 31.0 (-) 3.5 23.9 18.2
2006 182.5 (-)2.3 181.9 37.0 31.8 (-) 1.3 20.3 17.5
2007 190.1 (-)4.7 183.7 35.8 32.8 (-) 2.6 18.8 17.8
2008 210.2 (-) 9.7 183.5 54.2 34.7 (-) 5.3 25.8 18.9
2009 205.2 (-) 4.1 189.5 60.5 41.3 (-) 2.2 29.5 21.8
2010 190.8 (-) 2.2 189.2 56.1 43.7 (-) 1.2 29.4 23.1
2011 213.9 (-) 2.9 203.1 64.5 47.9 (-) 1.4 30.1 23.6
2012 232.9 (-)16.3 205.4 73.4 44.9 (-)7.9 31.5 21.9
2013 231.9 (-)19.2 220.6 58.9 44.5 (-)8.7 25.4 20.2
2014 231.9 (-)15.8 222.2 59.8 43.5 (-)7.1 25.8 19.6
2015 220.5 (-)0.3 213.8 65.0 na (-)0.1 29.5 na
2016 220.1 (-)2.7 226.6 60.8 na (-)1.2 27.6 na
2017 241.2 2 238 71.4 na 0.8 29.6 na
2018 na na na 74.8 na na na na
Source: 1. Department of Food and Public Distribution

2. Directorate of Economics & Statistics, Department of Agriculture, Cooperation & Farmers Welfare.
Notes:
na: not available
a : Net availability =Net production +Net Imports - changes in Government stocks.
b : Includes quantities released under the Food for Work Programme during the year 1978 to 1990.
1. Figures for procurement and public distribution relate to calender years.
2. For calculation of per capita net availability, the figure of net imports from 1981 to 1994 are based on imports and exports on
Government of India account only.
Net import from 1995 are, however, based on the total exports and imports (both Government as well as Private accounts).
3. Net Imports are total Imports minus Exports of the Country.
Table 1.21. Per Capita Availability of Certain Important Articles of Consumption

Edible Vanaspatib Sugar c Clothd Tea Coffee f Electricity
oil a (Nov.-Oct.) (Gram.) (Gram.) Domestic
Year Cotton e Man-made Total (KWH)
(metres) (metres) (metres)
(Kg.) (Kg.) (Kg.)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
1960-61 3.2 0.8 4.8 13.8 1.2 15.0 296.0 80.0 3.4
1970-71 3.5 1.0 7.4 13.6 2.0 15.6 401.0 65.0 7.0
1980-81 3.8 1.2 7.3 12.9 4.4 17.3 511.0 79.0 13.5
1990-91 5.5 1.0 12.7 15.1 9.0 24.1 612.0 59.0 38.2
2000-01 8.2 1.3 15.8 14.2 16.5 30.7 631.0 58.0 75.2
2001-02 8.8 1.4 16.0 14.8 17.2 32.0 650.0 67.0 76.8
2002-03 7.2 1.4 16.3 14.4 17.0 31.4 623.0 67.0 79.0
2003-04 9.9 1.2 16.1 13.4 17.6 31.0 662.0 70.0 83.6
2004-05 10.2 1.1 15.5 14.1 19.4 33.5 663.0 72.0 87.8
2005-06 10.6 1.1 16.3 16.4 19.7 36.1 687.0 75.0 90.4
2006-07 11.1 1.2 16.8 18.0 21.6 39.6 687.0 77.0 98.8
2007-08 11.4 1.3 17.8 19.0 22.8 41.9 701.0 80.0 106.0
2008-09 12.7 1.2 18.8 17.9 21.1 39.0 704.0 82.0 112.7
2009-10 13.1 1.1 18.6 19.7 23.4 43.1 709.0 86.0 121.2
2010-11 13.0 1.0 17.0 21.4 22.6 44.0 715.0 90.0 130.9
2011-12 13.8 1.0 18.7 19.8 20.7 40.5 728.0 95.0 142.4
2012-13 15.8 0.7 18.7 19.9 18.6 38.5 779.0 97.0 150.9
2013-14 16.8 0.8 19.5 19.9 16.4 36.2 744.0 100.0 162.0
2014-15 18.3 0.8 20.3 23.6 17.0 40.6 752.0 100.0 174.2
2015-16 17.7 0.8 19.4 24.6 15.9 40.5 758.0 100.0 189.1(P)
2016-17 18.2 0.7 18.9 na na na na na na
2017-18 19.5 0.7 19.5 na na na na na na
Source: 1. Directorate of Sugar & Vegetable Oils, Ministry of Consumer Affairs, Food & Public Distribution
2. Tea Board 3. Coffee Board
4. Ministry of Textiles 5. Central Electricity Authority, Ministry of Power
Notes:
na : not available P : Provisional
a : Includes groundnut oils, rapeseed and mustard oil, sesamum oil, nigerseed oil, soyabean oil and sunflower oil but excludes oil for
manufacture of vanaspati.
b:
Relates to calendar year.
c : Relates to actual releases for domestic consumption, sugar season/year commencing from November to October of following
year as opposed to financial year.
d : The data of cloth; prior to 1980-81 is calender year wise; in meters upto 1984-85; in square meter from 1985-86 onwards.
e : Figures for blended/mixed fabrics were not separately available prior to 1969. These have been included under man-made fibre
fabrics after 1969.
f : Figures up to 1971-72 relate to coffee season and are thereafter on calendar year basis.

Table 1.22. Production, Imports and Consumption of Fertilizers
(Thousand tonnes of nutrients)
1980-81 1990-91 2000-01 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
A. Nitrogenous fertilizers
Production 2164 6993 11004 10900 10870 11900 12157 12259 12194 12378 12394 13416 13354 13386 13883
Imports 1510 414 154 3707 3751 3447 4493 5240 4801 3920 4766 5068 3385 3588 4474
Consumption 3678 7997 10920 14419 15090 15580 16558 17300 16821 16750 16946 17372 16735 16958 na
B. Phosphatic
fertilizers
Production 842 2052 3748 3807 3464 4321 4223 4368 3830 3960 4121 4394 4595 4723 4723
Imports 452 1311 396 1391 3067 2756 3802 4427 2797 1588 1832 2888 2130 2047 2973
Consumption 1214 3221 4215 5515 6506 7274 8050 7914 6653 5633 6098 6979 6705 6854 na
C. Potassic fertilizers
Imports 797 1328 1541 2653 3403 2945 4069 3335 1559 1926 2537 2053 2325 2895 2373
Consumption 624 1328 1567 2636 3313 3632 3514 2576 2062 2099 2532 2402 2508 2779 na
D. All fertilizers
(NPK)
Production 3006 9045 14752 14707 14334 16221 16380 16627 16024 16338 16515 17810 17949 18109 18106
Imports 2759 2758 2090 7750 10221 9148 12364 13002 9157 7434 9135 10009 7840 8530 9820
Consumption 5516 12546 19702 22570 24909 26486 28122 27790 25534 24482 25576 26753 25948 26591 na
Source: Department of Fertilizers, Ministry of Chemicals & Fertilizers

na : not available
Volume 2
|
A 41
Table 1.23. Production of Major Livestock Products and Fish

Year Milk Eggs Fish
(Million tonnes) (Million Nos.) (Thousand tonnes)
(1) (2) (3) (4)
1950-51 17.0 1832 752
1960-61 20.0 2881 1160
1970-71 22.0 6172 1756
1980-81 31.6 10060 2442
1990-91 53.9 21101 3836
2000-01 80.6 36632 5656
2006-07 102.6 50653 6869
2007-08 107.9 53583 7127
2008-09 112.2 55562 7620
2009-10 116.4 60267 7914
2010-11 121.8 63024 8400
2011-12 127.9 66450 8700
2012-13 132.4 69731 9040
2013-14 137.7 74752 9572
2014-15 146.3 78484 10164
2015-16 155.5 82929 10795
2016-17 165.4 88137 11420
2017-18 176.3 95217 12610
Source: Department of Animal Husbandry, Dairying & Fisheries

Table 1.24. Production of Coal and Lignite

(Million tonnes)
Year Coal Lignite Total
Coking Non-coking Total coal and lignite
Metallurgical Non- (5)+(6)
Metallurgical
(1) (2) (3) (4) (5) (6) (7)
1950-51 na na na 32.3 na na
1960-61 17.0 na 38.2 na na na
1970-71 17.8 na 55.1 na 3.4 na
1980-81 24.6 8.0 81.3 113.9 5.1 119.0
1981-82 26.9 9.2 88.1 124.2 6.3 130.5
1982-83 30.1 7.5 92.9 130.5 6.9 137.4
1983-84 30.1 6.2 101.9 138.2 7.3 145.5
1984-85 30.6 6.0 110.8 147.4 7.8 155.2
1985-86 29.1 6.6 118.6 154.2 8.1 162.3
1986-87 27.9 11.6 126.2 165.8 9.4 175.2
1987-88 26.3 14.7 138.7 179.7 11.2 190.9
1988-89 25.2 17.6 151.9 194.6 12.4 207.0
1989-90 24.5 19.9 156.5 200.9 12.8 213.7
1990-91 24.1 21.2 166.4 211.7 13.8 225.5
1991-92 26.3 20.0 183.0 229.3 14.6 243.8
1992-93 25.7 19.6 192.9 238.3 16.6 254.9
1993-94 26.0 19.1 201.0 246.0 18.1 264.1
1994-95 24.5 19.7 209.6 253.8 19.3 273.1
1995-96 23.5 16.6 230.0 270.1 22.1 292.3
1996-97 22.6 17.9 245.1 285.7 22.5 308.2
1997-98 24.2 19.3 252.4 295.9 23.1 319.0
1998-99 23.8 15.4 253.1 292.3 23.4 315.7
1999-2000 21.2 12.0 266.7 300.0 22.1 322.1
2000-01 19.3 11.8 278.6 309.6 23.0 332.6
2001-02 a 18.0 10.7 299.1 327.8 24.8 352.6
2002-03 a 18.4 11.8 311.1 341.3 26.0 367.3
2003-2004 18.3 11.1 331.9 361.3 28.0 389.3
2004-2005 18.2 12.0 352.4 382.6 30.3 413.0
2005-2006 17.0 14.5 375.5 407.0 30.1 437.1
2006-2007 17.2 14.9 398.7 430.8 31.3 462.1
2007-08 18.1 16.4 422.6 457.1 34.0 491.0
2008-09 17.3 17.5 458.0 492.8 32.4 525.2
2009-10 17.7 26.7 487.6 532.0 34.0 566.1
2010-11 17.7 31.9 483.2 532.7 37.7 570.4
2011-12 16.2 35.4 488.3 540.0 42.3 582.3
2012-13 14.6 37.0 504.8 556.4 46.5 602.9
2013-14 15.1 41.7 509.0 565.8 44.3 610.0
2014-15 13.8 43.7 551.7 609.2 48.3 657.4
2015-16 14.3 46.5 578.3 639.2 43.8 683.0
2016-17 15.2 46.4 596.2 657.8 45.2 703.1
2017-18 (P) 12.9 27.9 635.5 676.4 46.2 722.7
Source : Ministry of Coal

Notes:
na: not available a
Including Meghalaya Coal.
P : Provisional

Table 1.25. Progress of Electricity Supply (Utilities & Non-Utilities)

A : Installed Plant Capacity
(Thousand MW)
Year Utilities Non-Utilities Total
Hydro Thermal +RES Nuclear Total [5+6]
(1) (2) (3) (4) (5) (6) (7)
1950-51* 0.6 1.1 0 1.7 0.6 2.3
1960-61 1.9 2.7 0 4.6 1.0 5.6
1970-71 6.4 7.9 0.4 14.7 1.6 16.3
1980-81 11.8 17.6 0.9 30.3 3.1 33.4
1981-82 12.2 19.3 0.9 32.4 3.4 35.8
1982-83 13.1 21.4 0.9 35.4 3.9 39.3
1983-84 13.9 24.4 1.1 39.4 4.4 43.8
1984-85 14.5 27 1.1 42.6 5.1 47.7
1985-86 15.5 30 1.3 46.8 5.5 52.3
1986-87 16.2 31.8 1.3 49.3 5.7 55.0
1987-88 17.3 35.6 1.3 54.2 6.3 60.5
1988-89 17.8 39.7 1.5 59 7.5 66.5
1989-90 18.3 43.8 1.5 63.6 8.2 71.8
1990-91 18.8 45.8 1.5 66.1 8.6 74.7
1991-92 19.2 48.1 1.8 69.1 9.3 78.4
1992-93 19.6 50.7 2.0 72.3 10.1 82.4
1993-94 20.4 54.4 2.0 76.8 10.7 87.5
1994-95 20.8 58.1 2.2 81.1 11.2 92.3
1995-96 21 60.1 2.2 83.3 11.8 95.1
1996-97 21.7 61.9 2.2 85.8 12.1 97.9
1997-98 21.9 65 2.2 89.1 13.2 102.3
1998-99 22.4 68.7 2.2 93.3 14.1 107.4
1999-00 23.9 71.3 2.7 97.9 14.7 112.6
2000-01 25.1 73.6 2.9 101.6 16.2 117.8
2001-02 26.3 76 2.7 105 17.1 122.1
2002-03 26.8 78.4 2.7 107.9 18.3 126.2
2003-04 29.5 80.5 2.7 112.7 18.7 131.4
2004-05 30.9 84.7 2.8 118.4 19.1 137.5
2005-06 32.3 88.6 3.4 124.3 21.3 145.6
2006-07 34.7 93.7 3.9 132.3 22.3 154.6
2007-08 35.9 103 4.1 143 25 168
2008-09 36.9 107 4.1 148 27 175
2009-10 36.9 118 4.6 159.4 31.5 190.9
2010-11 37.6 131.3 4.8 173.7 34.4 208.1
2011-12 39.0 156.1 4.8 199.9 36.5 236.4
2012-13 39.5 179.1 4.8 223.4 40.7 264.1
2013-14 40.5 203.2 4.8 248.5 42.3 290.8
2014-15 41.3 227.9 5.8 275.0 44.7 319.6
2015-16 42.8 256.6 5.8 305.2 48.3 353.4
2016-17 44.5 275.6 6.8 326.8 51.5 378.4
2017-18 45.3 291.9 6.8 344.0 55.0($) 399.0
Source : Ministry of Power

Notes:
$: Provisional RES : Renewable Energy Source a : Calender Year

Table 1.25. Progress of Electricity Supply (Utilities & Non-Utilities)

B : Energy Generated
(Billion KWH)
Year Utilities Non-Utilities Total
Hydro Thermal +RES Nuclear Total (5+6)
(1) (2) (3) (4) (5) (6) (7)
1950-51* 2.5 2.6 …. 5.1 1.5 6.6
1960-61 7.8 9.1 …. 16.9 3.2 20.1
1970-71 25.2 28.2 2.4 55.8 5.4 61.2
1975-76 33.3 43.3 2.6 79.2 6.7 85.9
1977-78 38.0 51.1 2.3 91.4 7.6 99.0
1978-79 47.1 52.6 2.8 102.5 7.6 110.1
1979-80 45.5 56.3 2.9 104.7 8.2 112.9
1980-81 56.5 61.3 3.0 120.8 8.4 129.2
1981-82 49.6 69.5 3.0 122.1 9.0 131.1
1982-83 48.4 79.9 2.0 130.3 10.0 140.3
1983-84 50.0 86.7 3.5 140.2 10.8 151.0
1984-85 53.9 98.8 4.1 156.8 12.3 169.1
1985-86 51.0 114.4 5.0 170.4 13.0 183.4
1986-87 53.8 128.9 5.0 187.7 13.6 201.3
1987-88 47.5 149.6 5.0 202.1 16.9 219.0
1988-89 57.9 157.7 5.8 221.4 19.9 241.3
1989-90 62.1 178.7 4.6 245.4 23.0 268.4
1990-91 71.7 186.5 6.1 264.3 25.1 289.4
1991-92 72.8 208.7 5.5 287.0 28.6 315.6
1992-93 69.9 224.8 6.7 301.4 31.3 332.7
1993-94 70.4 248.2 5.4 324.0 32.3 356.3
1994-95 82.7 262.1 5.6 350.4 35.1 385.5
1995-96 72.6 299.3 8.0 380.0 38.2 418.1
1996-97 68.9 317.9 9.1 395.9 40.8 436.7
1997-98 74.6 337.0 10.1 421.7 44.1 465.8
1998-99 82.9 353.7 11.9 448.5 48.4 496.9
1999-00 80.6 386.8 13.3 480.7 51.5 532.2
2000-01 74.5 408.1 16.9 499.5 55.0 554.5
2001-02 73.5 424.4 19.5 517.4 61.7 579.1
2002-03 64.0 449.3 19.4 532.7 63.8 596.5
2003-04 75.2 472.1 17.8 565.1 68.2 633.3
2004-05 84.6 492.8 17.0 594.4 71.4 665.8
2005-06 101.5 506.0 17.3 623.8 73.6 697.4
2006-07 113.5 538.4 18.8 670.7 81.8 752.5
2007-08 120.4 585.3 16.9 723.0 90.5 813.1
2008-09 110.1 616.2 14.9 741.2 99.7 840.9
2009-10 104.1 677.1 18.6 799.8 106.1 906.0
2010-11 114.4 704.3 26.3 844.8 120.9 965.7
2011-12 130.5 759.4 32.3 922.5 134.4 1056.8
2012-13 113.7 817.9 32.9 964.5 144.0 1108.5
2013-14 134.9 857.6 34.2 1026.6 149.0 1175.6
2014-15 129.2 939.7 36.1 1105.1 162.1 1267.1
2015-16 121.4 1008.8 37.4 1167.6 168.4 1336.0
2016-17 122.4 1075.1 37.9 1235.4 172.0 1407.4
2017-18 126.1 1139.0 38.3 1303.5 179.8($) 1483.2
Source : Ministry of Power
Notes:
$ : Provisional * : Calender Year RES : Renewable Energy Resource
Figures at decimal may not tally due to rounding off
Table 1.26. Operations of Indian Railways
1950-51 1960-61 1970-71 1980-81 1990-91 2000-01 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
A 46
(P)
|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)
1. Route Kilometres (000's)
Electrified 0.4 0.8 3.7 5.4 10.0 14.9 20.3b 20.9b 21.6b 22.2b 23.6b 25.40b 29.40b na
53.6 56.2 59.8 61.2 62.4 63.0 b b b b b b b na
Total 64.6 65.4 65.8 66.0 66.7 67.40 68.40
2. Originating traffic (million tonnes)
Revenue Earning 73.2 119.8 167.9 195.9 318.4 473.5 969.1a 1008.1a 1051.6a 1095.3a 1101.5a 1106.15a 1159.55a 1221.39
Total Traffic 93.0 156.2 196.5 220.0 341.4 504.2 975.2a 1014.2a 1058.8a 1101.1a 1108.6a 1110.95a 1162.64a na
3. Goods carried (billion tonne km.)
Revenue Earning 37.6 72.3 110.7 147.7 235.8 312.4 667.6 691.7a 665.8a 681.7a 654.5a 620.18a 692.90a 700.60
a a a a a a
Total Traffic 44.1 87.7 127.4 158.5 242.7 315.5 668.6 692.6 666.7 682.6 655.6 620.86 693.30 na
4. Earnings from goods carried 139.3 280.5 600.7 1550.9 8247.0 23045.4 67761.4a 83478.8a 91570.9a 103015.2a 106940.6a 102028.00a 113524.00a 125248.68
(R Crore) @
Volume 2
5. Average Lead: all goods traffic 470 561 648 720 711 626 686 683 630 620 591 559.0 596.00 574.00
(Km)
6. Average rate/tonne km. (paise) 3.2 3.9 5.4 10.5 35.0 73.8 101.5 120.7 137.5 151.2 163.4 164.51 163.83 178.78
b b b b b b b
7. Passengers Originating 1284 1594 2431 3613 3858 4833 8224.4 8420.7 8397.1 8224.1 8107.3 8116.1 8285.80 8438.46b
(million)
8. Passengers kilometres (billion) 66.5 77.7 118.1 208.6 295.6 457 1046.5b 1098.1b 1158.7b 1147.2b 1143.0b 1149.83b 1177.70b 1184.70b
9. Passengers Earnings (R Crore) 98.2 131.6 295.5 827.5 3144.7 10515.1b 28246.4b 31322.8b 36532.3b 42189.6b 44283.3b 46280.4b 48643.10b 51016.89b
10. Average lead : passenger 51.8 48.7 48.6 57.7 76.6 94.6 127.2b 130.4b 135.8b 139.5b 141.0b 141.7b 142.10b 140.40b
traffic (km)
11. Average rate per passenger 1.5 1.7 2.5 4.0 10.6 22.9 27.0b 28.5b 31.5b 36.8b 38.7b 40.3b 41.30b 43.10b
- kilometre (paise)
Source : Ministry of Railways

Notes:
P: Provisional a: Excluding Konkan Railways Corporation Limited Loading b: Includes Metro Railway/Kolkata. @: Including NTPC
na: not available
Figures for 2018-19 based on monthly statement 7A
Table 1.27. Revenue Earning Goods Traffic on Indian Railways
A : Traffic Originating
(Million tonnes)
Commodity 1950-51 1960-61 1970-71 1980-81 1990-91 2000-01 2011-12a 2012-13a 2013-14a 2014-15 Pa 2015-16a 2016-17 2017-18 2018-19
(P)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)
1. Coal 20.2 30.9 47.9 64.1 135.2 223.7 455.8 496.4 508.1 545.8 551.8 532.8 555.2 605.7
2. Raw materials for Steel Plant na 10.5 16.1 20.2 25.9 38.8 14.5 15.6 17.3 18.3 20.3 22.7 23.7 24.9
except iron ore
3. Pig iron & finished steel
i) steel plants na 3.8 6.2 7.5 10.0 11.8 25.7 26.0 27.8 28.3 29.6 38.4 35.4 32.6
ii) from other points na na na na na na 9.5 9.4 11.1 14.6 15.2 13.9 18.8 20.6
iii) Total na na na na na na 35.2 35.3 39.0 42.9 44.8 52.4 54.3 53.3
4. Iron ore
i) for export na 2.6 9.8 11.1 13.1 14.6 8.4 5.5 6.6 2.5 2.1 10.5 8.1 5.6
ii) for steel plants na na na na na na 54.7 61.6 66.8 69.4 78.6 83.7 86.6 89.0
iii) for other domestic users na na na na na na 40.3 44.4 50.9 40.9 36.2 43.3 45.0 42.7
iv) Total na na na na na na 103.4 111.4 124.3 112.8 116.9 137.5 139.8 137.3
5. Cement 2.5 6.5 11.0 9.6 28.9 42.9 107.7 105.9 109.8 109.8 105.4 103.3 112.9 117.7
6. Foodgrains 7.8 12.7 15.1 18.3 25.4 26.7 46.3 49.0 55.1 55.5 45.7 44.9 43.7 39.3
7. Fertilizers na 1.4 4.7 8.1 18.4 27.1 52.7 46.2 44.7 47.4 52.2 48.3 48.5 51.8
8. POL 2.7 4.7 8.9 15.0 25.0 36.3 39.8 40.6 41.2 41.1 43.2 42.4 43.1 43.0
9. Container Service -
i) Domestic container na na na na na na 9.5 9.4 10.9 10.5 9.0 10.3 11.1 11.7
ii) EXIM containers na na na na na na 28.5 31.7 32.6 37.9 36.8 37.0 42.8 48.4
iii) Total na na na na na na 38.0 41.0 43.5 48.4 45.8 47.3 53.9 60.1
10. Balance (other goods) 40.0 46.7 48.2 42.1 36.6 51.8 75.7 66.6 68.8 73.4 75.3 74.3 84.0 87.9
11.Total revenue earning freight traffic 73.2 119.8 167.9 195.9 318.4 473.5 969.1 1008.1 1051.6 1095.3 1101.5 1106.1 1159.5 1221.3
Volume 2
|
Source :Ministry of Railway

Notes:
na: not available a: Excluding Konkan Railways Corporation Limited loading
P: Provisional POL: Petroleum, Oil & Lubricants
A 47
Figures for 2018-19 are provisional and based on monthly statement-7A

Table 1.27. Revenue Earning Goods Traffic on Indian Railways
B : Goods Carried
A 48
(NTKM in Billion)
a a a a a
|
Commodity 1950-51 1960-61 1970-71 1980-81 1990-91 2011-12 2012-13 2013-14 2014-15 P 2015-16 2016-17 2017-18 2018-19 (P)
(1) (2) (3) (4) (5) (6) (7) (8) (10) (11) (12) (13) (14) (15)
1. Coal 11.3 20.5 27.8 36.4 85.9 291.5 303.4 271.9 301.5 280.7 250.0 277.0 297.0
2. Raw materials for Steel Plant na 2.0 2.7 4.3 7.5 10.3 10.2 10.1 11.0 11.7 12.0 14.0 14.0
except iron ore
3. Pig iron & finished steel
i) steel plants na 3.3 6.2 8.6 11.6 26.3 27.2 27.9 29.0 30.5 34.0 36.0 34.0
ii) from other points na na na na na 7.6 6.9 7.0 8.4 9.9 10.0 13.0 12.0
iii) Total na na na na na 33.9 34.1 34.9 37.4 40.4 44.0 49.0 46.0
4. Iron ore
i) for export na na 5.5 7.3 7.5 2.0 3.1 2.7 1.3 0.9 5.0 4.0 2.0
ii) for steel plants na na na na na 14.3 15.4 16.4 19.2 19.1 21.0 24.0 25.0
Volume 2
iii) for other domestic users na na na na na 19.7 19.6 18.1 16.2 12.3 14.0 16.0 15.0
iv) Total na na na na na 36.0 38.1 37.2 36.7 32.4 40.0 44.0 42.0
5. Cement na 2.5 7.0 7.2 18.9 62.0 62.7 59.3 59.1 56.0 55.0 64.0 63.0
6. Foodgrains 4.0 9.6 14.5 24.3 35.6 57.9 71.3 70.5 67.0 60.1 58.0 62.0 56.0
7. Fertilizers na na 3.8 8.9 17.3 43.9 39.0 34.5 38.8 43.7 39.0 42.0 45.0
8. POL na 2.6 5.3 11.7 15.1 26.1 28.5 29.3 27.2 29.3 28.0 29.0 28.0
9. Container Service -
i) Domestic container na na na na na 13.6 13.8 15.9 15.0 12.4 14.0 16.0 15.0
ii) EXIM containers na na na na na 31.6 36.2 36.3 32.9 33.0 30.0 38.0 38.0
iii) Total na na na na na 45.2 50.0 52.2 47.9 45.4 44.0 54.0 53.0
10. Balance (other goods) 22.3 31.9 37.9 39.1 36.4 60.8 54.4 66.0 55.1 54.7 50.0 58.0 57.0
11.Total revenue earning freight 37.6 72.3 110.7 147.7 235.8 667.6 691.7 665.8 681.7 654.5 620.0 693.0 701.0
traffic
na: not available a: Excluding Konkan Railways Corporation Limited loading

P: Provisional POL: Petroleum, Oil & Lubricants
Figures for 2018-19 are provisional and based on Monthly Statement-7A.
Table 1.28. Operations of Road Transport
Unit 1950-51 1960-61 1970-71 1980-81 1990-91 2000-01 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
(P)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
@
1. Length of roads
Totala Thousand 399.9 524.5 914.9 1485.4 2327.4 3373.5 4865.4 5231.9 5402.5 5472.1 5603.3 5897.7
Km
Surfaced 157.0 263.0 398.0 684.0 1090.2 1601.7 2698.6 3171.0 3220.5 3341.0 3501.9 3729.8
@
2. Length of national Highways
Totala Thousand 19.8 23.8 23.8 31.7 33.7 57.7 76.8 79.1 91.3 98.0 101.0 114.2
Km.
Surfaced na 21.0 23.3 31.5 33.4 57.7 76.8 79.1 91.3 98.0 101.0 114.2
@
3. Length of State Highways
Totala Thousand na na 56.8 94.4 127.3 132.1 164.4 169.2 170.8 167.1 176.1 175.0
Km.
Surfaced na na 51.7 90.3 124.8 129.9 163.0 167.2 169.0 165.3 170.2 169.1
$
4. No. of Registered vehicles
All vehicles Thousand 306.0 665.0 1865.0 5391.0 21374.0 54991.0 159491.0 176044.0 190704 210023 230031 253311
Goods vehicles 82.0 168.0 343.0 554.0 1356.0 2948.0 7658.0 8307.0 8698 9344 10516 12256
Buses* 34.0 57.0 94.0 162.0 331.0 634.0 1677.0 1814.0 1887 1971 1757 1864
5. Revenue realised from Road
Transport#
Central (Crore) 34.8 111.7 451.8 930.9 4596.0 23861.0 75572.5 90931.2 89084.1 109941 199659.7 280132.1
States 12.6 55.2 231.4 750.4 3259.6 12901.7 55161.1 50602.7 56749.8 62630.7 70003.3 79962.2
Source: Ministry of Road Transport & Highways

@ : Source Basic Road Statistics of India 2016-17
Volume 2
$ : Source Road Transport Year Book 2016-17 (Provisional) as publication is under finalization.
|
# : Source State Finance of- A study of Budgets, RBI

Notes:
a : Includes rural roads constructed under Jawahar Rojgar Yojna as on 31st March, 1996. na : not available
*: Included omni buses.
A 49
P: Provisional
Table 1.29. Growth of Civil Aviation
1960- 1970- 1980- 1990- 1999- 2005- 2007- 2009- 2011- 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
A 50
61 71 81 91 00 06 08 10 12 (P)
|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
1. Total fleet strenght (number)
(i ) Air India 13 11 18 24 26 38 - - - - - - - - - -
(ii) Indian Airlines 88 73 45 56 44 55 - - - - - - - - - -
(iii) Air India Ltd. ( Erstwhile national - - - - - - 108 109 94 93 96 101 107 111 114 126
Aviation Company of India Ltd)
(iv) Alliance Air - - - - 12 15 20 17 11 11 8 10 11 10 15 20

(v) Air India Express - - - - - 4 18 25 21 21 21 17 18 23 23 25
(vi) Other Pvt Scheduled Airlines - - - - 37 131 235 232 229 253 273 279 312 349 378 520
2. Revenue tonne-Kilometers
(million)
Volume 2
(i ) Air India 109.4 275.2 980.1 1342.7 1456.5 2364.0 - - - - - - - - - -
(ii) Indian Airlines 82.4 202.1 400.3 697.6 738.0 1589.0 - - - - - - - - - -
(iii) Air India Ltd. ( Erstwhile national - - - - - - 3460.0 3535.0 3704.4 3346.3 3910.0 4196.0 4363.7 4739.0 2586.3 5782.1
(iv) Alliance Air - - - - 131.0 73.0 40.0 38.0 30.2 26.6 22.7 18.0 20.2 29.4 19.5 62.0
(v) Air India Express - - - - - 113.0 435.0 576.0 538.0 507.9 620.5 541.4 672.2 836.2 422.5 1029.4
(vi) Other Pvt Scheduled Airlines - - - - 441.9 1789.0 4173.6 5338.6 7673.0 7020.8 7280.8 8267.2 9607.2 11404.6 6415.3 15779.6
(vii) Dedicated Private Freighter - - - - - - - - - - 114314.5 113865.0 123876.0 131155.5 66042.5 125.2
(viii) Total (Other Pvt Scheduled - - - - - - - - - - 121595.3 122132.2 133483.2 142560.1 72457.8 15904.8
Airlines+ Dedicated Private Freighter
3. Number of passengers carried

(lakh)
(i ) Air India 1.3 4.9 14.2 21.6 31.9 43.6 - - - - - - - - - -
(ii) Indian Airlines 7.9 21.3 54.3 78.7 58.9 78.2 - - - - - - - - - -
Contd....
Table 1.29. Growth of Civil Aviation (Contd......)
1960- 1970- 1980- 1990- 1999- 2005- 2007- 2009- 2011- 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
61 71 81 91 00 06 08 10 12 (P)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
(iii) Air India Ltd. ( Erstwhile national - - - - - - 132.1 117.7 136.1 141.8 154.1 172.6 184.8 196.0 100.4 222.8
(iv) Alliance Air - - - - 18.6 10.1 5.4 4.6 4.7 3.9 3.6 3.1 4.0 6.3 4.9 16.0
(v) Air India Express - - - - 4.9 17.1 25.0 23.0 21.6 26.7 25.8 27.8 34.2 19 43.4
(vi) Other Pvt Scheduled Airlines - - - - 54.2 180.7 380.3 422.2 588.3 548.5 580.0 672.6 821.6 1009.2 565.2 1380.1
4. Passengers handled at (lakh)
AAI Airports na na 107.4 177.2 390.4 733.4 - 508.7 684.0 683.9 716.5 1112.4 931.5 1132.8 1371.3 1587.9
Joint venture Interntl.Airports - - - - - - - 728.8 939.1 910.1 972.7 788.9 1307.9 1516.8 1716.1 1859.0
Total at Indian Airports na na 107.4 177.2 390.4 733.4 - 1237.6 1623.1 1594.0 1689.2 1901.3 2239.5 2649.6 3087.5 3447.0
5.Cargo handled (thousand tonnes)
AAI Airports na na 178.7 377.33 797.41 1397.3 493.6 593.0 703.4 650.4 636.5 681.6 724.5 808.7 921.0 943.0
Joint venture Interntl.Airports - - - - 1220.8 1366.8 1576.6 1540.1 1641.4 1846.0 1980.0 2169.6 2436.0 2617.0
Total at Indian Airports na na 178.7 377.33 797.41 1397.3 1714.5 1959.7 2280.0 2190.6 2277.9 2527.6 2704.5 2978.3 3357.0 3560.0
Source : Directorate General of Civil aviation : Airport Authority of India

Notes:
*: Fleet figure for the year 2018-19 are provisional
na : not available
P: Provisional
Volume 2
|
A 51
Table 1.30. Commodity Balance of Petroleum and Petroleum Products
(Million Tonnes)
A 52
a a a
Item 1950-51 1960-61 1970-71 1980-81 1990-91 2000-01 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19*
|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)
I. Crude Oil
1. Refinery throughput 0.3 6.6 18.4 25.8 51.8 103.4 204.1 219.2 222.5 223.2 232.9 245.3 251.9 257.2
2. Domestic production 0.3 0.5 6.8 10.5 32.2 32.4 38.1 37.9 37.8 37.4 36.9 36.0 35.6 34.2
(a) On-shore 0.3 0.5 6.8 5.5 11.8 11.8 18.0 19.4 19.6 18.5 17.8 17.6 17.5 17.3
(b) Off-shore ... ... ... 5.0 20.4 20.6 20.1 18.4 18.2 18.9 19.0 18.4 18.1 16.8
3. Imports na 6.0 11.7 16.2 20.7 74.1 171.7 184.8 189.2 189.4 202.8 213.9 220.4 226.6
4. Exports na na na na na na - - - - - - - -
5. Net Imports (3-4) na na na na na na 171.7 184.8 189.2 189.4 202.8 213.9 220.4 226.6
II. Petroleum Products
1. Domestic consumptionb 3.3 7.7 17.9 30.9 55.0 100.1 148.1 157.1 158.4 165.5 184.7 194.6 206.1 211.6
of which
Volume 2
(a) Naphtha ... ... 0.9 2.3 3.4 11.7 11.2 12.3 11.3 11.0 13.3 13.2 12.8 14.0
(b) Kerosene 0.9 2.0 3.3 4.2 8.4 11.3 8.2 7.5 7.2 7.0 6.8 5.4 3.8 3.4
(c) High speed diesel oil 0.2 1.2 3.8 10.3 21.1 37.9 64.8 69.1 68.4 69.4 74.6 76.0 81.0 83.5
(d) Fuel oils 0.9 1.7 4.7 7.5 9.0 12.7 9.3 7.7 6.2 6.0 6.6 7.2 6.7 6.5
2. Domestic productionc 0.2 5.7 17.1 24.1 48.6 95.6 203.2 217.7 220.8 221.1 231.9 243.5 254.4 262.3
of which
(a) Naphtha na ... 1.2 2.1 4.9 9.9 18.8 19.0 18.5 17.3 17.9 19.9 20.0 19.7
(b) Kerosene na 0.9 2.9 2.4 5.5 8.7 7.9 8.0 7.4 7.5 7.5 6.0 4.4 4.0
(c) High speed diesel oil na 1.1 3.8 7.4 17.2 39.1 82.9 91.1 93.8 94.4 98.6 102.4 107.9 110.5
(d) Fuel oils na 1.6 4.1 6.1 9.4 11.4 18.4 15.1 13.4 11.9 9.7 9.9 9.4 10.0
3. Importsa 3.1 2.5 1.1 7.3 8.7 9.3 15.8 16.4 16.7 21.3 29.4 36.3 35.4 32.5
4. Exports na na 0.3 … 2.7 8.4 60.8 63.4 67.9 63.9 60.5 65.5 66.8 61.1
5. Net Imports (3-4) na na 0.8 7.3 6.0 0.9 -45.0 -47.6 -51.1 -42.6 -31.0 -29.2 -31.3 -28.5
Source: Ministry of Petroleum and Natural Gas.

Notes:
*: Provisional na: not available
a: Excluding Import of LNG
b: Excluding refinery fuel consumption. Including import by private parties.
c: Including Production of Petroleum Products from Fractionators
Table 1.31. Two Digit Level Indices of Industrial Production (Base 2011-12)
Industry Industry Weight 2012- 2013-14 2014- 2015- 2016- 2017- 2018-
Group 13 15 16 17 18 19
(NIC 2008)
(1) (2) (3) (4) (5) (6) (7) (8)
General Index 100.00 103.3 106.7 111.0 114.7 120.0 125.3 129.8
Mining 14.37 94.7 94.6 93.3 97.3 102.5 104.9 107.9
Manufacturing 77.63 104.8 108.6 112.7 115.9 121.0 126.6 131.0
10 Manufacture of food products 5.30 103.3 104.6 110.9 104.7 98.9 108.1 121.1
11 Manufacture of beverages 1.04 106.7 104.8 108.2 109.7 106.3 105.4 108.7
12 Manufacture of tobacco products 0.80 107.5 116.4 131.1 136.3 115.9 95.1 93.9
13 Manufacture of textiles 3.29 108.0 112.6 116.9 119.4 117.4 117.1 118.4
14 Manufacture of wearing apparel 1.32 99.0 114.8 114.4 131.0 151.7 137.5 152.3
15 Manufacture of leather and related 0.50 110.6 113.0 123.0 123.6 122.3 123.9 124.7
products
16 Manufacture of wood and products 0.19 97.0 94.6 95.3 97.5 93.1 92.4 104.0
of wood and cork, except furniture;
manufacture of articles of straw and
plaiting materials
17 Manufacture of paper and paper products 0.87 103.3 114.2 115.1 116.5 114.0 108.9 104.2
18 Printing and reproduction of recorded 0.68 96.8 105.8 100.0 103.8 106.0 99.7 97.7
media
19 Manufacture of coke and refined 11.77 105.9 108.0 108.6 113.7 119.1 123.5 126.7
petroleum products
20 Manufacture of chemicals and chemical 7.87 103.9 108.8 109.2 113.7 116.5 116.1 118.8
products
21 Manufacture of pharmaceuticals, 4.98 108.1 114.3 116.9 132.1 172.3 212.1 215.0
medicinal chemical and botanical
products
22 Manufacture of rubber and plastics 2.42 101.0 112.4 117.7 118.3 120.5 110.6 108.0
products
23 Manufacture of other non-metallic 4.09 102.9 103.1 108.2 110.4 109.9 113.9 123.6
mineral products
24 Manufacture of basic metals 12.80 107.8 112.5 123.5 124.3 130.6 138.0 141.3
25 Manufacture of fabricated metal 2.65 97.0 101.5 105.9 103.4 105.5 107.9 106.4
products, except machinery and
equipment
26 Manufacture of computer, electronic and 1.57 100.6 115.2 117.6 123.6 126.7 148.5 168.5
optical products
27 Manufacture of electrical equipment 3.00 113.0 117.4 122.0 128.4 122.6 107.4 110.0
28 Manufacture of machinery and 4.77 102.9 103.3 102.6 105.9 114.1 120.5 123.4
equipment n.e.c.
29 Manufacture of motor vehicles, trailers 4.86 100.1 99.1 102.6 101.1 101.7 114.5 122.8
and semi-trailers
30 Manufacture of other transport 1.78 99.2 103.5 110.0 112.5 117.5 133.9 145.7
equipment
31 Manufacture of furniture 0.13 112.9 125.4 115.6 163.9 176.2 196.6 211.4
32 Other manufacturing 0.94 113.1 105.2 105.7 119.9 125.6 106.2 92.9
Electricity 7.99 104.0 110.3 126.6 133.8 141.6 149.2 156.9
Source: Central Statistics Office, MOSPI

Table 2.1. Budgetary Transactions of the Central and State Governments and Union Territories
(Including internal and extra-budgetary resources of public sector undertakings for their plans)
(` crore)
1980- 1990- 2000-01 2011-12 2012-13 2013-14 2014-15 2015-16 2015-16 2016-17
81 91
(BE) (RE) (BE)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
I. TOTAL OUTLAY 36845 176548 615658 2725009 3021229 3372982 3480304 3838558 3851961 4306241
A. DEVELOPMENT1 24426 105922 317464 1605787 1782915 1935977 2043299 2018434 2189596 2486117
B. NON-DEVELOPMENT 12419 70626 298194 1119222 1238314 1437005 1437005 1820124 1662365 1820124
1. Defence (net) 3600 15427 49622 170913 181776 203499 218694 246727 224636 249099
2. Interest payments 2957 25006 122792 403235 457550 537468 585714 670904 655143 742792
3. Tax collection charges 504 1973 6570 22971 26489 29995 32563 37292 36092 40682
4. Police 1163 5657 21343 89815 101881 115217 128527 146244 145922 163817
5. Others2 4195 22563 97867 432288 470618 550826 471507 718957 600572 623734
II. CURRENT REVENUE 24563 110607 393284 1842477 2116869 2393750 2543960 2947996 2927445 3332388
A. TAX REVENUE 19844 87723 305320 1467890 1716117 1879143 2040027 2419085 2384421 2684384
1. Income and corporation tax 2817 10712 67460 487341 553170 632548 687299 791467 744623 839700
2. Customs 3409 20644 47542 149328 165346 172085 188016 208336 209500 230000
3. Union excise duties 6500 24514 68526 144901 175845 169455 189038 229054 283353 317860
4. Sales tax 4018 18228 72874 361332 422578 475131 506106 622856 585925 670875
5. Others 3100 13625 48918 324988 399178 429924 469568 567372 561020 625949
B. NON-TAX REVENUE3 4719 22884 87964 374587 400752 514607 503933 528911 543024 648004
(Internal resources of public
sector undertakings for the Plan) (1374) (11183) (39415) (202717) (196771) (237848) (211014) (176778) na na
III. GAP (I-II) 12282 65941 222374 882533 904360 979232 936344 890562 924516 973853
FINANCED BY:
IV NET CAPITAL RECEIPTS
(A+B) 8831 54455 223283 785377 927020 973545 961258 855414 1042996 1082642
A. INTERNAL (net) 7161 50192 214965 769967 917508 962635 946725 842467 1028574 1060686
1. Net market loans4 3163 11308 85341 603608 673820 701972 721447 456405 401929 425181
2. Net small savings 1121 8309 8192 19078 11934 33283 15555 23836 42502 25375
3. Net State and public provident
funds 558 3887 23661 17894 26303 17559 33828 36540 34659 37138
4. Special deposits of non-
Government provident funds 604 6721 7177 0 0 0 0 0 0 0
5. Special borrowings from
RBI against compulsory deposits -70 -105 na na na na na na na na
6. Net misc. capital receipts5 1785 20072 90594 129387 205451 209821 175895 325686 549484 572992
B. EXTERNAL6 1670 4263 8318 15410 9512 10910 14533 12947 14422 21956
1. Net loans 749 3181 7505 12448 7201 7292 12933 11173 11485 19094
(i) Gross 1141 5339 17328 26034 23309 25416 33534 34373 34580 44789
(ii) Less repayments 392 2158 9823 13586 16108 18124 20601 23200 23095 25695
2. Grants 436 586 813 2962 2311 3618 1600 1774 2937 2862
3. Net special credit -53 -76 0
V. OVERALL BUDGETARY 3451 11486 -909 97153 -22658 5689 105626 35147 91239 27402
DEFICIT
Source : Economic Division, Department of Economic Affairs, Ministry of Finance

Notes: na Not available RE : Revised Estimates BE : Budget Estimates
1. Includes plan expenditure of Railways, Communications and non-departmental commercial undertakings financed out of their internal and extra
budgetary resources, including market borrowings and term loans from financial institutions to State Governments public enterprises. Also includes
developmental loans given by the Central and State Governments to non-departmental undertakings, local bodies and other parties. However, it
excludes a notional amount of R45 crore in 1980-81 on account of conversion of loan capital given to non-departmental commercial undertakings
into equity capital.
2. Includes general administration, pensions and ex-gratia payments to famine relief (only non-plan portion), subsidies on food and controlled cloth,
grants and loans to foreign countries and loans for non-developmental purpose to other parties, but excludes Contingency Fund transactions. It
also excludes notional transactions in respect of subscriptions to International Monetary Fund of R559 crore in 1980-81, R550 crore in 1990-1991,
R629 crore in 2000-2001, R1613 crore in 2011-12, R4323 crore in 2012-13, R367 crore in 2013-14 , R4619 crore in 2014-15 and R52920 crore in
2015-16(RE).
3. Includes internal resources of Railways, Communications and non-departmental commercial undertakings for the plan.
4. Includes market borrowings of State Government public enterprises.
5. Excludes the notional receipts on account of repayments of loans by non-departmental commercial undertakings due to their conversion into equity
capital. It also excludes notional transactions in respect of International Monetary Fund and Contingency Fund transactions.
6. R538 crore for loans from IMF Trust Fund are included in 1980-81 under external loans and an amount of R572 crores for revolving fund is included
in External loans for 1990-91.
Table 2.2. Total Expenditure of the Central Government

(` crore)
Final outlays Transfer payments to the rest of Financial Total

the economy investments expenditure
& loans to (4+7+8)
Governmen Gross Total Current Capital Total the rest of
consumption capital (2+3) (5+6) the economy
expenditure formation (gross)
(1) (2) (3) (4) (5) (6) (7) (8) (9)

First Plan (1951-52 to 1241 612 1854 809 123 932 966 3751
1955-56)
Second Plan (1956-57 to 1962 1445 3406 1567 249 1816 2600 7823
1960-61)
Third Plan (1960-61 to 4256 2445 6701 2983 501 3484 5076 15261
1965-66)
Annual Plan (1966-67 to 3878 1243 5121 3214 407 3621 4740 13481
1968-69)
Fourth Plan (1969-70 to 9775 2969 12745 8036 1454 9490 10760 32994
1973-74)
Fifth Plan (1974-75 to 17576 5951 23527 19773 3230 23003 21145 67674
1978-79)
Sixth Plan (1980-81 to 35885 14823 50708 50604 9910 60514 47034 158256
1984-85)
Seventh Plan (1985-86 to 81974 31616 113590 134246 26292 160538 89764 363892
1989-90)
Eighth Plan (1992-93 to 179676 73599 253275 387746 66433 454179 127752 835206
1996-97)
Ninth Plan (1997-98 to 331143 100568 431711 795621 106925 902546 150754 1485011
2001-02)
Tenth Plan (2002-03 to 516165 144027 660192 1390293 185704 1575997 123921 2360110
2006-07)
Eleventh Plan (2007-08 to 1002126 284215 1286341 2946106 529055 3475161 212323 4973825
2011-12)
1950-51 235 80 315 111 6 117 72 504
1955-56 269 153 422 203 49 251 301 975
1960-61 433 307 740 427 69 495 570 1806
1965-66a 1109 520 1630 754 132 886 1425a 3940a
1970-71 1669 519 2189 1239 193 1432 1956 5577
1975-76 3449 1204 4654 3018 536 3553 3830 12037
1980-81 5174 1908 7082 6912 1302 8214 7200 22495
1985-86 11210 4558 15768 18347 3825 22173 15172 53112
1990-91 22359 8602 30961 45134 7117 52251 21760 104973
1993-94b 31815 12765 44580 66750 11811 78560 22648 145788
1995-96 41881 16685 58566 85304 15263 100566 26101 185233
1997-98c 53090 18955 72046 111577 17360 128937 23884 224866
Contd....
Table 2.2. Total Expenditure of the Central Government (Contd....)
(` crore)
Final outlays Transfer payments to the rest of Financial Total

the economy investments expenditure
& loans to (4+7+8)
Governmen Gross Total Current Capital Total the rest of
consumption capital (2+3) (5+6) the economy
expenditure formation (gross)
2000-01 71977 22258 94235 183696 22404 206100 27929 328265

2005-06 116305 34450 150755 297267 41681 338948 11380 501083
2010-11 230262 65059 295321 656300 150312 806612 62795 1164728
2011-12 255498 65041 320539 756885 141353 898238 44439 1263216
2012-13 271119 74747 345866 851208 130771 981979 46902 1374747
2013-14 306898 74940 381838 940445 144129 1084574 44552 1510964
2014-15 335428 81392 416819 1022900 146053 1168953 46331 1632103
2015-16 361284 76466 437750 1126844 83080 1209924 127382 1775056
2016-17 (RE) 442125 114308 556433 1180748 140416 1321165 74091 1951689
2017-18 (BE) 437209 139623 576832 1206018 212969 1418986 65067 2060885
Source : Ministry of Finance, Economic & Functional Classification of the Central Government Budget-various issues
Notes:
RE : Revised Estimates BE : Budget Estimates
a : For 1965-66, includes R 53 crore as additional payments to IMF, IBRD, IDA & ADB following the change in the par value of the
rupee. This is a nominal outlay as it is met by the issue of non-negotiable Government of India securities.
b : From 1993-94 onwards, Delhi is not included.
c : From 1997-98 onwards loans to States/UTs are exclusive of loans against States/UTs shares in small saving collections.

Tab 2.3 Financial Performance of Indian Railways
(R crore)
Particulars 1980-81 1990-91 2001-02 2013-14 2014-15 2015-16 2016-17 2017-18
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1 Gross Traffic Receipts 2624 12096 37837 139558 156711 164334 165292 178725
(i) Passenger Coaching 827 3147 11197 36532 42190 44283 46280 48643
(ii) Other Coaching 116 336 872 3679 3998 4371 4312 4314
(iii) Goods 1618 8408 24845 93906 105791 109208 104339 117055
(iv) Other Earnings 82 242 944 5721 5093 5929 10368 8688
(v) Suspense Account -19 -37 -21 -280 -361 543 -7 24
2 Working Expenses 2537 11154 36293 130321 142996 147836 159030 175834
(i) Ordinary Working Expenses 2233 8234 28703 97571 105996 107736 118830 128497
(ii) Appropriation to depreciation reserve fund 220 1950 2000 7900 7775 5600 5200 1540
(iii) Appropriation to Pension Fund 84 970 5590 24850 29225 34500 35000 45798
3 Net Traffic Receipts (1-2) 87 942 1544 9237 13715 16498 6263 2891
4 Net Miscellaneous Receipts 40 171 793 2512 3124 2731 -1350 -1225
5 Net Revenue (3+4) 127 1113 2337 11749 16838 19228 4913 1666
6 Dividend
(i) Payable to general revenues 325 938 2337 8009 9174 8723 *** ***
(ii) Payment of deferred dividend 0 0 0 0
(iii) Deferred dividend 0 0 1000 0 0 0 0
(iv) Net dividend payable 325 938 1337 8009 9174 8723 0 0
7 Surplus (+) or Deficit(-) -198 175 1000 3740 7665 10506 4913 1666
8 (i) Capital at charge 6096 16126 37757 170168 197992 224685 249008 271276
(ii) Investment from capital fund 0 0 10390 38676 44125 50450 53450 53450
(iii) Total 8(i)+8(ii) 6096 16126 48147 208844 242117 275135 302458 324726
9 Item 5 as % of Item 8(iii) 2.1 6.9 4.9 5.6 7 7 2 1
Volume 2
10 item 7 as % of item 8(iii) -3.2 1.1 2.1 1.8 3 4 2 1

|
Source : Ministry of Railways

Notes : *** Dividend Payment has been done away with as per Budget merger conditions and hence no dividend payment from 2016-17.

A 57
Table 2.4 Financial Performance of Department of Posts

(` crore)
1980-81 1990-91 2000-01 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
1. Gross Receipt 278 840 3298 9367 10730 11636 12940 11511 12833
2. Net Working Expenses 346 1033 4848 14792 16204 17895 18947 23481 25249
3. Net Receipts (1-2) -68 -193 -1550 -5425 -5474 -6259 -6007 -11970 -12416
4. Dividend to general revenues 4 0 0 0 0 0 0 0 0
5. Surplus(+)/deficit(-) (3-4) -72 -193 -1550 -5425 -5474 -6259 -6007 -11970 -12416
Source: Department of Posts, Ministry of Communications

Table 2.5. Receipts and Expenditure of the Central Government
(` crore)
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2018-19* 2018-19
(BE) (RE) (PA)
1 Revenue Receipts (a+b) 788471 751437 879232 1014724 1101473 1195025 1374203 1435233 1725738 1729682 1563170
(a) Tax Revenue (net of States' share) 569869 629765 741877 815854 903615 943765 1101372 1242488 1480649 1484406 1316951
(b) Non-tax Revenue 218602 121672 137355 198870 197858 251260 272831 192745 245089 245276 246219
2 Revenue Expenditure 1040723 1145785 1243514 1371772 1466992 1537761 1690584 1878835 2141772 2140612 2008463
of which:
(a) Interest Payments 234022 273150 313170 374254 402444 441659 480714 528952 575795 587570 582675
(b) Major Subsidies 164516 211319 247493 244717 249016 241833 204025 191183 264336 266206 197066
(c) Defence Expenditure 92061 103011 111277 124374 136807 145937 165410 186129 188723 191431 195935
3 Revenue Deficit (2-1) 252252 394348 364282 357048 365519 342736 316381 443602 416034 410930 445293
4 Capital Receipts 408857 552928 531140 544723 562201 595758 600991 706742 716475 727553 748252
of which:
(a) Recovery of loans 12420 18850 15060 12497 13738 20835 17630 15633 12199 13155 17840
(b) Other receipt (mainly PSU 22846 18088 25890 29368 37737 42132 47743 100045 80000 80000 85045
disinvestment)
(c) Borrowings and other liabilities $ 373591 515991 490190 502858 510725 532791 535618 591064 624276 634398 645367
5 Capital expenditure 156605 158580 166858 187675 196681 253022 284610 263140 300441 316623 302959
6 Non-Debt Receipts [1+4(a)+4(b)] 823737 788375 920182 1056589 1152948 1257992 1439576 1550911 1817937 1822837 1666055
7 Total Expenditure [2+5=7(a)+7(b)] 1197328 1304365 1410372 1559447 1663673 1790783 1975194 2141975 2442213 2457235 2311422
of which:
(a) Plan Expenditure 379029 412357 413625 453327 462644 471083 568599 n.a n.a n.a n.a
(b) Non-plan Expenditure 818299 891990 996747 1106120 1201029 1319700 1410669 n.a n.a n.a n.a
8 Fiscal Deficit [7-1-4(a)-4(b)] 373591 515990 490190 502858 510725 532791 535618 591064 624276 634398 645361
9 Primary Deficit [8-2(a)] 139569 242840 177020 128604 108281 91132 54904 62112 48481 46828 62692
Source: Union Budget documents and Controller General of Accounts

Volume 2
Notes:
|
BE:Budget Estimates RE: Revised Estimates PA: Provisional Actuals * As per Interim Budget 2019-20
$: Does not include receipts in respect of Market Stablization Scheme, which will remain in the cash balance of the Central Government and will not be used for expenditure

A 59
Table 2.6. Receipts and Expenditure of the Central Government as a percentage of GDP
(As per cent to GDP)
A 60
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2018-19* 2018-19
|
(BE) (RE) (PA)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
1 Revenue Receipts (a+b) 10.1 8.6 8.8 9.0 8.9 8.7 9.0 8.4 9.2 9.2 8.2
(a) Tax Revenue (net of States' share) 7.3 7.2 7.5 7.3 7.3 6.9 7.2 7.3 7.9 7.9 6.9
(b) Non-tax Revenue 2.8 1.4 1.4 1.8 1.6 1.8 1.8 1.1 1.3 1.3 1.3
2 Revenue Expenditure 13.4 13.1 12.5 12.2 11.8 11.2 11.1 11.0 11.4 11.4 10.6
of which:
(a) Interest Payments 3.0 3.1 3.1 3.3 3.2 3.2 3.2 3.1 3.1 3.1 3.1
(b) Major Subsidies 2.1 2.4 2.5 2.2 2.0 1.8 1.3 1.1 1.4 1.4 1.0
(c) Defence Expenditure 1.2 1.2 1.1 1.1 2.1 1.1 1.1 1.1 1.0 1.0 1.0
3 Revenue Deficit (2-1) 3.2 4.5 3.7 3.2 2.9 2.5 2.1 2.6 2.2 2.2 2.3
Volume 2
4 Capital Receipts 5.3 6.3 5.3 4.8 4.5 4.4 3.9 4.1 3.8 3.9 3.9
of which:
(a) Recovery of loans 0.2 0.2 0.2 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1
(b) Other receipt (mainly PSU disinvestment) 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.6 0.4 0.4 0.4
(c) Borrowings and other liabilities $ 4.8 5.9 4.9 4.5 4.1 3.9 3.5 3.5 3.3 3.4 3.4
5 Capital expenditure 2.0 1.8 1.7 1.7 1.6 1.8 1.9 1.5 1.6 1.7 1.6
6 Non-Debt Receipts [1+4(a)+4(b)] 10.6 9.0 9.3 9.4 9.3 9.2 9.4 9.1 9.7 9.7 8.8
7 Total Expenditure [2+5=7(a)+7(b)] 15.4 14.9 14.2 13.9 13.4 13.1 12.9 12.5 13.0 13.0 12.2
of which:
(a) Plan Expenditure 5.9 4.7 4.2 4.0 3.7 3.4 3.7 0 0 0 0
(b) Non-plan Expenditure 10.5 10.2 10.0 9.8 9.7 9.6 9.2 0 0 0 0
8 Fiscal Deficit [7-1-4(a)-4(b)] 4.8 5.9 4.9 4.5 4.1 3.9 3.5 3.5 3.3 3.4 3.4
9 Primary Deficit [8-2(a)] 1.8 2.8 1.8 1.1 0.9 0.7 0.4 0.4 0.3 0.2 0.3
Source: Union Budget documents and Controller General of Accounts

Notes:
BE:Budget Estimates RE: Revised Estimates PA: Provisional Actuals * As per Interim Budget 2019-20
$: Does not include receipts in respect of Market Stablization Scheme, which will remain in the cash balance of the Central Government and will not be used for expenditure

Table 2.7. Outstanding Liabilities of the Central Government

( ` crore)
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(RE) (BE)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1. Internal liabilities# 3395877 3781135 4347164 4893303 5484848 6045007 6691709 7207802 7989545 8703657
(a) Internal debt 2328339 2667115 3230622 3764566 4240767 4738291 5304835 5741709 6424917 6996220
i) Market borrowings 1746619 2072033 2516953 2984309 3441641 3891734 4298784 4649487 5062881 5459131
ii) Others 581720 595082 713669 780257 799126 846557 1006051 1092222 1362037 1537089
(b) Other Internal 1067538 1114020 1116542 1128737 1244081 1306716 1386874 1466093 1564628 1707437
liabilities
2. External 134083 157639 170088 177289 184581 197514 210262 228258 250090 261516
debt(outstanding)*
3. Total outstanding 3529960 3938774 4517252 5070592 5669429 6242521 6901971 7436060 8239635 8965173
liabilities (1+2)
4. Amount due from 300 300 300 300 300 300 300 300 300 300
Pakistan on account of
share of pre-partition debt
5. Net liabilities (3-4) 3529660 3938474 4516952 5070292 5669129 6242221 6901671 7435760 8239335 8964873
Memorandum items
(a) External debt@ 249306 278877 322897 332004 374483 366191 406586 408069 445289 456715
(b) Total outstanding 3645183 4060012 4670061 5225307 5859331 641198 7098295 7615871 8434834 9160372
liabilities(adjusted)
(c) Internal liabilities ( 3087360 3464858 3904022 4396810 4984590 5540570 6139580 6651613 7286885 7925128
Non-RBI) ##
(d) Outstanding 3336666 3743735 4226919 4728814 5359073 5906761 6546166 7059682 7732174 8381843
liabilities (Non-RBI) ##
(e) Contingent liabilities 137460 151292 190519 233769 249503 294700 343762 366189 380173 n.a.
of Central Government
(f) Total assets 1607544 1794504 1927143 2080649 2253627 2464424 2773756 3069862 3381121 3736840
(As per cent of GDP)
1. Internal liabilities# 52.4 48.6 49.8 49.2 48.8 48.6 48.9 46.9 47.6 46.5
a) Internal debt 35.9 34.3 37.0 37.9 37.8 38.1 38.8 37.4 38.3 37.4
i) Market borrowings 27.0 26.6 28.8 30.0 30.6 31.3 31.4 30.3 30.2 29.2
ii) Others 9.0 7.6 8.2 7.8 7.1 6.8 7.4 7.1 8.1 8.2
b) Other Internal 16.5 14.3 12.8 11.4 11.1 10.5 10.1 9.5 9.3 9.1
liabilities
2. External 2.1 2.0 1.9 1.8 1.6 1.6 1.5 1.5 1.5 1.4
debt(outstanding)*
3. Total outstanding 54.5 50.6 51.7 51.0 50.5 50.2 50.4 48.4 49.1 47.8
liabilities (1+2)
Source: Union Budget documents and CAA&A

Notes:
* : External debt figures represent borrowings by Central Government from external sources and are based upon historical rates of
exchange
@ : The external debt figures at current exchange rates are taken from Controller of Aid, Account and Audit Division, Ministry of
Finance.
# : Internal debt includes net borrowing of , R 2,737 crore for 2009-10
## : This includes marketable dated securties held by the RBI
RE: Revised Estimates BE: Budget Estimates
Table 2.8. Total Expenditure and Capital Formation by the Central Government and its Financing
(As per economic and functional classification of the Central Government budget)
( ` crore)
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
(RE) (BE)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
I. Total expenditure 992440 1164727 1263216 1374747 1510964 1632103 1775056 1951689 2060885
II. Gross capital formation out of budgetary 184501 256368 234969 230792 242877 261915 197990 290347 381174
resources of Central Government
(i) Gross capital formation by the Central 58999 65059 65041 74747 74940 81392 76466 114308 139623
Government
(ii) Financial assistance for capital 125502 191309 169928 156045 167937 180523 121524 176039 241551
formation in the rest of the economy
III. Gross saving of the Central Government -232452 -103270 -267428 -241090 -238268 -259468 -290204 -204778 -129106
IV. Gap(II-III) 416953 359638 502397 471882 481145 521383 488194 495125 510280
Financed by
a. Draft on other sectors of domestic economy 402774 333409 486987 462370 470235 506850 473565 477370 491431
(i) Domestic capital receipts 404160 326979 502977 513382 489406 429098 460395 437143 478587
(ii) Budgetary deficit/draw down of cash -1386 6430 -15990 -51012 -19171 77752 13170 40227 12844
balance
b. Draft on foreign savings 14179 26229 15410 9512 10910 14533 14629 17755 18849
(percentage increase over previous year)
II. Gross capital formation out of budgetary 34.7 39.0 -8.3 -1.8 5.2 7.8 -24.4 46.6 31.3
Memorandum items
(R crore)
1 Total expenditure 992440 1164727 1263216 1374747 1510964 1632103 1775056 1951689 2060885
2 Gross capital formation out of budgetary 184501 256368 234969 230792 242877 261915 197990 290347 381174
3 Consumption expenditure 210625 230262 255498 271119 306898 335428 361284 442125 437209
4 Current transfers 580898 656300 756885 851208 940445 1022900 1126844 1180748 1206018
5 Others 16417 21798 15864 21628 20744 11860 88938 38468 36485
(Growth rate in per cent)
1 Total expenditure 14.8 17.4 8.5 8.8 9.9 8.0 8.8 10.0 5.6
2 Gross capital formation out of budgetary 34.7 39.0 -8.3 -1.8 5.2 7.8 -24.4 46.6 31.3
3 Consumption expenditure 20.8 9.3 11.0 6.1 13.2 9.3 7.7 22.4 -1.1
4 Current transfers 6.9 13.0 15.3 12.5 10.5 8.8 10.2 4.8 2.1
5 Others 65.8 32.8 -27.2 36.3 -4.1 -42.8 649.9 -56.7 -5.2
(Point contribution in per cent)
1 Total expenditure 14.8 17.4 8.5 8.8 9.9 8.0 8.8 10.0 5.6
2 Gross capital formation out of budgetary 5.5 7.2 -1.8 -0.3 0.9 1.3 -3.9 5.2 4.7
3 Consumption expenditure 4.2 2.0 2.2 1.2 2.6 1.9 1.6 4.6 -0.3
4 Current transfers 4.3 7.6 8.6 7.5 6.5 5.5 6.4 3.0 1.3
5 Others 0.8 0.5 -0.5 0.5 -0.1 -0.6 4.7 -2.8 -0.1
Source: Ministry of Finance, An Economic and Functional classification of the Central Government Budget-various issues
Notes:
RE: Revised Estimates BE: Budget Estimates
1. Gross capital formation in this table includes loans given for capital formation on a gross basis. Consequently domestic capital receipts include
loan repayments to the Central Government.
2. Consumption expenditure is the expenditure on wages and salaries and commodities and services for current use.
3. Interest payments, subsidies, pension etc. are treated as current transfers.
4. Gross capital formation & total expenditure are exclusive of loans to States'/UTs' against States'/UTs' share in the small savings collection.
5. The figures of total expenditure of the Central Government as per economic and functional classification do not tally with figures given in the
Budget documents. In the economic and functional classification, interest transfered to DCUs, loans written off etc, are excluded from the current
account. In the capital account, expenditure financed out of Railways, Posts &Telecommunications' own funds etc, are included.
6. Point contribution refers to contribution of individual component to total growth.
Table 2.9. Receipts and Disbursements of States and consolidated General Government
(R crore)
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
RE BE
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
State Governments
Total Receipts (A+B) 1173575 1367917 1557338 1688047 2008065 2390845 2721784 3051897 3519646
A. Revenue Receipts (1+2) 935347 1098531 1252024 1369187 1591583 1832885 2046401 2457718 2812994
1. Tax Receipts 680198 812987 946081 1030692 1117113 1353336 1520773 1743769 2013453
of which
States' Own Tax Revenue 460709 557396 654551 712419 779278 847145 912912 1050350 1198796
2. Non-tax Receipts 255149 285544 305943 338495 474471 479549 525628 713949 799540
of which
Interest Receipts 15625 18582 24118 27215 24135 18216 24560 25012 27773
B. Capital Receipts 238228 269385 305314 318860 416482 557960 675383 594179 706652
of which
Recovery of Loans and Advances 4995 17157 7265 6896 18916 7180 15835 56174 58518
II. Total Disbursements (a+b+c) 1158730 1351612 1534255 1706145 2025783 2360229 2708215 3177407 3559726
a) Revenue 932297 1074571 1231702 1379750 1637288 1838267 2086892 2518797 2783775
b) Capital 207617 238150 272576 302402 358856 431743 503458 619610 738304
c. Loans and Advances 18816 38891 29977 23992 29638 90219 117866 39000 37647
III. Revenue Deficit -3051 -23960 -20322 10563 45704 5382 40491 61079 -29219
IV. Gross Fiscal Deficit 161461 168353 195470 247852 327191 420670 534332 514316 486513
General Government
I. Total Receipts (A + B) 2153561 2454062 2769029 3001372 3189737 3778049 4288432 4771859 5278035
A. Revenue Receipts (1+2) 1578820 1692679 1971619 2211475 2387693 2748374 3132201 3592382 4118541
1. Tax Receipts 1250067 1442752 1687959 1846545 2020728 2297101 2622145 3013223 3494102
2. Non-Tax Receipts 328753 249927 283660 364930 366965 451272 510056 579159 624438
of which
Interest Receipts 25078 28870 35543 40162 39622 35779 33220 31610 36835
B. Capital Receipts 574742 761383 797410 789897 802044 1029675 1156231 1179477 1159494
of which
a) Disinvestment proceeds 24087 18753 25991 29728 38883 43266 48122 100303 81193
b) Recovery of Loans & Advances 8206 25370 12929 9385 22072 16561 20942 64880 61650
II. Total Disbursements (a+b+c) 2145145 2421768 2694934 3000299 3285210 3760611 4265969 4857990 5361181
a) Revenue 1828020 2063068 2315578 2579086 2798917 3096491 3489073 4092338 4505357
b) Capital 268328 291818 328324 377545 426949 539375 616988 670218 765487
c) Loans and advances 48797 66883 51031 43668 59345 124745 159907 95434 90338
III. Revenue Deficit 249200 370388 343959 367611 411224 348117 356872 499956 386816
IV. Gross Fiscal Deficit 534032 684966 684395 749711 836563 952410 1064704 1100425 1099797

Notes: RE: Revised Estimates BE: Budget Estimates
(1) Negative (-) sign indicates surplus in deficit indicators.
(2) The ratios to GDP at current market prices are based on CSO's National Accounts 2004-05 series and data from 2011-12 onwards
are based on new base 2011-12.
(3) Capital Receipts include public account on a net basis.
(4) Capital disbursements are exclusive of public accounts.
(5) Data pertains to budgets of 29 States.
Table 2.10. Receipts and Disbursements of States and consolidated General Government
(As per cent of GDP)
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
RE BE
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
State Governments
Total Receipts (A+B) 15.1 15.7 15.7 15.0 16.1 17.4 17.7 17.9 18.5
A. Revenue Receipts (1+2) 12.0 12.6 12.6 12.2 12.8 13.3 13.3 14.4 14.8
1.Tax Receipts 8.7 9.3 9.5 9.2 9.0 9.8 9.9 10.2 10.6
of which
States' Own Tax Revenue 5.9 6.4 6.6 6.3 6.3 6.2 5.9 6.1 6.3
2. Non-tax Receipts 3.3 3.3 3.1 3.0 3.8 3.5 3.4 4.2 4.2
of which
Interest Receipts 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.1 0.1
B. Capital Receipts 3.1 3.1 3.1 2.8 3.3 4.1 4.4 3.5 3.7
of which
Recovery of Loans and Advances 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.3 0.3
II. Total Disbursements (a+b+c) 14.9 15.5 15.4 15.2 16.2 17.1 17.6 18.6 18.7
a) Revenue 12.0 12.3 12.4 12.3 13.1 13.3 13.6 14.7 14.6
b) Capital 2.7 2.7 2.7 2.7 2.9 3.1 3.3 3.6 3.9
c. Loans and Advances 0.2 0.4 0.3 0.2 0.2 0.7 0.8 0.2 0.2
III. Revenue Deficit 0.0 -0.3 -0.2 0.1 0.4 0.0 0.3 0.4 -0.2
IV. Gross Fiscal Deficit 2.1 1.9 2.0 2.2 2.6 3.1 3.5 3.0 2.6
General Government
I. Total Receipts (A + B) 27.7 28.1 27.8 26.7 25.6 27.4 27.9 27.9 27.7
A. Revenue Receipts (1+2) 20.3 19.4 19.8 19.7 19.2 20.0 20.4 21.0 21.6
1. Tax Receipts 16.1 16.5 17.0 16.4 16.2 16.7 17.1 17.6 18.3
2. Non-Tax Receipts 4.2 2.9 2.9 3.2 2.9 3.3 3.3 3.4 3.3
of which
Interest Receipts 0.3 0.3 0.4 0.4 0.3 0.3 0.2 0.2 0.2
B. Capital Receipts 7.4 8.7 8.0 7.0 6.4 7.5 7.5 6.9 6.1
of which
a) Disinvestment Proceeds 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.6 0.4
b) Recovery of Loans & Advances 0.1 0.3 0.1 0.1 0.2 0.1 0.1 0.4 0.3
II. Total Disbursements (a+b+c) 27.6 27.7 27.1 26.7 26.3 27.3 27.8 28.4 28.1
a) Revenue 23.5 23.6 23.3 23.0 22.4 22.5 22.7 23.9 23.6
b) Capital 3.4 3.3 3.3 3.4 3.4 3.9 4.0 3.9 4.0
c) Loans and advances 0.6 0.8 0.5 0.4 0.5 0.9 1.0 0.6 0.5
III. Revenue Deficit 3.2 4.2 3.5 3.3 3.3 2.5 2.3 2.9 2.0
IV. Gross Fiscal Deficit 6.9 7.8 6.9 6.7 6.7 6.9 6.9 6.4 5.8

Notes: RE: Revised Estimates BE: Budget Estimates
(1) Negative (-) sign indicates surplus in deficit indicators.
(2) The ratios to GDP at current market prices are based on CSO's National Accounts 2004-05 series and data from 2011-12 onwards
are based on new base 2011-12.
(3) Capital Receipts include public account on a net basis.
(4) Capital disbursements are exclusive of public accounts.
(5) Data pertains to budgets of 29 States.
Table 3.1. Employment in Organised Sectors—Public and Private (as on March 31, 2012)
(Lakh persons)
2006 2007 2008 2009 2010 2011 2012
(1) (2) (3) (4) (5) (6) (7) (8)
1. Public Sector
By branch
Central Government 28.6 28.0 27.4 26.6 25.5 24.6 25.2
State Governments 73.0 72.1 71.7 72.4 73.5 72.2 71.8
Quasi-Governments 59.1 58.6 58.0 58.4 58.7 58.1 58.0
Local bodies 21.2 21.3 19.7 20.7 20.9 20.5 21.1
Total 181.9 180.0 176.7 178.0 178.6 175.5 176.1
By industry
Agriculture, hunting etc. 4.7 4.8 4.7 4.8 4.8 4.8 4.7
Mining and quarrying 11.5 11.4 11.2 11.1 11.0 10.9 10.8
Manufacturing 10.9 10.9 10.4 10.6 10.7 10.2 10.7
Electricity, gas and water 8.5 8.5 8.0 8.4 8.4 8.3 8.2
Construction 8.9 8.7 8.5 8.5 8.6 8.5 8.3
Wholesale and retail trade 1.8 1.8 1.7 1.7 1.7 1.7 1.7
Transport, storage & communications 26.8 26.4 26.3 26.0 25.3 23.8 24.9
Finance, insurance, real estate etc. 13.9 13.7 13.5 13.6 14.1 13.6 13.6
Community, social & personal services 91.8 90.9 88.5 90.1 90.5 91.0 90.4
Total 178.7 176.9 172.8 174.8 175.1 172.7 173.3
2. Private Sector
Agriculture, hunting etc. 10.3 9.5 9.9 9.0 9.2 9.2 9.2
Mining and quarrying 1.0 1.0 1.1 1.2 1.6 1.3 1.4
Manufacturing 45.5 47.5 49.7 52.0 51.8 54.0 55.3
Electricity, gas and water 0.4 0.5 0.5 0.6 0.6 0.7 0.6
Construction 0.6 0.7 0.7 0.8 0.9 1.0 1.2
Wholesale and retail trade 3.9 4.1 2.7 4.7 5.1 5.5 6.0
Transport, storage & communications 0.9 1.0 1.0 1.3 1.7 1.9 2.1
Finance, insurance, real estate etc. 6.5 8.8 11.0 13.1 15.5 17.2 19.1
Community, social & personal services 18.8 19.5 21.7 20.2 21.4 23.5 24.5
Total 87.7 92.4 98.4 102.9 107.9 114.2 119.4
3. Public Sector
Male 151.9 149.8 146.3 147.0 146.7 143.8 144.6
Female 30.0 30.2 30.4 30.9 32.0 31.7 31.5
Total 181.9 180.0 176.7 178.0 178.6 175.5 176.1
4. Private Sector
Male 66.9 69.8 74.0 78.9 81.8 86.7 90.7
Female 21.2 22.9 24.7 25.0 26.6 27.8 29.0
Total 88.1 92.7 98.8 103.8 108.5 114.5 119.7
5. Public and Private Sector
Male 218.7 219.6 220.4 225.9 228.5 230.5 235.3
Female 51.2 53.1 55.1 55.8 58.6 59.5 60.5
Total 269.9 272.8 275.5 281.7 287.1 290.0 295.8
Source: Directorate General of Employment, Ministry of Labour & Employment

Notes:
1. Excludes Sikkim, Arunachal Pradesh, Dadra & Nagar Haveli and Lakshadweep as these are not yet covered under the
programme.
2. Industry-wise break-up may not tally with public sector, private sector and grand total due to non-inclusion of data as per NIC
1998, in respect of J&K , Manipur and Daman & Diu in 2012.
Table 3.2. Performance of Central Public Sector Enterprises
( ` crore)
A 66
Particulars 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
|
(1) (2) (3) (4) (5) (6) (9) (7) (8) (9) (10)
No. of Operating CPSEs 213 217 220 225 230 234 236 244 257 257
Capital Employed 792232 908007 1153833 1337821 1508177 1710453 1833274 2037318 2138069 2273969
Total Gross Turnover 1271536 1244805 1498018 1822049 1945814 2066057 1995176 1834635 1955675 2155948
Total Net Income/Revenue 1309639 1272219 1470569 1804614 1931186 2056336 1965638 1764113 1821971 2033545
Net Worth 583144 652993 709498 776162 850921 926663 962518 1079953 1066885 1108595
Profit before dep., Impairment, Int., Exc. Items, & Taxes (PB- 186836 211184 216602 250654 255936 289361 270400 275457 299028 317512
DIEET)
Depreciation, Depletion & Amortization 44441 51168 57118 63591 66109 69817 77500 67764 73739 81864
(DRE)/Impairment 7661 9565 187 154 436 851 554 347 277 (22)
Profit before Interest, Exc. Items, Ex. Ord. Items & Taxes (PBIEET) 142395 160017 159298 186910 189390 218693 192346 207346 225012 235670
Interest 39300 36060 26521 36152 38184 51638 44942 51449 47229 53302
Profit before Exp. Items Ex. Or.Items & Taxes ( PBEET) 103095 123957 132777 150758 151207 167055 147412 155897 177784 182368
Volume 2
Exceptional Items - - (1479) (3957) (13525) (14618) (1335) 7766 (889) (4357)
Profit before Ex. Or. Items & Tax. (PBET) 115011 123942 134256 146801 164732 181673 148747 148131 178673 186725
Extra-Ordinary Items (2684) (8280) (2695) (428) (1276) (1550) (1394) (9553) (34) (934)
Profit Before Tax (PBT) 117695 132222 136951 147230 166008 183223 150141 157684 178707 187659
Tax Provisions 33828 40018 44871 48985 51025 55178 47230 43653 53183 59661
Net Profit/Loss after Tax from Continuing Operations 83867 92203 92079 98245 114982 128045 102911 114031 125523 127997
Net Profit/Loss after Tax from Discontinuing Operations - - 49 1 (1) 250 (45) 208 (25) 377
Overall Net Profit/Loss 83867 92203 92129 98246 114981 128295 102866 114239 125498 128374
Profit of Profit-making CPSEs 98488 108434 113944 125929 143543 149636 130364 144991 152978 159635
Loss of Loss incurring CPSEs (14621) (16231) (21816) (27683) (28562) (21341) (27498) (30756) (27480) (31261)
Profit - making CPSEs (No.) 158 157 158 161 151 164 159 164 175 184
Loss - making CPSEs (No.) 55 60 62 64 78 70 76 79 81 71
CPSEs making no Profit/Loss (No.) 0 0 0 0 1 0 1 1 1 2
Dividend 25501 33223 35700 42627 49703 65115 56527 68583 78129 76578
Dividend Tax 4132 5151 5372 5877 6704 8709 8642 10598 14419 12935
Source: Department of Public Enterprises

Table 4.1. Scheduled Commercial Banks : Seasonal Flow of Funds
(` Crore)
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
Items H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 (P)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
Sources
1. Increase in aggregate deposits 399921 555186 347996 479730 375101 418903 766357 664010 159886 508507 373806 772698
2. Increase in borrowings from RBI 20640 -615 43092 73497 -94166 168431 -198100 -12557 18720 233448 -94362 1072
3. Increase in other borrowings@ 32942 -33569 -33371 38205 15126 57980 -4124 21468 -7400 56788 9318 3028
4. Increase in other demand and time -2597 29294 2635 16235 -4457 51297 -45890 5564 23288 71866 -56323 40957
liabilities
5. Residual (Net) 36709 -58102 -62017 -20456 19919 -142805 -12192 -61977 207411 -185447 245214 -34941
Total 487615 492194 298334 587210 311523 553807 506051 616507 401905 685162 477654 782813
Uses
1. Increase in bank credit 341562 392075 123970 418354 149471 563723 245253 346598 141972 641987 356239 787521
2. Increase in investments 105416 101300 150982 128023 150061 -16378 231321 174133 294834 -7344 129533 -67635
3. Increase in cash in hand 2256 3123 3392 4093 5075 -991 4512 -590 20466 -21761 12441 2347
4. Increase in balances with RBI 38380 -4304 19989 36740 6916 7452 24964 96367 -55367 72280 -20559 60580
Total 487615 492194 298334 587210 311523 553807 506051 616507 401905 685162 477654 782813

Notes :
H1 : April to September H2 : October to March
(P): Provisional.
@: Excludes borrowings from RBI, EXIM Bank and NABARD.
1. Data also reflect redemption of Resurgent India Bonds of R 226.93 billion, since October 2003; and the redemption of India Millennium Deposits (IMDs) of R 319.59 billion on
December 29, 2005.
2. Residual (net) is the balance of Uses of Funds over Sources of Funds and includes borrowings from RBI, EXIM Bank and NABARD.
3. The data relate to last reporting Fridays.
Volume 2
4. Figures may not add up to totals due to rounding off.

|
A 67
Table 4.2. Scheduled Commercial Banks: Variation in Selected Items

(` Crore)
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 Outstanding
as on
Items Mar 22 Mar 21 Mar 20 Mar 18 Mar 31 Mar 30
June 7, 2019
to to to to to to
(P)
Mar 21 Mar 20 Mar 18 Mar 31 Mar 30 Mar 29
(1) (2) (3) (4) (5) (6) (7) (8)
1.Demand deposits 51622 80108 94967 392443 88843 141005 1292801
2.Time deposits* @ 903484 747617 699038 1037923 579550 1006717 11247440
3.Aggregate deposits @ 955106 827725 794005 1430366 668393 1147722 12540241
4 Borrowings from RBI 20026 116589 74265 -210657 252168 -93290 26544
5. Cash in hand & balances with 39456 64215 18452 125252 15618 54833 586919
RBI
6. Investments in Govt. 207541 278557 134182 405815 287658 61595 3495208
securities
7. Bank credit 733637 542325 713194 591851 783959 1146298 9651922

Notes:
(P): Provisional
* : Revised in line with the new accounting standards and are consistent with the methodology suggested by the Working Group on
Money Supply : Analytics and Methodology of Compilation (June 1998) from 1998-99 onwards.
The revision is in respect of pension and provident funds with commercial banks which are classified as other demand and time
liabilities and includes those banks which have reported such changes so far.
@: Data also reflect redemption of Resurgent India Bonds of R226.93 billion, since October 2003; and the redemption of India
Millennium Deposits (IMDs) of R319.59 billion on December 29, 2005.

Table 4.3. Number of Functioning Branches of Commercial Banks - Bank Group-wise

Branches as on End March
2014 2015 2016 2017 2018 Rural % of Rural
Branches to
Total Total Total Total Total
Total
(1) (2) (3) (4) (5) (6) (7) (8)
Public Sector Banks 83201 88612 91638 94113 93137 28784 30.9
Regional Rural Banks 19292 20387 21254 21743 22082 15218 68.9
Private Sector Banks 20076 22333 27452 29799 31420 6557 20.9
Foreign Banks 322 329 332 301 299 10 3.3
Local Area Banks 89 104 115 76 87 11 12.6
Small Finance Banks -- -- -- 410 1733 354 20.4
Payments Banks -- -- -- 3 156 14 9.0
Total 122980 131765 140791 146445 148914 50948 34.2
Source: RBI, Master Office File (MOF) System

Notes:
1. Data include ‘Administrative Offices’
2. Population groups are defined as follows: 'Rural' includes centres with population of less than 10,000, 'Semi-Urban' includes cen-
tres with population of 10,000 and above but less than of one lakh, 'Urban' includes centres with population of one lakh and above
but less than of ten lakhs, and 'Metropolitan' includes centres with population of 10 lakhs and above. All population figures are as per
census 2011.
3. ‘Public Sector banks’ comprises of State Bank of India (and its’ erstwhile associates and Bhartiya Mahila Bank prior to April 1,
2017), IDBI bank and nationalized banks, excluding Regional Rural Banks.
4. MOF data are dynamic in nature. It is updated based on information as received from banks.
Table 4.4. Advances to Agriculture and Other Priority Sectors by Public Sector Banks
Number of Accounts (in thousand) Amount Outstanding (R crore)
A 70
Sectors March March March March March March March March March March
|
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1.Agriculture 48336 51231 51363 52594 54846 702541 743577 902331 946850 961076
1 (a) Direct Finance a 47581 50535 na na na 525652 580164 na na na
1 (b) Indirect Finance a 755 696 na na na 176889 163413 na na na
b
2. Small Scale Industries
3.Micro & Small Enterprises 8358 8329 10592 11123 11026 593410 647855 733164 741958 755317
4. Setting up of Industrial Estates
5. Small road & water transport Operators

6. Retail Trade
7. Small Business
8. Professional &self employed persons
Volume 2
9. Micro Credit
10. Education 2555 2536 2435 2384 2293 55112 56997 59306 60010 59563
11.Consumption
12. State sponsored Corpns/Organisations for on lending to
Other Priority Sector
13. State sponsored organisation for SC/ST purchase &
supply of inputs & marketing of outputs
14. Housing Loans 4009 4082 4187 4221 4152 235484 247887 273835 294149 298721
15. Funds provided to RRBs
16. Advances to Self Help Groups
17. Advances to Software Industries
18.Advances to Food & Agro Processing Sector
19. Investment in Venture Capital
20. Total Priority Sector Advances c 64346 67151 69305 70806 72911 1602907 1707489 1981256 2043474 2199201
d
21. ANBC 4110591 4584973 5056594 5329716 5350290
Percentage to ANBC
1.Agriculture 17.09 16.22 17.84 17.77 17.96
a
1 (a) Direct Finance 12.79 12.65 na na na
1 (b) Indirect Finance a 4.30 3.56 na na na
Contd....
Table 4.4. Advances to Agriculture and Other Priority Sectors by Public Sector Banks
Number of Accounts (in thousand) Amount Outstanding (R crore)
Sectors March March March March March March March March March March
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
2. Small Scale Industries b
3.Micro & Small Enterprises 14.44 14.13 14.50 13.92 14.12
4. Setting up of Industrial Estates
5. Small road & water transport Operators
6. Retail Trade
7. Small Business
8. Professional &self employed persons
9. Micro Credit
10. Education 1.34 1.24 1.17 1.13 1.11
11.Consumption
12. State sponsored corpns/Organisations
for on lending to Other Priority Sector
13. State sponsored organisation for SC/ST
purchase &supply of inputs &marketing of outputs
14. Housing Loans 5.73 5.41 5.42 5.52 5.58
15. Funds provided to RRBs
16. Advances to Self Help Groups
17. Advances to Software Industries
18.Advances to Food & Agro Processing Sector
19. Investment in Venture Capital
20. Total Priority Sector Advances 38.99 37.24 39.18 38.34 41.10

Notes:
Volume 2
na: not available

|
a: Excludes advances to plantations other than development finance

b: Includes small business
c: Total priority sector advances is the total of items 1 to 12 & 14 to 17 and half of item 13
d: ANBC stands for Adjusted Net Bank Credit
A 71
Table 4.5. State-wise Number of Reporting Bank-offices, Deposit and Bank Credit of SCBs and
Percentage Share of Advances to Priority Sector in Total bank Credit of PSBs
States or UTs Number of Deposit (` Crore) Credit (` Crore) Percentage share of
Reporting Bank advances to priority
Offices sector in total bank
credit of PSBs (P)
March December March December March December March December
2018 2018 2018 2018 2018 2018 2018 2018
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Andaman & Nicobar Islands 67 68 4722 5117 1846 2072 39 na
Assam 2326 2355 134643 135243 57307 62095 51 na
Bihar 6681 6798 317131 331934 101511 110131 63 na
Chandigarh 411 402 62287 66981 67384 76605 18 na
Chhattisgarh 2492 2529 133067 137255 83352 85196 42 na
Dadra & Nagar Haveli 60 60 3886 4091 1724 2149 73 na
Daman & Diu 47 45 4683 4917 1306 1438 65 na
Goa 678 668 66090 69371 17631 19349 44 na
Gujarat 7835 7906 643747 654308 482779 520939 43 na
Haryana 4808 4842 367362 400143 218336 245477 53 na
Himachal Pradesh 1532 1604 85753 93099 26479 28578 63 na
Jammu & Kashmir 1782 1772 104458 111651 44819 51323 39 na
Jharkhand 2947 2967 199475 212039 54639 57749 58 na
Karnataka 9933 10002 840424 890863 586740 627755 41 na
Kerala 6281 6421 440361 479447 281384 309649 54 na
Lakshadweep 13 13 998 1058 82 84 27 na
Madhya Pradesh 6511 6589 340117 359400 221512 242710 57 na
Maharashtra 12317 12454 2289301 2377728 2404766 2583258 30 na
Manipur 174 181 8972 8361 3998 4736 37 na
Meghalaya 343 340 21669 22558 5841 6103 32 na
Mizoram 189 190 8473 8458 3027 3279 49 na
Nagaland 160 162 10047 10267 3468 3835 31 na
NCT of Delhi 3549 3559 1145718 1211528 1069998 1183746 10 na
Odisha 4801 4818 271019 295003 100653 111599 52 na
Puducherry 239 239 16771 17272 10319 11369 61 na
Punjab 6436 6415 350459 377658 221388 230177 46 na
Rajasthan 7198 7237 336820 368366 254382 287761 67 na
Sikkim 137 140 8610 9354 2319 2759 47 na
Tamil Nadu 10710 10781 725810 765760 784172 835950 48 na
Telangana 5091 5086 420422 439662 445635 471779 26 na
Tripura 454 456 22178 23249 8981 9262 60 na
Uttar Pradesh 16913 17034 957832 998867 391892 419469 61 na
Uttarakhand 2041 2065 123440 133524 44669 49647 67 na
West Bengal 7932 7951 722699 748598 364454 366721 40 na
All India 140133 141200 11479288 12081892 8682573 9375117 39 na
Source: RBI, Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (Basic Statistical Return (BSR)-7)
Notes:
P: Provisional na: not available
SCBs: Scheduled Commercial Banks
PSBs: Public Sector Banks
1. The number of reporting of branches / offices, which reported data in BSR-7 is shown.
2. Data are as per the latest geographical boundaries as updated in the MOF system.
Table 5.1. Index Numbers of Wholesale Prices
Primary articles Fuel Manufactured products All Com-
Total Food articles Non- Mine- & Total Food Tex- Chemicals Basic Mach- modities
Food rals power pro- tiles & metals, inery &
Total Food
grains articles ducts chemical alloys & metal machine
products products tools
Weight-Base: (2004-05=100) 20.1 14.3 4.1 4.3 1.5 14.9 65.0 10.0 7.3 12.0 10.7 8.9 100.0
Weight-Base: (2011-12=100) 22.6 15.3 3.5 4.1 0.8 13.2 64.2 9.1 4.9 6.5 9.6 4.8 100.0
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
Last month of (2004-05 = 100)
2005-06 104 105 113 97 119 117 104 102 100 105 103 105 105.7
2006-07 118 119 126 107 135 119 110 107 101 110 116 112 112.8
2007-08 129 126 137 124 173 127 118 116 101 116 138 115 121.5
2008-09 136 136 152 125 168 123 120 123 103 116 130 118 123.5
2009-10 166 164 172 150 232 140 126 142 112 120 133 120 136.3
2010-11 188 179 176 191 267 158 136 145 132 129 148 123 149.5
2011-12 208 197 186 190 359 178 143 154 128 139 163 126 161.0
2012-13 223 214 216 208 352 192 149 166 133 146 165 129 170.1
2013-14 239 235 231 218 346 214 154 169 143 153 168 133 180.3
2014-15 239 249 236 203 243 188 154 170 140 151 162 135 176.1
2015-16 246 260 260 220 193 172 154 180 140 150 153 135 175.3
2016-17 259 269 270 231 247 204 159 192 143 152 161 135 185.3
Last month of (2011-12 = 100)
2012-13 115 114 120 120 122 110 106 109 107 110 103 105 108.6
2013-14 121 123 127 118 115 119 111 116 114 116 105 108 114.3
2014-15 120 129 129 112 112 92 110 113 110 114 100 109 109.9
2015-16 123 133 141 117 116 77 109 117 109 111 89 109 107.7
2016-17 127 138 147 122 115 94 112 127 113 112 96 108 113.2
2017-18 128 137 141 120 138 98 116 128 114 116 110 110 116.3
Volume 2
2018-19 (P) 135 145 153 124 137 103 118 129 119 120 111 112 120.0
|
Average of months (2004-05 = 100)

2005-06 104 105 107 97 115 114 102 101 99 104 102 104 104.5
2006-07 114 116 122 102 137 121 108 107 101 109 112 110 111.4
Contd....
A 73
Table 5.1. Index Numbers of Wholesale Prices (Contd......)
A 74
power
|
Total Food Food rals pro- tiles & metals, inery &
Weight-Base: (2004-05=100) 20.1 14.3 4.1 4.3 1.5 14.9 65.0 10.0 7.3 12.0 10.7 8.9 100.0
Weight-Base: (2011-12=100) 22.6 15.3 3.5 4.1 0.8 13.2 64.2 9.1 4.9 6.5 9.6 4.8 100.0
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
2007-08 124 124 131 114 153 121 113 110 102 113 123 114 116.6
2008-09 138 135 145 129 187 135 120 120 103 118 138 117 126.0
2009-10 155 155 166 136 203 132 123 136 107 118 130 118 130.8
2010-11 182 180 174 167 253 148 130 141 120 124 141 121 143.3
2011-12 200 193 181 183 321 169 140 151 129 135 156 125 156.1
2012-13 220 212 207 202 347 186 147 163 131 144 166 128 167.6
Volume 2
2013-14 242 239 226 213 346 205 151 169 139 149 165 132 177.6
2014-15 249 253 235 212 309 203 155 173 143 153 166 135 181.2
2015-16 250 262 253 220 216 180 153 174 140 151 155 135 176.7
2016-17 262 275 281 230 220 190 157 191 142 151 156 135 183.2
Average of months (2011-12 = 100)
2012-13 111 111 115 113 118 107 105 109 104 108 105 104 106.9
2013-14 122 125 125 118 114 115 109 114 112 113 103 106 112.5
2014-15 125 132 128 115 119 108 111 116 113 116 104 108 113.9
2015-16 125 135 137 118 106 87 109 115 109 113 92 109 109.7
2016-17 129 140 152 122 113 86 111 125 111 111 91 108 111.6
2017-18 131 143 143 120 123 93 114 127 113 113 101 109 114.9
2018-19(P) 134 144 147 123 136 104 118 129 118 119 112 111 119.8
2015-16
April 122 131 130 112 107 91 110 113 109 114 99 109 110.2
May 123 132 132 116 103 96 111 113 110 115 98 110 111.4
June 125 134 133 117 108 96 110 113 110 115 97 111 111.8
July 124 134 134 116 105 94 110 113 110 114 95 110 111.1
August 125 136 135 118 105 88 109 114 110 113 92 110 110.0
September 126 136 137 119 108 86 109 114 109 113 92 108 109.9
Contd....
Table 5.1. Index Numbers of Wholesale Prices (Contd......)
Food rals power pro- tiles & metals, inery &
Total Food
Weight-Base: (2004-05=100) 20.1 14.3 4.1 4.3 1.5 14.9 65.0 10.0 7.3 12.0 10.7 8.9 100.0
Weight-Base: (2011-12=100) 22.6 15.3 3.5 4.1 0.8 13.2 64.2 9.1 4.9 6.5 9.6 4.8 100.0
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
October 126 138 140 120 95 86 109 115 109 113 92 109 110.1
November 127 139 141 121 100 86 109 115 108 112 89 109 109.9
December 127 138 142 122 120 85 108 115 109 111 87 109 109.4
January 124 136 142 121 99 80 108 116 108 111 87 108 108.0
February 122 133 141 118 102 76 108 116 109 111 87 108 107.1
March 123 133 141 117 116 77 109 117 109 111 89 109 107.7
2016-17
April 126 138 144 121 104 78 109 120 110 112 90 108 109.0
May 129 141 147 121 111 81 110 121 110 112 90 108 110.4
June 132 144 151 124 119 85 110 123 110 111 90 108 111.7
July 132 145 155 127 96 85 110 124 111 112 89 108 111.8
August 131 143 154 125 128 81 110 125 112 111 88 108 111.2
September 131 142 153 123 129 83 110 126 112 110 89 107 111.4
October 129 142 155 120 105 85 111 127 111 110 91 108 111.5
November 129 142 158 118 111 87 111 127 111 111 92 108 111.9
December 127 138 158 119 114 88 111 128 111 110 93 108 111.7
January 127 137 153 122 113 93 112 128 111 111 94 108 112.6
February 127 137 150 124 113 95 112 128 112 111 94 108 113.0
March 127 138 147 122 115 94 112 127 113 112 96 108 113.2
2017-18
Volume 2
|
April 127 139 147 121 116 92 113 127 114 112 97 108 113.2
May 127 138 145 120 120 91 113 127 114 112 97 108 112.9
June 127 139 144 118 118 90 113 127 114 112 96 109 112.7
July 133 148 143 119 120 88 113 127 113 111 97 108 113.9
August 135 151 143 121 121 89 113 127 114 111 99 109 114.8
A 75
Contd....
Table 5.1. Index Numbers of Wholesale Prices
A 76
power
|
Total Food Food rals pro- tiles & metals, inery &
Weight-Base: (2004-05=100) 20.1 14.3 4.1 4.3 1.5 14.9 65.0 10.0 7.3 12.0 10.7 8.9 100.0
Weight-Base: (2011-12=100) 22.6 15.3 3.5 4.1 0.8 13.2 64.2 9.1 4.9 6.5 9.6 4.8 100.0
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
September 132 145 144 120 129 92 114 128 113 111 101 109 114.9
October 134 148 143 119 122 94 114 128 113 112 101 109 115.6
November 136 151 142 117 122 95 114 128 113 112 101 109 116.4
December 132 144 141 119 122 96 114 127 113 113 103 109 115.7
January 130 141 140 121 120 98 115 127 113 114 106 110 116.0
February 128 138 140 121 122 99 116 127 114 115 109 110 116.1
Volume 2
March 128 137 141 120 138 98 116 128 114 116 110 110 116.3
2018-19
April 131 140 140 120 140 99 116 128 115 116 110 110 117.3
May 131 140 141 120 130 102 117 127 116 117 112 110 118.3
June 133 142 141 123 123 104 117 129 116 118 113 111 119.1
July 135 145 143 124 135 104 118 129 118 118 112 111 119.9
August 135 145 145 124 129 105 118 130 118 119 112 111 120.1
September 136 145 145 124 130 108 118 130 119 120 114 112 120.9
October 137 146 147 123 140 111 119 130 119 121 115 112 122.0
November 137 146 149 125 151 109 119 129 119 121 114 112 121.6
December 134 144 150 124 139 103 118 128 119 120 112 112 119.7
January 134 144 152 123 137 99 118 128 119 120 110 112 119.2
February 134 144 154 123 144 101 118 129 119 120 111 112 119.5
March(P) 135 145 153 124 137 103 118 129 119 120 111 112 120.0
April(P) 139 150 154 127 144 103 118 129 119 120 111 112 120.9
Source : Office of the Economic Adviser, Ministry of Commerce & Industry.

Note:
P: Provisional
Table 5.2. Index Numbers of Wholesale Prices – Selected Commodities and Commodity Groups
Rice Wheat Pulses Tea Raw Raw Ground- Coal Mineral Sugar, Edible Cotton Cotton Jute,hemp Fertili- Cement Iron,steel
cotton jute nut oils khandsari oils yarn fabric & mesta zers & lime & ferro
seed & gur textiles alloys a
Weight-Base: (2004-05=100) 1.79 1.12 0.72 0.11 0.70 0.06 0.40 2.09 9.36 2.09 3.04 1.38 1.23 0.26 2.66 1.39 6.88
Weight-Base: (2011-12=100) 1.43 1.03 0.64 0.12 0.66 0.05 0.27 2.14 7.95 1.16 2.64 1.34 0.95 0.32 1.48 1.64 6.55
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)
Last month of (Base: 2004-05=100)
2005-06 105 117 126 92 91 159 94 118 122 112 93 98 98 114 103 106 97
2006-07 115 129 147 97 99 118 132 118 123 97 107 98 97 120 105 130 111
2007-08 131 140 148 110 122 130 147 136 133 93 127 100 98 110 107 138 138
2008-09 151 151 159 156 124 142 141 151 124 126 114 102 105 125 108 148 126
2009-10 163 173 199 129 149 173 153 163 147 178 114 123 109 157 110 151 127
2010-11 167 173 191 138 303 240 171 185 168 164 129 179 128 182 121 154 143
2011-12 175 172 210 145 196 227 231 210 193 169 142 150 131 171 141 163 158
2012-13 206 205 233 212 214 273 266 190 214 184 147 164 134 182 152 172 158
2013-14 232 218 228 170 234 270 197 190 237 178 147 185 142 187 153 164 161
2014-15 234 216 258 156 178 310 223 190 194 171 145 169 145 202 156 178 153
2015-16 239 228 347 182 180 505 256 190 169 183 150 165 146 238 159 176 140
2016-17 257 245 325 203 242 397 262 226 210 218 156 175 150 235 155 172 150
Last month of (Base: 2011-12=100)
2012-13 119 123 115 141 100 124 121 103 116 112 100 109 106 107 116 105 102
2013-14 133 128 115 113 107 125 99 107 128 109 107 120 112 108 118 108 104
2014-15 132 126 131 103 84 142 115 107 82 98 99 108 114 121 120 112 97
2015-16 135 134 167 121 86 226 129 106 58 110 100 105 112 153 121 109 84
2016-17 148 143 154 133 114 188 138 116 84 133 108 114 114 147 117 109 91
2017-18 153 141 122 120 103 166 114 123 89 115 117 113 118 145 119 114 109
2018-19(P) 157 156 135 133 117 203 127 124 95 112 114 117 124 155 123 117 109
Average of months (Base: 2004-05=100)
2005-06 105 105 113 89 90 135 97 118 117 109 94 95 99 112 102 102 100
Volume 2
2006-07 110 125 149 104 97 136 110 118 127 107 102 98 97 115 104 119 105
|
2007-08 122 134 145 104 112 122 140 122 126 91 116 101 99 111 106 138 119
2008-09 141 148 156 153 141 138 144 151 142 107 122 103 103 117 107 139 137
2009-10 158 166 191 174 139 160 148 156 136 162 114 111 107 146 108 149 124
Contd....
A 77
Table 5.2. Index Numbers of Wholesale Prices – Selected Commodities and Commodity Groups (Contd....)
A 78
|
Weight-Base: (2004-05=100) 1.79 1.12 0.72 0.11 0.70 0.06 0.40 2.09 9.36 2.09 3.04 1.38 1.23 0.26 2.66 1.39 6.88
Weight-Base: (2011-12=100) 1.43 1.03 0.64 0.12 0.66 0.05 0.27 2.14 7.95 1.16 2.64 1.34 0.95 0.32 1.48 1.64 6.55
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)
2010-11 167 171 197 148 199 211 165 165 157 161 121 142 115 165 117 151 136
2011-12 172 168 202 151 225 223 200 191 184 168 136 155 132 176 133 157 150
2012-13 194 194 241 199 206 242 247 209 202 186 148 157 134 178 149 169 160
2013-14 226 212 228 196 237 262 219 191 226 183 147 175 139 184 152 167 158
2014-15 241 212 241 179 206 288 210 190 220 183 145 179 144 193 155 170 158
2015-16 237 219 337 183 190 404 246 190 179 167 149 166 146 219 158 174 142
2016-17 252 242 406 210 224 448 265 199 194 208 156 172 148 238 157 175 143
Average of months (Base: 2011-12=100)
2012-13 113 115 120 132 95 110 121 102 111 112 106 105 103 103 114 108 105
Volume 2
2013-14 129 125 115 131 109 121 108 105 122 109 104 117 110 106 117 106 102
2014-15 137 123 122 118 96 133 107 107 109 108 102 115 115 113 119 111 102
2015-16 135 128 164 121 90 182 128 107 74 99 99 107 113 137 121 110 87
2016-17 144 142 193 140 107 208 138 109 73 125 107 110 114 151 119 111 86
2017-18 149 139 141 131 108 160 123 119 83 128 109 113 117 144 117 114 98
2018-19 (P) 155 149 127 141 117 182 118 123 97 111 118 117 123 149 121 114 112
2015-16
April 133 125 134 115 90 141 120 107 81 99 99 108 113 120 121 110 97
May 134 124 144 119 93 142 127 107 88 98 99 109 112 120 121 108 95
June 134 122 155 117 92 160 136 107 90 94 100 110 113 123 121 108 93
July 133 125 157 120 92 162 133 107 85 90 100 109 114 129 121 110 91
August 134 126 162 118 91 160 135 106 76 92 98 109 114 132 122 111 87
September 135 126 167 116 91 167 136 106 72 94 98 107 114 135 122 112 88
October 136 129 178 119 87 181 122 106 73 96 99 106 113 141 122 112 86
November 136 130 180 123 86 196 122 106 73 97 99 105 113 144 121 112 84
December 135 132 179 126 89 205 126 106 71 100 98 104 113 148 121 110 81
January 136 134 175 130 90 217 123 106 63 105 97 103 111 149 122 109 81
February 135 134 169 129 88 222 125 106 56 108 98 106 113 149 122 108 82
Contd....
Table 5.2. Index Numbers of Wholesale Prices – Selected Commodities and Commodity Groups (Contd......)
Weight-Base: (2004-05=100) 1.79 1.12 0.72 0.11 0.70 0.06 0.40 2.09 9.36 2.09 3.04 1.38 1.23 0.26 2.66 1.39 6.88
Weight-Base: (2011-12=100) 1.43 1.03 0.64 0.12 0.66 0.05 0.27 2.14 7.95 1.16 2.64 1.34 0.95 0.32 1.48 1.64 6.55
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)
March 135 134 167 121 86 226 129 106 58 110 100 105 112 153 121 109 84
2016-17
April 136 133 180 141 90 229 139 106 62 117 103 105 113 156 121 109 85
May 139 135 189 141 94 232 143 106 67 118 105 107 114 155 121 110 85
June 142 137 198 146 105 251 146 107 73 119 104 108 113 155 121 112 84
July 144 138 212 142 116 243 150 107 72 122 104 110 113 158 120 112 82
August 145 139 204 137 116 197 146 107 66 123 106 113 114 155 119 111 81
September 145 140 199 141 111 194 140 107 69 124 108 112 117 150 118 113 83
October 145 141 211 141 106 194 132 107 71 126 108 110 114 148 118 113 86
November 145 148 215 142 102 197 126 107 75 127 108 110 115 147 118 111 87
December 144 152 205 143 104 190 132 107 77 126 110 110 115 144 117 110 87
January 144 151 183 140 111 190 134 114 82 130 111 111 114 145 117 109 88
February 146 149 164 134 114 191 132 116 84 133 110 112 113 146 117 109 88
March 148 143 154 133 114 188 138 116 84 133 108 114 113 147 117 109 91
2017-18
April 148 141 156 147 112 169 140 118 80 133 107 117 114 146 117 113 93
May 148 138 152 140 109 164 136 118 79 133 106 116 115 144 117 115 93
June 148 136 147 137 111 163 133 118 77 132 106 115 115 145 116 115 92
July 149 136 146 130 111 158 128 118 75 133 106 115 115 144 116 114 93
August 149 137 145 127 110 155 124 118 77 133 106 114 119 142 117 113 95
September 149 138 151 125 107 160 118 118 80 133 108 113 118 143 117 114 97
October 150 138 145 130 101 158 117 118 82 132 109 111 117 145 117 113 97
November 149 139 138 131 102 152 117 118 85 130 111 110 118 145 117 113 97
Volume 2
|
December 149 139 133 129 108 154 114 117 87 124 112 111 117 144 117 114 99
January 150 141 127 128 111 160 113 121 88 120 113 113 116 143 117 114 104
February 151 140 124 124 107 167 115 123 90 117 114 113 117 145 119 115 107
Contd....
A 79
Table 5.2. Index Numbers of Wholesale Prices – Selected Commodities and Commodity Groups
A 80
|
Weight-Base: (2004-05=100) 1.79 1.12 0.72 0.11 0.70 0.06 0.40 2.09 9.36 2.09 3.04 1.38 1.23 0.26 2.66 1.39 6.88
Weight-Base: (2011-12=100) 1.43 1.03 0.64 0.12 0.66 0.05 0.27 2.14 7.95 1.16 2.64 1.34 0.95 0.32 1.48 1.64 6.55
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18)
March 153 141 122 120 103 166 114 123 89 115 117 113 118 145 119 114 109
2018-19
April 153 141 121 141 103 166 110 123 90 109 119 113 120 146 118 115 110
May 154 142 120 137 105 166 108 123 94 104 120 114 121 146 119 114 112
June 154 143 118 137 117 167 110 123 97 111 121 115 120 146 119 114 113
July 155 145 121 138 122 170 112 123 98 114 120 117 123 147 119 114 112
August 156 149 125 142 123 173 120 123 98 114 119 118 122 147 120 113 111
September 156 150 123 148 121 182 118 123 102 112 119 118 122 147 121 113 115
October 156 151 126 145 121 183 119 123 108 113 119 117 124 147 122 113 115
Volume 2
November 156 152 131 149 123 185 125 123 106 113 116 118 124 148 123 113 114
December 156 153 136 149 119 189 123 123 94 110 114 117 124 150 124 113 111
January 156 155 137 139 116 199 124 124 88 111 115 119 124 151 123 115 108
February 157 157 138 133 113 201 125 124 91 112 116 118 124 155 123 118 109
March(P) 157 156 135 133 117 203 127 124 95 112 114 117 124 155 123 117 109
April(P) 157 152 138 153 125 197 130 124 95 113 113 118 125 157 123 119 108
Source : Office of the Economic Adviser, Ministry of Commerce & Industry.

Notes:
P: Provisional
a: composite index of Iron & semis, steel long, steel flat, stainless steel & alloys and ferro alloys for base 2004-05 and inputs into steel making, metallic iron, mild steel-semi finished
steel, mild steel-long products, mild steel-flat products, alloy steel other than stainless steel-shapes and stainless steel-semi finished for base 2011-12.

Table 5.3. All India Consumer Price Index Numbers

Industrial Workers (CPI-IW) New Series (CPI-NS) Agricultural Rural Labourers
Labourers (CPI- (CPI-RL)
AL)
Base (1982=100 & 2001=100) (2010=100 & 2012=100) (1986-87=100) (1986-87=100)
Description Food Non-Food General Rural Urban Combined General General
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Average of Months
1995-96 337 280 313 … … … 237 238b
1996-97 369 307 342 … … … 256 256
1997-98 388 336 366 … … … 264 266
1998-99 445 372 414 … … … 293 294
1999-00 446 404 428 … … … 306 307
2000-01 453 433 444 … … … 305 307
2001-02 466 460 463 … … … 309 311
2002-03 477 488 482 … … … 319 321
2003-04 495 507 500 … … … 331 333
2004-05 506 538 520 … … … 340 342
2005-06 527 a
563a
542 a
… … … 353 355
2006-07 126 124 125 … … … 380 382
2007-08 136 130 133 … … … 409 409
2008-09 153 138 145 … … … 450 451
2009-10 176 151 163 … … … 513 513
2010-11 194 168 180 … … … 564 564
2011-12 206 185 195 113.1 110.4 111.9 611 611
2012-13 230 202 215 124.5 121.8 123.3 672 673
2013-14 259 216 236 112.6 111.8 112.2 750 751
2014-15 276 230 251 119.5 118.1 118.9 800 802
2015-16 293 241 265 126.1 123.0 124.7 835 839
2016-17 305 251 276 132.4 127.9 130.3 870 875
2017-18 310 263 284 137.2 132.5 135.0 889 895
2018-19 312 290 300 141.3 137.7 139.6 907 915
Last Month of
1995-96 339 292 319 … … … 237 238
1996-97 373 322 351 … … … 262 262
1997-98 401 352 380 … … … 272 273
1998-99 431 391 414 … … … 296 296
1999-00 446 418 434 … … … 306 307
2000-01 446 444 445 … … … 300 302
2001-02 462 476 468 … … … 309 311
2002-03 479 498 487 … … … 324 326
2003-04 494 517 504 … … … 332 334
2004-05 502 555 525 … … … 340 342
2005-06 115a 122a 119a … … … 358 360
2006-07 129 125 127 … … … 392 393
2007-08 141 134 137 … … … 423 423
2008-09 156 141 148 … … … 463 464
2009-10 181 161 170 … … … 536 536
2010-11 196 176 185 106.9 103.9 105.6 585 584
2011-12 212 192 201 116.2 114.6 115.5 625 626
2012-13 240 210 224 128.3 126.5 127.5 704 705
2013-14 258 223 239 114.6 113.7 114.2 763 765
Contd....
Table 5.3. All India Consumer Price Index Numbers (Contd....)

AL)
Base (1982=100 & 2001=100) (2010=100 & 2012=100) (1986-87=100) (1986-87=100)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
2014-15 276 235 254 121.1 119.1 120.2 803 807
2015-16 293 247 268 128.0 123.8 126.0 843 848
2016-17 298 255 275 132.8 128.7 130.9 866 872
2017-18 303 273 287 138.7 134.0 136.5 887 894
2018-19 315 304 309 141.2 139.5 140.4 924 932
2015-16
April 278 237 256 121.5 119.7 120.7 805 809
May 283 237 258 122.4 120.7 121.6 811 816
June 288 238 261 124.1 121.7 123.0 820 824
July 289 241 263 124.7 122.4 123.6 822 827
August 292 240 264 126.1 123.2 124.8 832 836
September 296 240 266 127.0 123.5 125.4 839 843
October 301 242 269 127.7 124.2 126.1 849 853
November 302 243 270 128.3 124.6 126.6 853 857
December 299 243 269 127.9 124.0 126.1 853 857
January 297 245 269 128.1 124.2 126.3 849 854
February 292 246 267 127.9 123.8 126.0 843 849
March 293 247 268 128.0 123.8 126.0 843 848
2016-17
April 299 247 271 129.0 125.3 127.3 848 854
May 307 248 275 130.3 126.6 128.6 860 866
June 312 247 277 131.9 128.1 130.1 869 874
July 316 249 280 133.0 129.0 131.1 877 881
August 310 251 278 133.5 128.4 131.1 876 881
September 308 250 277 133.4 128.0 130.9 873 877
October 310 251 278 133.8 128.6 131.4 876 881
November 307 251 277 133.6 128.5 131.2 878 883
December 301 253 275 132.8 127.6 130.4 876 881
January 298 253 274 132.4 127.8 130.3 870 876
February 297 254 274 132.6 128.2 130.6 869 874
March 298 255 275 132.8 128.7 130.9 866 872
2017-18
April 301 256 277 132.9 129.1 131.1 870 876
May 302 257 278 133.3 129.3 131.4 872 878
June 308 256 280 133.9 129.9 132.0 877 884
July 315 259 285 136.2 131.8 134.2 884 890
August 315 259 285 137.8 132.7 135.4 894 900
September 312 262 285 137.6 132.4 135.2 893 899
October 317 261 287 138.3 133.5 136.1 901 907
November 319 261 288 140.0 134.8 137.6 905 910
December 314 262 286 139.8 134.1 137.2 900 906
January 308 271 288 139.3 134.1 136.9 895 901
February 304 272 287 138.5 134.0 136.4 889 896
March 303 273 287 138.7 134.0 136.5 887 894
2018-19
Contd....
Table 5.3. All India Consumer Price Index Numbers

AL)
Base (1982=100 & 2001=100) (2010=100 & 2012=100) (1986-87=100) (1986-87=100)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
April 305 273 288 139.1 134.8 137.1 888 896
May 307 274 289 139.8 135.4 137.8 891 899
June 311 274 291 140.5 136.2 138.5 894 902
July 314 290 301 141.8 137.5 139.8 902 910
August 314 290 301 142.5 138.0 140.4 907 915
September 312 292 301 142.1 138.1 140.2 910 917
October 314 292 302 142.2 138.9 140.7 913 920
November 314 292 302 142.4 139.0 140.8 914 921
December 311 292 301 141.9 138.0 140.1 913 921
January 311 304 307 141.0 138.0 139.6 915 923
February 312 303 307 141.0 138.6 139.9 917 925
March 315 304 309 141.2 139.5 140.4 924 932
Source: 1. Labour Bureau for consumer price indices for Industrial Workers (IW), Agricultural Labourers (AL) and Rural Labourers
(RL),
2. CSO for consumer price indices- new series (CPI-NS).
Notes:
1. Weights of CPI-IW for food & non-food with base 1982=100 are 57% & 43% respectively and with base 2001=100 are 46.20%
& 53.80% respectively.
2. CPI- New Series (Rural, Urban & Combined) with base 2010=100 was introduced w.e.f. January 2011. The CPI-UNME has
since been totally discontinued.
3. CPI- New Series figures for 2013-14, 2014-15 and 2015-16 is based on new base 2012=100.
a: The current series of CPI for Industrial Workers with 2001 base was introduced w.e.f. January, 2006 and the figures from 2005-
06 (last month) are based on new base. The earlier series on base 1982=100 was simultaneously discontinued. The conversion
factor from the current to the old series is 4.63 in case of the General Index, and 4.58 for Food Index.
b: Average index from November, 1995 to March 1996.

Table 5.4. Index Numbers of Wholesale Prices – Relative Prices of

Manufactured and Agricultural Products
Year/Months General Index of Price Index of Price Index of Manufactured price Index
Wholesale Price Manufactured Agricultural as percent of Agricultural
Products Products a Price Index
Weight (Base: 2004-05) 100.00 64.97 18.59 (col.3/Col.4)*100
Weight (Base: 2011-12) 100.00 64.23 19.37
(1) (2) (3) (4) (5)
(Base : 2004-05 = 100)
2005-06 104.5 102.4 103.4 99.1
2006-07 111.4 108.2 112.5 96.3
2007-08 116.6 113.4 121.5 93.4
2008-09 126.0 120.4 133.5 90.2
2009-10 130.8 123.1 151.0 81.7
2010-11 143.3 130.1 176.6 73.7
2011-12 156.1 139.5 190.4 73.3
2012-13 167.6 147.1 209.6 70.2
2013-14 177.6 151.5 233.0 65.0
2014-15 181.2 155.1 243.9 63.6
2015-16 176.7 153.4 252.3 60.8
2016-17 183.2 157.4 265.0 59.4
(Base : 2011-12 = 100)
2012-13 106.9 105.3 111.4 94.5
2013-14 112.5 108.5 123.2 88.1
2014-15 113.9 111.2 128.0 86.9
2015-16 109.7 109.2 131.4 83.1
2016-17 111.6 110.7 136.3 81.1
2017-18 114.9 113.8 138.2 82.4
2018-19 119.8 117.9 139.3 84.6
2015-16
April 110.2 110.1 126.8 86.9
May 111.4 110.5 128.6 86.0
June 111.8 110.3 130.1 84.8
July 111.1 109.9 130.0 84.5
August 110.0 109.2 132.1 82.6
September 109.9 109.2 132.5 82.4
October 110.1 109.4 134.1 81.6
November 109.9 108.8 134.9 80.7
December 109.4 108.4 134.2 80.7
January 108.0 108.0 133.0 81.2
February 107.1 108.3 130.1 83.3
March 107.7 108.8 130.0 83.7
2016-17
April 109.0 109.2 134.3 81.3
May 110.4 109.8 136.6 80.4
June 111.7 110.0 139.8 78.7
July 111.8 110.3 140.7 78.4
August 111.2 110.2 138.9 79.3
September 111.4 110.4 137.9 80.1
October 111.5 110.8 137.2 80.7
Contd....
Table 5.4. Index Numbers of Wholesale Prices – Relative Prices of

Manufactured and Agricultural Products
Year/Months General Index of Price Index of Price Index of Manufactured price Index
Wholesale Price Manufactured Agricultural as percent of Agricultural
Products Products a Price Index
Weight (Base: 2004-05) 100.00 64.97 18.59 (col.3/Col.4)*100
Weight (Base: 2011-12) 100.00 64.23 19.37
(1) (2) (3) (4) (5)
November 111.9 111.0 136.8 81.1
December 111.7 111.1 133.7 83.1
January 112.6 111.6 133.5 83.6
February 113.0 111.8 133.9 83.5
March 113.2 112.3 134.3 83.6
2017-18
April 113.2 112.6 134.9 83.5
May 112.9 112.6 134.1 84.0
June 112.7 112.6 134.7 83.6
July 113.9 112.6 141.7 79.5
August 114.8 112.8 144.5 78.1
September 114.9 113.7 139.5 81.5
October 115.6 113.7 141.7 80.2
November 116.4 114.0 143.9 79.2
December 115.7 114.2 138.8 82.3
January 116.0 114.9 136.5 84.2
February 116.1 115.5 134.2 86.0
March 116.3 115.8 133.6 86.6
2018-19
April 117.3 116.3 135.7 85.7
May 118.3 116.9 136.0 85.9
June 119.1 117.3 137.7 85.2
July 119.9 117.7 140.3 83.9
August 120.1 117.8 140.4 83.9
September 120.9 118.4 140.1 84.5
October 122.0 118.9 141.1 84.3
November 121.6 118.8 141.6 83.9
December 119.7 118.3 139.4 84.8
January 119.2 118.1 139.8 84.5
February 119.5 118.2 139.3 84.8
March(P) 120.0 118.3 140.5 84.2
April(P) 120.9 118.3 145.1 81.5
Source: Office of the Economic Adviser, Ministry of Commerce & Industry
Notes:
a : Composite Index of the sub-groups - (Food Articles and Non-food Articles)
Table 5.5. Minimum Support Price/Procurement Price for Crops
(Crop Year Basis)(Rs./quintal)
A 86
b
Commodities 2002-03 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
c h k k
Paddy (Common) 550 560 570 580 645 850 950 1000 1080 1250 1310 1360 1410 1470 1550 1750
c h k k
Paddy (Grade ‘A’) 580 590 600 610 675 880 980 1030 1110 1280 1345 1400 1450 1510 1590 1770
g h
Wheat 630 640 650 750 1000 1080 1100 1120 1285 1350 1400 1450 1525 1625 1735 1840
Jowar (Hybrid) 490 515 525 540 600 840 840 880 980 1500 1500 1530 1570 1625 1700 2430
Jowar (Maldandi) ... ... ... 555 620 860 860 900 1000 1520 1520 1550 1590 1650 1725 2450
Bajra 495 515 525 540 600 840 840 880 980 1175 1250 1250 1275 1330 1425 1950
Ragi 490 515 525 540 600 915 915 965 1050 1500 1500 1550 1650 1725 1900 2897
Maize 490 525 540 540 620 840 840 880 980 1175 1310 1310 1325 1365 1425 1700
Barley 505 540 550 565 650 680 750 780 980 980 1100 1150 1225 1325 1410 1440
n q
Volume 2
Gram 1225 1425 1435 1445 1600 1730 1760 2100 2800 3000 3100 3175 3425 3800 4400# 4620
n r
Masur ... 1525 1535 1545 1700 1870 1870 2250 2800 2900 2950 3075 3325 3800 4250* 4475
d l l o s
Arhar 1325 1390 1400 1410 1550 2000 2300 3000 3200 3850 4300 4350 4425 4625 5450** 5675
d l l o s
Moong 1335 1410 1520 1520 1700 2520 2760 3170 3500 4400 4500 4600 4650 4800 5575** 6975
d l l o s
Urad 1335 1410 1520 1520 1700 2520 2520 2900 3300 4300 4300 4350 4425 4575 5400** 5600
a m
Sugarcane 69.50 74.50 79.50 80.25 81.18 81.18 129.84 139.12 145.00 170.0 210.0 220.0 230.0 230.0 255 275
e e i i i i
Cotton F-414/H-777 1695 1760 1760 1770 1800 2500 2500 2500 2800 3600 3700 3750 3800 3860 4020 5150
f f j j j j
Cotton H-4 750 1895 1960 1980 1990 2030 3000 3000 3000 3300 3900 4000 4050 4100 4160 4320 5450
t
Groundnut 1375 1500 1520 1520 1550 2100 2100 2300 2700 3700 4000 4000 4030 4120 4450** 4890
Jute(TD-5) 850 890 910 1000 1055 1250 1375 1575 1675 2200 2300 2400 2700 3200 3500 3700
t
Rapeseed/ mustard 1340 1700 1715 1715 1800 1830 1830 1850 2500 3000 3050 3100 3350 3600 4000* 4200
t
Sunflower 1210 1340 1500 1500 1510 2215 2215 2350 2800 3700 3700 3750 3800 3850 4100* 5388
Soyabean (Black) 805 900 900 900 910 1350 1350 1400 1650 2200 2500 2500 … … 3050** 3399
Soyabean (Yellow) 895 1000 1010 1020 1050 1390 1390 1440 1690 2240 2560 2560 2600p 2675t
Safflower 1305 1550 1565 1565 1650 1650 1680 1800 2500 2800 3000 3050 3300 3600t 4100* 4945
Contd....
Table 5.5. Minimum Support Price/Procurement Price for Crops (Contd....)
(Crop Year Basis)(Rs./quintal)
b
Commodities 2002-03 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17)
Toria 1305 1665 1680 1680 1735 1735 1735 1780 2425 2970 3020 3020 3290 3560 4190
Copra (milling) 3300 3500 3570 3590 3620 3660 4450 4450 4525 5100 5250 5250 5550 5950 6500 7511
Copra balls 3550 3750 3820 3840 3870 3910 4700 4700 4775 5350 5500 5500 5830 6240 6785 7750
q
Sesamum 1455 1500 1550 1560 1580 2750 2850 2900 3400 4200 4500 4600 4700 4800 5300* 6249
t
Niger seed 1120 1180 1200 1220 1240 2405 2405 2450 2900 3500 3500 3600 3650 3725 4050* 5877
Source: Deapartment of Agriculture, Cooperation and Farmers Welfare

Notes:
a: Statutory Minimum Price (SMP) upto 2008-09. Fair and Remunerative Price (FRP) from 2009-10 onwards.
b: Including Special onetime drought relief (SDR) price announced for 2002-03.
c: An additional incentive bonus of Rs. 40 per quintal was payable on procurement between January 10, 2006 to March 31, 2007.
d: A bonus of Rs. 40 per quintal was payable over and above the MSP.
e: Medium staple.
f: Long staple.
g: An incentive bonus of Rs. 50 per quintal is payable on wheat over the Minimum Support Price (MSP).
h: An additional incentive bonus of Rs. 100 per quintal was payable over the MSP.
i: Staple length (mm) of 24.5-25.5 and micronaire value of 4.3-5.1
j: Staple length (mm) of 29.5-30.5 and micronaire value of 3.5-4.3
k: An additional incentive bonus of Rs. 50 per quintal was payble over the MSP.
l: Additional incentive at the rate of Rs. 500 per quintal of tur, urad and moong sold to procurement agencies.
m: At 9.5 percent recovery, subject to a premium of Rs.1.53 for every 0.1 percent increase in the recovery above 9.5 percent.
n: Bonus of Rs. 75 per quintal is payable over and above the MSP.
o: Bonus of Rs. 200 per quintal is payable over and above the MSP.
p: Single MSP has been fixed irrespective of the variety.
q: Bonus of Rs. 200 per quintal is payable over and above the MSP.
r: Bonus of Rs. 150 per quintal is payable over and above the MSP.
Volume 2
s: Bonus of Rs. 425 per quintal is payable over and above the MSP.
|
t: Bonus of Rs. 100 per quintal is payable over and above the MSP.
*: Including Bonus of Rs. 100 per quintal
**: Including Bonus of Rs. 200 per quintal.
#: Including Bonus of Rs. 150 per quintal
A 87
Table 6.1 A. Foreign Exchange Reserves

(` crore)
Reserves Transactions with IMF
End of Gold RTP SDRs Foreign Total Drawals Repurchases g Outstanding
Fiscal Currency repurchase
Assets obligations
Tonnes ` crore ` crore SDRs in ` ` crore ` crore
Million crore (3+4+6+7)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1950-51 220 40 ... ... ... 911 951 ... ... 48
1951-52 220 40 ... ... ... 747 787 ... ... 48
1952-53 220 40 ... ... ... 763 803 ... ... 48
1953-54 220 40 ... ... ... 792 832 ... 17 30
1954-55 220 40 ... ... ... 774 814 ... 17 13
1955-56 220 40 ... ... ... 785 825 ... 7 6
1956-57 220 118 ... ... ... 563 681 61 6 61
1957-58 220 118 ... ... ... 303 421 35 ... 95
1958-59 220 118 ... ... ... 261 379 ... ... 95
1959-60 220 118 ... ... ... 245 363 ... 24 71
1960-61 220 118 ... ... ... 186 304 ... 11 61
1961-62 220 118 ... ... ... 180 298 119 61 119
1962-63 220 118 ... ... ... 177 295 12 ... 131
1963-64 220 118 ... ... ... 188 306 ... 24 107
1964-65 250 134 ... ... ... 116 250 48 48 107
1965-66 216 116 ... ... ... 182 298 65 36 137
1966-67 216 183 ... ... ... 296 479 89 43 313
1967-68 216 183 ... ... ... 356 539 68 43 338
1968-69 216 183 ... ... ... 394 577 ... 59 279
1969-70 217 183 ... 123 92 546 821 ... 125 154
1970-71 216 183 ... 149 112 438 733 ... 154 ...
1971-72 216 183 ... 248 194 480 857 ... ... ...
1972-73 216 183 ... 247 226 479 888 ... ... ...
1973-74 216 183 ... 245 230 581 994 62 ... 59
1974-75 216 183 ... 235 229 610 1022 485 ... 557
1975-76 216 183 ... 203 211 1492 1886 207 ... 804
1976-77 223 188 ... 187 192 2863 3243 ... 303 492
1977-78 229 193 ... 162 170 4500 4863 ... 249 210
1978-79 260 220 ... 365 381 5220 5821 ...
207 ...
1979-80 266 225 ... 529 545 5164 5934 ...
55 e
...
1980-81 267 226 ... 491 497 4822 5545 274 a
5 f
268
1981-82 267 226 ... 425 444 3355 4025 637 b
... 901
1982-83 267 226 ... 270 291 4265 4782 1893 b
... 2867
1983-84 267 226 ... 216 248 5498 5972 1414 b
72 h
4444
Contd....
Table 6.1 A. Foreign Exchange Reserves (Contd....)
(` crore)
Assets obligations
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1984-85 291 246 ... 147 181 6817 7243 219 b
156 i
4888
1985-86 325 274 ... 115 161 7384 7819 ...
253 j
5285
1986-87 325 274 ... 139 232 7645 8151 ...
672 k
5548
1987-88 325 274 ... 70 125 7287 7686 ...
1209 l
4732
1988-89 325 274 ... 80 161 6605 7040 ...
1547 m
3696
1989-90 333 281 ... 82 184 5787 6252 3334 c
1460 n
2572
1990-91 333 6828 ... 76 200 4388 11416 3205 d
1156 o
5132
1991-92 351 9039 ... 66 233 14578 23850 4231 1127 p
8934
1992-93 354 10549 ... 13 55 20140 30744 1007 868 q
14986
1993-94 367 12794 ... 77 339 47287 60420 ...
420 r
15812
1994-95 396 13752 ... 5 23 66005 79780 ...
3585 s
13545
1995-96 398 15658 ... 56 280 58446 74384 ...
5749 t
8152
1996-97 398 14557 ... 1 7 80368 94932 ...
3461 u
4714
1997-98 396 13394 ... 1 4 102507 115905 ...
2286 v
2624
1998-99 357 12559 ... 6 34 125412 138005 ... 1652 w
1220
1999-2000 358 12973 ... 3 16 152924 165913 ... ... ...
2000-01 358 12711 ... 2 11 184482 197204 ... ... ...
2001-02 358 14868 ... 8 50 249118 264036 ... ... ...
2002-03 358 16785 3190 3 19 341476 361470 ... ... ...
2003-04 358 18216 5688 2 10 466215 490129 ... 2598.2 ...
2004-05 358 19686 6289 3 20 593121 619116 ... 414.9 ...
2005-06 358 25674 3374 2 12 647327 676387 3024.6 220.5 ...
2006-07 358 29573 2044 1 8 836597 868222 1360.3 ... ...
2007-08 358 40124 1744 11 74 1196023 1237965 301.5 ... ...
2008-09 358 48793 5000 1 6 1230066 1283865 371.1 2940.1 ...
2009-10 558 81188 6231 3297 22596 1149650 1259665 ... 2220.8 ...
2010-11 558 102572 13158 2882 20401 1224883 1361013 161.3 1594.0 ...
2011-12 558 138250 14511 2885 22866 1330511 1506139 … 1392.1 ...
2012-13 558 139737 12513 2887 23538 1412631 1588418 48.9 1677.8 ...
2013-14 558 129616 11019 2888 26826 1660914 1828375 4713.5 1821.5 ...
2014-15 558 119160 8085 2889 24944 1985458 2137647 10573.0 635.7 ...
2015-16 558 133429 16290 1066 9960 2219061 2378740 1484.3 … ...
2016-17 558 128828 15047 1066 9379 2244939 2398193 2018.5 … ...
Contd....
Table 6.1 A. Foreign Exchange Reserves (Contd....)

(` crore)
Assets obligations
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
2017-18 560 139742 13520 1059 10017 2597569 2760849 3494.0 … ...
2018-19 613 159585 20657 1049 10076 2665564 2855882 1252.7 7069.3 ...

Notes:
SDRs: Special Drawing Rights,
RTP : Reserve Tranche Position in IMF
--- : Nil or Negligible.
a : Excludes $544.53 crore drawn under Trust Fund.
b : Drawals under Extended Fund Facility (EFF).
c : Drawals of $ 1883.6 crore under Compensatory and Contingency Financing Facility and $ 1450.2 crore under First Credit Tranche of Stand-by Arrangement.
d : Drawals of $ 2217.2 crore under Compensatory and Contingency Financing Facility and $ 987.5 crore under First Credit Tranche of Stand-by Arrangement.
e : Includes voluntary repurchases of Rupees ($ 199 crore) and sales of Rupees ($ 35.2 crore) by IMF under its General Resources Account.
f : Sales of Rupees by IMF.
g : Additionally, SDR 59.9 million in May 1979, SDR 7.3 million in July 1980 and SDR 34.5 million in March 1982 were used for voluntary repurchases of Rupees.
h : SDR 66.50 million were used for repurchases of drawals under Compensatory Financing Facility.
i. SDR 33.25 million and Rs. 117.85 crore in foreign currencies were used for repurchases of drawals under CFF.
j : SDR 66.5 million and SDRs 131.25 million were used for repurchases of drawals under CFF and EFF, respectively.
k : SDR 431.25 million were used for repurchases of drawals under EFF.
l : SDR 704.17 million were used for repurchases of drawals under EFF.
m : SDR 804.18 million were used for repurchases of drawals under EFF.
n : SDR 681.25 million were used for repurchases of drawals under EFF.
o : SDR 468.75 million were used for repurchases of drawals under EFF
p : SDR 337.49 million were used for repurchases of drawals under EFF.
q : SDR 237.49 million were used for repurchases of drawals under EFF.
r : SDR 95.84 million were used for repurchases of drawals under EFF.
s : SDR 812.77 million were used for repurchases of drawals under EFF.
t : SDR 1130.48 million were used for repurchases of drawals under EFF.
u : SDR 678.38 million were used for repurchases of drawals under EFF.
v : SDR 449.29 million were used for repurchases of drawals under EFF.
w : SDR 212.46 million were used for repurchases of drawals under EFF.
1. Figures after 1965-66 are not comparable with those of the earlier years owing to devaluation of the Rupee in June 1966.
2. Also figures for July 1991 onwards are not comparable with those of earlier periods due to the downward adjustment of the Rupee effected on July 1, 1991 and July 3,
1991.
3. Drawals, Repurchase and outstanding repurchase obligations are calculated at the ruling rates of exchange.
4. While reserves pertain to end period, repurchases are for the relevant periods.
5. Gold is valued at Rs. 53.58 per 10 grams up to May 1966 and at Rs. 84.39 per 10 grams up to September 1990 and closer to international market price w.e.f. October
17, 1990.
6. Foreign exchange includes (a) foreign assets of the Reserve Bank of India and (b) Government balances held abroad up to 1955-56.
7. i) FCA excludes US $ 250.00 millon invested in foreign currency denominated bonds issued by IIFC (UK) since March 20, 2009, excludes US $ 380.00 million since
September 16, 2011, excludes US$ 550 million since February 27, 2012, excludes US $ 673 million since 30th March 2012 and US $ 790 million since July 5, 2012 as
also its equavalent value in Indian rupee in respective months.
ii.) SDRs 530.73 million since March 24, 2014 (Transferred by Government of India to RBI), SDR 530.80 million since June 2014, SDR 530.92 million since September 2014,
SDR 1104.74 million since January 2015, SDR 1104.96 million since June 2015. SDRs 1105.24 million since December 2015 (as also its equivalent value in Indian
Rupee).
iii.) US$ 100 million under SAARC swap arrangement with Royal Monetary Authority of Bhutan during the period from March 2013 to June 2013, US$ 400 million
under SAARC swap arrangement with Central Bank of Sri Lanka during period April to October 2015 and US$ 1100 million with Central Bank of Sri Lanka since
September 2015 (as also its equivalent value in Indian Rupee).
8. FCA excludes US $ 250.00 millon invested in foreign currency denominated bonds issued by IIFC (UK) since March 20, 2009, excludes US $ 380.00 million since
September 16, 2011, excludes US$ 550 million since February 27, 2012, excludes US $ 673 million since 30th March 2012 and US $ 790 million since July 5, 2012 as also its
equavalent value in Indian rupee in respective months.
9. Totals may not tally due to rounding off.
Table 6.1 B. Foreign Exchange Reserves

(US$ million)
End of Fiscal Gold RTP SDRs Foreign Total Drawals Repurchases Outstanding
Currency (2+3+4+5) repurchase
Assets obligations
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1950-51 247 ... ... 1914 2161 ... ... 100
1951-52 247 ... ... 1568 1815 ... ... 100
1952-53 247 ... ... 1603 1850 ... ... 100
1953-54 247 ... ... 1664 1911 ... 36 64
1954-55 247 ... ... 1626 1873 ... 36 28
1955-56 247 ... ... 1648 1895 ... 15 13
1956-57 247 ... ... 1184 1431 126 12 128
1957-58 247 ... ... 637 884 72 ... 200
1958-59 247 ... ... 548 795 ... ... 200
1959-60 247 ... ... 515 762 ... 50 150
1960-61 247 ... ... 390 637 ... 23 128
1961-62 247 ... ... 377 624 249 127 250
1962-63 247 ... ... 372 619 25 ... 275
1963-64 247 ... ... 395 642 ... 50 225
1964-65 281 ... ... 243 524 99 100 225
1965-66 243 ... ... 383 626 137 75 288
1966-67 243 ... ... 395 638 126 57 418
1967-68 243 ... ... 475 718 89 58 450
1968-69 243 ... ... 526 769 ... 78 372
1969-70 243 ... 123 728 1094 ... 167 205
1970-71 243 ... 148 584 975 ... 205 ...
1971-72 264 ... 269 661 1194 ... ... ...
1972-73 293 ... 297 629 1219 ... ... ...
1973-74 293 ... 296 736 1325 79 ... 75
1974-75 304 ... 293 782 1379 608 ... 715
1975-76 281 ... 234 1657 2172 239 ... 896
1976-77 290 ... 217 3240 3747 ... 336 559
1977-78 319 ... 200 5305 5824 ... 333 249
1978-79 377 ... 470 6421 7268 ... 256 ...
1979-80 375 ... 662 6324 7361 ... 145 ...
1980-81 370 ... 603 5850 6823 342 16 327
1981-82 335 ... 473 3582 4390 692 40 964
1982-83 324 ... 291 4281 4896 1968 ... 2876
1983-84 320 ... 230 5099 5649 1376 70 4150
1984-85 325 ... 145 5482 5952 201 134 3932
1985-86 417 ... 131 5972 6520 ... 209 4290
1986-87 471 ... 179 5924 6574 ... 521 4291
1987-88 508 ... 97 5618 6223 ... 930 3653
1988-89 473 ... 103 4226 4802 ... 1070 2365
1989-90 487 ... 107 3368 3962 ... 873 1493
1990-91 3496 ... 102 2236 5834 1858 644 2623
1991-92 3499 ... 90 5631 9220 1240 460 3451
1992-93 3380 ... 18 6434 9832 1623 335 4799
1993-94 4078 ... 108 15068 19254 325 134 5040
Contd....
Table 6.1 B. Foreign Exchange Reserves (Contd....)

(US$ million)
End of Fiscal Gold RTP SDRs Foreign Total Drawals Repurchases Outstanding
Currency (2+3+4+5) repurchase
Assets obligations
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1994-95 4370 ... 7 20809 25186 ... 1146 4300
1995-96 4561 ... 82 17044 21687 ... 1710 2374
1996-97 4054 ... 2 22367 26423 ... 977 1313
1997-98 3391 ... 1 25975 29367 ... 615 664
1998-99 2960 ... 8 29522 32490 ... 102 287
1999-2000 2974 ... 4 35058 38036 ... ... ...
2000-01 2725 ... 2 39554 42281 ... ... ...
2001-02 3047 ... 10 51049 54106 ... ... ...
2002-03 3534 672 4 71890 76100 ... ... ...
2003-04 4198 1311 2 107448 112959 ... 561.3 ...
2004-05 4500 1438 5 135571 141514 ... 93.5 ...
2005-06 5755 756 3 145108 151622 670.0 50.7 ...
2006-07 6784 469 2 191924 199179 302.7 ... ...
2007-08 10039 436 18 299230 309723 74.2 ... ...
2008-09 9577 981 1 241426 251985 86.3 611.9 ...
2009-10 17986 1380 5006 254685 279057 ... 461.3 ...
2010-11 22972 2947 4569 274330 304818 36.2 353.2 ...
2011-12 27023 2836 4469 260069 294397 … 275.1 ...
2012-13 25692 2301 4328 259726 292046 9.0 309.7
2013-14 21567 1834 4464 276359 304223 766.7 297.8
2014-15 19038 1292 3985 317324 341638 1705.4 104.5
2015-16 20115 2456 1502 336104 360176 229.4 …
2016-17 19869 2321 1446 346319 369955 298.6 …
2017-18 21484 2079 1540 399442 424545 543.7 …
2018-19 23071 2986 1457 385357 412871 177.1 1005.9

Notes:
SDRs: Special Drawing Rights RTP: Reserve Tranche Position in IMF -----: Nil or Negligible
1. For compiling figures in US dollars, gold is valued at SDR 35 per troy ounce as in the International Financial Statistics of the IMF upto October
16, 1990. Thereafter gold has been valued at international market price.
2. Conversion of foreign currency assets and SDR in US dollars is done at exchange rates of the IMF.
3. Transactions with IMF are converted at respective SDR/$ rate.
4. While reserves pertain to end period, repurchases are for the relevant periods.
5. i) FCA excludes US $ 250.00 millon invested in foreign currency denominated bonds issued by IIFC (UK) since March 20, 2009, excludes US $
380.00 million since excludes US $ 673 million since 30th March 2012 and US $ 790 million since July 5, 2012 (as also its equivalent value in
Indian Rupee).September 16, 2011, excludes US $ 550 million since February 27, 2012.
ii.) SDRs 530.73 million since March 24, 2014 (Transferred by Government of India to RBI), SDR 530.80 million since June 2014, SDR 530.92
million since September 2014, SDR 1104.74 million since January 2015, SDR 1104.96 million since June 2015. SDRs 1105.24 million since
December 2015 (as also its equivalent value in Indian Rupee).
iii.) US$ 100 million under SAARC swap arrangement with Royal Monetary Authority of Bhutan during the period from March 2013 to June
2013, US$ 400 million under SAARC swap arrangement with Central Bank of Sri Lanka during period April to October 2015 and US$ 1100
million with Central Bank of Sri Lanka since September 2015 (as also its equivalent value in Indian Rupee).
6. Includes Rs. 31,463 crore ( US$ 6,699 million) reflecting the purchase of 200 metric tonnes of gold from IMF on November 3, 2009. by the IMF
done on August 28, 2009 and September 9, 2009, respectively.
7. Includes SDRs 3,082.5 million allocated under general allocation and SDRs 214.6 million allocated under special allocation
Table 6.2. Balance of Payments as per IMF Balance of Payments Manual 5

2000-01 2012-13 2013-14 2014-15
Items ` crore US$ ` crore US$ ` crore US$ ` crore US$
million million million million
(1) (2) (3) (4) (5) (6) (7) (8) (9)
1 Imports (c.i.f.) 264589 57912 2732146 502237 2815918 466216 2820072 461484
2 Exports (f.o.b.) 207852 45452 1667690 306581 1931074 318607 1934210 316545
3 Trade Balance (2-1) -56737 -12460 -1064456 -195656 -884845 -147609 -885862 -144940
4 Invisibles
a) Receipts 147778 32267 1218893 224044 1413843 233569 1478048 241645
b) Payments 102639 22473 634047 116551 716134 118256 755499 123564
(of which: Interest & Service 21948 4801 59546 10944 67747 11176 77376 12650
Payments on Loans and Credits)
c) Net 45139 9794 584846 107493 697709 115313 722549 118081
5 Current Account Balance -11598 -2666 -479610 -88163 -187136 -32296 -163313 -26859
6 Capital Account
I Foreign Investment 26744 5862 254653 46711 159650 26386 449072 73456
i) Foreign Direct Investment
a) Inward FDI 18404 4031 146954 26953 186830 30763 215893 35283
b) Outward FDI -3480 -759 -38768 -7134 -56860 -9199 -24675 -4031
c) Net 14924 3272 108186 19819 129969 21564 191219 31251
ii) Portfolio Investment (net) 11820 2590 146467 26891 29680 4822 257853 42205
II Loans (net) 24459 5264 169073 31124 45901 7765 19733 3184
i) External Assistance
a) Inflow 13521 2941 25747 4735 28239 4659 35408 5780
b) Out flow 11519 2531 20421 3752 22043 3627 24787 4054
c) Net 2002 410 5326 982 6197 1032 10622 1725
ii) Commercial Borrowingsa
a) Inflow 95750 20865 817606 150351 785202 130177 718760 117575
b) Out flow 73293 16011 653858 120209 745498 123444 709649 116116
c) Net 22457 4854 163747 30142 39704 6733 9112 1459
III) Banking
a) Receipts 44448 9744 455407 83727 654482 108049 550976 90094
b) Payments 53592 11705 365140 67157 502818 82601 478893 78476
c) Net -9144 -1961 90268 16570 151664 25449 72083 11618
IV) Rupee Debt Service (net) -2760 -617 -313 -58 -304 -52 -489 -81
V) Other Capital
a) Receipts 12948 2856 97073 17861 133801 22171 176562 28914
b) Payments 11637 2564 125020 22908 200892 32932 169411 27806
c) Net 1311 292 -27946 -5047 -67091 -10761 7151 1109
VI) Errors & omissions (net) -1369 -305 14578 2689 -6629 -983 -6312 -1021
7 Total Capital (I to VI of 6) 39241 8535 500313 91989 283190 47804 541238 88265
8 Overall Balance (5 + 7) 27643 5868 20702 3826 96054 15508 377925 61406
9 Monetary Movement
a) IMF Transactions
i) Purchases
ii) Repurchases 115 26
iii) Net -115 -26
b) Increase (-)/decrease (+) in Reserves -27258 -5842 -20702 -3826 -96054 -15508 -377925 -61406
10 Total Reserve movement (9a(iii)+9b) -27643 -5868 -20702 -3826 -96054 -15508 -377925 -61406
[(-) Increase/ (+) decrease]
Contd....
Table 6.2. Balance of Payments as per IMF Balance of Payments Manual 5 (Contd....)
2015-16 2016-17 2017-18 2018-19 (Apr-Dec)
(P)
Items ` crore US$ ` crore US$ ` crore US$ ` crore US$
million million million million
(1) (10) (11) (12) (13) (14) (15) (16) (17)
1 Imports (c.i.f.) 2592820 396444 2633395 392580 3023163 469006 2756614 395142
2 Exports (f.o.b.) 1743289 266365 1878943 280138 1991436 308970 1742466 249869
3 Trade Balance (2-1) -849531 -130079 -754452 -112442 -1031727 -160036 -1014148 -145272
4 Invisibles
a) Receipts 1538693 235044 1623552 242051 1826720 283406 1608334 230298
b) Payments 832924 127116 966016 144025 1109119 172087 956257 136890
(of which: Interest & Service 88044 13443 89552 13351 93531 14510 87812 12589
Payments on Loans and Credits)
c) Net 705769 107928 657536 98026 717601 111319 652077 93407
5 Current Account Balance -143762 -22151 -96916 -14417 -314126 -48717 -362071 -51865
6 Capital Account
I Foreign Investment 208579 31891 289394 43224 337684 52401 104120 14766
i) Foreign Direct Investment (FDI)
a) Inward FDI 294258 44907 283292 42215 253977 39431 233821 33640
b) Outward FDI -58476 -8886 -44379 -6603 -58925 -9144 -61342 -8820
c) Net 235782 36021 238913 35612 195052 30286 172479 24820
ii) Portfolio Investment (net) -27203 -4130 50482 7612 142632 22115 -68359 -10054
II) Loans (net) -29767 -4634 16038 2379 107422 16660 40478 5498
i) External Assistance
a) Inflow 40244 6123 43561 6495 49750 7718 42430 6052
b) Out flow 30229 4619 30056 4482 30773 4774 27121 3892
c) Net 10015 1505 13505 2013 18977 2944 15309 2160
ii) Commercial Borrowings a
a) Inflow 748159 114200 764967 114037 898500 139393 395146 56612
b) Out flow 787941 120339 762434 113672 810055 125676 369978 53274
c) Net -39781 -6139 2533 366 88445 13717 25168 3338
III) Banking
a) Receipts 579805 88884 561610 83669 616727 95673 494388 71192
b) Payments 514547 78254 672787 100285 512300 79483 387916 55696
c) Net 65257 10630 -111177 -16616 104427 16190 106472 15496
IV) Rupee Debt Service -476 -73 -665 -99 -482 -75 -163 -24
V) Other Capital
a) Receipts 160653 24419 240945 35925 266106 41282 149905 21427
b) Payments 137909 21103 190199 28366 226037 35069 152304 21887
c) Net 22744 3315 50747 7559 40069 6213 -2399 -461
VI) Errors & Omissions -6746 -1073 -3187 -480 5823 902 -6455 -912
7 Total Capital (I to VI of 6) 259592 40055 241150 35967 594942 92292 242053 34363
8 Overall Balance (5 + 7) 115830 17905 144234 21550 280816 43574 -120018 -17502
9 Monetary Movement
a) IMF Transactions
i) Purchases
ii) Repurchases
iii) Net
b) Increase (-)/decrease (+) in -115830 -17905 -144234 -21550 -280816 -43574 120018 17502
Reserves
10 Total Reserve movement (9a(iii)+9b) -115830 -17905 -144234 -21550 -280816 -43574 120018 17502
[(-) Increase/ (+) decrease]

Notes:
P: Preliminary, PR : Partially Revised, a: Commercial borrowings include short term credit.
1. Grants received are covered under item 4(a).
2. Estimated interest accrued and credited to NRI deposits during the year has been treated as notional outflow under invisible payments and added
as reinvestment in NRI deposits under banking capital.
3. In accordance with the provision of IMF’s Balance of Payments Manual (5th Edition), gold purchased from the Government of India by the RBI
has been excluded from the BOP statistics. Data for the earlier years has, therefore, been amended by making suitable adjustments in “Other
Capital-Receipts and Foreign Exchange Reserves”.
Similarly, item “SDR Allocation” has been deleted from the table.
4. With effect from 1996-97, private transfer receipts include redemption in rupees of both principal and interest under Non-Resident External
(Rupee) Account [NRE(R)A] and Non-Resident Non-Repatriable Rupee Deposit [NR(NR)RD] schemes. This marks an improvement in data
reporting.
Table 6.3 A. Balance of Payments as per Balance of Payments Manual 6
(` crore)
2015-16 2016-17 2017-18 2018-19 Apr-Dec (P)
Items Credit Debit Net Credit Debit Net Credit Debit Net Credit Debit Net
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
1 Current Account (1.A+1.B+1.C) 3281796 3425146 -143350 3502402 3598871 -96469 3818016 4131780 -313765 3350748 3712424 -361676
1.A Goods and Services (1.A.a+1.A.b) 2753734 3147437 -393703 2980310 3276311 -296002 3248907 3780666 -531759 2814798 3408069 -593271
1.A.a Goods 1743289 2592820 -849531 1878943 2633395 -754452 1991436 3023163 -1031727 1742466 2756614 -1014148
1.A.b Services (1.A.b.1 to 1.A.b.13) 1010446 554617 455828 1101366 642916 458450 1257472 757503 499968 1072333 651456 420877
1.A.b.1 Manufacturing services on physical inputs owned by 1200 302 898 768 256 512 949 282 668 1289 214 1074
others
1.A.b.2 Maintenance and repair services n.i.e. 995 2119 -1124 1221 2372 -1151 1363 3528 -2165 1034 5916 -4882
1.A.b.3 Transport 91660 98618 -6958 106312 94773 11539 112418 113488 -1071 99777 105379 -5602
1.A.b.4 Travel 139542 96756 42786 155929 110318 45611 182768 125778 56990 145702 115398 30304
1.A.b.5 Construction 10256 6268 3987 14383 5911 8473 14541 10081 4460 18375 13256 5119
1.A.b.6 Insurance and pension services 13113 7530 5583 14795 10033 4761 16154 10957 5197 13561 8293 5268
1.A.b.7 Financial services 32271 20487 11784 34193 39262 -5069 33271 35691 -2420 26187 20074 6112
1.A.b.8 Charges for the use of intellectual property n.i.e. 3191 31952 -28761 3807 38368 -34561 4720 44339 -39618 3979 43265 -39286
1.A.b.9 Telecommunications, computer, and information 501263 26732 474531 516771 32457 484314 514603 41887 472717 445568 37458 408110
services
1.A.b.10 Other business services 189693 203860 -14167 220981 216754 4227 240722 236096 4626 201124 204372 -3248
1.A.b.11 Personal, cultural, and recreational services 8658 7913 746 9338 14731 -5394 10430 14862 -4432 9765 13422 -3656
1.A.b.12 Government goods and services n.i.e. 3788 5677 -1890 3946 4021 -75 4280 5119 -839 3159 5786 -2627
1.A.b.13 Others n.i.e. 14816 46401 -31585 18921 73660 -54739 121252 115396 5856 102812 78620 24192
1.B Primary Income 96324 256104 -159779 109268 285668 -176400 121579 306391 -184813 128019 270797 -142778
1.C Secondary Income 431737 21605 410132 412825 36892 375933 447530 44723 402807 407930 33557 374373
2 Capital Account (2.1+2.2) 1987 1719 268 2910 1909 1001 2515 2700 -186 1781 2364 -583
2.1 Gross acquisitions (DR.)/disposals (CR.) of non- 336 242 94 680 416 264 946 674 273 498 432 66
Volume 2
produced nonfinancial assets

|
2.2 Capital transfers 1651 1477 174 2230 1493 737 1568 2027 -458 1283 1932 -649
3 Financial Account (3.1 to 3.5) 3339775 3189946 149829 3698957 3600303 98655 4146357 3838230 308128 2789725 2421011 368714
3.1 Direct Investment (3.1A+3.1B) 392422 156640 235782 474811 235898 238913 415421 220369 195052 336609 164129 172479
A 95
Contd....
Table 6.3 A. Balance of Payments as per Balance of Payments Manual 6 (Contd......)
(` crore)
A 96
2015-16 2016-17 2017-18 2018-19 Apr-Dec (P)

|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
3.1.A Direct Investment in India 364146 69888 294258 404057 120765 283292 392944 138968 253977 324989 91168 233821
3.1.B Direct Investment by India 28276 86752 -58476 70753 115133 -44379 22477 81402 -58925 11620 72962 -61342
3.2 Portfolio Investment 1412345 1441933 -29588 1607507 1557026 50482 1902228 1759597 142632 1240190 1321317 -81127
3.2.A Portfolio Invesment in India 1406792 1432998 -26207 1592617 1541095 51522 1892201 1749253 142948 1220461 1314064 -93603
3.2.B Portfolio Invesment by India 5553 8935 -3381 14890 15931 -1040 10027 10344 -317 19729 7253 12476
3.3 Financial derivatives (other than reserves) and employee 95295 90417 4878 155252 89346 65906 127419 145913 -18494 105994 103372 2622
stock options
3.4 Other investment 1434150 1379563 54587 1453014 1565426 -112412 1701289 1431535 269754 986913 832192 154721
3.4.1 Other equity (ADRs/GDRs) 2385 0 2385 0 0 0 0 0 0 12768 0 12768
3.4.2 Currency and deposits 392397 289262 103136 321269 403019 -81750 386460 324073 62387 308243 265170 43073
Volume 2
3.4.3 Loans (External Assistance, ECBs and Banking Capital) 386224 444261 -58037 435424 492278 -56854 530621 470765 59856 397345 298308 99037
3.4.4 Insurance, pension, and standardized guarantee schemes 2674 7972 -5298 2976 4941 -1965 762 11597 -10835 1142 6745 -5604
3.4.5 Trade credit and advances 589587 599194 -9607 613446 569981 43465 647895 558289 89606 226376 221537 4840
3.4.6 Other accounts receivable/payable—other 60883 38874 22009 79900 95207 -15307 135550 66810 68739 41040 40433 607
3.4.7 Special drawing rights 0 0 0 0 0 0 0 0 0 0 0 0
3.5 Reserve assets 5563 121393 -115830 8373 152607 -144234 0 280816 -280816 120018 0 120018
4 Total assets/liabilities 3339775 3189946 149829 3698957 3600303 98655 4146357 3838230 308128 2789725 2421011 368714
5 Net errors and omissions 2796 9542 -6746 5715 8903 -3187 12249 6426 5823 3521 9976 -6455

Notes:
P: Preliminary, PR: Partially Rervised
Table 6.3 B. Balance of Payments as per Balance of Payments Manual 6
(US$ million)
2015-16 2016-17 2017-18 2018-19 Apr-Dec (P)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
1 Current Account (1.A+1.B+1.C) 501381 523469 -22088 522175 536525 -14350 592354 641015 -48661 480160 531968 -51808
1.A Goods and Services (1.A.a+1.A.b) 420676 481079 -60402 444335 488432 -44098 504059 586533 -82474 403387 488406 -85019
1.A.a Goods 266365 396444 -130079 280138 392580 -112442 308970 469006 -160036 249869 395142 -145272
1.A.b Services (1.A.b.1 to 1.A.b.13) 154311 84635 69676 164197 95852 68345 195089 117527 77562 153518 93264 60254
1.A.b.1 Manufacturing services on physical inputs owned 183 45 138 115 38 76 147 44 104 182 31 151
by others
1.A.b.2 Maintenance and repair services n.i.e. 152 324 -171 182 354 -172 211 547 -336 147 842 -695
1.A.b.3 Transport 14004 15080 -1076 15851 14132 1719 17441 17608 -166 14311 15094 -783
1.A.b.4 Travel 21268 14792 6476 23244 16451 6792 28355 19516 8839 20858 16583 4275
1.A.b.5 Construction 1562 955 607 2144 881 1263 2256 1565 691 2641 1902 739
1.A.b.6 Insurance and pension services 2002 1151 852 2206 1496 710 2506 1700 806 1942 1188 754
1.A.b.7 Financial services 4944 3135 1809 5099 5852 -754 5164 5537 -373 3747 2868 879
1.A.b.8 Charges for the use of intellectual property n.i.e. 489 4891 -4402 568 5720 -5152 732 6877 -6145 572 6202 -5629
1.A.b.9 Telecommunications, computer, and information 76563 4076 72487 77044 4839 72206 79840 6499 73341 63843 5380 58463
services
1.A.b.10 Other business services 28994 31095 -2101 32946 32317 629 37346 36630 715 28822 29282 -460
1.A.b.11 Personal, cultural, and recreational services 1325 1221 104 1392 2197 -805 1618 2307 -688 1402 1923 -521
1.A.b.12 Government goods and services n.i.e. 579 869 -291 588 600 -11 664 794 -130 454 829 -375
1.A.b.13 Others n.i.e. 2245 7000 -4755 2818 10976 -8158 18807 17904 903 14597 11141 3456
1.B Primary Income 14703 39078 -24375 16291 42593 -26302 18862 47542 -28681 18290 38742 -20452
1.C Secondary Income 66002 3312 62690 61550 5500 56050 69433 6940 62494 58483 4820 53662
2 Capital Account (2.1+2.2) 304 263 41 434 285 150 390 419 -29 257 337 -80
2.1 Gross acquisitions (DR.)/disposals (CR.) of non- 51 37 13 101 62 40 147 105 42 74 61 13
produced nonfinancial assets
Volume 2
|
2.2 Capital transfers 253 226 27 333 223 110 243 314 -71 183 276 -93
3 Financial Account (3.1 to 3.5) 510639 487519 23120 551471 536790 14680 643243 595455 47788 400623 347822 52800
3.1 Direct Investment (3.1A+3.1B) 59878 23857 36021 70784 35172 35612 64461 34175 30286 48320 23500 24820
3.1.A Direct Investment in India 55559 10652 44907 60220 18005 42215 60974 21544 39431 46668 13028 33640
A 97
Contd....
Table 6.3 B. Balance of Payments as per Balance of Payments Manual 6 (Contd......)
(US$ million)
A 98
2015-16 2016-17 2017-18 2018-19 Apr-Dec (P)

|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
3.1.B Direct Investment by India 4320 13205 -8886 10564 17167 -6603 3487 12632 -9144 1652 10472 -8820
3.2 Portfolio Investment 216181 220685 -4503 239738 232127 7612 295084 272969 22115 177948 189822 -11874
3.2A Portfolio Invesment in India 215334 219349 -4016 237514 229748 7766 293529 271364 22165 175087 188780 -13693
3.2.B Portfolio Invesment by India 848 1335 -487 2224 2378 -154 1556 1605 -50 2861 1042 1820
3.3 Financial derivatives (other than reserves) and 14522 13891 631 23148 13327 9822 19766 22636 -2870 15113 14819 293
employee stock options
3.4 Other investment 219202 210326 8876 216558 233373 -16815 263932 222100 41832 141740 119681 22059
3.4.1 Other equity (ADRs/GDRs) 373 373 0 0 0 0 0 0 1820 0 1820
3.4.2 Currency and deposits 60024 44216 15808 47928 60009 -12081 59961 50286 9675 44278 38001 6276
3.4.3 Loans (External Assistance, ECBs and Banking 59140 67343 -8203 64821 73444 -8623 82309 73033 9276 56954 42790 14165
Volume 2
Capital)
3.4.4 Insurance, pension, and standardized guarantee 407 1194 -787 443 737 -294 118 1801 -1683 167 984 -818
schemes
3.4.5 Trade credit and advances 90043 91653 -1610 91453 84986 6467 100514 86614 13900 32624 32071 553
3.4.6 Other accounts receivable/payable—other 9215 5920 3294 11914 14198 -2285 21029 10365 10664 5898 5835 63
3.4.7 Special drawing rights 0 0 0 0 0 0
3.5 Reserve assets 856 18761 -17905 1242 22792 -21550 0 43574 -43574 17502 0 17502
4 Total assets/liabilities 510639 487519 23120 551471 536790 14680 643243 595455 47788 400623 347822 52800
5 Net errors and omissions 420 1493.415769 -1073 849 1329 -480 1900 998 902 502 1414 -912
Notes:
P: Preliminary, PR: Partially Rervised
1. Totals may not tally due to rounding off
Table 6.4. Exchange Rate of Rupee vis-a-vis Selected Currencies of the World
(` per unit of foreign currency)
Year /Months US dollar Pound Euroa Yen Canadian Turkish Indonesian Brazillian Mexican Korean Pakistan Thailand SDR
sterling dollar lira rupiah real peso won rupee baht
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
1992-93 (Official Rate)
April 25.890 45.461 0.194 21.800 0.004 0.013 0.012 0.009 0.033 1.049 1.021 35.485
May 25.890 46.838 0.198 21.586 0.004 0.013 0.010 0.009 0.033 1.056 1.014 35.931
June 25.890 47.788 0.204 21.651 0.004 0.013 0.008 0.009 0.033 1.085 1.020 36.551
July 25.890 49.721 0.206 21.764 0.004 0.013 0.007 0.009 0.033 1.119 1.025 37.385
August 25.890 50.384 0.205 21.734 0.004 0.013 0.006 0.009 0.033 1.035 1.027 37.709
September 25.890 47.567 0.211 21.161 0.004 0.013 0.005 0.009 0.034 1.035 1.028 37.695
October 25.890 42.862 0.214 20.805 0.003 0.013 0.004 0.009 0.033 1.054 1.026 37.162
November 25.890 39.535 0.209 20.413 0.003 0.013 0.003 0.008 0.033 1.021 1.019 35.910
December 26.154 40.578 0.211 20.574 0.003 0.013 0.002 0.008 0.033 1.028 1.026 36.329
8.435b
January 26.199 40.141 0.210 20.500 0.003 0.013 0.002 0.033 1.025 1.028 36.082
February 26.199 37.704 0.217 20.788 0.003 0.013 0.002 8.460 0.033 1.010 1.029 35.939
(Market Rate) c
March 1993 31.526 45.952 0.270 25.279 0.003 0.015 0.001 10.151 0.040 1.198 1.242 43.521
1993-94 31.366 47.206 0.291 23.956 0.002 0.015 0.122 10.009 0.039 1.083 1.240 43.886
2000-01 45.684 67.552 41.483 0.414 30.383 0.007d 0.005 24.153 4.788 0.039 0.820 1.100 59.546
2001-02 47.692 68.319 42.181 0.382 30.473 0.004d 0.005 19.549 5.183 0.037 0.772 1.069 60.215
2002-03 48.395 74.819 48.090 0.397 31.253 0.003d 0.005 15.489 4.806 0.040 0.819 1.132 64.126
2003-04 45.952 77.739 53.990 0.407 33.991 0.003d 0.005 15.713 4.248 0.039 0.798 1.132 65.690
2004-05 44.932 82.864 56.555 0.418 35.205 8.269e 0.005 15.707 3.964 0.041 0.763 1.121 66.928
2005-06 44.273 79.047 53.912 0.391 37.137 32.843 0.045 19.170 4.122 0.044 0.741 1.096 64.490
2006-07 45.250 85.643 58.051 0.387 39.765 31.156 0.005 21.044 4.113 0.048 0.748 1.236 67.254
2007-08 40.261 80.841 57.060 0.353 39.042 32.155 0.004 21.762 3.703 0.043 0.658 1.194 62.651
2008-09 45.993 78.316 65.058 0.462 40.875 32.678 0.004 23.569 3.853 0.038 0.613 1.346 71.277
2009-10 47.443 75.781 67.051 0.511 43.567 31.266 0.005 25.455 3.616 0.039 0.572 1.409 73.733
2010-11 45.563 70.881 60.232 0.533 44.840 29.888 0.005 26.385 3.663 0.040 0.534 1.464 69.723
Volume 2
2011-12 47.923 76.391 65.894 0.607 48.222 27.682 0.005 28.222 3.788 0.043 0.547 1.564 75.313
|
2012-13 54.410 85.971 70.069 0.658 54.347 30.291 0.006 27.092 4.171 0.049 0.572 1.768 83.026
2013-14 60.502 96.306 81.175 0.604 57.437 30.100 0.006 26.907 4.679 0.056 0.587 1.924 92.260
2014-15 61.144 98.573 77.521 0.558 53.780 27.223 0.005 24.840 4.457 0.058 0.609 1.882 90.796
A 99
Contd....
Table 6.4. Exchange Rate of Rupee vis-a-vis Selected Currencies of the World (Contd......)
(` per unit of foreign currency)
Year /Months US dollar Pound Euroa Yen Canadian Turkish Indonesian Brazillian Mexican Korean Pakistan Thailand SDR
A 100
sterling dollar lira rupiah real peso won rupee baht

|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
2015-16 65.468 98.726 72.289 0.546 49.945 23.060 0.005 18.378 3.944 0.057 0.632 1.872 91.345
2016-17 67.072 87.690 73.609 0.620 51.113 21.067 0.005 20.382 3.489 0.058 0.641 1.908 92.616
2017-18 64.455 85.513 75.438 0.582 50.261 17.558 0.004 20.037 3.483 0.058 0.604 1.953 90.899
2018-19 69.923 91.786 80.958 0.630 53.300 13.547 0.005 18.490 3.617 0.063 0.548 2.164 98.026
2018-19 (Market Rate)c
April 65.636 92.569 80.661 0.610 51.575 16.155 0.005 19.257 3.572 0.062 0.568 2.097 95.242
May 67.539 90.973 79.825 0.615 52.490 15.281 0.005 18.602 3.456 0.063 0.585 2.113 96.164
June 67.793 90.067 79.162 0.616 51.646 14.645 0.005 17.919 3.340 0.062 0.572 2.087 95.858
July 68.693 90.496 80.299 0.617 52.323 14.386 0.005 17.967 3.619 0.061 0.553 2.065 96.540
August 69.547 89.693 80.439 0.626 53.331 11.745 0.005 17.697 3.692 0.062 0.568 2.107 97.110
September 72.215 94.189 84.216 0.645 55.389 11.453 0.005 17.578 3.801 0.065 0.589 2.216 101.226
October 73.632 95.870 84.610 0.653 56.583 12.681 0.005 19.564 3.833 0.065 0.568 2.247 102.260
Volume 2
November 71.854 92.622 81.616 0.634 54.441 13.443 0.005 18.973 3.550 0.064 0.538 2.181 99.372
December 70.731 89.583 80.479 0.630 52.730 13.315 0.005 18.192 3.522 0.063 0.511 2.164 98.168
January 70.733 91.158 80.831 0.650 53.169 13.222 0.005 18.911 3.689 0.063 0.510 2.225 98.629
February 71.222 92.668 80.848 0.646 53.933 13.507 0.005 19.128 3.712 0.064 0.515 2.276 99.094
March 69.479 91.549 78.512 0.625 51.987 12.733 0.005 18.097 3.613 0.061 0.499 2.190 96.654
2019-20 (Market Rate)c
April 69.427 90.527 78.031 0.622 51.913 12.057 0.005 17.817 3.664 0.061 0.492 2.180 96.318

Notes:
a : The Euro came into existence on January 1, 1999.
b : Peso revalued in January 1993, 1000 old Peso = 1 New Peso.
c : Indicative rates announced by Foreign Exchange Dealers Association of India (FEDAI).
d: 100 Turkish Lira
e : Turkish Lira has been replaced by New Lira w.e.f. 1.1.2005.
1. Annual/monthly averages. During March 1992 to February 1993, a dual exchange rate system was prevalent, in which the official rate was fixed by the RBI and the market rate was
determined in the Inter-Bank market for the US dollar.
2. The data for 2001-02 in respect of Deutsche Mark, French Franc and Italian Lira pertain to 11 months only as Germany, France and Italy accepted the Euro as their national
currency w.e.f. March 1, 2002.
3. Figures of US dollar, Pound sterling, Euro and Japanese yen from May 2012 onwards are RBI's reference rates.
4. Financial Benchmarks India Private Limited (FBIL) commenced dissemination of reference rates w.e.f. July 10, 2018.
Table 6.5. Trends in Nominal and Real Effective Exchange Rate of Rupee
(Tarde Based Weights)
Year/month (Average) Nominal effective Real effective Nominal effective Real effective
exchange rate exchange rate exchange rate exchange rate
(NEER) 6-currency (REER) 6-Currency (NEER) 36-currency (REER) 36-Currency
Index Index Index Index
(1) (2) (3) (4) (5)
Base Year: 1993-94=100
1994-95 96.86 105.71 99.21 104.59
1995-96 88.45 101.14 91.65 98.42
1996-97 86.73 100.97 89.08 96.64
1997-98 87.80 104.24 92.17 100.95
1998-99 77.37 95.99 88.76 92.84
1999-00 77.03 97.52 90.90 95.75
2000-01 77.30 102.65 92.11 100.04
2001-02 75.89 102.49 91.52 100.87
2002-03 71.09 97.43 89.22 98.19
2003-04 69.75 98.85 87.15 99.50
2004-05 69.26 101.35 87.28 100.05
Base Year: 2004-05=100
2005-06 103.04 104.45 102.24 102.38
2006-07 98.09 103.82 97.63 100.76
2007-08 104.62 113.44 104.75 109.20
2008-09 90.42 103.94 93.34 99.65
2009-10 87.07 110.73 90.94 103.88
2010-11 91.83 124.50 93.54 112.68
2011-12 84.44 121.17 87.38 110.27
2012-13 75.59 117.15 78.32 105.57
2013-14 67.76 112.80 72.32 103.27
2014-15 68.60 119.92 74.07 108.96
2015-16 67.52 122.71 74.75 112.09
2016-17 66.86 125.17 74.65 114.52
2017-18 67.91 129.19 76.94 119.71
2018-19 (P) 63.07 121.70 72.63 113.99
2018-19 (P)
April 64.53 123.47 74.44 116.26
May 63.84 123.06 73.57 115.15
June 64.10 123.18 73.94 115.94
July 64.03 123.37 73.68 115.84
August 63.84 123.63 73.43 115.71
September 61.35 118.69 70.94 111.31
October 60.64 117.29 69.87 109.78
November 62.40 121.25 71.64 113.05
December 63.23 122.74 72.72 114.51
January 62.76 120.67 72.23 113.27
February 62.29 119.72 71.64 112.06
March 63.88 123.30 73.52 115.00
2019-20 (P)
April 64.07 123.33 73.75 115.37
Source: Reserve Bank of India P: Provisional

Notes:
1. REER figures for the period 1994-95 to 2004-05 are based on Wholesale Price Index (WPI).
2. REER figures for the period 2005-06 to 2014-15 are based on Consumer Price Index (CPI).
Table 7.1 A. Exports, Imports and Trade Balance

Year Exports Imports Trade Rate of Change
(including (` crore) Balance Export Import
re-exports) (` crore)
(Rcrore) (per cent)
(1) (2) (3) (4) (5) (6)

1949-50 485 617 -132 -- --
1950-51 606 608 -2 24.9 -1.5
1951-52 716 890 -174 18.2 46.4
1952-53 578 702 -124 -19.3 -21.1
1953-54 531 610 -79 -8.1 -13.1
1954-55 593 700 -107 11.7 14.8
1955-56 609 774 -165 2.7 10.6
1956-57 605 841 -236 -0.7 8.7
1957-58 561 1035 -474 -7.3 23.1
1958-59 581 906 -325 3.6 -12.5
1959-60 640 961 -321 10.2 6.1
1960-61 642 1122 -480 0.3 16.8
1961-62 660 1090 -430 2.8 -2.9
1962-63 685 1131 -446 3.8 3.8
1963-64 793 1223 -430 15.8 8.1
1964-65 816 1349 -533 2.9 10.3
1965-66 810 1409 -599 -0.7 4.4
1966-67 1157 2078 -921 42.8 47.5
1967-68 1199 2008 -809 3.6 -3.4
1968-69 1358 1909 -551 13.3 -4.9
1969-70 1413 1582 -169 4.1 -17.1
1970-71 1535 1634 -99 8.6 3.3
1971-72 1608 1825 -217 4.8 11.7
1972-73 1971 1867 104 22.6 2.3
1973-74 2523 2955 -432 28.0 58.3
1974-75 3329 4519 -1190 31.9 52.9
1975-76 4036 5265 -1229 21.2 16.5
1976-77 5142 5074 68 27.4 -3.6
1977-78 5408 6020 -612 5.2 18.6
1978-79 5726 6811 -1085 5.9 13.1
1979-80 6418 9143 -2725 12.1 34.2
1980-81 6711 12549 -5838 4.6 37.3
1981-82 7806 13608 -5802 16.3 8.4
1982-83 8803 14293 -5490 12.8 5.0
1983-84 9771 15831 -6060 11.0 10.8
1984-85 11744 17134 -5390 20.2 8.2
1985-86 10895 19658 -8763 -7.2 14.7
1986-87 12452 20096 -7644 14.3 2.2
1987-88 15674 22244 -6570 25.9 10.7
1988-89 20232 28235 -8003 29.1 26.9
1989-90 27658 35328 -7670 36.7 25.1
Contd....
Table 7.1 A. Exports, Imports and Trade Balance (Contd....)

(including (` crore) Balance Export Import
re-exports) (` crore)
(Rcrore) (per cent)
(1) (2) (3) (4) (5) (6)

1990-91 32553 43198 -10645 17.7 22.3
1991-92 44041 47851 -3810 35.3 10.8
1992-93 53688 63375 -9687 21.9 32.4
1993-94 69751 73101 -3350 29.9 15.3
1994-95 82674 89971 -7297 18.5 23.1
1995-96 106353 122678 -16325 28.6 36.4
1996-97 118817 138920 -20103 11.7 13.2
1997-98 130100 154176 -24076 9.5 11.0
1998-99 139752 178332 -38580 7.4 15.7
1999-00 159095 215529 -56434 13.8 20.9
2000-01 201356 228307 -26950 26.6 5.9
2001-02 209018 245200 -36182 3.8 7.4
2002-03 255137 297206 -42069 22.1 21.2
2003-04 293367 359108 -65741 15.0 20.8
2004-05 375340 501065 -125725 27.9 39.5
2005-06 456418 660409 -203991 21.6 31.8
2006-07 571779 840506 -268727 25.3 27.3
2007-08 655864 1012312 -356448 14.7 20.4
2008-09 840755 1374436 -533681 28.2 35.8
2009-10 845534 1363736 -518202 0.6 -0.8
2010-11 1142922 1683467 -540545 35.2 23.4
2011-12 1465959 2345463 -879504 28.3 39.3
2012-13 1634319 2669162 -1034843 11.5 13.8
2013-14 1905011 2715434 -810423 16.6 1.7
2014-15 1896348 2737087 -840738 -0.5 0.8
2015-16 1716384 2490306 -773921 -9.5 -9.0
2016-17 1849434 2577675 -728242 7.8 3.5
2017-18 1956515 3001033 -1044519 5.8 16.4
2018-19 (P) 2307663 3594373 -1286710 18.0 19.8
Source : Directorate General of Commercial Intelligence & Statistics (DGCI&S), Kolkata

Notes: P: Provisional.
1. For the years 1956-57, 1957-58, 1958-59 and 1959-60, the data are as per the Fourteenth Report of the Estimates Committee (1971-
72) of the erstwhile Ministry of Foreign Trade.

Table 7.1 B. Exports, Imports and Trade Balance

(including re- (US $ million) Balance Export Import
exports) (US $ million)
(US $ million) (per cent)
(1) (2) (3) (4) (5) (6)

1949-50 1016 1292 -276 -- --
1950-51 1269 1273 -4 24.9 -1.5
1951-52 1490 1852 -362 17.4 45.5
1952-53 1212 1472 -260 -18.7 -20.5
1953-54 1114 1279 -165 -8.1 -13.1
1954-55 1233 1456 -223 10.7 13.8
1955-56 1275 1620 -345 3.4 11.3
1956-57 1259 1750 -491 -1.3 8.0
1957-58 1171 2160 -989 -7.0 23.4
1958-59 1219 1901 -682 4.1 -12.0
1959-60 1343 2016 -673 10.2 6.0
1960-61 1346 2353 -1007 0.2 16.7
1961-62 1381 2281 -900 2.6 -3.1
1962-63 1437 2372 -935 4.1 4.0
1963-64 1659 2558 -899 15.4 7.8
1964-65 1701 2813 -1112 2.5 10.0
1965-66 1693 2944 -1251 -0.5 4.7
1966-67 1628 2923 -1295 -3.8 -0.7
1967-68 1586 2656 -1070 -2.6 -9.1
1968-69 1788 2513 -725 12.7 -5.4
1969-70 1866 2089 -223 4.4 -16.9
1970-71 2031 2162 -131 8.8 3.5
1971-72 2153 2443 -290 6.0 13.0
1972-73 2550 2415 135 18.4 -1.1
1973-74 3209 3759 -550 25.8 55.7
1974-75 4174 5666 -1492 30.1 50.7
1975-76 4665 6084 -1419 11.8 7.4
1976-77 5753 5677 76 23.3 -6.7
1977-78 6316 7031 -715 9.8 23.9
1978-79 6978 8300 -1322 10.5 18.0
1979-80 7947 11321 -3374 13.9 36.4
1980-81 8486 15869 -7383 6.8 40.2
1981-82 8704 15174 -6470 2.6 -4.4
1982-83 9107 14787 -5680 4.6 -2.6
1983-84 9449 15311 -5862 3.8 3.5
1984-85 9878 14412 -4534 4.5 -5.9
1985-86 8904 16067 -7163 -9.9 11.5
1986-87 9745 15727 -5982 9.4 -2.1
1987-88 12089 17156 -5067 24.1 9.1
1988-89 13970 19497 -5527 15.6 13.6
1989-90 16612 21219 -4607 18.9 8.8
Contd....
Table 7.1 B. Exports, Imports and Trade Balance (Contd....)

(including re- (US $ million) Balance Export Import
exports) (US $ million)
(US $ million) (per cent)
(1) (2) (3) (4) (5) (6)

1990-91 18143 24075 -5932 9.2 13.5
1991-92 17865 19411 -1546 -1.5 -19.4
1992-93 18537 21882 -3345 3.8 12.7
1993-94 22238 23306 -1068 20.0 6.5
1994-95 26330 28654 -2324 18.4 22.9
1995-96 31797 36678 -4881 20.8 28.0
1996-97 33470 39133 -5663 5.3 6.7
1997-98 35006 41484 -6478 4.6 6.0
1998-99 33218 42389 -9171 -5.1 2.2
1999-2000 36715 49738 -13023 10.5 17.3
2000-01 44076 49975 -5899 20.0 0.5
2001-02 43827 51413 -7587 -0.6 2.9
2002-03 52719 61412 -8693 20.3 19.4
2003-04 63843 78149 -14307 21.1 27.3
2004-05 83536 111517 -27981 30.8 42.7
2005-06 103091 149166 -46075 23.4 33.8
2006-07 126414 185735 -59321 22.6 24.5
2007-08 163132 251654 -88522 29.0 35.5
2008-09 185295 303696 -118401 13.6 20.7
2009-10 178751 288373 -109621 -3.5 -5.0
2010-11 251136 369769 -118633 40.5 28.2
2011-12 305964 489319 -183356 21.8 32.3
2012-13 300401 490737 -190336 -1.8 0.3
2013-14 314405 450200 -135794 4.7 -8.3
2014-15 310338 448033 -137695 -1.3 -0.5
2015-16 262291 381008 -118717 -15.5 -15.0
2016-17 275852 384357 -108505 5.2 0.9
2017-18 303526 465581 -162055 10.0 21.1
2018-19 (P) 329536 514034 -184498 8.8 10.4
Source : DGCI&S, Kolkata

1. For the years 1956-57, 1957-58, 1958-59 and 1959-60, the data are as per the Fourteenth Report of the Estimates Committee
(1971-72) of the erstwhile Ministry of Foreign Trade.

Table 7.2 A. Principal Imports

Quantity : Thousand tonnes
Value : ` crore & US $ million
1960-61 1970-71 1980-81
Qty. `. Cr $ million Qty. `. Cr $ million Qty. `. Cr $ million
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
I. Food and live animals chiefly for ... 214 449 ... 242 321 ... 380 481
food (excl. cashew raw)
of which:
I.1 Cereals and cereal preparations 3747.7 181 380 3343.2 213 282 400.8 100 127
II. Raw materials and intermediate ... 527 1105 ... 889 1176 ... 9760 12341
manufactures
II.1 Cashewnuts (unprocessed) na ... ... 169.4 29 39 25 9 11
II.2 Crude rubber (including
synthetic and reclaimed) 36.2 11 23 7.8 4 5 26.2 32 40
II.3 Fibres ... 101 212 ... 127 168 ... 164 208
of which:
II.3.1 Synthetic and regenerated
fibres (man-made fibres) 0.2 ... ... 15.8 9 12 68.8 97 122
II.3.2 Raw wool 1.9 1 2 19 15 20 18.8 43 55
II.3.3 Raw cotton 237.1 82 172 139.1 99 131 na ... ...
II.3.4 Raw jute 100.4 8 17 0.7 ... 0 8 1 1
II.4 Petroleum, oil and lubricants 800 69 145 12767 136 180 23537 5264 6656
II.5 Animal and vegetable oils and fats ... 5 10 ... 39 51 ... 709 896
of which:
II.5.1 Edible oils 31.1 4 8 84.7 23 31 1633.3 677 857
II.6 Fertilizers and chemical products ... 88 185 ... 217 286 ... 1490 1884
of which:
II.6.1 Fertilizers and fertilizer mfg 307 13 27 2392.7 86 113 5560.2 818 1034
II.6.2 Chemical elements and compounds ... 39 82 ... 68 90 ... 358 453
II.6.3 Dyeing, tanning and
colouring material ... 1 2 ... 9 12 ... 21 26
II.6.4 Medicinal and pharmaceutical
products ... 10 21 ... 24 32 ... 85 107
II.6.5 Plastic material, regenerated
cellulose and artificial resins ... 9 19 ... 8 11 ... 121 154
II.7 Pulp and waste paper 80.3 7 15 71.7 12 16 36.9 18 23
II.8 Paper, paper board and
manufactures thereof 55.6 12 25 159 25 33 371.4 187 236
II.9 Non-metallic mineral manufactures ... 6 13 ... 33 44 ... 555 702
of which:
II.9.1 Pearls, precious and semiprecious
stones, unworked or worked ... 1 2 ... 25 33 ... 417 527
II.10 Iron and steel 1325.2 123 258 683.4 147 194 2031.1 852 1078
II.11 Non-ferrous metals ... 47 99 ... 119 158 ... 477 604
III. Capital goods a ... 356 747 ... 404 534 ... 1910 2416
III.1 Manufactures of metals ... 23 48 ... 9 12 ... 90 113
III.2 Non-electrical machinery
apparatus and appliances including machine ... 203 426 ... 258 341 ... 1089 1377
tools b
III.3 Electrical machinery,
apparatus and appliances b ... 57 120 ... 70 93 ... 260 328
III.4 Transport equipment ... 72 151 ... 67 88 ... 472 597
Total Imports ... 1122 2353 ... 1634 2162 ... 12549 15869
Contd....
Table 7.2(A) Principal Imports (Contd....)

1990-91 2000-01 2010-11
(1) (11) (12) (13) (14) (15) (16) (17) (18) (19)
I. Food and live animals chiefly for ... ... ... ... ... ... ... ... ...
of which:
I.1 Cereals and cereal preparations 308.3 182 102 69.9 90 20 251.5 545 119
II. Raw materials and intermediate
manufactures ... ... ... ... ... ... ... ... ...
II.1 Cashewnuts (unprocessed) 82.6 134 75 249.7 962 211 501.0 2650 578
II.2 Crude rubber (including
synthetic and reclaimed) 105.1 226 126 119.1 695 152 587.7 8074 1771
II.3 Fibres ... ... ... ... ... ... ... ... ...
of which:
II.3.1 Synthetic and regenerated
fibres (man-made fibres) 21.2 56 31 42.6 275 60 81.5 957 210
II.3.2 Raw wool 29.4 182 102 53.7 458 100 94.4 1435 315
II.3.3 Raw cotton 0.2 1 0 212.3 1185 259 56.5 624 137
II.3.4 Raw jute 32.1 20 11 67.3 84 18 83.1 302 67
II.4 Petroleum, oil and lubricants 29359 10816 6028 ... 71497 15650 ... 482282 105964
II.5 Animal and vegetable oils and fats ... ... ... ... ... ... ... ... ...
of which:
II.5.1 Edible oils 525.8 326 182 4267.9 6093 1334 6677.6 29860 6551
II.6 Fertilizers and chemical products ... ... ... ... ... ... ... ... ...
of which:
II.6.1 Fertilizers and fertilizer mfg 7560.3 1766 984 7423.4 3034 664 20658.9 31533 6885
II.6.2 Chemical elements and compounds ... 2289 1276 ... 1542 338 ... 13278 2914
II.6.3 Dyeing, tanning and
colouring material ... 168 94 ... 874 191 ... 5368 1178
II.6.4 Medicinal and pharmaceutical
products ... 468 261 ... 1723 377 ... 11114 2436
II.6.5 Plastic material, regenerated
cellulose and artificial resins ... 1095 610 ... 2551 558 ... 31304 6874
II.7 Pulp and waste paper 678.2 458 255 1050.9 1290 282 2634.5 5208 1145
II.8 Paper, paper board and
manufactures thereof 286.4 456 254 585.6 2005 439 2145.0 9614 2111
II.9 Non-metallic mineral manufactures ... ... ... ... 797 174 ... ... ...
of which:
II.9.1 Pearls, precious and semiprecious
stones, unworked or worked ... 3738 2083 ... 22101 4838 ... 157596 34620
II.10 Iron and steel 1920.5 2113 1178 1613.6 3569 781 9843.9 47275 10376
III.1 Manufactures of metals ... 302 168 ... 1786 391 ... 15167 3332
III.2 Non-electrical machinery b
apparatus and appliances including
machine tools ... 4240 2363 ... 16915 3703 ... 118928 26111
III.3 Electrical machinery,
apparatus and appliances b ... 1702 949 ... 2227 487 ... 17510 3845
Total Imports ... 43198 24075 ... 228307 51413 ... 1683467 369769
Contd....
Table 7.2(A) Principal Imports (Contd....)

Value : crore & US $ million
2016-17 2017-18 2018-19 (P)
(1) (20) (21) (22) (23) (24) (25) (26) (27) (28)
I. Food and live animals chiefly for ... ... ... ... ... ... ... ... ...
of which:
I.1 Cereals and cereal preparations 6128 9589 1429 1988 3464 536 344 1476 211
II. Raw materials and intermediate ... ... ... ... ... ... ... ... ...
manufactures
II.1 Cashewnuts (unprocessed) 775 9027 1347 654 9134 1419 840 11162 1608
II.2 Crude rubber (including 885 10030 1496 947 12034 1867 1082 14027 2002
synthetic and reclaimed)
II.3 Fibres ... ... ... ... ... ... ... ... ...
of which:
II.3.1 Synthetic and regenerated ... 2454 366 ... 2378 369 3275 467
fibres (man-made fibres)
II.3.2 Raw wool 87 1894 282 80 1885 292 77 2160 310
II.3.3 Raw cotton 500 6339 947 469 6307 979 299 4383 633
II.3.4 Raw jute 139 704 105 68 289 45 57 236 34
II.4 Petroleum, oil and lubricants ... 583217 86964 ... 700321 108659 ... 986260 140918
II.5 Animal and vegetable oils and fats
of which:
II.5.1 Edible oils 14007 73039 10893 15361 74996 11637 15019 69024 9890
II.6 Fertilizers and chemical products
of which:
II.6.1 Fertilizers and fertilizer mfr 23590 33706 5024 24769 34654 5376 27040 52095 7467
II.6.2 Chemical elements and compounds* ... 147356 21974 ... 175944 27295 ... 220476 31535
II.6.3 Dyeing, tanning and ... 15307 2283 ... 18610 2888 ... 22538 3222
colouring material
II.6.4 Medicinal and pharmaceutical ... 33502 4995 ... 35330 5481 ... 44429 6359
products
II.6.5 Plastic material, regenerated ... 80227 11964 ... 93384 14488 ... 109629 15681
cellulose and artificial resins
II.7 Pulp and waste paper ... 6537 975 ... 7442 1155 ... 9186 1312
II.8 Paper, paper board and ... 17456 2602 ... 21285 3303 ... 24886 3559
manufactures thereof
II.9 Non-metallic mineral manufactures
of which:
II.9.1 Pearls, precious and semiprecious ... 159464 23809 ... 220966 34279 ... 188881 27076
stones, unworked or worked
II.10 Iron and steel 13888 55278 8239 14246 67235 10432 15928 87984 12582
III.1 Manufactures of metals** ... 28028 4178 ... 35022 5435 ... 42460 6065
III.2 Non-electrical machinery b ... 100318 14954 ... 110681 17176 ... 137630 19671
apparatus and appliances including
machine tools
III.3 Electrical machinery, ... 84126 12543 ... 101447 15732 ... 126931 18182
apparatus and appliances b
Total Imports ... 2577675 384357 ... 3001033 465581 ... 3594373 514034
Source : DGCI&S, Kolkata

... : not available.
a : From the year 1987-88 onwards, capital goods include project goods.
b : From the year 1991-92 onwards, Items III.2 & III.3 exclude electronic goods.
* : II.6.2 Chemical elements and compounds includes Organic & Inorganic Chemicals,Chemical material & Products
** : Items belonging to Manufactures of Metals (Except few ITCHS) already considered under other Groups of Table 4A.
Table 7.2 B : Share and Percentage Change of Major Imports

Percentage share Percentage changea
Commodity Group 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
(P) (P)
(1) (2) (3) (4) (5) (6) (7)
I. Food and allied products b
5.6 4.4 3.2 12.0 -5.1 -19.3
of which
1. Cereals c 0.4 0.1 0.0 417.7 -62.5 -60.6
2. Pulses 1.1 0.6 0.2 8.8 -31.5 -60.8
3. Cashew Nuts 0.4 0.3 0.3 0.5 5.4 13.3
4. Edible Oils 2.8 2.5 1.9 3.8 6.8 -15.0
II. Fuel 26.7 28.3 32.5 6.3 28.1 27.0
5. Coal d
4.1 4.9 5.1 15.3 45.3 14.3
6. POL 22.6 23.3 27.4 4.8 24.9 29.7
III. Fertilizers e
1.3 1.2 1.5 -37.8 7.0 38.9
IV. Paper board manufactures & newsprint 0.9 0.9 0.9 7.4 18.2 11.2
V. Capital goods f
14.7 13.6 13.8 4.7 11.9 12.5
of which
7. Machinery except elec & machine tool 3.9 3.7 3.8 -2.9 14.9 14.5
8. Electrical machinery 3.3 3.4 3.5 -4.4 25.4 15.6
9. Transport equipment 5.9 4.9 4.8 24.5 0.2 8.9
10. Project goods 0.5 0.4 0.5 -24.9 0.2 14.3
VI. Others 37.0 39.1 36.6 -2.0 28.1 3.4
of which
11. Chemicals g 6.3 6.5 6.8 1.1 24.4 15.2
12. Pearls precious semi precious stones 6.2 7.4 5.3 18.6 44.0 -21.0
13. Iron & steel h
2.1 2.2 2.4 -26.8 26.6 20.6
14. Non-ferrous metals i 2.6 2.8 2.9 1.5 29.8 15.0
15. Gold & Silver 7.6 7.9 7.1 -17.3 25.6 -0.6
16. Professional instruments, optical goods, etc. 1.0 1.0 1.0 6.5 23.3 9.1
17. Electronic Goods 11.2 11.4 11.2 4.7 23.3 8.5
Total Imports 100.0 100.0 100.0 0.9 21.1 10.4

a : In terms of US dollar
b : Including Tea, Sugar, Milk and Cream, Spices, Fruits & Nuts.
c : Including cereals preparations.
d : Including coke and briquettes.
e : Including fertilizers crude and fertilizers manufactured.
f : Including Manufactures of metals.
g : Including organic chemical, inorganic chemical, chemical materials & products and dyeing, tanning & colouring material.
h : Including primary steel and pig iron based items.
i : Excluding gold and silver
Table 7.3 A. Principal Exports

1960-61 1970-71 1980-81
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
I. Agricultural and allied products: ... 284 596 ... 487 644 ... 2057 2601
of which
I. 1 Coffee 19.7 7 15 32.2 25 33 87.3 214 271
I. 2 Tea and mate 199.2 124 260 199.1 148 196 229.2 426 538
I. 3 Oil cakes 433.8 14 29 878.5 55 73 886 125 158
I. 4 Tobacco 47.5 16 34 49.8 33 43 91.3 141 178
I. 5 Cashew kernels 43.6 19 40 60.6 57 76 32.3 140 177
I. 6 Spices 47.2 17 36 46.9 39 51 84.2 11 14
I. 7 Sugar and molasses 99.6 30 60 473 29 39 97 40 50
I. 8 Raw cotton 32.6 12 25 32.1 14 19 131.6 165 209
I. 9 Rice ... ... ... 32.8 5 7 726.7 224 283
I. 10 Fish and fish preparations 19.9 5 10 32.6 31 40 69.4 217 274
I. 11 Meat and meat preparations ... 1 2 ... 3 4 ... 56 70
I. 12 Fruits, vegetables and pulses
(excl.cashew kernels, processed ... 6 13 ... 12 16 ... 80 101
fruits & juices)
I. 13 Miscellaneous processed foods (incl. ... 1 2 ... 4 6 ... 36 45
processed fruits and juices)
II. Ores and minerals (excl. coal) ... 52 109 ... 164 217 ... 414 523
of which
II.1 Mica 28.4 ... ... 26.7 16 21 16.7 18 22
II.2 Iron ore (million tonne) 3.2 17 36 21.2 117 155 22.4 303 384
III. Manufactured goods ... 291 610 ... 772 1021 ... 3747 4738
of which
III. 1 Textile fabrics & manufactures
(excl. carpets hand-made) ... 73 153 ... 145 192 ... 933 1179
of which
III.1.1 Cotton yarn,fabrics, made-ups etc. ... 65 136 ... 142 188 ... 408 516
III.1.2 Readymade garments of all
textile materials ... 1 2 ... 29 39 ... 550 696
III. 2 Coir yarn and manufactures ... 6 13 ... 13 17 ... 17 22
III. 3 Jute manufactures incl. twist & yarn 790.0 135 283 560.0 190 252 660.0 330 417
III. 4 Leather & leather manufactures incl.
leather footwear,leather travel ... 28 59 ... 80 106 ... 390 493
goods & leather garments
III. 5 Handicrafts (incl. carpets hand-made)c ... 11 23 ... 73 96 ... 952 1204
of which:
III. 5.1 Gems and jewellery ... 1 2 ... 45 59 ... 618 782
III. 6 Chemicals and allied products a ... 7 15 ... 29 39 ... 225 284
III. 7 Machinery, transport & metal
manufactures
including iron and steel b ... 22 46 ... 198 261 ... 827 1045
IV. Mineral fuels and lubricants (incl. ... 7 15 ... 13 17 ... 28 35
coal) d
Total Exports ... 642 1346 ... 1535 2031 ... 6711 8486
Contd....
Table 7.3 A: Principal Exports (Contd.) (Contd....)

1990-91 2000-01 2010-11
(1) (11) (12) (13) (14) (15) (16) (17) (18) (19)
of which
I. 1 Coffee 86.5 252 141 184.9 1185 259 232.6 3010 662
I. 2 Tea and mate 199.1 1070 596 202.4 1976 433 238.3 3354 736
I. 3 Oil cakes 2447.8 609 339 2417.8 2045 448 6936.9 11070 2438
I. 4 Tobacco 87.1 263 147 108.3 871 191 215.9 3985 875
I. 5 Cashew kernels 55.5 447 249 83.8 1883 412 12156.5 2853 627
I. 6 Spices 103.3 239 133 244.9 1619 354 762.7 8043 1768
I. 7 Sugar and molasses 191.0 38 21 769.0 511 112 2086.3 5633 1246
I. 8 Raw cotton 374.4 846 471 30.2 224 49 1885.8 13160 2910
I. 9 Rice 505.0 462 257 1534.4 2943 644 2471.4 11586 2545
I. 11 Meat and meat preparations ... 140 78 ... 1470 322 ... 8960 1971
I. 12 Fruits, vegetables and pulses
(excl.cashew kernels, processed
fruits & juices) ... 216 120 ... 1609 352 ... 6350 1397
I. 13 Miscellaneous processed foods (incl.
processed fruits and juices) ... 213 119 ... 1094 239 ... 3669 806
of which
II.1 Mica 42.0 35 19 63.2 64 14 125.8 189 42
III. Manufactured goods ... 23736 13229 ... 160723 35181 789433 173263
of which
III. 1 Textile fabrics & manufactures
(excl. carpets hand-made) ... 6832 3807 ... ... ...
of which
III.1.2 Readymade garments of all
textile materials ... 4012 2236 ... 25478 5577 ... 52861 11614
III. 3 Jute manufactures incl.twist & yarn 220.0 298 166 ... 932 204 ... 2092 459
III. 4 Leather & leather manufactures incl.
leather footwear,leather travel
goods & leather garments ... 2600 1449 ... 8914 1951 ... 17818 3909
III. 5 Handicrafts (incl. carpets hand-made) c ... 6167 3437 ... 5097 1116 ... 5877 1293
of which
III. 6 Chemicals and allied productsa ... 2111 1176 ... 22851 5002 ... 131544 28905
III. 7 Machinery, transport & metal
manufactures
including iron and steel b ... 3872 2158 ... 31870 6976 ... 226805 49815
IV. Mineral fuels and lubricants (incl. ... 948 528 ... 8822 1931 192639 42280
coal) d
Total Exports ... 32553 18143 ... 201356 44076 1136964 251136
Contd....
Table 7.3 A: Principal Exports (Concld.) (Contd....)

2016-17 2017-18 2018-19 (P)
(1) (19) (21) (22) (23) (24) (25) (26) (27) (28)
of which
I. 1 Coffee 288.6 5646 843 317.8 6245 969 282.9 5722 822
I. 2 Tea and mate 243.4 4906 731 272.9 5397 837 270.3 5828 831
I. 3 Oil cakes 2632.3 5410 805 3570.8 7043 1093 4486.1 10577 1512
I. 4 Tobacco 204.4 4250 634 185.4 3828 594 189.5 3984 570
I. 5 Cashew kernels 103.2 5323 793 98.4 5978 927 83.5 4606 658
I. 6 Spices 1014.5 19111 2852 1096.3 20085 3115 1091.8 23218 3323
I. 7 Sugar and molasses 2934.7 8974 1338 1881.9 5323 826 4829.1 10106 1444
I. 8 Raw cotton 996.1 10907 1621 1101.5 12200 1894 1143.1 14628 2104
I. 9 Rice 10756.0 38443 5734 12875.4 50308 7806 12014.4 53990 7753
I. 11 Meat and meat preparations 27036 4034 1374 26896 4171 1256 25987 3716
I. 12 Fruits, vegetables and pulses ... 12042.64105 1797.400611 ... 11680.62824 1811.297326 ... 12998.70051 1863.817852
(excl.cashew kernels, processed
fruits & juices)
I. 13 Miscellaneous processed foods (incl. ... 5686.831025 848.364977 ... 5992.484143 929.785554 ... 6536.594702 933.596899
processed fruits and juices)
of which
II.1 Mica 134.4 374 56 153.986378 525 81 150.8 498 71
III. Manufactured goods ... 1362095 203140 ... 1393418 216122 ... 1621779 231953
of which
III. 1 Textile fabrics & manufactures ... 150126.2629 22383.93167 ... 175085.505 27169.09079 ... 192745.8817 27592.25689
(excl. carpets hand-made)
of which
III.1.2 Readymade garments of all ... 116459.0236 17368.15338 ... 107643.997 16706.94319 ... 112700.5683 16138.18911
textile materials
III. 3 Jute manufactures incl.twist & yarn ... 2080 310 ... 2159 335 ... 2274 325
III. 4 Leather & leather manufactures incl. ... 34651.00658 5165.59914 ... 34084.32879 5289.126297 ... 35933.82667 5140.815886
leather footwear,leather travel
goods & leather garments
III. 5 Handicrafts (incl. carpets hand-made) c ... 22909 3417 ... 20969 3253 ... 23227 3320
of which ... ...
III. 6 Chemicals and allied products a ... 167054 24911 ... 198540 30800 ... 264718 37840
III. 7 Machinery, transport & metal ... 474106.0735 70723.46441 ... 548535.5962 85088.80913 ... 646000.0431 92450.91624
manufactures
including iron and steel b
IV. Mineral fuels and lubricants (incl.coal) d ... 217340 32415 ... 247702 38438 ... 335148 47874
Total Exports ... 1849434 275851.71 ... 1956515 303526 ... 2307663 330070

... : Not available
a : Chemicals and allied products figrues relate to "Basic Chemicals" and "Plastic Linoleum products
b : Also includes electronic goods and computer software
c : Gems and Jewellery excluded from Handicarafts and reported as individual item since 1997-98
d : During 1990-91 and 2000-01 Crude oil exports amount to Nil
Table 7.3 B. Share and Percentage Change of Major Exports

Percentage share Percentage change a
Commodity Group 2016-17 2017-18 2018-19 2016-17 2017-18 2018-19
(P) (P)
(1) (2) (3) (4) (5) (6) (7)
I. Agricullture & allied 12.3 12.7 11.8 2.3 14.3 0.4
of which
1 Tea 0.3 0.3 0.3 1.5 14.5 -0.4
2 Coffee 0.3 0.3 0.2 7.5 15.1 -15.5
3 Cereals 2.2 2.7 2.5 -3.9 35.6 -0.3
4 Unmanufactured Tobacco 0.2 0.2 0.2 -5.2 -6.3 -4.1
5 Spices 1.0 1.0 1.0 12.2 9.4 6.6
6 Cashewnuts 0.3 0.3 0.2 2.2 16.9 -29.0
7 Oil Meals 0.3 0.4 0.5 46.7 35.5 38.4
8 Fruits & Vegetables & Pulses 0.7 0.6 0.6 6.0 0.9 2.6
9 Marine Products 2.1 2.4 2.1 23.8 25.2 -7.8
10 Raw Cotton 0.6 0.6 0.6 -17.0 16.4 10.5
II. Ores and Minerals 1.8 1.9 1.8 34.9 14.7 5.0
of which
11 Iron Ore 0.6 0.5 0.4 695.1 -4.1 -10.0
12 Processed minerals 0.3 0.3 0.4 2.7 8.1 21.6
13 Other ores & minerals 0.7 0.7 0.7 1.1 5.7 3.2
III. Manufactured goods 73.6 71.2 70.3 5.3 6.4 7.3
of which
14 Leather & Manufactures 1.2 1.1 0.9 -6.5 2.2 -4.5
15 Leather footwear 0.8 0.7 0.7 -0.9 3.0 0.1
16 Gems & Jewellerly 15.7 13.7 12.2 10.3 -4.2 -3.1
17 Drugs, Pharmaceuticals & fine chemicals 1.2 1.2 1.2 -5.9 4.7 10.4
18 Dyes/intmdts. & Coaltar chemicals 0.8 0.8 0.9 2.6 14.1 16.9
19 Manufactures of metals 5.0 5.8 5.0 1.5 27.7 -6.9
20 Machinery & instruments 6.8 7.6 8.3 4.8 23.2 18.5
21 Transport equipments 7.7 7.0 7.3 3.0 0.1 13.4
22 Primary & semi-finished Iron & Steel 3.1 3.7 2.9 58.6 29.6 -13.4
23 Electronic Goods 2.0 1.9 2.4 1.3 5.9 40.5
24 Cotton yarn, fabrics, made-ups etc. 3.1 2.9 3.0 -3.6 4.2 10.4
25 Readymade Garments 6.3 5.5 4.9 2.4 -3.8 -3.5
26 Handicrafts 0.7 0.6 0.6 16.7 -5.3 0.8
IV. Crude & Petroleum Products (incl. Coal) 11.8 12.7 14.5 4.1 18.6 24.7
V. Other & unclassified items 0.6 1.5 1.6 1.0 204.1 17.2
Total Exports 100.0 100.0 100.0 5.2 10.0 8.8

a : In terms of US dollar
Table 7.4 (A): Direction of Imports : Imports by Regions and Countries
2015-16 2016-17 Change Share 2017-18 2018-19 (P) Change Share
Regions / Countries (US$ (US$ (4) over (2) in 2016-17 (US$ (US$ (10) over in 2018-19
A 114
million) million) million) million) (8)

|
(R crore) (R crore) (Per cent) (Per cent) (R crore) (R crore) (Per cent) (Per cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
1) Europe 64,655 422,769 61,474 412,256 -4.9 16.0 69,898 450,625 78,746 549,990 12.7 15.3
1.1 EU Countries 43,934 287,369 42,385 284,275 -3.5 11.0 47,873 308,576 57,832 404,069 20.8 11.3
1) GERMANY 12,088 79,098 11,584 77,704 -4.2 3.0 13,296 85,700 15,027 105,179 13.0 2.9
2) BELGIUM 8,256 54,001 6,625 44,396 -19.8 1.7 5,993 38,646 10,469 73,002 74.7 2.0
3) U K 5,193 33,936 3,665 24,584 -29.4 1.0 4,807 30,989 7,562 52,746 57.3 1.5
4) FRANCE 3,730 24,420 5,708 38,264 53.0 1.5 6,524 42,032 6,211 43,391 -4.8 1.2
5) ITALY 4,072 26,645 3,895 26,128 -4.4 1.0 4,707 30,337 5,290 36,984 12.4 1.0
6) NETHERLAND 1,860 12,168 1,896 12,729 1.9 0.5 2,513 16,199 4,060 28,483 61.6 0.8
7) SPAIN 1,646 10,756 1,969 13,223 19.6 0.5 1,663 10,721 1,681 11,728 1.0 0.3
8) SWEDEN 1,485 9,693 1,161 7,788 -21.8 0.3 1,464 9,440 1,327 9,279 -9.4 0.3
Volume 2
9) FINLAND 1,002 6,550 1,012 6,792 0.9 0.3 1,401 9,023 1,124 7,795 -19.8 0.2
10) POLAND 570 3,731 691 4,637 21.3 0.2 767 4,944 793 5,540 3.4 0.2
11) AUSTRIA 827 5,422 908 6,085 9.8 0.2 973 6,274 716 5,004 -26.4 0.1
12) DENMARK 429 2,812 482 3,231 12.4 0.1 565 3,641 537 3,752 -4.8 0.1
13) IRELAND 552 3,613 526 3,528 -4.7 0.1 795 5,126 423 2,955 -46.9 0.1
14) CYPRUS 48 314 67 445 38.2 0.0 13 87 394 2,737 2,825.6 0.1
15) ROMANIA 309 2,024 317 2,128 2.6 0.1 412 2,656 315 2,197 -23.4 0.1
16) CZECH REPUBLIC 508 3,319 539 3,618 6.2 0.1 670 4,315 259 1,808 -61.3 0.1
17) SLOVENIA 89 579 102 682 14.8 0.0 112 722 249 1,748 122.4 0.0
18) HUNGARY 243 1,586 219 1,466 -9.8 0.1 271 1,746 241 1,684 -11.0 0.0
19) LITHUANIA 214 1,404 271 1,819 26.5 0.1 189 1,223 212 1,477 11.7 0.0
20) LATVIA 62 399 40 266 -35.6 0.0 53 339 158 1,111 201.0 0.0
21) GREECE 111 722 122 819 9.8 0.0 96 619 144 1,004 49.8 0.0
22) LUXEMBOURG 176 1,143 46 310 -73.8 0.0 53 343 132 931 147.7 0.0
23) PORTUGAL 103 671 141 946 37.7 0.0 190 1,225 133 926 -30.1 0.0
24) BULGARIA 94 616 182 1,220 94.4 0.0 142 916 126 876 -11.5 0.0
Contd....
Table 7.4 (A): Direction of Imports : Imports by Regions and Countries (Contd....)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
25) ESTONIA 142 913 102 687 -27.9 0.0 61 390 108 755 78.7 0.0
26) SLOVAK REP 65 423 69 460 6.0 0.0 95 614 57 402 -39.7 0.0
27) MALTA 26 174 22 150 -15.4 0.0 16 103 44 308 174.4 0.0
28) CROATIA 36 236 25 170 -29.6 0.0 32 206 39 268 21.4 0.0
1.2 European Free Trade 19,890 129,967 17,821 119,473 -10.4 4.6 19,774 127,501 18,456 128,752 -6.7 3.6
Associatipn (EFTA)
1) SWITZERLAND 19,299 126,074 17,249 115,619 -10.6 4.5 18,923 122,018 18,077 126,098 -4.5 3.5
2) NORWAY 585 3,858 567 3,816 -3.2 0.1 842 5,425 366 2,569 -56.5 0.1
3) ICELAND 4 27 5 32 10.1 0.0 7 48 9 61 17.2 0.0
4) LIECHTENSTEIN 1 8 1 6 -27.1 0.0 2 10 4 25 125.0 0.0
1.3 Other European Countries 831 5,433 1,269 8,507 52.7 0.3 2,251 14,548 2,459 17,168 9.3 0.5
1) TURKEY 777 5,080 1,207 8,097 55.4 0.3 2,132 13,785 2,388 16,670 12.0 0.5
2) MACEDONIA 7 46 24 162 240.8 0.0 47 301 24 169 -48.3 0.0
3) ALBANIA 17 114 7 44 -62.2 0.0 39 251 23 160 -41.8 0.0
4) SERBIA 22 144 27 183 21.9 0.0 24 155 21 151 -11.1 0.0
5) BOSNIA-HRZGOVIN 4 29 3 22 -24.5 0.0 9 56 2 17 -72.0 0.0
6) MONTENEGRO 0 0 0 0 0.0 0.0 0 0 0 1 1,200.0 0.0
7) UNION OF SERBIA & 3 19 0 0 -98 0 0 0 0 0 #DIV/0! 0.0
MONTENEGRO
2) Africa 31,667 206,498 28,845 193,456 -8.9 7.5 37,789 243,655 41,130 287,364 8.8 8.0
2.1 Southern African Customs 6,547 42,692 7,256 48,652 10.8 1.9 8,634 55,654 7,558 52,793 -12.5 1.5
Union (SACU)
1) SOUTH AFRICA 5,948 38,785 5,834 39,117 -1.9 1.5 6,835 44,056 6,520 45,541 -4.6 1.3
Volume 2
2) BOTSWANA 542 3,539 1,307 8,766 141.1 0.3 1,638 10,561 974 6,810 -40.5 0.2
|
3) NAMIBIA 10 68 50 338 382.8 0.0 62 401 54 375 -13.9 0.0

4) SWAZILAND 41 268 39 264 -3.9 0.0 9 58 10 67 7.6 0.0
5) LESOTHO 5 32 25 167 404.3 0.0 90 578 0 0 -100.0 0.0
Contd....
A 115
Table 7.4 (A): Direction of Imports : Imports by Regions and Countries (Contd......)

A 116

|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
2.2 Other South African 3,630 23,656 3,947 26,466 8.8 1.0 6,413 41,329 5,643 39,446 -12.0 1.1
Countries
1) ANGOLA 2,767 17,984 2,596 17,406 -6.2 0.7 4,324 27,863 4,027 28,147 -6.9 0.8
2) MOZAMBIQUE 363 2,375 546 3,662 50.5 0.1 932 6,009 1,097 7,677 17.8 0.2
3) ZAMBIA 475 3,134 744 4,991 56.5 0.2 1,095 7,056 511 3,567 -53.4 0.1
4) ZIMBABWE 24 162 60 406 147.3 0.0 62 401 8 55 -87.5 0.0
2.3 West Africa 16,741 109,124 13,025 87,367 -22.2 3.4 16,833 108,578 20,084 140,310 19.3 3.9
1) NIGERIA 9,949 64,923 7,659 51,375 -23.0 2.0 9,501 61,293 10,885 76,316 14.6 2.1
2) GHANA 2,981 19,405 1,939 13,015 -35.0 0.5 2,710 17,484 3,763 26,206 38.9 0.7
3) BURKINA FASO 238 1,550 256 1,715 7.7 0.1 633 4,081 881 6,149 39.3 0.2
Volume 2
4) SENEGAL 264 1,727 316 2,118 19.7 0.1 565 3,649 659 4,525 16.6 0.1
5) EQUTL GUINEA 457 3,012 798 5,353 74.5 0.2 756 4,869 634 4,426 -16.1 0.1
6) COTE D' IVOIRE 572 3,697 456 3,056 -20.4 0.1 442 2,847 603 4,196 36.5 0.1
7) GABON 106 691 69 466 -34.2 0.0 395 2,547 456 3,193 15.3 0.1
8) GUINEA 370 2,405 279 1,874 -24.6 0.1 515 3,317 414 2,870 -19.5 0.1
9) CONGO P REP 202 1,305 157 1,049 -22.4 0.0 199 1,283 406 2,863 104.0 0.1
10) BENIN 276 1,778 207 1,391 -24.8 0.1 223 1,437 376 2,604 68.5 0.1
11) CAMEROON 558 3,619 359 2,411 -35.6 0.1 213 1,373 343 2,356 61.3 0.1
12) TOGO 225 1,454 138 929 -38.5 0.0 164 1,055 304 2,126 85.5 0.1
13) LIBERIA 32 205 8 51 -76.2 0.0 37 237 141 931 284.1 0.0
14) GUINEA BISSAU 198 1,294 216 1,443 8.8 0.1 256 1,651 124 889 -51.7 0.0
15) GAMBIA 31 204 43 290 37.8 0.0 59 378 45 316 -23.2 0.0
16) MALI 243 1,606 99 662 -59.1 0.0 114 736 18 127 -84.0 0.0
17) MAURITANIA 19 122 11 73 -41.0 0.0 5 35 16 111 192.8 0.0
18) SIERRA LEONE 17 108 12 82 -26.1 0.0 24 156 12 82 -51.5 0.0
19) CAPE VERDE IS 3 18 2 13 -31.4 0.0 3 18 3 20 3.2 0.0
20) NIGER 0 2 0 0 -91 0.0 20 130 1 4 -96.8 0.0
Contd....
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
21) ST HELENA 0 0 0 0 -100 0.0 0 0 0 1 133.3 0.0
22) SAO TOME 0 0 0 0 0.0 0.0 0 0 0 0 -80.0 0.0
2.4 Central Africa 531 3,438 369 2,475 -30.5 0.1 479 3,087 554 3,902 15.6 0.1
1) CHAD 321 2,077 169 1,138 -47.2 0.0 149 962 476 3,355 218.5 0.1
2) UGANDA 46 300 69 462 51.4 0.0 56 362 23 162 -59.0 0.0
3) MALAWI 64 422 41 278 -35.7 0.0 16 106 23 161 38.6 0.0
4) CONGO D. REP. 98 624 86 576 -12.1 0.0 225 1,453 19 133 -91.6 0.0
5) RWANDA 1 9 1 8 -12.6 0.0 5 34 7 47 25.1 0.0
6) BURUNDI 0 1 2 11 1,354.5 0.0 17 106 5 31 -72.5 0.0
7) C AFRI REP 1 5 0 3 -54.2 0.0 10 64 2 14 -79.6 0.0
2.5 East Africa 1,327 8,724 1,319 8,853 -0.6 0.3 1,404 9,044 1,563 10,892 11.4 0.3
1) TANZANIA REP 925 6,086 948 6,370 2.6 0.2 1,030 6,634 903 6,281 -12.3 0.2
2) MADAGASCAR 142 933 120 802 -15.5 0.0 168 1,079 297 2,074 76.8 0.1
3) KENYA 128 837 104 699 -18.2 0.0 73 468 137 961 88.9 0.0
4) MAURITIUS 20 133 18 123 -9.8 0.0 21 134 79 547 280.1 0.0
5) ETHIOPIA 61 399 67 449 10.0 0.0 47 306 55 378 15.9 0.0
6) COMOROS 15 100 26 173 69.9 0.0 37 240 35 247 -6.7 0.0
7) SOMALIA 16 101 18 119 13.6 0.0 4 23 18 130 416.3 0.0
8) REUNION 19 123 14 93 -26.0 0.0 18 116 18 127 0.6 0.0
9) DJIBOUTI 1 8 3 19 129.3 0.0 5 35 16 110 190.8 0.0

10) SEYCHELLES 1 4 1 6 38.8 0.0 1 9 5 37 284.7 0.0
2.6 North Africa 2,893 18,864 2,929 19,643 1.3 0.8 4,027 25,963 5,728 40,020 42.3 1.1
Volume 2
1) ALGERIA 299 1,972 605 4,055 102.1 0.2 1,261 8,132 1,697 11,900 34.6 0.3
|
2) EGYPT A RP 1,221 7,922 1,164 7,810 -4.7 0.3 1,293 8,333 1,678 11,698 29.8 0.3
3) MOROCCO 1,078 7,051 793 5,322 -26.4 0.2 780 5,025 1,327 9,267 70.2 0.3
4) SUDAN 149 964 245 1,637 64.3 0.1 452 2,917 743 5,195 64.3 0.1
5) LIBYA 9 56 7 50 -15.9 0.0 101 653 146 1,001 45.2 0.0
A 117
Contd....
A 118

|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
6) TUNISIA 136 899 115 769 -15.9 0.0 140 903 138 959 -1.7 0.0
3) America 45,990 300,963 46,674 313,156 1.5 12.1 55,993 360,943 64,913 453,898 15.9 12.7
3.1 North America 28,299 185,376 29,383 197,158 3.8 7.6 35,270 227,373 44,366 310,272 25.8 8.6
1) U S A 21,781 142,678 22,307 149,655 2.4 5.8 26,611 171,564 35,299 246,798 32.6 6.9
2) MEXICO 2,283 14,905 2,945 19,776 29.0 0.8 3,930 25,330 5,577 38,999 41.9 1.1
3) CANADA 4,234 27,793 4,132 27,726 -2.4 1.1 4,729 30,479 3,490 24,475 -26.2 0.7
3.2 Latin America 17,692 115,587 17,291 115,998 -2.3 4.5 20,723 133,570 20,547 143,626 -0.9 4.0
1) VENEZUELA 5,702 37,150 5,512 36,964 -3.3 1.4 5,866 37,797 7,259 50,809 23.7 1.4
2) BRAZIL 4,040 26,392 4,115 27,653 1.8 1.1 5,498 35,429 4,406 30,840 -19.9 0.9
3) PERU 820 5,407 1,077 7,227 31.3 0.3 2,377 15,332 2,405 16,693 1.2 0.5
Volume 2
4) ARGENTINA 2,472 16,251 2,501 16,763 1.2 0.7 2,229 14,365 1,955 13,615 -12.3 0.4
5) CHILE 1,961 12,759 1,226 8,229 -37.5 0.3 2,092 13,478 1,238 8,642 -40.8 0.2
6) COLOMBIA 808 5,266 594 3,985 -26.5 0.2 593 3,823 1,055 7,394 78.0 0.2
7) BOLIVIA 240 1,580 174 1,167 -27.8 0.0 667 4,304 852 5,989 27.7 0.2
8) DOMINIC REP 479 3,146 675 4,515 41.0 0.2 646 4,172 567 4,000 -12.3 0.1
9) ECUADOR 564 3,652 356 2,384 -36.9 0.1 194 1,250 219 1,540 13.0 0.0
10) TRINIDAD 92 609 174 1,164 88.8 0.0 42 276 195 1,350 359.9 0.0
11) SURINAME 43 279 46 309 6.0 0.0 93 599 89 623 -3.6 0.0
12) COSTA RICA 62 403 59 394 -5.4 0.0 67 434 51 350 -24.9 0.0
13) URUGUAY 18 116 13 90 -24.1 0.0 25 161 43 301 72.0 0.0
14) BAHAMAS 77 511 259 1,728 235.1 0.1 40 261 39 275 -2.6 0.0
15) PANAMA REPUBLIC 72 473 202 1,353 178.4 0.1 43 279 39 266 -10.2 0.0
16) PARAGUAY 112 736 155 1,042 38.3 0.0 167 1,077 21 146 -87.4 0.0
17) HONDURAS 16 104 22 149 39.3 0.0 13 86 18 128 37.0 0.0
18) BR VIRGN IS 2 10 7 45 333.5 0.0 1 6 17 117 1,812.5 0.0
19) GUATEMALA 13 81 22 146 73.3 0.0 16 103 16 113 1.9 0.0
Contd....
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
20) HAITI 3 21 4 24 10.1 0.0 8 53 14 97 66.5 0.0
21) NETHERLANDANTIL 59 395 67 446 12.6 0.0 8 53 10 68 17.7 0.0
22) BERMUDA 0 0 0 0 0.0 0.0 0 0 8 53 #DIV/0! 0.0
23) GUYANA 18 121 14 97 -21.6 0.0 7 43 6 45 -2.6 0.0
24) JAMAICA 2 10 1 8 -24.5 0.0 4 28 5 35 15.2 0.0
25) EL SALVADOR 6 40 6 39 -6.6 0.0 9 58 4 29 -53.4 0.0
26) CUBA 1 9 1 9 -1.5 0.0 2 13 4 27 84.5 0.0
27) NICARAGUA 4 25 3 18 -31.9 0.0 4 27 4 25 -13.7 0.0
28) FR GUIANA 1 8 1 10 25.0 0.0 1 6 2 13 114.1 0.0
29) BARBADOS 0 1 0 1 5.9 0.0 0 1 2 12 770.0 0.0
30) MARTINIQUE 0 0 0 0 0 0 0 0 1 6 1,520.0 0.0
31) VIRGIN IS US 1 7 5 30 319.4 0.0 0 2 1 5 171.4 0.0
32) BELIZE 1 7 1 3 -48.5 0.0 1 9 1 5 -52.2 0.0
33) ST LUCIA 0 3 0 2 -46.7 0.0 0 2 1 4 78.1 0.0
34) GRENADA 0 0 0 0 20.0 0.0 0 2 0 3 77.8 0.0
35) GUADELOUPE 0 0 0 0 -17 0 0 0 0 3 3,600.0 0.0
36) DOMINICA 0 1 1 5 670.0 0.0 0 2 0 2 10.7 0.0
37) CAYMAN IS 0 0 0 0 -60.0 0.0 6 42 0 2 -96.4 0.0
38) ANTIGUA 0 0 0 0 -100.0 0.0 0 0 0 1 650.0 0.0
39) MONTSERRAT 0 0 0 0 0 0 0 0 0 0 20.0 0.0

40) ST VINCENT 0 0 0 0 0 0 0 0 0 0 -60.0 0.0
41) ST KITT N A 0 1 0 0 -93.8 0.0 0 0 0 0 #DIV/0! 0.0
Volume 2
42) TURKS C IS 0 0 0 0 50.0 0.0 0 0 0 0 150.0 0

|
43) FALKLAND IS 2 11 0 0 -97 0 0 0 0 0 0.0 0

4) Asia 222,629 1,455,063 230,571 1,546,334 3.6 60.0 279,667 1,802,415 318,655 2,229,149 13.9 62.1
4.1 East Asia (Oceania) 9,703 63,430 11,828 79,387 21.9 3.1 14,902 96,058 13,914 97,108 -6.6 2.7
Contd....
A 119
A 120

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(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
1) AUSTRALIA 8,899 58,181 11,154 74,864 25.3 2.9 13,994 90,197 13,131 91,638 -6.2 2.6
2) NEW ZEALAND 548 3,585 504 3,385 -7.9 0.1 644 4,152 631 4,403 -2.0 0.1
3) PAPUA N GNA 180 1,161 108 726 -39.8 0.0 196 1,266 89 626 -54.7 0.0
4) SOLOMON IS 68 444 54 364 -20.3 0.0 68 437 59 413 -13.2 0.0
5) SAMOA 2 16 6 42 156 0.0 0 2 3 19 957.7 0.0
6) FIJI IS 0 2 1 4 62.2 0.0 0 3 1 5 44.9 0.0
7) KIRIBATI REP 0 0 0 0 0 0 0 0 0 2 340.0 0.0

8) NAURU RP 6 38 0 0 -99 0.0 0 0 0 1 1,500.0 0.0
9) TONGA 0 0 0 0 0 0.0 0 0 0 0 0.0 0.0
10) TUVALU 0 0 0 1 1,200.0 0.0 0 0 0 0 #DIV/0! 0.0
Volume 2
11) VANUATU REP 0 2 0 -100 0.0 0 0 0 0 #DIV/0! 0

12) TIMOR LESTE 0 0 0 1 466.7 0.0 0 1 0 0 -50.0 0
4.2 ASEAN 39,910 260,744 40,617 272,397 1.8 10.6 47,134 303,820 59,293 414,791 25.8 11.6
1) SINGAPORE 7,308 47,735 7,087 47,542 -3.0 1.8 7,467 48,133 16,282 113,918 118.0 3.2
2) INDONESIA 13,132 85,800 13,428 90,082 2.3 3.5 16,439 105,961 15,849 111,140 -3.6 3.1
3) MALAYSIA 9,084 59,373 8,934 59,881 -1.7 2.3 9,012 58,081 10,792 75,302 19.8 2.1
4) THAILAND 5,510 36,011 5,415 36,313 -1.7 1.4 7,134 45,988 7,442 51,980 4.3 1.5
5) VIETNAM SOC REP 2,560 16,763 3,321 22,263 29.7 0.9 5,019 32,357 7,192 50,286 43.3 1.4
6) BRUNEI 554 3,610 628 4,208 13.3 0.2 435 2,805 591 4,122 35.9 0.1
7) PHILIPPINES 542 3,532 495 3,318 -8.8 0.1 764 4,928 581 4,063 -24.0 0.1
8) MYANMAR 984 6,378 1,067 7,156 8.4 0.3 640 4,120 521 3,674 -18.5 0.1
9) CAMBODIA 54 360 36 242 -33.7 0.0 56 360 43 298 -23.7 0.0
10) LAO PD RP 180 1,182 207 1,391 15.2 0.1 169 1,088 1 7 -99.4 0.0
4.3 West Asia- GCC 55,790 364,147 55,172 369,966 -1.1 14.4 64,079 413,051 79,697 557,909 24.4 15.5
1) U ARAB EMTS 19,446 126,981 21,510 144,237 10.6 5.6 21,739 140,096 29,768 208,425 36.9 5.8
2) SAUDI ARAB 20,321 132,580 19,972 133,946 -1.7 5.2 22,070 142,241 28,479 199,395 29.0 5.6
3) QATAR 9,022 58,912 7,646 51,276 -15.3 2.0 8,409 54,211 10,722 75,167 27.5 2.1
Contd....

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
4) KUWAIT 4,970 32,379 4,462 29,899 -10.2 1.2 7,166 46,221 7,431 51,949 3.7 1.4
5) OMAN 1,675 10,957 1,291 8,657 -22.9 0.3 4,264 27,500 2,758 19,199 -35.3 0.5
6) BAHARAIN IS 357 2,339 291 1,951 -18.6 0.1 431 2,783 540 3,775 25.2 0.1
4.4 Other West Asia 20,140 131,170 25,071 168,147 24.5 6.5 31,996 206,136 39,016 272,491 21.9 7.6
1) IRAQ 10,838 70,564 11,708 78,515 8.0 3.0 17,616 113,453 22,372 156,601 27.0 4.4
2) IRAN 6,279 40,823 10,507 70,478 67.3 2.7 11,112 71,620 13,526 94,113 21.7 2.6
3) ISRAEL 2,095 13,713 1,961 13,147 -6.4 0.5 2,067 13,321 1,932 13,470 -6.5 0.4
4) JORDAN 853 5,580 828 5,556 -2.9 0.2 985 6,349 1,116 7,822 13.3 0.2
5) LEBANON 28 180 30 203 9.4 0.0 38 248 44 305 14.2 0.0
6) SYRIA 41 266 32 216 -20.4 0.0 26 165 14 99 -44.8 0.0
7) YEMEN REPUBLC 7 44 5 32 -30.1 0.0 153 980 12 81 -92.3 0.0
4.5 NE Asia 94,112 616,112 95,069 637,563 1.0 24.7 118,353 762,710 122,424 856,646 3.4 23.9
1) CHINA P RP 61,708 404,051 61,283 411,103 -0.7 15.9 76,381 492,236 70,318 492,068 -7.9 13.7
2) HONG KONG 6,052 39,636 8,204 54,906 35.6 2.1 10,676 68,777 17,987 125,972 68.5 3.5
3) KOREA RP 13,047 85,363 12,585 84,404 -3.5 3.3 16,362 105,423 16,759 117,254 2.4 3.3
4) JAPAN 9,850 64,493 9,755 65,415 -1.0 2.5 10,973 70,745 12,773 89,278 16.4 2.5
5) TAIWAN 3,354 21,921 3,143 21,076 -6.3 0.8 3,926 25,303 4,577 32,000 16.6 0.9
6) MACAO 8 54 8 53 -4.6 0.0 8 54 6 44 -24.2 0.0
7) KOREA DP RP 88 567 89 592 0.8 0.0 25 162 3 23 -86.8 0.0
8) MONGOLIA 4 27 2 13 -51.9 0.0 2 11 1 7 -41.3 0.0

4.6 South Asia 2,975 19,459 2,813 18,873 -5.4 0.7 3,203 20,640 4,311 30,205 34.6 0.8
1) SRI LANKA DSR 743 4,854 602 4,040 -18.9 0.2 773 4,977 1,473 10,274 90.7 0.3
Volume 2
2) BANGLADESH PR 727 4,767 702 4,708 -3.5 0.2 686 4,420 1,043 7,326 52.1 0.2
|
3) PAKISTAN IR 441 2,885 454 3,049 3.1 0.1 489 3,150 495 3,476 1.3 0.1
4) NEPAL 471 3,069 445 2,985 -5.4 0.1 438 2,825 475 3,326 8.4 0.1
5) AFGHANISTAN TIS 308 2,029 293 1,967 -4.9 0.1 434 2,797 435 3,078 0.4 0.1
6) BHUTAN 281 1,827 308 2,063 9.4 0.1 378 2,436 369 2,576 -2.4 0.1
Contd....
A 121
Table 7.4 (A): Direction of Imports : Imports by Regions and Countries
A 122

|
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
7) MALDIVES 4 28 9 62 113.8 0.0 6 37 20 147 259.3 0.0
5) CIS & Baltics 7,078 46,269 9,323 62,467 31.7 2.4 12,876 83,043 9,443 65,904 -26.7 1.8
5.1 CARs Countries 457 2,980 612 4,085 34.0 0.2 1,116 7,208 863 6,030 -22.7 0.2
1) KAZAKHSTAN 353 2,295 521 3,474 47.7 0.1 907 5,857 709 4,953 -21.9 0.1
2) UZBEKISTAN 45 298 47 312 2.8 0.0 102 658 127 885 24.6 0.0
3) TURKMENISTAN 47 310 21 143 -54.6 0.0 26 169 21 143 -21.1 0.0
4) TAJIKISTAN 10 65 22 146 118.6 0.0 50 324 4 30 -91.6 0.0

5) KYRGHYZSTAN 2 12 1 10 -17.3 0.0 31 199 3 18 -91.6 0.0
5.2 Other CIS Countries 6,621 43,289 8,710 58,382 31.5 2.3 11,759 75,835 8,580 59,873 -27.0 1.7
1) RUSSIA 4,585 29,986 5,552 37,180 21.1 1.4 8,573 55,287 5,840 40,817 -31.9 1.1
Volume 2
2) UKRAINE 1,751 11,465 2,481 16,657 41.7 0.6 2,356 15,194 2,341 16,280 -0.6 0.5
3) BELARUS 165 1,066 171 1,143 3.4 0.0 208 1,338 227 1,582 9.3 0.0
4) AZERBAIJAN 77 487 462 3,105 498.9 0.1 593 3,828 148 1,029 -75.0 0.0
5) GEORGIA 24 160 32 211 28.8 0.0 27 174 22 156 -18.0 0.0
6) ARMENIA 14 93 1 7 -92.5 0.0 1 4 1 6 40.0 0.0
7) MOLDOVA 5 32 12 79 139.9 0.0 2 10 0 3 -75.2 0.0
6) Unspecified Region 8,987 58,744 7,471 50,007 -16.9 1.9437006 9357.88 60352.83 197.98 1380.16 -97.9 0.0
Total 381,008 2,490,306 384,357 2,577,675 0.9 100.0 465581 3001033 514034 3594373 10.4 100.0
Source: Department of Commerce based on DGCI&S data.

P : Provisional.
Table 7.4 (B): Direction of Exports : Exports by Regions and Countries
Regions / Countries (US$ (US$ (4) over (2) in 2016- (US$ (US$ (10) over in 2018-
million) million) 17 million) million) (8) 19
(R crore) (R crore) (Per cent) (Per (R crore) (R crore) (Per cent) (Per
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
1) Europe 50,413 330,132 53,327 357,519 5.8 19.3 60,346 388,924 64,381 449,874 6.7 19.5
1.1 EU Countries 44,607 292,119 47,319 317,239 6.1 17.2 53,630 345,630 57,208 399,794 6.7 17.4
1) U K 8,858 57,961 8,551 57,323 -3.5 3.1 9,713 62,572 9,333 65,268 -3.9 2.8
2) GERMANY 7,095 46,467 7,184 48,169 1.3 2.6 8,689 56,003 8,905 62,216 2.5 2.7
3) NETHERLAND 4,727 30,957 5,071 34,027 7.3 1.8 6,263 40,358 8,814 61,574 40.7 2.7
4) BELGIUM 5,028 32,959 5,657 37,915 12.5 2.1 6,207 40,008 6,730 47,010 8.4 2.0
5) ITALY 4,218 27,638 4,903 32,861 16.2 1.8 5,710 36,809 5,594 39,089 -2.0 1.7
6) FRANCE 4,634 30,328 5,250 35,180 13.3 1.9 4,902 31,594 5,236 36,600 6.8 1.6
7) SPAIN 3,237 21,215 3,426 22,972 5.8 1.2 3,996 25,760 4,183 29,218 4.7 1.3
8) POLAND 1,025 6,718 1,198 8,030 16.8 0.4 1,541 9,934 1,573 11,004 2.0 0.5
9) SWEDEN 684 4,476 709 4,754 3.7 0.3 772 4,972 792 5,535 2.7 0.2
10) DENMARK 689 4,515 693 4,647 0.6 0.3 784 5,053 746 5,225 -4.8 0.2
11) PORTUGAL 590 3,866 670 4,490 13.6 0.2 747 4,818 744 5,199 -0.5 0.2
12) IRELAND 526 3,445 485 3,256 -7.7 0.2 536 3,457 531 3,717 -1.0 0.2
13) GREECE 336 2,204 381 2,550 13.5 0.1 434 2,795 503 3,503 16.0 0.2
14) AUSTRIA 340 2,228 383 2,569 12.8 0.1 460 2,965 483 3,374 5.0 0.1
15) HUNGARY 345 2,258 406 2,725 17.7 0.1 403 2,595 458 3,205 13.8 0.1
16) ROMANIA 256 1,676 258 1,726 0.7 0.1 399 2,572 430 3,008 7.9 0.1
17) CZECH REPUBLIC 489 3,182 533 3,577 9.1 0.2 405 2,613 429 3,003 5.9 0.1
18) SLOVENIA 264 1,736 252 1,687 -4.6 0.1 287 1,850 317 2,216 10.4 0.1
19) FINLAND 249 1,629 270 1,810 8.6 0.1 283 1,823 256 1,792 -9.3 0.1
20) MALTA 325 2,117 137 922 -57.8 0.0 196 1,262 230 1,606 17.2 0.1
Volume 2
21) BULGARIA 146 949 240 1,605 64.6 0.1 173 1,117 213 1,485 23.2 0.1
|
22) CROATIA 112 737 124 831 10.4 0.0 169 1,087 154 1,074 -8.8 0.0
23) SLOVAK REP 138 899 146 980 6.3 0.1 152 983 146 1,020 -4.3 0.0
24) LITHUANIA 88 579 96 644 9.0 0.0 104 669 127 890 22.7 0.0
Contd....
A 123
Table 7.4 (B): Direction of Exports : Exports by Regions and Countries (Contd....)
A 124

|
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
25) LATVIA 80 519 116 776 45.4 0.0 112 723 116 810 2.9 0.0
26) CYPRUS 60 391 72 480 20.0 0.0 100 646 71 495 -29.3 0.0
27) ESTONIA 64 417 98 654 53.1 0.0 80 518 64 450 -19.9 0.0
28) LUXEMBOURG 8 53 11 77 42.3 0.0 11 73 30 209 164.0 0.0
1.2 European Free Trade Associatipn 1,538 10,042 1,241 8,304 -19.3 0.4 1,453 9,366 1,534 10,720 5.6 0.5
(EFTA)
1) SWITZERLAND 977 6,422 978 6,545 0.1 0.4 1,084 6,987 1,187 8,292 9.5 0.4
2) NORWAY 542 3,493 245 1,642 -54.8 0.1 360 2,323 313 2,186 -13.0 0.1
3) ICELAND 19 122 17 112 -9.9 0.0 6 38 31 218 421.9 0.0
4) LIECHTENSTEIN 1 5 1 5 -11.0 0.0 3 18 3 24 21.4 0.0
Volume 2
1.3 Other European Countries 4,268 27,971 4,768 31,976 11.7 1.7 5,263 33,928 5,639 39,359 7.1 1.7
1) TURKEY 4,140 27,136 4,627 31,031 11.8 1.7 5,091 32,815 5,452 38,058 7.1 1.7
2) SERBIA 43 283 50 336 15.5 0.0 59 381 74 516 24.8 0.0
3) MONTENEGRO 26 172 36 244 38.9 0.0 52 333 39 271 -24.6 0.0
4) ALBANIA 24 158 26 177 10.0 0.0 29 189 37 258 26.4 0.0
5) MACEDONIA 13 84 15 100 15.6 0.0 17 112 20 137 12.4 0.0
6) BOSNIA-HRZGOVIN 20 129 13 88 -33.5 0.0 15 99 17 119 11.1 0.0
7) UNION OF SERBIA & 1 9 0 1 -89.1 0.0 0 0 0 0 0.0 0.0
MONTENEGRO
2) Africa 25,039 163,622 23,129 155,085 -7.6 8.4 24,904 160,534 28,542 199,543 14.6 8.7
2.1 Southern African Customs Union 3,804 24,816 3,786 25,385 -0.5 1.4 4,042 26,055 4,378 30,513 8.3 1.3
(SACU)
1) SOUTH AFRICA 3,588 23,407 3,546 23,778 -1.2 1.3 3,825 24,660 4,067 28,334 6.3 1.2
2) BOTSWANA 52 341 77 517 47.2 0.0 109 698 178 1,254 64.2 0.1
3) NAMIBIA 74 484 90 603 22.1 0.0 44 283 82 578 87.8 0.0
4) LESOTHO 30 196 33 222 10.4 0.0 32 203 30 213 -3.6 0.0
5) SWAZILAND 60 387 40 265 -34.0 0.0 33 211 19 133 -41.3 0.0
Contd....
Table 7.4 (B): Direction of Exports : Exports by Regions and Countries (Contd......)
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
2.2 Other South African Countries 1,968 12,822 1,511 10,136 -23.2 0.5 1,593 10,272 1,856 13,019 16.5 0.6
1) MOZAMBIQUE 1,242 8,087 1,010 6,778 -18.7 0.4 901 5,806 1,073 7,538 19.2 0.3
2) ZAMBIA 298 1,947 237 1,589 -20.4 0.1 294 1,898 319 2,238 8.4 0.1
3) ANGOLA 223 1,454 155 1,037 -30.7 0.1 235 1,514 282 1,974 20.2 0.1
4) ZIMBABWE 205 1,333 109 731 -46.8 0.0 164 1,055 182 1,269 11.1 0.1
2.3 West Africa 6,108 39,996 5,652 37,886 -7.5 2.0 6,719 43,310 7,698 53,876 14.6 2.3
1) NIGERIA 2,222 14,523 1,764 11,826 -20.6 0.6 2,255 14,535 3,005 21,040 33.3 0.9
2) GHANA 624 4,091 681 4,566 9.2 0.2 636 4,098 717 5,007 12.8 0.2
3) TOGO 532 3,504 316 2,116 -40.7 0.1 409 2,639 694 4,871 69.8 0.2
4) SENEGAL 559 3,661 634 4,246 13.5 0.2 724 4,668 639 4,461 -11.7 0.2
5) COTE D' IVOIRE 397 2,602 419 2,812 5.4 0.2 512 3,298 449 3,148 -12.3 0.1
6) BENIN 427 2,798 448 3,001 4.8 0.2 480 3,089 427 2,987 -11.0 0.1
7) GUINEA 278 1,818 355 2,379 27.5 0.1 378 2,436 405 2,828 7.1 0.1
8) BURKINA FASO 109 716 115 771 5.7 0.0 148 957 181 1,272 22.3 0.1
9) CAMEROON 191 1,246 149 998 -22.1 0.1 194 1,250 178 1,249 -8.1 0.1
10) LIBERIA 134 874 146 979 9.3 0.1 257 1,658 179 1,249 -30.5 0.1
11) GAMBIA 60 391 62 418 4.8 0.0 120 775 157 1,097 30.3 0.0
12) CONGO P REP 167 1,089 136 910 -18.5 0.0 117 752 133 933 13.9 0.0
13) MALI 108 708 108 723 -0.2 0.0 124 796 131 915 5.7 0.0
14) MAURITANIA 58 382 66 442 13.1 0.0 83 537 116 805 39.0 0.0
15) SIERRA LEONE 91 595 94 628 2.8 0.0 94 602 112 783 20.1 0.0
16) NIGER 80 528 81 545 1.3 0.0 120 775 95 665 -21.1 0.0
Volume 2
17) GABON 37 242 43 290 17.8 0.0 45 291 55 386 22.4 0.0
|
18) EQUTL GUINEA 18 116 11 75 -35.9 0.0 11 69 12 84 10.4 0.0

19) GUINEA BISSAU 14 95 22 145 49.7 0.0 11 69 11 76 0.7 0.0
20) CAPE VERDE IS 1 9 1 8 -12.6 0.0 1 10 2 11 8.1 0.0
Contd....
A 125
A 126

|
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
21) SAO TOME 1 6 1 6 -1.1 0.0 1 6 1 8 32.6 0.0
22) ST HELENA 0 1 0 0 -87.5 0.0 0 0 0 0 100.0 0.0
2.4 Central Africa 1,252 8,194 1,045 7,004 -16.5 0.4 1,143 7,366 1,342 9,413 17.4 0.4
1) UGANDA 570 3,731 494 3,315 -13.2 0.2 532 3,431 580 4,058 9.0 0.2
2) CONGO D. REP. 318 2,085 199 1,335 -37.3 0.1 225 1,451 303 2,123 34.6 0.1
3) MALAWI 176 1,154 178 1,195 1.3 0.1 200 1,287 202 1,418 1.0 0.1
4) RWANDA 106 690 88 590 -17.0 0.0 91 584 145 1,019 59.9 0.0
5) BURUNDI 29 190 36 240 23.8 0.0 38 245 48 341 26.9 0.0
6) CHAD 43 284 39 258 -11.4 0.0 27 176 37 263 37.3 0.0
Volume 2
7) C AFRI REP 9 61 10 69 12.1 0.0 30 193 27 191 -10.4 0.0
2.5 East Africa 7,312 47,772 6,729 45,131 -8.0 2.4 6,533 42,108 7,378 51,573 12.9 2.2
1) KENYA 3,026 19,778 2,194 14,715 -27.5 0.8 1,975 12,724 2,072 14,441 4.9 0.6
2) TANZANIA REP 1,655 10,800 1,784 11,967 7.8 0.6 1,619 10,440 1,704 11,925 5.3 0.5
3) MAURITIUS 856 5,572 881 5,920 3.0 0.3 1,077 6,947 1,161 8,091 7.8 0.4
4) DJIBOUTI 205 1,334 280 1,880 37.1 0.1 376 2,422 791 5,549 110.0 0.2
5) ETHIOPIA 794 5,198 774 5,186 -2.5 0.3 684 4,409 766 5,364 12.0 0.2
6) SOMALIA 487 3,190 504 3,379 3.6 0.2 456 2,935 537 3,768 17.8 0.2
7) MADAGASCAR 197 1,284 214 1,428 8.4 0.1 228 1,469 196 1,384 -13.9 0.1
8) SEYCHELLES 34 224 36 241 5.3 0.0 42 271 84 586 100.9 0.0
9) REUNION 43 279 41 276 -3.6 0.0 46 299 47 329 1.9 0.0
10) COMOROS 17 112 21 139 22.2 0.0 30 192 19 135 -34.9 0.0
2.6 North Africa 4,595 30,022 4,407 29,544 -4.1 1.6 4,874 31,423 5,890 41,150 20.8 1.8
1) EGYPT A RP 2,338 15,272 2,067 13,855 -11.6 0.7 2,392 15,421 2,887 20,154 20.7 0.9
2) ALGERIA 788 5,135 842 5,643 6.9 0.3 823 5,307 940 6,575 14.2 0.3
3) SUDAN 782 5,110 749 5,021 -4.3 0.3 823 5,303 922 6,442 12.1 0.3
4) MOROCCO 342 2,246 374 2,507 9.3 0.1 432 2,789 680 4,752 57.3 0.2
Contd....
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
5) TUNISIA 222 1,459 255 1,712 14.9 0 282 1,817 304 2,127 8.0 0
6) LIBYA 123 801 120 805 -2.1 0.0 122 787 157 1,100 28.5 0.0
3) America 52,753 345,061 54,913 368,165 4.1 19.9 62,783 404,676 68,855 481,427 9.7 20.9
3.1 North America 45,224 295,887 47,682 319,678 5.4 17.3 54,171 349,166 59,114 413,306 9.1 17.9
1) U S A 40,340 263,887 42,216 283,036 4.7 15.3 47,882 308,628 52,422 366,588 9.5 15.9
2) MEXICO 2,865 18,793 3,461 23,206 20.8 1.3 3,783 24,384 3,842 26,786 1.6 1.2
3) CANADA 2,018 13,207 2,004 13,436 -0.7 0.7 2,506 16,154 2,851 19,932 13.8 0.9
3.2 Latin America 7,529 49,174 7,231 48,487 -4.0 2.6 8,612 55,510 9,741 68,121 13.1 3.0
1) BRAZIL 2,650 17,261 2,400 16,098 -9.4 0.9 3,063 19,747 3,800 26,617 24.1 1.2
2) COLOMBIA 887 5,795 785 5,260 -11.5 0.3 939 6,054 1,117 7,811 18.9 0.3
3) CHILE 679 4,451 674 4,522 -0.7 0.2 764 4,922 990 6,912 29.6 0.3
4) PERU 703 4,596 696 4,668 -1.0 0.3 761 4,904 721 5,041 -5.2 0.2
5) ARGENTINA 537 3,510 511 3,424 -4.8 0.2 709 4,567 563 3,910 -20.6 0.2
6) GUATEMALA 256 1,676 241 1,617 -5.8 0.1 292 1,882 305 2,137 4.6 0.1
7) ECUADOR 153 1,000 198 1,326 29.1 0.1 280 1,804 298 2,079 6.5 0.1
8) PANAMA REPUBLIC 201 1,319 220 1,476 9.3 0.1 227 1,463 227 1,593 0.1 0.1
9) DOMINIC REP 175 1,149 225 1,509 28.6 0.1 197 1,269 216 1,507 9.6 0.1
10) URUGUAY 153 996 188 1,263 22.8 0.1 159 1,028 181 1,268 13.5 0.1
11) HONDURAS 155 1,014 135 904 -13.0 0.0 146 943 167 1,169 14.1 0.1
12) VENEZUELA 131 852 62 416 -52.4 0.0 79 511 165 1,154 108.0 0.1
13) PARAGUAY 98 643 125 839 27.4 0.0 168 1,086 161 1,119 -4.6 0.0
14) COSTA RICA 135 884 159 1,069 18.2 0.1 134 861 136 953 1.9 0.0
Volume 2
15) BOLIVIA 74 487 80 533 6.8 0.0 105 679 105 735 -0.5 0.0
|
16) TRINIDAD 93 607 85 567 -9.0 0.0 89 572 84 585 -5.6 0.0
17) HAITI 62 406 71 479 14.7 0.0 94 606 79 555 -15.6 0.0
18) EL SALVADOR 69 448 60 405 -11.8 0.0 69 448 79 549 13.3 0.0
Contd....
A 127
A 128

|
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
19) JAMAICA 40 263 43 288 7.0 0.0 52 337 55 388 6.1 0.0
20) NICARAGUA 83 541 86 578 4.6 0.0 87 563 54 374 -38.3 0.0
21) VIRGIN IS US 4 28 5 36 26.0 0.0 3 19 43 300 1,375.7 0.0
22) CUBA 54 353 42 280 -23.1 0.0 42 270 35 244 -16.3 0.0
23) NETHERLANDANTIL 37 243 38 255 2.4 0.0 39 248 31 214 -20.8 0.0
24) GUYANA 22 143 20 135 -8.2 0.0 26 168 30 207 13.9 0.0
25) SURINAME 13 84 11 70 -18.4 0.0 17 112 23 157 29.9 0.0

26) BELIZE 15 95 15 102 5.0 0.0 13 87 17 119 26.0 0.0
27) BARBADOS 11 69 12 83 17.6 0.0 13 82 12 87 -2.4 0.0
Volume 2
28) BR VIRGN IS 1 6 0 3 -51.2 0.0 1 5 11 73 1,306.6 0.0

29) BAHAMAS 12 79 6 40 -50.4 0.0 8 52 6 43 -24.9 0.0
30) CAYMAN IS 4 23 5 32 33.9 0.0 4 26 4 30 8.7 0.0
31) ST LUCIA 3 18 4 29 61.8 0.0 4 26 4 28 -1.2 0.0
32) GRENADA 2 12 3 20 61.5 0.0 3 17 4 26 42.8 0.0
33) MARTINIQUE 4 29 4 28 -7.0 0.0 4 29 4 25 -19.0 0.0
34) GUADELOUPE 3 19 4 29 53.0 0.0 5 34 3 24 -36.1 0.0
35) BERMUDA 3 17 4 28 62.2 0.0 3 20 3 22 1.0 0.0
36) ANTIGUA 3 17 2 13 -23.0 0.0 2 14 3 19 24.9 0.0
37) ST KITT N A 2 14 3 21 40.5 0.0 3 19 2 17 -17.4 0.0
38) FR GUIANA 1 8 1 10 25.6 0.0 2 14 2 13 -12.8 0.0
39) DOMINICA 1 10 2 16 68.5 0.0 2 14 1 9 -38.1 0.0
40) ST VINCENT 1 4 1 5 41.8 0.0 1 4 1 5 5.8 0.0
41) TURKS C IS 0 1 1 5 387.5 0.0 1 7 0 2 -77.4 0.0
42) MONTSERRAT 1 6 1 4 -35.4 0 0 0 0 0 200.0 0
43) FALKLAND IS 0 0 0 0 0.0 0.0 0 0 0 0 0.0 0.0
4) Asia 127,815 836,486 137,748 923,518 7.8 49.9 149,635 964,614 160,724 1,123,832 7.4 48.8
4.1 East Asia (Oceania) 3,667 23,972 3,369 22,585 -8.1 1.2 4,474 28,832 4,026 28,099 -10.0 1.2
Contd....
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
1) AUSTRALIA 3,263 21,331 2,958 19,828 -9.4 1.1 4,012 25,857 3,522 24,571 -12.2 1.1
2) NEW ZEALAND 308 2,015 310 2,077 0.5 0.1 353 2,275 380 2,661 7.6 0.1
3) FIJI IS 44 288 53 352 19.0 0.0 54 350 61 424 12.1 0.0
4) PAPUA N GNA 39 257 36 243 -8.0 0.0 42 270 50 347 18.6 0.0
5) TIMOR LESTE 3 22 2 16 -32.5 0.0 3 21 5 37 58.4 0.0
6) SAMOA 2 15 2 12 -20.3 0.0 2 15 3 18 7.9 0.0
7) SOLOMON IS 3 18 2 15 -14.8 0.0 1 8 3 18 100.8 0.0
8) VANUATU REP 2 13 2 14 3.5 0.0 2 15 2 14 -13.2 0.0
9) NAURU RP 0 0 3 17 25,200.0 0.0 1 9 1 4 -61.0 0.0
10) KIRIBATI REP 1 6 0 3 -50.0 0.0 1 4 0 3 -32.7 0.0
11) TONGA 1 7 1 8 8.0 0.0 1 8 0 2 -72.2 0.0
12) TUVALU 0 0 0 1 33.3 0.0 0 0 0 0 -100.0 0.0
4.2 ASEAN 25,134 164,605 30,962 207,620 23.2 11.2 34,206 220,530 37,460 262,025 9.5 11.4
1) SINGAPORE 7,720 50,532 9,565 64,116 23.9 3.5 10,203 65,790 11,569 80,916 13.4 3.5
2) VIETNAM SOC REP 5,266 34,589 6,787 45,509 28.9 2.5 7,813 50,388 6,507 45,410 -16.7 2.0
3) MALAYSIA 3,707 24,160 5,225 35,050 41.0 1.9 5,702 36,738 6,432 45,072 12.8 2.0
4) INDONESIA 2,819 18,446 3,488 23,401 23.7 1.3 3,966 25,573 5,278 36,891 33.1 1.6
5) THAILAND 2,988 19,557 3,133 21,012 4.9 1.1 3,654 23,551 4,434 31,050 21.3 1.3
6) PHILIPPINES 1,353 8,872 1,483 9,933 9.5 0.5 1,693 10,910 1,744 12,189 3.0 0.5
7) MYANMAR 1,071 7,082 1,108 7,435 3.5 0.4 966 6,227 1,205 8,456 24.7 0.4
8) CAMBODIA 143 935 105 705 -26.5 0.0 121 783 196 1,371 61.4 0.1
9) BRUNEI 28 186 43 287 50.7 0.0 63 407 56 393 -11.1 0.0
Volume 2
10) LAO PD RP 38 246 26 172 -32.2 0.0 25 161 39 275 57.5 0.0
|
4.3 West Asia- GCC 41,693 272,748 41,768 279,926 0.2 15.1 39,391 253,925 41,553 290,033 5.5 12.6
1) U ARAB EMTS 30,317 198,306 31,176 208,940 2.8 11.3 28,146 181,457 30,088 209,943 6.9 9.1
2) SAUDI ARAB 6,382 41,714 5,110 34,254 -19.9 1.9 5,411 34,868 5,552 38,787 2.6 1.7
3) OMAN 2,191 14,409 2,728 18,262 24.5 1.0 2,439 15,719 2,241 15,635 -8.1 0.7
Contd....
A 129
A 130

|
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
4) QATAR 902 5,899 785 5,262 -13.0 0.3 1,472 9,488 1,601 11,175 8.8 0.5
5) KUWAIT 1,248 8,161 1,498 10,047 20.1 0.5 1,366 8,804 1,330 9,294 -2.6 0.4
6) BAHARAIN IS 654 4,259 472 3,163 -27.9 0.2 557 3,589 740 5,199 32.9 0.2
4.4 Other West Asia 7,883 51,561 7,879 52,833 0.0 2.9 8,993 57,960 10,830 75,585 20.4 3.3
1) ISRAEL 2,821 18,467 3,087 20,698 9.4 1.1 3,364 21,687 3,787 26,432 12.6 1.1
2) IRAN 2,782 18,177 2,380 15,955 -14.4 0.9 2,652 17,094 3,511 24,461 32.4 1.1
3) IRAQ 1,004 6,550 1,111 7,456 10.7 0.4 1,462 9,423 1,789 12,507 22.3 0.5
4) YEMEN REPUBLC 400 2,635 446 2,990 11.6 0.2 563 3,632 741 5,169 31.6 0.2
5) JORDAN 500 3,265 522 3,504 4.5 0.2 541 3,478 579 4,058 7.0 0.2
Volume 2
6) LEBANON 240 1,571 211 1,412 -12.1 0.1 257 1,657 269 1,878 4.5 0.1
7) SYRIA 137 896 122 817 -11.0 0.0 153 989 155 1,081 0.8 0.0
4.5 NE Asia 30,845 201,898 34,548 231,643 12.0 12.5 39,471 254,443 41,938 293,878 6.3 12.7
1) CHINA P RP 9,015 58,960 10,172 68,254 12.8 3.7 13,334 86,000 16,750 117,275 25.6 5.1
2) HONG KONG 12,092 79,307 14,047 94,115 16.2 5.1 14,690 94,677 12,963 90,838 -11.8 3.9
3) JAPAN 4,663 30,436 3,846 25,787 -17.5 1.4 4,735 30,509 4,861 34,006 2.7 1.5
4) KOREA RP 3,525 23,051 4,243 28,444 20.4 1.5 4,462 28,759 4,706 32,882 5.5 1.4
5) TAIWAN 1,429 9,347 2,184 14,667 52.8 0.8 2,157 13,903 2,608 18,520 20.9 0.8
6) KOREA DP RP 111 730 45 301 -59.6 0.0 58 372 27 191 -53.1 0.0
7) MONGOLIA 8 55 10 66 15.9 0.0 20 132 23 158 11.3 0.0
8) MACAO 2 13 2 10 -23.4 0.0 14 89 1 7 -92.4 0.0
4.6 South Asia 18,594 121,701 19,222 128,911 3.4 7.0 23,101 148,924 24,917 174,212 7.9 7.6
1) BANGLADESH PR 6,035 39,527 6,820 45,741 13.0 2.5 8,615 55,538 8,933 62,441 3.7 2.7
2) NEPAL 3,903 25,552 5,454 36,580 39.7 2.0 6,613 42,624 7,616 53,248 15.2 2.3
3) SRI LANKA DSR 5,311 34,660 3,913 26,233 -26.3 1.4 4,476 28,870 4,707 32,974 5.2 1.4
4) PAKISTAN IR 2,171 14,287 1,822 12,222 -16.1 0.7 1,924 12,397 2,067 14,427 7.4 0.6
5) AFGHANISTAN TIS 527 3,436 506 3,397 -3.8 0.2 710 4,577 715 4,992 0.8 0.2
Contd....
Table 7.4 (B): Direction of Exports : Exports by Regions and Countries
cent) cent)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
6) BHUTAN 469 3,068 509 3,414 8.6 0.2 546 3,520 656 4,584 20.2 0.2
7) MALDIVES 179 1,171 198 1,325 10.5 0.1 217 1,399 221 1,544 2.0 0.1
5) CIS & Baltics 2,392 15,670 2,794 18,729 16.8 1.0 3,007 19,386 3,467 24,283 15.3 1.1
5.1 CARs Countries 362 2,368 338 2,267 -6.7 0.1 365 2,353 442 3,107 21.3 0.1
1) UZBEKISTAN 95 618 109 729 15.1 0.0 133 856 201 1,417 51.8 0.1
2) KAZAKHSTAN 152 994 121 811 -20.4 0.0 125 808 143 1,004 14.2 0.0
3) TURKMENISTAN 69 447 58 387 -15.9 0.0 54 350 46 320 -16.0 0.0
4) KYRGHYZSTAN 25 164 30 204 21.2 0.0 29 184 30 210 5.0 0.0
5) TAJIKISTAN 22 145 20 137 -8.2 0.0 24 154 22 156 -6.9 0.0
5.2 Other CIS Countries 2,029 13,302 2,456 16,462 21.0 0.9 2,642 17,033 3,025 21,176 14.5 0.9
1) RUSSIA 1,588 10,409 1,937 12,985 22.0 0.7 2,113 13,622 2,390 16,729 13.1 0.7
2) UKRAINE 259 1,697 310 2,080 19.7 0.1 330 2,128 391 2,736 18.4 0.1
3) GEORGIA 83 542 91 609 10.1 0.0 77 498 110 774 42.9 0.0
4) BELARUS 36 235 40 269 12.4 0.0 48 307 56 390 17.1 0.0
5) AZERBAIJAN 33 218 40 271 20.6 0.0 34 217 43 306 29.0 0.0
6) ARMENIA 23 150 30 203 33.1 0.0 33 215 26 181 -22.0 0.0
7) MOLDOVA 8 51 7 45 -14.1 0.0 7 46 9 60 20.9 0.0
6) Unspecified Region 3,879 25,413 3,941 26,417 1.6 1.4 2,851 18,381 3,567 24,940 25.1 1.1
Total 262291 1716384 275852 1849434 5.2 100.0 303526 1956515 329536 2307663 8.8 100.0
Source: D/o Commerce based on DGCI&S data.
P : Provisional.
Volume 2
|
A 131
Table 7.5. India's Share in World Exports by Commodity Divisions and Groups
(US $ million)
Div. Code Commodity 1980 1985
Sl. Group Division/Group World India India’s World India India’s
No. share (%) share (%)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
01 Meat and meat preparations 17832 67 0.4 15755 61 0.4
03 Fish, crustaceans and molluscs & preparations 12258 242 2.0 14335 337 2.4
04 Cereals and cereal preparations 41989 201 0.5 32643 211 0.6
042 Rice 4355 160 3.7 2916 162 5.6
05 Vegetables and fruits 24018 259 1.1 23606 332 1.4
06 Sugar, sugar preparations and honey 16183 46 0.3 10113 0 0.0
07 Coffee, tea, cocoa, spices and manufactures 22121 879 4.0 20779 971 4.7
071 Coffee and coffee substitutes 12979 271 2.1 11676 226 1.9
074 Tea and mate 1631 452 27.7 1973 517 26.2
075 Spices 1072 156 14.5 1188 229 19.3
08 Feeding stuff for animals 10322 164 1.6 8515 127 1.5
12 Tobacco and tobacco manufactures 3423 151 4.4 7822 140 1.8
121 Unmanufactured tobacco and refuse 3423 151 4.4 3798 113 3.0
122 Manufactured tobacco … … … 4024 27 0.7
22 Oilseeds and oleaginous fruit 9487 30 0.3 7896 20 0.3
28 Metalliferous ores and metal scrap 30239 465 1.5 23137 557 2.4
281 Iron ore and concentrates 6515 411 6.3 6154 478 7.8
51 Organic chemicals 31841 17 0.1 36923 25 0.1
52 Inorganic chemicals 15491 26 0.2 16318 22 0.1
53 Dyeing, tanning and colouring materials 7986 65 0.8 8024 62 0.8
54 541 Medicinal and pharmaceutical products 13918 109 0.8 15920 130 0.8
55 Essential oils and perfume materials soap, 7647 86 1.1 8136 56 0.7
cleansing etc.
58 Artificial resins, plastic materials, 27223 3 0.0 28456 5 0.0
cellulose esters & ethers
59 Chemical materials and products n.e.s. 15960 8 0.0 16613 28 0.2
61 Leather, leather manufactures & dressed fur skins 5967 405 6.8 6444 534 8.3
611 Leather 3415 342 10.0 4185 331 7.9
612 Manufactures of leather or of composition leather 975 62 6.3 1233 202 16.4
613 Fur skins,tanned or dressed etc. 1577 1 0.1 1026 0 0.0
65 Textile yarn, fabrics, made-up articles 48884 1145 2.3 48218 1037 2.1
652 Woven cotton fabrics 6632 351 5.3 6804 327 4.8
653 Woven fabrics of man made fibres 9325 44 0.5 9735 20 0.2
654 Woven fabrics other than of cotton or 3188 204 6.4 3462 167 4.8
man-made fibres
66 667 Pearls, precious and semi-precious stones 18563 579 3.1 12073 1165 9.6
67 Iron and steel 68231 87 0.1 61891 46 0.1
69 Manufactures of metals n.e.s. 36840 221 0.6 32884 125 0.4
71 Power-generating machinery & equipment 35722 88 0.2 38433 59 0.2
72 Machinery specialized for particular industries 58495 65 0.1 54707 97 0.2
73 Metal-working machinery 15671 32 0.2 12696 55 0.4
74 General industrial machinery & equipment
& machine parts thereof 59443 67 0.1 53954 60 0.1
75 Office machinery and ADP equipment 24750 2 0.0 53604 30 0.1
76 Telecommunication and sound recording and 26799 11 0.0 47318 4 0.0
reproducing apparatus and equipment
77 Electrical machinery, apparatus and appliances 60947 114 0.2 75739 121 0.2
78 Road vehicles (including air cushion vehicles) 127347 208 0.2 157446 126 0.1
79 Other transport equipment 41291 32 0.1 50709 27 0.1
84 Articles of apparel and clothing accessories 32365 590 1.8 38718 887 2.3
Total Exports 1997686 8486 0.4 1930849 8904 0.5
Contd....
Table 7.5. India's Share in World Exports by Commodity Divisions and Groups (Contd....)
(US $ million)
share (%)
(1) (2) (3) (10) (11) (12) (13) (14) (15)
042 Rice 3995 254 6.4 6411 654 10.2
074 Tea and mate 2650 585 22.1 3087 431 14.0
075 Spices 1415 109 7.7 2541 261 10.3
122 Manufactured tobacco 12674 39 0.3 16103 0 0.0
55 Essential oils and perfume materials soap, cleansing 21027 240 1.1 44279 216 0.5
etc.
611 Leather 9295 447 4.8 16551 388 2.3
654 Woven fabrics other than of cotton or 8466 195 2.3 9432 370 3.9
man-made fibres
67 Iron and steel 106342 283 0.3 146147 1481 1.0
76 Telecommunication and sound recording and
reproducing apparatus and equipment 100965 31 0.0 299356 0 0.0
Total Exports 3303563 18143 0.5 6254511 41543 0.7
Contd....
(US $ million)
Sl. Group Division/Group
No. World India India’s World India India’s
share (%) share (%)
(1) (2) (3) (16) (17) (18) (19) (20) (21)
042 Rice 9841 1411 14.3 20300 2296 11.3
074 Tea and mate 4159 393 9.4 7200 720 10.0
075 Spices 2995 281 9.4 6000 927 15.4
55 Essential oils and perfume materials 82162 511 0.6 122900 1159 0.9
soap, cleansing etc.
611 Leather 20500 638 3.1 23500 785 3.3
613 Fur skins,tanned or dressed etc. 1722 0.0 0.0 1600 0.0 0.0
654 Woven fabrics other than of cotton or man-made 11076 495 4.5 9900 518 5.2
fibres
67 Iron and steel 312975 4959 1.6 416400 10612 2.5
76 Telecommunication and sound recording and
reproducing apparatus and equipment 492806 0 0.0 626200 2408 0.4
Total Exports 10355384 99618 1.0 15102605 226334 1.5
Contd....
(US $ million)
Sl. No. Group Division/Group World India India’s World India India’s
share (%) share (%)
(1) (2) (3) (22) (23) (24) (25) (26) (27)
03 Fish, crustaceans and molluscs & 138400 5500 4.0 124200 4778 3.8
preparations
042 Rice 26400 7906 29.9 23200 6380 27.5
074 Tea and mate 9100 694 7.6 8400 713 8.5
075 Spices 9700 1575 16.2 10300 1701 16.5
55 Essential oils and perfume materials soap, 161100 1905 1.2 149500 1833 1.2
cleansing etc.
61 Leather, leather manufactures & dressed fur 34400 1603 4.7 29700 1312 4.4
skins
611 Leather 27400 1361 5.0 23000 1095 4.8
612 Manufactures of leather or of composition 4600 243 5.3 4700 216 4.6
leather
654 Woven fabrics other than of cotton or man- 10800 322 3.0 9700 301 3.1
made fibres
67 Iron and steel 467100 11540 2.5 376400 8289 2.2
72 Machinery specialized for particular 428400 4233 1.0 378100 4101 1.1
industries
76 Telecommunication and sound recording 785600 2036 0.3 775500 1315 0.2
and reproducing apparatus and equipment
77 Electrical machinery, apparatus and 1500800 6218 0.4 1449900 5975 0.4
appliances
78 Road vehicles (including air cushion 1374300 13519 1.0 1300400 13079 1.0
vehicles)
Total Exports 18671016.9 317544.6 1.7 16205368.1 264381.0 1.6

Contd....
(US $ million)
(1) (2) (3) (28) (29) (30) (31) (32) (33)
03 Fish, crustaceans and molluscs & 133300 5499 4.1 145034 7041 4.9
preparations
042 Rice 20800 5316 25.6 24068 7076 29.4
07 Coffee, tea, cocoa, spices and 102600 3493 3.4 108534 3863 3.6
manufactures
074 Tea and mate 8600 705 8.2 9257 819 8.8
075 Spices 10400 1766 17.0 11296 1915 17.0
55 Essential oils and perfume materials 155200 1951 1.3 170888 2266 1.3
soap, cleansing etc.
61 Leather, leather manufactures & dressed 26300 1118 4.3 30997 1095 3.5
fur skins
611 Leather 20300 908 4.5 24666 882 3.6
612 Manufactures of leather or of composition 4900 210 4.3 4991 214 4.3
leather
654 Woven fabrics other than of cotton or man- 9100 283 3.1 9026 260 2.9
made fibres
67 Iron and steel 339400 8245 2.4 408993 13905 3.4
72 Machinery specialized for particular 371900 3866 1.0 442816 4428 1.0
industries
74 General industrial machinery & equipment 622900 6115 1.0 667079 7015 1.1
& machine parts thereof
76 Telecommunication and sound recording 753200 1475 0.2 641180 973 0.2
and reproducing apparatus and equipment
77 Electrical machinery, apparatus and 1455400 6077 0.4 1631879 6631 0.4
appliances
78 Road vehicles (including air cushion 1324200 14098 1.1 1423793 15302 1.1
vehicles)
84 Articles of apparel and clothing 455100 17932 3.9 473772 18313 3.9
accessories
Total Exports 15628916.4 260326.9 1.7 17033133.5 294364.5 1.7
Source: Various issues of United Nations' International Trade Statistics Year Book, and http://comtrade.un.org/

Table 7.6. Index Numbers of Foreign Trade

(Base : 1999-2000=100)
Year Unit Value Index Volume Index Terms of Trade
Exports Imports Exports Imports Gross Net Income
(1) (2) (3) (4) (5) (6) (7) (8)
2000-01 102 109 125 99 79 94 117
2001-02 103 112 126 103 82 92 116
2002-03 106 128 150 109 73 83 124
2003-04 114 132 161 128 80 86 139
2004-05 131 157 179 150 84 83 149
2005-06 139 179 206 174 84 78 160
2006-07 158 206 227 191 84 77 174
2007-08 166 210 245 218 89 79 194
2008-09 194 239 267 262 98 81 217
2009-10 196 215 264 288 109 91 241
2010-11 223 243 304 311 102 92 279
2011-12 268 425 331 246 79 67 222
2012-13 284 459 357 261 73 62 221
2013-14 312 518 378 233 62 60 228
2014-15 300 518 397 235 59 58 230
2015-16 372 518 290 214 74 72 208
2016-17 372 523 313 220 70 71 223
2017-18 376 513 322 260 81 73 236
2018-19 (Q3) 402 600 364 289 79 67 244

Notes:
1. Net terms of trade, i.e., the ratio of overall export unit value index to similar Import index.
2. Gross terms of trade, i.e., the ratio of overall import quantum Index to similar export index.
3. Income terms of trade = (NTT x QIE)/100
4. QIE = Quantum Index of Exports.
Table 8.1(A). Overall External Assistance

(R crore)
Year Loans Grants Total
(2+3)
(1) (2) (3) (4)
A. Authorization
1985-86 5337.0 313.4 5650.4
1986-87 5730.0 429.5 6159.5
1987-88 8203.1 1062.2 9265.3
1988-89 12855.6 214.2 13069.8
1989-90 10105.8 720.2 10826.0
1990-91 7601.3 522.1 8123.4
1991-92 11805.8 901.8 12707.6
1992-93 13082.1 1011.7 14093.8
1993-94 11618.8 2415.1 14033.9
1994-95 12384.3 1075.8 13460.1
1995-96 10833.2 1330.0 12163.2
1996-97 14208.8 2932.6 17141.4
1997-98 14865.0 2101.0 16966.0
1998-99 8320.8 209.8 8530.6
1999-2000 17703.7 2615.3 20319.0
2000-01 16455.2 1963.5 18418.7
2001-02 21630.0 3465.0 25095.0
2002-03 19875.7 1296.1 21171.8
2003-04 14754.4 2350.7 17105.1
2004-05 22746.1 3071.1 25817.2
2005-06 17309.1 1628.8 18937.9
2006-07 28271.0 3518.9 31789.9
2007-08 28988.4 4294.4 33282.8
2008-09 28283.4 1242.5 29525.9
2009-10 48968.8 957.6 49926.4
2010-11 35895.1 1536.5 37431.6
2011-12 59035.3 1095.5 60130.8
2012-13 66891.6 1889.0 68780.6
2013-14 54372.6 140.2 54512.8
2014-15 48135.5 119.7 48255.2
2015-16 64208.0 3655.2 67863.2
2016-17 62650.4 249.5 62899.9
2017-18 61212.6 2531.4 63744.0
2018-19 83636.9 1587.6 85224.4
B. Utilization
1985-86 2493.1 442.9 2936.0
1986-87 3175.7 429.3 3605.0
1987-88 4574.4 477.5 5051.9
1988-89 4738.6 565.8 5304.4
1989-90 5137.8 664.7 5802.5
Contd....
Table 8.1(A). Overall External Assistance

(R crore)
(2+3)
(1) (2) (3) (4)
1990-91 6170.0 534.3 6704.3
1991-92 10695.9 919.1 11615.0
1992-93 10102.2 879.6 10981.8
1993-94 10895.4 885.6 11781.0
1994-95 9964.5 916.0 10880.5
1995-96 9958.6 1063.6 11022.2
1996-97 10892.9 1085.6 11978.5
1997-98 10823.4 921.3 11744.7
1998-99 12343.4 895.5 13238.9
1999-2000 13330.7 1073.9 14404.6
2000-01 13527.2 727.2 14254.4
2001-02 16111.7 1447.6 17559.3
2002-03 13898.3 1835.8 15734.1
2003-04 15271.0 2073.4 17344.4
2004-05 14660.9 2490.7 17151.6
2005-06 16097.8 2790.6 18888.4
2006-07 16890.6 2528.4 19419.0
2007-08 17177.7 2673.7 19851.4
2008-09 24089.9 2803.8 26893.7
2009-10 27617.8 3121.2 30739.0
2010-11 35116.1 2789.5 37905.6
2011-12 29349.4 2926.2 32275.6
2012-13 25494.1 2373.6 27867.7
2013-14 31772.4 3415.8 35187.5
2014-15 35257.3 1491.7 36749.0
2015-16 40369.4 2197.0 42566.4
2016-17 47665.0 990.5 48655.5
2017-18 49969.1 1424.1 51393.2
2018-19 60434.4 816.0 61250.4
Source : Aid Accounts and Audit Division, Department of Economic Affairs, Ministry of Finance.
Notes :
1. Figures of authorization have been arrived at by applying the average exchange rate of the rupee with individual donor currencies.
2. Figures of utilization are at current rates applicable on the date of transaction.
3. Figures of authorization and utilization include loans and grants on both Government and Non-Government accounts.
Table 8.1(B). Overall External Assistance

(US$ million)
(2+3)
(1) (2) (3) (4)
A. Authorization
1985-86 4362.1 256.2 4618.3
1986-87 4484.2 336.1 4820.3
1987-88 6326.7 819.2 7145.9
1988-89 8877.0 147.9 9024.9
1989-90 6069.9 432.6 6502.5
1990-91 4236.4 291.0 4527.4
1991-92 4766.0 364.1 5130.1
1992-93 4275.7 330.7 4606.4
1993-94 3717.5 772.7 4490.2
1994-95 3958.2 343.8 4302.0
1995-96 3249.8 399.0 3648.8
1996-97 4000.4 825.6 4826.0
1997-98 4006.8 566.3 4573.1
1998-99 1979.2 49.9 2029.1
1999-2000 4091.4 604.4 4695.8
2000-01 3609.4 430.7 4040.1
2001-02 4438.7 711.1 5149.8
2002-03 4183.5 244.4 4427.9
2003-04 3300.8 525.9 3826.7
2004-05 5212.2 703.7 5915.9
2005-06 3912.2 368.1 4280.4
2006-07 6209.8 773.0 6982.8
2007-08 7182.2 1064.0 8246.1
2008-09 6183.2 271.6 6454.9
2009-10 10318.0 201.8 10519.8
2010-11 7881.0 337.4 8218.3
2011-12 12343.4 229.1 12572.5
2012-13 12301.0 347.4 12648.3
2013-14 9003.7 23.2 9027.0
2014-15 7881.8 19.6 7901.4
2015-16 9818.2 558.9 10377.1
2016-17 9324.9 37.1 9362.0
2017-18 9501.0 392.9 9893.9
2018-19 11987.5 227.5 12215.1
B. Utilization
1985-86 2037.7 362.0 2399.7
1986-87 2485.3 336.0 2821.3
1987-88 3528.0 368.2 3896.2
1988-89 3272.1 390.7 3662.8
1989-90 3086.0 399.2 3485.2
Contd....
Table 8.1(B). Overall External Assistance

(US$ million)
(2+3)
(1) (2) (3) (4)
1990-91 3438.7 297.8 3736.5
1991-92 4317.9 371.0 4688.9
1992-93 3301.8 287.5 3589.3
1993-94 3486.0 283.4 3769.4
1994-95 3184.8 292.7 3477.5
1995-96 2987.4 319.1 3306.4
1996-97 3066.8 305.6 3372.4
1997-98 2917.4 248.3 3165.7
1998-99 2936.0 213.0 3149.0
1999-00 3080.8 248.2 3329.0
2000-01 2967.2 159.5 3126.7
2001-02 3306.3 297.1 3603.4
2002-03 2946.6 386.6 3333.2
2003-04 3416.3 463.8 3880.1
2004-05 3359.5 570.7 3930.2
2005-06 3607.0 625.3 4232.3
2006-07 3918.0 586.5 4265.5
2007-08 4280.5 666.3 4946.8
2008-09 4769.3 555.1 5324.4
2009-10 6130.5 692.8 6823.3
2010-11 7866.5 624.9 8491.4
2011-12 6060.2 590.1 6650.3
2012-13 4715.1 439.0 5154.1
2013-14 5282.9 567.8 5850.7
2014-15 5634.2 238.4 5872.6
2015-16 6068.0 330.2 6398.3
2016-17 7341.5 152.6 7494.1
2017-18 7752.8 220.8 7973.6
2018-19 8619.3 115.9 8735.2
Source : Aid Accounts and Audit Division, Department of Economic Affairs, Ministry of Finance.
Notes :
1. Figures in this table are converted from the preceding Table 8.1(A) based on the respective Rupee-US dollar rate.

Table 8.2 (A). Authorization of External Assistance by Source

(R crore)
Source and type of assistance 2000-01 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
(1) (2) (3) (4) (5) (6) (7) (8) (9)
I. Consortium Members
(a) Loans 11189.6 59893.3 35842.5 37464.7 52429.6 41070.1 44238.7 53871.9
(b) Grants 1912.3 813.0 93.3 98.0 3.1 215.9 475.5 52.6
Total 13101.9 60706.3 35935.9 37562.7 52432.7 41286.0 44714.2 53924.4
Country-wise Distribution
(i) Austria
Loans ... ... ... ... ... ...
(ii) Belgium
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(iii) Canada
(a) Loans ... ... ... ... ... ...
(b) Grants 20.5 ... ... ... ... ...
Total 20.5 ... ... ... ... ...
(iv) Denmark
Grants 15.6 ... ... ... ... ...
(v) France
(a) Loans 1805.0 957.3 1846.2 1982.2
(b) Grants 9.3 769.8 1645.2 ... 45.2 0.0
(vi) Germany
(a) Loans 187.7 3240.2 1215.7 5659.1 1783.4 10487.7 1145.4 970.9
(b) Grants 5.7 38.5 ... 21.3 ... ... 54.3 52.6
Total 193.4 3278.7 1215.7 5680.4 1783.4 10487.7 1199.6 1023.5
(vii) Italy
Loans 42.6 ... ... ... ...
(viii) Japan
(a) Loans 784.1 23049.8 18818.6 6756.1 17337.0 10178.7 23163.0 30373.4
(b) Grants 2.2 ... 90.3 204.4 0.0
Total 786.3 23049.8 18909.0 6756.1 17337.0 10178.7 23367.4 30373.4
(ix) Netherlands
(a) Loans ... ... ... ... ... ...
(b) Grants 6.7 ... ... ... ... ...
Total 6.7 ... ... ... ... ...
(x) Sweden
Grants ... ... ... ... ... ...
(xi) U.K.
Grants 474.7 764.2 ... ... ... ...
(xii) U.S.A.
(a) Loans ... ... ... ... ... ...
(b) Grants 0.8 ... ... ... ... ...
Total 0.8 ... ... ... ... ...
Contd....

(R crore)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(xiii) I.B.R.D.
(a) Loans 6816.8 2619.5 2361.2 14657.3 17667.0 13819.6 15764.8 20545.4
(b) Grants 391.7 10.3 3.0 76.7 3.1 215.9 171.6 0.0
Total 7208.5 2629.8 2364.2 14733.9 17670.1 14035.5 15936.5 20545.4
(xiv) I.D.A.
(a) Loans 3358.4 7374.7 11801.8 10392.3 13837.1 5626.9 2319.4
(b) Grants 985.1 ... ... ... ... ... 0.0
Total 4343.5 7374.7 11801.8 10392.3 13837.1 5626.9 2319.4
II. Russia Fed. & East European
Countries
Loans ... 22839.3 ... ... ... ...
(i) Russia Fed. 22839.3
Loans ... 22839.3 ... ... ... ...
III. Others
(a) Loans 5265.6 6998.3 18530.1 10670.7 11778.4 21580.3 16973.8 29765.0
(b) Grants 51.2 1076.0 46.8 21.7 3652.1 33.6 2055.9 1535.0
Total 5316.8 8074.3 18576.9 10692.4 15430.5 21613.9 19029.7 31300.0
(i) Switzerland
Grants ... ... ... ….. ….. …..
(ii) European Economic Community
Grants ... 559.9 ... ... ... ...
(iii) O.P.E.C. Fund
Loans ... ... ... ... ... ...
(iv) Saudi Arab Fund for Development
Loans ... ... ... ... ... ...
(v) Kuwait Fund for Arabic
Economic Development
Grants ... ... ... ... ... ...
(vi) IFAD (International Fund for
Agricultural Development
(a) Loans ... ... 400.1 383.2 475.7 ... 973.2
(b) Grants ... ... ... ... ... ... 6.4
Total ... ... 400.1 383.2 475.7 ... 979.6
(vii) IMF Trust Fund
Loans ... ... ... ... ... ...
(viii) International Sugar Org.
Loans ... ... ... ... ... ...
(ix) ADB
(a) Loans 5265.6 6998.3 18130.0 10287.6 9858.7 17387.8 11561.6 22020.5
(b) Grants ... ... 11.0 13.1 33.6 0.0 1081.4
Total 5265.6 6998.3 18130.0 10298.6 9871.8 17421.4 11561.6 23102.0
Contd....

(R crore)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(x) European Investment Bank
(a) Loans ... ... ... ... 1444.0 1841.0
(b) Grants ... ... ... ... ...
Total ... ... ... ... 1444.0 1841.0
(xi) Spain
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(xii) Norway
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(xiii) Australia
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(xiv) Other International Institutionsa
(a) Loans 2351.5 4439.1 7744.5
(b) Grants 51.2 516.2 46.8 10.7 3639.0 ... 2049.5 453.6
Grand Total 18418.7 68780.6 54512.8 48255.1 67863.2 62899.9 63744.0 85224.4
(a) Loans 16455.2 66891.6 54372.6 48135.5 64208.0 62650.4 61212.6 83636.9
(b) Grants 1963.5 1889.0 140.2 119.7 3655.2 249.5 2531.4 1587.6
Source: Aid Accounts and Audit Division, Department of Economic Affairs, Ministry of Finance.
---- Nil or Negligible
a Other International Institutions include UNICEF, UNDP, ILO, WHO, UNFPA, UNESCO, UPU, WFP, Global Fund, IDF (WB),
UN-FAO, NDB, AIIB and Ford Foundation.
Notes:
1. Figures of authorization of external assistance include agreements signed on Government and Non-Government accounts.
Table 8.2(B). Authorization of External Assistance by Source

(US$ Million)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(a) Loans 2454.4 11014.00 5935.28 6134.53 8017.11 6112.86 6866.41 7721.35
(b) Grants 419.5 149.50 15.46 16.04 0.48 32.14 73.80 7.54
Total 2873.9 11163.50 5950.74 6150.57 8017.59 6145.00 6940.21 7728.89
(i) Austria
Loans ... ... ... ... ... ...
(ii) Belgium
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(iii) Canada
(a) Loans ... ... ... ... ... ...
(b) Grants 4.5 ... ... ... ... ...
Total 4.5 ... ... ... ... ...
(iv) Denmark
Grants 3.4 ... ... ... ... ...
(v) France
(a) Loans 276.01 142.48 286.55 284.10
(b) Grants 2.1 141.57 272.44 7.02 0.00
(vi) Germany
(a) Loans 41.2 595.86 201.31 926.62 272.70 1560.99 177.77 139.15
(b) Grants 1.3 7.07 ... 3.49 … … 8.42 7.54
Total 42.4 602.93 201.31 930.11 272.70 1560.99 186.19 146.69
(vii) Italy
Loans 9.4 ... ... ... ... ...
(viii) Japan
(a) Loans 172.0 4238.71 3116.24 1106.26 2651.04 1514.99 3595.19 4353.37
(b) Grants 0.5 ... 14.95 31.73 0.00
Total 172.5 4238.71 3131.19 1106.26 2651.04 1514.99 3626.92 4353.37
(ix) Netherlands
(a) Loans ... ... ...
(b) Grants 1.5 ... ... ... ... ...
Total 1.5 ... ... ... ... ...
(x) Sweden
Grants ... ... ... ... ... ...
(xi) U.K.
Grants 104.1 140.53 ... ... ... ...
(xii) U.S.A. ... ... ... ...
(a) Loans ... ... ... ... ... ...
(b) Grants 0.2 ... ... ... ... ...
Total 0.2 ... ... ... ... ...
Contd....

(US$ Million)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(xiii) I.B.R.D.
(a) Loans 1495.3 481.70 391.00 2400.00 2701.50 2056.90 2446.90 2944.73
(b) Grants 85.9 1.90 0.51 12.55 0.48 32.14 26.64 0.00
Total 1581.2 483.60 391.51 2412.55 2701.98 2089.04 2473.54 2944.73
(xiv) I.D.A.
(a) Loans 736.7 1356.16 1954.29 1701.65 2115.86 837.50 360.00
(b) Grants 216.1 ... ... ... …. …. 0.00
Total 952.8 1356.16 1954.29 1701.65 2115.86 837.50 360.00
II. Russia Fed. & East European
Countries
Loans ... 4200.00 ... ... ... ...
(i) Russia Fed.
Loans ... 4200.00 ... ... ... ...
III. Others
(a) Loans 1155.0 1286.94 3068.45 1747.24 1801.06 3212.01 2634.55 4266.16
(b) Grants 11.2 197.88 7.75 3.55 558.44 5.00 319.10 220.01
Total 1166.2 1484.82 3076.20 1750.79 2359.50 3217.01 2953.65 4486.17
(i) Switzerland
Grants ... ... ... ... ... ...
(ii) European Economic Community
Grants ... 102.96 ... ... ... ...
(iii) O.P.E.C. Fund
Loans ... ... ... ... ... ...
(iv) Saudi Arab Fund for
Development
Loans ... ... ... ... ... ...
(v) Kuwait Fund for Arabic
Grants ... ... ... ... ... ...
(vi) IFAD (International Fund for
Agricultural Development)
(a) Loans ... ... 66.25 62.74 72.74 ... 151.05
(b) Grants ... ... ... ... ... ... 1.00
Total ... ... 66.25 62.74 72.74 ... 152.05
(vii) IMF Trust Fund ... ...
Loans ... ... ... ... ... ...
(viii) International Sugar Org. ... ...
Loans ... ... ... ... ... ...
(ix) ADB
(a) Loans 1155.0 1286.94 3002.20 1684.50 1507.51 2588.00 1794.50 3156.16
(b) Grants ... ... ... 1.80 2.00 5.00 0.00 155.00
Total 1155.0 1286.94 3002.20 1686.30 1509.51 2593.00 3311.16
Contd....

(US$ Million)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(x) European Investment Bank
(a) Loans 220.81 274.01
(b) Grants
Total 220.81 ...
(xi) Spain
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(xii) Norway
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(xiii) Australia
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(xiv) Other International Institutionsa
(a) Loans 350.00 689.00 1110.00
(b) Grants 11.2 94.92 7.75 1.75 556.44 ... 318.10 65.01
Grand Total 4040.1 12648.32 9026.94 7901.36 10377.09 9362.01 9893.87 12215.05
(a) Loans 3609.4 12300.94 9003.73 7881.77 9818.17 9324.87 9500.96 11987.51
(b) Grants 430.7 347.38 23.21 19.59 558.92 37.14 392.91 227.54
Notes:
1. Figures in this table are converted from the preceding Table 8.2(A) based on the respective Rupee- US dollar rates.
Table 8.3(A). Utilization of External Assistance by Source

(R crore)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(a) Loans 11168.6 18390.8 25164.7 26630.2 31364.6 35578.5 36439.04 42677.57
(b) Grants 634.0 1560.1 1043.4 749.6 405.1 135.8 99.14 130.08
Total 11802.6 19950.9 26208.1 27379.8 31769.7 35714.3 36538.18 42807.65
(i) Austria
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(ii) Belgium
Loans ... ... ... ... ... ...
(iii) Canada
(a) Loans ... ... ... ... ... ...
(b) Grants 2.9 ... ... ... ... ...
Total 2.9 ... ... ... ... ...
(iv) Denmark
(a) Loans ... ... ... ... ... ...
(b) Grants 49.5 ... ... ... ... ...
Total 49.5 ... ... ... ... ...
(v) France
(a) Loans 65.2 16.0 921.7 225.78 329.4 790.4 1045.15 977.66
(b) Grants ... ... ... ... … -0.16 0 6.49
Total 65.2 16.0 921.7 225.78 329.4 790.3 1045.15 984.15
(vi) Germany
(a) Loans 318.9 1379.9 3122.0 1861.1 2111.3 2622.4 2080.82 4881.17
(b) Grants 67.8 62.1 65.6 56.0 80.1 34.7 21.18 5.76
Total 386.7 1442.0 3187.6 1917.1 2191.4 2657.1 2102 4886.93
(vii) Italy
Loans ... ... ... ... ... ...
(viii) Japan
(a) Loans 2714.0 7260.0 8750.5 8825.9 10341.5 12506.1 14439.34 16769.86
(b) Grants 15.8 ... 4.4 0.0 29.1 36.0 0 46.75
Total 2729.8 7260.0 8754.9 8825.9 10370.5 12542.1 14439.34 16816.61
(ix) Netherlands
(a) Loans ... ... ... ... ... ...
(b) Grants 70.3 ... ... ... ... ...
Total 70.3 ... ... ... ... ...
(x) Sweden
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
Contd....

(R crore)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(xi) U.K.
(a) Loans ... ... ... ... ... ...
(b) Grants 307.3 1293.4 855.0 601.8 224.3 -0.3
Total 307.3 1293.4 855.0 601.8 224.3 -0.3
(xii) U.S.A.
(a) Loans ... ... ... ... ... ...
(b) Grants 81.1 23.6 43.4 ... 4.7 ...
Total 81.1 23.6 43.4 ... 4.7 ...
(xiii) I.B.R.D.
(a) Loans 3222.4 4894.8 5631.6 7703.5 9137.3 8794.1 8134.98 10595.34
(b) Grants 24.5 180.6 73.8 85.9 67.0 65.5 77.96 71.08
Total 3246.9 5075.4 5705.3 7789.4 9204.3 8859.6 8212.94 10666.42
(xiv) I.D.A.
(a) Loans 4848.1 4840.1 6738.9 8013.9 9441.4 9247.4 8437.2 6004.64
(b) Grants 14.8 0.5 1.2 6.0 0.0 0.0 0 0
Total 4862.9 4840.6 6740.1 8019.8 9441.4 9247.4 8437.2 6004.64
(xv) IMF Trust Fund ... ... ... ... ...
II. Russia Fed.& East European
Countries
Loans 130.1 26.4 8.2 16.9 3.7 1618.1
(i) Russia Federation.
Loans 130.1 26.4 8.2 16.9 3.7 1618.1 2301.55 3448.9
(ii) Reps. of Czech & Slovak
Loans ... ... ... ... ...
III. Others
(a) Loans 2228.5 7076.9 6599.5 8610.3 9004.8 12086.6 13530.08 17756.82
(b) Grants 93.2 813.52 2371.83 742.1 1791.99 854.7 1324.98 685.95
Total 2321.7 7890.5 8971.3 9352.3 10796.8 12941.2 14855.06 18442.77
(i) Abu Dhabi Fund
Loans ... ... ... ... ... ...
(ii) Switzerland
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(iii) Other International Institutionsa
Loan 511.34 2417.39
Grants 50.0 710.2 1746.0 739.68 1504.35 776.19 1130.25 669.87
Total 1641.59 3087.26
(iv) European Economic Community
Contd....

(R crore)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Grants 36.3 104.0 622.4 ... 287.6 70.4 189.33
(v) Oil Producing & Exporting
Countries
Loans 41.5 20.8 7.9 54.5 26.3 18.7
(vi) Saudi Arab Fund for
Development
Loans ... ... ... ... ...
(vii) Norway
(a) Loans ...
(b) Grants 6.9 ... ... ... ...
Total 6.9 ... ... ... ...
(viii) Spain
Loans ... ... ... ... ...
(ix) Kuwait Fund for Arabic
(a) Loans ... ... ... ... ...
(b) Grants ... ... ... ... ...
Total ... ... ... ... ...
(x) IFAD (International Fund for
(a) Loans 40.1 140.7 210.3 191.7 220.1 196.2 276.66 282.37
(b) Grants ... -0.8 3.5 1.0
Total 40.1 140.0 213.8 191.7 220.1 197.2 276.66 282.37
(xi) ADB
(a) Loans 2146.9 6915.4 6381.2 8364.0 8758.4 11141.0 11980.69 14258.51
(b) Grants ... ... ... 2.41 … 7 5.35 16.08
Total 2146.9 6915.4 6381.2 8366.4 8758.4 11148.0 11986.04 14274.59
(xii) European Investment Bank
(a) Loans ... ... ... ... ... 730.7 761.41 798.55
(b) Grants ... ... ... ... ... ... 0 0
Total ... ... ... ... ... 730.7 761.41 798.55
(xiii) Australia
Loans ... ... ... ... ... ...
Grand Total 14254.4 27867.7 35187.6 36749.0 42566.5 48655.5 51393.24 61250.42
(a) Loans 13527.2 25494.1 31772.4 35257.3 40369.4 47665.1 49969.12 60434.39
(b) Grants 727.2 2373.7 3415.2 1491.7 2197.1 990.5 1424.12 816.03
Notes:
1. Utilization figures are exclusive of suppliers' credit and commercial borrowings.
2. Utilization of assistance is on Government and Non-Govt. accounts.
Table 8.3(B). Utilization of External Assistance by Source

(US$ million)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(a) Loans 2449.8 3401.4 4184.2 4255.6 4714.5 5479.9 5650.87 6090.95
(b) Grants 139.1 288.5 173.5 119.8 60.9 21.0 15.32 18.65
Total 2588.9 3689.9 4357.7 4375.4 4775.4 5500.9 5666.19 6109.6
(i) Austria
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(ii) Belgium
Loans ... ... ... ... ... ...
(iii) Canada
(a) Loans ... ... ... ... ... ...
(b) Grants 0.6 ... ... ... ... ...
Total 0.6 ... ... ... ... ...
(iv) Denmark
(a) Loans ... ... ... ... ... ...
(b) Grants 10.9 ... ... ... ... ...
Total 10.9 ... ... ... ... ...
(v) France
(a) Loans 14.3 3.0 153.3 36.08 49.5 121.7 162.3 139.19
(b) Grants ... ... ... ... ... 0.0 0 0.91
Total 14.3 3.0 153.3 36.08 49.5 121.7 162.3 140.1
(vi) Germany
(a) Loans 70.0 255.2 519.1 297.4 317.4 403.9 323.77 683.32
(b) Grants 14.9 11.5 10.9 8.9 12.0 5.3 3.27 0.83
Total 84.9 266.7 530.0 306.4 329.4 409.3 327.04 684.15
(vii) Italy
Loans ... ... ... ... ... ...
(viii) Japan
(a) Loans 595.3 1342.7 1455.0 1410.4 1554.5 1926.2 2237.28 2389.33
(b) Grants 3.5 ... 0.7 ... 4.4 5.6 6.58
Total 598.8 1342.7 1455.7 1410.4 1558.8 1931.8 2237.28 2395.91
(ix) Netherlands
(a) Loans ... ... ... ... ... ...
(b) Grants 15.4 ... ... ... ... ...
Total 15.4 ... ... ... ... ...
(x) Sweden
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(xi) U.K.
Contd....

(US$ million)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(a) Loans ... ... ... ... ... ...
(b) Grants 67.4 239.2 142.2 96.2 33.7 0.0
Total 67.4 239.2 142.2 96.2 33.7 0.0
(xii) U.S.A.
(a) Loans ... ... ... ...
(b) Grants 17.8 4.4 7.2 ... 0.7
Total 17.8 4.4 7.2 ... 0.7
(xiii) I.B.R.D.
(a) Loans 706.8 905.3 936.4 1231.1 1373.5 1354.5 1260.22 1522.93
(b) Grants 5.4 33.4 12.3 13.7 10.1 10.1 12.05 10.33
Total 712.2 938.7 948.6 1244.8 1383.5 1364.6 1272.27 1533.26
(xiv) I.D.A.
(a) Loans 1063.4 895.2 1120.5 1280.6 1419.2 1424.3 1310.57 866.42
(b) Grants 3.2 0.1 0.2 1.0 0.0 0.0
Total 1066.6 895.3 1120.7 1281.6 1419.2 1424.3 1310.57 866.42
(xv) IMF Trust Fund ... ... ... ... ... ...
II. Russia Fed.& East European Countries
Loans 28.5 4.9 1.4 2.7 0.6 249.2
(i) Russia Federation.
Loans 28.5 4.9 1.4 2.7 0.6 249.2 356.73 489.76
(ii) Reps. of Czech & Slovak
Loans ... ... ... ... ... ...
III. Others
(a) Loans 488.8 1308.9 1097.3 1376.0 1353.5 1861.6 2101.89 2528.3
(b) Grants 20.5 150.5 394.4 118.6 269.4 131.6 205.5 97.29
Total 509.3 1459.3 1491.7 1494.5 1622.9 1993.3 2307.39 2625.59
(i) Abu Dhabi Fund
Loans ... ... ... ... ... ...
(ii) Switzerland
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(iii) Other International Institutions a
Loans 78.94 346.71

Grants 11.0 131.4 290.3 118.2 226.12 119.6 175.1 95.02
Total 254.04 441.73
(iv) European Economic Community
Grants 8.0 19.2 103.5 ... 43.2 10.9 29.57
(v) Oil Producing & Exporting Countries
Loans 9.1 3.9 1.3 8.7 4.0 2.9
Contd....

(US$ million)
(1) (2) (3) (4) (5) (6) (7) (8) (9)
(vi) Saudi Arab Fund for Development
Loans ... ... ... ... ... ...
(vii) Norway
(a) Loans ... ... ... ... ... ...
(b) Grants 1.5 ... ... ... ... ...
Total 1.5 ... ... ... ... ...
(viii) Spain
Loans ... ... ... ... ... ...
(ix) Kuwait Fund for Arabic
(a) Loans ... ... ... ... ... ...
(b) Grants ... ... ... ... ... ...
Total ... ... ... ... ... ...
(x) IFAD (International Fund for
(a) Loans 8.8 26.0 35.0 30.6 33.1 30.2 43 40.89
(b) Grants ... -0.1 0.6 ... ... 0.2
Total 8.8 25.9 35.6 30.6 33.1 30.4 43 40.89
(xi) ADB
(a) Loans 470.9 1279.0 1061.0 1336.6 1316.5 1716.0 1859.78 2027.41
(b) Grants ... ... ... 0.4 …. 1.08 0.83 2.27
Total 470.9 1279.0 1061.0 1337.0 1316.5 1717.1 1860.61 2029.68
(xii) European Investment Bank
(a) Loans ... ... ... ... ... 112.6 120.17 113.29
(b) Grants ... ... ... ... ...
Total ... ... ... ... ... 112.6 120.17 113.29
(xiii) Australia
Loans ... ... ... ... ...
Grand Total 3126.7 5154.1 5850.7 5872.6 6398.3 7494.2 7973.58 8735.19
(a) Loans 2967.1 4715.1 5282.9 5634.2 6068.0 7341.5 7752.76 8619.25
(b) Grants 159.6 439.0 567.9 238.4 330.2 152.6 220.82 115.94
Notes:
1. Figures in this table are converted from the preceding Table 8.3(A) based on the respective Rupee- US dollar rates.
Table 8.4(A). India's External Debt Outstanding
(R crore)
Sl. Components of External Debt End-March
A 154
No.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 End
|
December
2018
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
I. Multilateral 157901 201425 193436 216672 257089 279310 321560 328148 359490 354134 371930 401287
A. Government Borrowing 144627 181997 170722 190326 222579 235670 268491 269431 294122 288246 304595 327140
(i) Concessional 107395 127771 116046 120653 138691 143130 163589 154581 166506 156726 164002 164764
a) IDA 105947 126127 114552 119068 136816 141119 161165 152171 163772 154050 160970 161524
b) Others 1448 1644 1494 1585 1875 2011 2424 2410 2734 2676 3032 3241
(ii) Non-concessional 37232 54226 54676 69673 83888 92540 104902 114850 127616 131519 140593 162375
a) IBRD 22631 29948 28874 39218 45328 48239 53433 57107 61553 60667 61663 68758
b) Others 14601 24278 25802 30455 38560 44301 51469 57743 66063 70852 78930 93617
B. Non-Government Borrowing 13274 19428 22714 26346 34510 43640 53069 58717 65368 65888 67335 74147
Volume 2
(i) Concessional 0 0 0 0 0 0 0 0 0 0 0 4
a) Public Sector 10352 14298 14919 15802 19407 23414 28105 31385 35409 32123 33712 37968
i) IBRD 4690 7105 8544 9193 11092 12749 14412 15674 17005 16625 16935 18393
ii) Others 5662 7193 6375 6609 8315 10664 13693 15711 18404 15498 16777 19575
b) Financial Institutions 2350 3721 5385 7511 10290 14370 18881 21859 25190 29883 30365 32367
i) IBRD 593 744 1343 1899 2707 2973 3820 3709 5984 7276 7418 6475
ii) Others 1757 2977 4042 5612 7583 11397 15061 18150 19206 22607 22947 25892
c) Private Sector 572 1409 2410 3033 4813 5856 6083 5473 4769 3882 3258 3808
i) IBRD 0 0 0 0 0 0 0 0 0 0 0 1723
ii) Others 572 1409 2410 3033 4813 5856 6083 5473 4769 3882 3258 2086
II. Bilateral 78802 104997 101976 114904 137086 136329 148813 136060 149483 150780 164579 173947
A .Government borrowing 59391 74662 71584 80406 91641 88007 96918 88452 102925 109742 128945 137824
(i) Concessional 59391 74662 71584 80406 91641 88007 96918 88452 102925 109742 128945 137824
B.Non-Government borrowing 19411 30335 30392 34498 45445 48322 51895 47608 46558 41038 35635 36123
(i) Concessional 1737 3262 3169 4101 7648 8435 10318 10080 11892 11988 12753 16520
Contd....
(R crore)
No.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 End
December
2018
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
a) Public Sector 1226 1156 1121 1621 4963 5916 7763 7546 9052 6758 7586 11107
c) Private Sector 0 0 0 0 0 0 0 0 0 0 0 0
a) Public Sector 10097 15076 13845 13789 14200 13010 13374 11561 10848 9472 8518 7975
c) Private Sector 3842 7686 9942 12854 19711 22671 23842 22644 20699 16410 11856 9227
III. IMFa 4479 5188 27264 28163 31528 32439 36910 34350 37177 35129 37716 38719
IV. Export Credit 41296 73772 76011 83112 97117 96556 93275 78915 70612 62324 61511 56784
a) Buyers' credit 33134 64046 66849 73273 85896 84667 80069 66006 55574 46688 43533 37786
b) Suppliers' credit 2998 3234 2937 2847 3252 4236 4779 5217 6088 6093 6766 7014
c) Export credit component of 5164 6492 6225 6992 7969 7653 8427 7692 8950 9543 11213 11985
bilateral credit
V. Commercial Borrowings 249243 318209 319221 448448 614623 762128 897744 1128501 1199043 1117547 1315594 1360643
b
a) Commercial bank loans 160577 219925 202350 261678 373194 454450 582644 635246 647567 568987 551922 616496
b) Securitized borrowings c 82641 91286 113177 183504 238849 306070 313416 490895 549076 546261 761439 741976
c) Loans/securitized borrowings etc., 6025 6998 3694 3266 2580 1608 1684 2360 2400 2299 2233 2171
with multilateral/bilateral guarantee +
IFC(W)
VI. NRI Depositsd (Above one year 174623 210118 217062 230812 299840 385202 624101 720997 841955 757751 820737 880145
Maturity)
VII. Rupee Debt e 8065 7760 7480 7147 6922 6839 8826 9426 8479 7962 7886 7590
a) Defence 7172 6935 6709 6416 6220 6164 8179 8807 7887 7398 7350 7081
Volume 2
b) Civilian 893 825 771 731 702 675 647 619 592 564 536 509
|
VIII. Total Long Term Debt (I TO VII) 714409 921469 942450 1129258 1444205 1698803 2131229 2436397 2666239 2485626 2779954 2919116
IX. Short-Term Debt 182881 220656 236188 290149 399962 525931 550985 535145 553044 571387 664575 724821
a) Trade-Related Credits 167540 203345 214267 261006 333202 472026 491271 510938 530806 560781 652969 704495
Contd....
A 155
(R crore)
A 156
No.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 End
|
December
2018
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
1) Above 6 Months 91502 118936 126391 157806 200454 321010 330500 334267 339674 364104 431225 360576
2) Upto 6 Months 76038 84409 87876 103200 132748 151016 160771 176671 191132 196677 221744 343919
b) FII Investment in Govt. Treasury 2603 10522 15153 24214 48066 29671 33686 7307 132 260 580 8840
Bills and other instruments
c) Investment in Treasury Bills by 620 534 467 225 326 447 572 714 714 1577 1791 1706
foreign central banks and other
international institutions etc.
d) External Debt Liabilities of: 12118 6255 6301 4704 18368 23787 25456 16186 21392 8768 9234 9780
1) Central Bank 4458 3892 3139 693 871 985 892 939 1197 1575 1782 1559
2) Commercial banks 7660 2363 3162 4011 17497 22802 24564 15247 20195 7194 7453 8221
Volume 2
X. Grand Total( VIII+IX ) 897290 1142125 1178638 1419407 1844167 2224734 2682214 2971542 3219283 3057013 3444529 3643937
Source: Ministry of Finance (Department of Economic Affairs), Ministry of Defence, Reserve Bank of India, Securities & Exchange Board of India .
Notes:
PR: Partially Revised; QE : Quick Estimates.
IFC(W): International Finance Corporation, Washington D.C.
FII: Foreign Institutional Investors
a: Relates to SDR allocations from March 2004 onwards.
b: Includes Financial Lease since 1996.
c: Also includes India Development Bonds (IDBs), Resurgent India Bonds (RIBs), India Millennium Deposits (IMDs),
Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds and securitized borrowings of commercial banks
FCCB debt has been adjusted since end-March, 1998 after netting out conversion into equity and redemptions.
d: Figures include accrued interest.
e: Rupee denominated debt owed to Russia and payable through exports.
NRO Deposits are included under NRI Deposits from the quarter ended June 2005. Supplier’s Credits upto 180 days and FII investment in short-term debt instruments are included
under short-term debt from the quarter ended March 2005. Vostro balances / Nostro overdrafts of commercial banks, balances of foreign central banks/international institutions with
RBI and investment in T-bills/securities by foreign central banks/ international institutions have been included in external debt from the quarter ended March 2007.
8.4(B). India's External Debt Outstanding
(US$ million)
No.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 End Dec
2018
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
I. Multilateral 39490 39538 42857 48475 50452 51590 53418 52391 54000 54502 57272 57060
A. Government Borrowing 36171 35724 37825 42579 43686 43539 44598 43015 44171 44356 46907 46497
(i) Concessional 26859 25080 25711 26992 27221 26443 27173 24679 25006 24117 25256 23418
a) IDA 26497 24757 25380 26637 26853 26071 26770 24294 24595 23705 24789 22958
b) Others 362 323 331 355 368 372 403 385 411 412 467 461
a) IBRD 5660 5878 6397 8774 8897 8912 8876 9117 9244 9335 9496 9773
b) Others 3652 4766 5717 6813 7568 8184 8549 9219 9921 10903 12155 13306
B. Non-Government Borrowing 3319 3814 5032 5896 6766 8051 8820 9376 9829 10146 10364 10563
(i) Concessional 0 0 0 0 0 0 0 0 0 0 0 0
a) Public Sector 2589 2807 3305 3536 3808 4324 4669 5010 5319 4944 5191 5399
i) IBRD 1173 1395 1893 2057 2177 2355 2394 2502 2554 2558 2608 2614
ii) Others 1416 1412 1412 1479 1631 1969 2275 2508 2765 2386 2583 2785
i) IBRD 148 146 298 425 531 549 635 592 899 1120 1142 920
ii) Others 439 584 895 1256 1486 2101 2504 2900 2892 3484 3530 3700
c) Private Sector 143 277 534 679 941 1077 1012 874 719 599 501 543
i) IBRD 0 0 0 0 0 0 0 0 0 0 0 245
ii) Others 143 277 534 679 941 1077 1012 874 719 599 501 298
II. Bilateral 19708 20610 22593 25712 26884 25158 24727 21726 22464 23210 25341 24739
A. Government borrowing 14853 14655 15860 17988 17987 16259 16099 14121 15457 16887 19857 19589
Volume 2
(i) Concessional 14853 14655 15860 17988 17987 16259 16099 14121 15457 16887 19857 19589
|
B. Non-Government borrowing 4855 5955 6733 7724 8897 8899 8628 7605 7007 6323 5484 5150
(i) Concessional 435 641 702 918 1501 1558 1714 1610 1786 1845 1964 2348
Contd....
A 157
(US$ million)
A 158
No.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 End Dec
|
2018
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
a) Public Sector 307 227 248 363 974 1093 1290 1205 1359 1040 1168 1579
c) Private Sector 0 0 0 0 0 0 0 0 0 0 0 0
a) Public Sector 2525 2959 3072 3087 2781 2397 2223 1846 1646 1459 1311 1137
c) Private Sector 961 1509 2198 2879 3853 4168 3967 3618 3120 2531 1823 1322
III. IMFa 1120 1018 6041 6308 6163 5964 6149 5488 5605 5410 5784 5533
IV. Export Credit 10328 14481 16841 18647 18990 17760 15518 12608 10640 9609 9460 8122
a) Buyers' credit 8287 12572 14811 16437 16790 15567 13323 10547 8378 7201 6693 5414
Volume 2
b) Suppliers' credit 750 635 651 646 636 779 795 833 918 940 1040 1005
c) Export credit component of 1291 1274 1379 1564 1564 1414 1400 1228 1344 1468 1727 1703
bilateral credit
V. Commercial Borrowings 62334 62461 70726 100476 120136 140125 149375 180295 180761 172358 202262 194904
b
a) Commercial bank loans 40159 43169 44832 58643 72946 83555 96946 101492 97624 87754 84854 88333
b) Securitized borrowings c 20668 17918 25075 41100 46686 56274 52149 78426 82775 84249 117065 106260
c) Loans/securitized borrowings 1507 1374 819 733 504 296 280 377 362 355 343 311
etc., with multilateral/bilateral
guarantee + IFC(W)
VI. NRI Depositsd (Above one year 43672 41554 47890 51682 58608 70822 103845 115163 126929 116867 126182 125774
Maturity)
VII. Rupee Debte 2017 1523 1658 1601 1354 1258 1468 1506 1278 1228 1213 1087
a) Defence 1794 1361 1487 1437 1216 1133 1361 1407 1189 1141 1130 1015
b) Civilian 223 162 171 164 138 125 107 99 89 87 83 72
VIII. Total Long Term Debt (I TO VII) 178669 181185 208606 252901 282587 312677 354500 389177 401677 383184 427512 417219
IX. Short-Term Debt 45738 43313 52329 64990 78179 96697 91678 85498 83375 88124 102173 103854
a) Trade-Related Credits 41901 39915 47473 58463 65130 86787 81743 81631 80022 86489 100389 100942
1) Above 6 Months 22884 23346 28003 35347 39182 59021 54992 53405 51208 56155 66297 51664
Contd....
(US$ million)
No.
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 End Dec
2018
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
2) Upto 6 Months 19017 16569 19470 23116 25948 27766 26751 28226 28814 30333 34091 49278
b) FII Investment in Govt. Treasury 651 2065 3357 5424 9395 5455 5605 1167 20 40 89 1267
Bills and other instruments
c) Investment in Treasury Bills by 155 105 103 50 64 82 95 114 108 243 275 244
foreign central banks and other
international institutions etc.
d) External Debt Liabilities of: 3031 1228 1396 1053 3590 4373 4235 2586 3225 1352 1420 1401
1) Central Bank 1115 764 695 155 170 181 148 150 180 243 274 223
2) Commercial banks 1916 464 701 898 3420 4192 4087 2436 3045 1110 1146 1178
X. Grand Total (VIII+IX) 224407 224498 260935 317891 360766 409374 446178 474675 485052 471308 529685 521073
Memo Items :
Concessional Debtf 44164 41899 43931 47499 48063 45518 46454 41916 43526 44077 48290 46443
Concessional Debt to total external 19.7 18.7 16.8 14.9 13.3 11.1 10.4 8.8 9.0 9.4 9.1 8.9
debt (per cent)
Short-term debt 45738 43313 52329 64990 78179 96697 91678 85498 83375 88124 102173 103854
Short-term debt to total external debt 20.4 19.3 20.1 20.4 21.7 23.6 20.6 18.0 17.2 18.7 19.3 19.9
(per cent)
Source: Ministry of Finance (Department of Economic Affairs), Ministry of Defence, Reserve Bank of India, Securities & Exchange Board of India.
Notes:
PR: Partially Revised; QE : Quick Estimates.
IFC(W): International Finance Corporation, Washington D.C.
FII: Foreign Institutional Investors

a: Relates to SDR allocations from March 2004 onwards.
b: Includes Financial Lease since 1996.
c: Also includes India Development Bonds (IDBs), Resurgent India Bonds (RIBs), India Millennium Deposits (IMDs),
Volume 2
Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds and securitized borrowings of commercial banks
|
FCCB debt has been adjusted since end-March, 1998 after netting out conversion into equity and redemptions.
d: Figures include accrued interest.
e: Rupee denominated debt owed to Russia and payable through exports.
f: The definition of concessional debt here includes 'concessional' categoreis under multilateral and bilateral debt and rupee debt under item VII.
NRO Deposits are included under NRI Deposits from the quarter ended June 2005. Supplier’s Credits upto 180 days and FII investment in short-term debt instruments are included under short-term debt
A 159
from the quarter ended March 2005. Vostro balances / Nostro overdrafts of commercial banks, balances of foreign central banks/international institutions with RBI and investment in T-bills/securities by
foreign central banks/ international institutions have been included in external debt from the quarter ended March 2007.
Table 9.1. Selected Indicators of Human Development for Major States
State Life expectancy at birth Infant mortality rate Birth rate Death rate Total fertility
(in years) (per 1000 live births) (per 1000) (per 1000) rate (TFR)
A 160
2008-12 2012-16 2007 2017 2007 2017 2007 2017 2005 2016
|
Male Female Total Male Female Total Male Female Total Male Female Total Total Total Total Total Total Total
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19)
Andhra Pradesh 64.7 69.4 67.0 68.0 71.4 69.6 54 55 54 31 33 32 18.7 16.2 7.4 7.2 2.0 1.7
Assam 61.2 64.8 62.7 64.4 66.8 65.5 64 67 56 41 46 44 24.3 21.2 8.6 6.5 2.9 2.3
Bihar 66.7 67.6 67.2 68.9 68.5 68.7 57 58 58 34 37 35 29.4 26.4 7.5 5.8 4.3 3.3
Gujarat 65.5 70.1 67.7 67.4 71.8 69.5 50 54 55 30 30 30 23.0 19.9 7.3 6.2 2.8 2.2
Haryana 65.4 70.1 67.6 67.2 72.0 69.4 55 56 55 28 31 30 23.4 20.5 6.6 5.8 2.8 2.3
Himachal Pradesh 68.3 72.7 70.5 69.4 75.5 72.3 45 49 47 22 23 22 17.4 15.8 7.1 6.6 2.2 1.7
Jammu & Kashmir 69.9 72.4 71.0 71.6 76.2 73.5 49 52 51 22 24 23 19.0 15.4 5.8 4.8 2.4 1.7
Karnataka 65.8 70.3 68.0 67.6 70.7 69.1 46 47 47 24 26 25 19.9 17.4 7.3 6.5 2.2 1.8
Kerala 71.6 77.7 74.7 72.2 77.9 75.1 12 13 13 9 10 10 14.7 14.2 6.8 6.8 1.7 1.8
Madhya Pradesh 61.9 65.0 63.3 63.7 67.2 65.4 72 72 72 48 45 47 28.5 24.8 8.7 6.8 3.6 2.8
Maharashtra 68.8 72.9 70.8 70.8 73.7 72.2 33 35 34 18 19 19 18.1 15.7 6.6 5.7 2.2 1.8
Volume 2
Odisha 63.4 65.3 64.3 66.2 69.1 67.6 70 72 71 40 41 41 21.5 18.3 9.2 7.4 2.6 2.0
Punjab 68.1 72.9 70.3 71.0 74.2 72.5 42 45 43 20 22 21 17.6 14.9 7.0 7.0 2.1 1.7
Rajasthan 65.2 69.4 67.2 66.1 70.7 68.3 63 67 65 37 40 38 27.9 24.1 6.8 6.0 3.7 2.7
Tamil Nadu 67.9 71.9 69.8 69.5 73.4 71.4 34 36 35 17 16 16 15.8 14.9 7.2 6.7 1.7 1.6
Uttar Pradesh 62.3 64.8 63.5 63.9 65.6 64.8 67 70 69 39 43 41 29.5 25.9 8.5 6.7 4.2 3.1
West Bengal 68.1 71.5 69.7 69.8 71.9 70.8 36 37 37 23 24 24 17.9 15.2 6.3 5.8 2.1 1.6
All India 65.4 68.8 67.0 67.4 70.2 68.7 55 56 55 32 34 33 23.1 20.2 7.4 6.3 2.9 2.3
Source : Office of the Registrar General of India, Ministry of Home Affairs

Note : Andhra Pradesh includes Telangana.
Table 9.2. Gross Enrolment Ratio 2016-17 (Provisional)

( per cent)
States/UTs Classes I-V Classes VI-VIII Classes I-VIII
Boys Girls Total Boys Girls Total Boys Girls Total
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Andhra Pradesh 84.76 80.69 82.79 82.21 82.06 82.14 83.80 81.21 82.54
Arunachal Pradesh 107.57 104.75 106.18 116.31 123.49 119.85 110.26 110.54 110.40
Assam 106.11 108.73 107.39 91.17 102.52 96.69 100.95 106.60 103.71
Bihar 94.68 101.78 98.08 94.26 115.27 103.86 94.55 105.82 99.87
Chhattisgarh 97.26 96.87 97.07 99.55 102.12 100.81 98.11 98.81 98.45
Gujarat 93.15 97.11 94.97 95.65 99.11 97.20 94.12 97.86 95.83
Haryana 93.06 94.93 93.90 89.67 100.88 94.40 91.77 97.06 94.08
Himachal Pradesh 97.14 98.77 97.91 102.18 103.90 102.99 99.04 100.69 99.82
Jammu & Kashmir 76.66 77.57 77.09 65.50 67.04 66.22 72.46 73.67 73.03
Jharkhand 97.09 96.16 96.64 87.84 96.17 91.81 94.00 96.16 95.04
Karnataka 104.17 103.21 103.71 92.83 92.98 92.90 99.89 99.42 99.66
Kerala 95.15 95.14 95.14 92.69 94.63 93.63 94.20 94.94 94.56
Madhya Pradesh 92.67 91.54 92.13 87.55 92.27 89.73 90.75 91.80 91.25
Maharashtra 97.77 97.20 97.50 96.71 101.03 98.69 97.37 98.60 97.94
Manipur 120.65 120.49 120.57 116.43 122.27 119.27 119.32 121.05 120.16
Meghalaya 128.28 129.89 129.07 119.13 137.31 128.04 125.52 132.12 128.76
Mizoram 117.73 113.54 115.68 128.11 126.85 127.50 120.89 117.53 119.25
Nagaland 80.82 82.59 81.67 87.54 93.64 90.44 82.94 86.02 84.42
Odisha 101.38 99.02 100.22 95.67 93.56 94.64 99.24 96.99 98.14
Punjab 97.09 102.10 99.31 93.69 103.14 97.72 95.78 102.48 98.71
Rajasthan 98.43 97.09 97.80 91.72 92.32 91.99 96.03 95.45 95.76
Sikkim 96.19 87.65 91.98 131.90 141.92 136.79 108.16 105.62 106.91
Tamil Nadu 101.98 102.03 102.01 91.82 95.16 93.42 97.87 99.30 98.56
Telangana 99.15 98.09 98.64 86.56 87.28 86.91 94.32 93.93 94.13
Tripura 101.94 102.85 102.38 124.00 128.95 126.40 108.98 111.12 110.02
Uttar Pradesh 83.91 90.85 87.16 66.30 80.66 72.74 77.58 87.37 82.09
Uttarakhand 96.27 96.57 96.41 85.90 87.67 86.73 92.34 93.18 92.74
West Bengal 96.47 96.06 96.27 89.72 103.47 96.34 93.97 98.76 96.30
A & N Islands 89.06 84.70 86.87 85.02 81.14 83.06 87.50 83.33 85.40
Chandigarh 76.27 84.92 80.07 90.46 102.51 95.60 81.62 91.33 85.84
D & N Haveli 85.36 80.21 82.87 93.91 89.04 91.57 88.48 83.41 86.03
Daman & Diu 80.50 88.26 83.96 77.42 85.87 81.13 79.38 87.41 82.94
Delhi 106.24 112.75 109.19 120.15 140.78 128.96 111.10 121.88 115.89
Goa 100.07 102.74 101.33 95.40 98.99 97.07 98.29 101.33 99.72
Lakshadweep 74.30 65.95 70.02 89.08 75.05 81.37 79.78 69.64 74.43
Puducherry 81.56 90.33 85.57 80.23 90.23 84.79 81.06 90.29 85.27
All India 94.02 96.35 95.12 86.90 95.19 90.73 91.42 95.94 93.55
Source: School Education in India, U-DISE 2016-17 (Provisional)

Table 9.3. Number of Recognised Educational Institutions in India
(in numbers)
States/UTs 1 2
2015-16 2017-18
A 162
Intermediate/ High/ Upper Only Universities Colleges Technical PGDM Nursing Teacher Institutes
|
Sr. Sec. Secondary Primary Primary / University Education Training under

Schools Schools Schools Schools level (Polytech- Ministries
Institutes nics)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Andhra Pradesh 2589 11234 10086 38793 34 2624 144 6 242 393 3
Arunachal Pradesh 155 263 1266 2363 9 30 6 na na 5 na
Assam 2075 6987 13451 48529 21 512 18 1 24 27 1
Bihar 3926 3701 33204 43405 24 770 50 4 51 28 3
Chhattisgarh 3818 2465 14672 32826 24 741 2 3 40 25 1
Gujarat 6592 4350 29642 11840 65 2196 10 9 131 141 17

Haryana 4300 3363 4658 9994 40 964 132 11 18 29 12
Himachal Pradesh 2212 1570 2930 11327 25 327 29 1 26 18 1
Volume 2
Jammu & Kashmir 1061 3141 10286 14604 14 297 29 na 22 23 6

Jharkhand 1229 3372 15917 28010 21 309 31 5 23 5 1
Karnataka 4509 13627 30563 26790 60 3593 290 20 514 416 10
Kerala 2949 1733 4020 8428 22 1306 70 4 159 196 2
Madhya Pradesh 8100 6793 47276 88593 52 2124 59 12 117 122 4
Maharashtra 8738 16287 29448 53151 54 4314 628 60 289 959 14
Manipur 210 899 933 2951 5 87 na na na 10 1
Meghalaya 300 1255 3597 9362 8 60 3 na 7 8 2
Mizoram 138 615 1511 1561 3 30 2 na 4 9 na
Nagaland 175 561 825 1265 5 66 4 na 3 8 na
Odisha 1291 9454 22795 36760 25 1042 124 7 167 65 3
Punjab 4553 4618 5446 14371 31 1053 168 2 150 51 3
Rajasthan 16958 11237 37656 42577 79 2957 186 9 50 196 6
Sikkim 87 140 346 706 7 17 2 na 1 4 na
Tamil Nadu 6877 5594 9733 35379 58 2472 498 10 112 292 11
Telangana 2162 11333 7189 21948 24 2045 152 8 151 181 1
Tripura 411 603 1262 2568 4 52 na na 3 4 na
Uttar Pradesh 15937 8632 75644 155756 76 6922 317 67 248 213 6
Contd....
Table 9.3. Number of Recognised Educational Institutions in India
(in numbers)
States/UTs 1 2
2015-16 2017-18
Intermediate/ High/ Upper Only Universities Colleges Technical PGDM Nursing Teacher Institutes
Sr. Sec. Secondary Primary Primary / University Education Training under
Schools Schools Schools Schools level (Polytech- Ministries
Institutes nics)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Uttarakhand 2218 1294 5017 15497 33 440 105 3 30 13 2
West Bengal 6898 3296 8839 76703 43 1341 143 13 69 205 13
A & N Islands 63 49 84 218 0 7 na na na na na
Chandigarh 90 70 29 12 3 25 3 1 na 3 na
D & N Haveli 21 20 129 177 0 8 na na 1 na 1
Daman & Diu 24 18 44 59 0 9 na na na 2 na
Delhi 1684 377 939 2755 27 178 17 12 22 35 12
Goa 110 385 86 973 3 56 8 1 1 1 na
Lakshadweep 13 1 14 17 na 0 na na na na na
Puducherry 164 202 87 278 4 76 9 na 1 4 na
All India 112637 139539 429624 840546 903 39050 3239 269 2676 3691 136
Source: 1 : Educational Statistics at a Glance, 2018 Ministry of Human Resource Development

2 : AISHE 2017-18, Ministry of Human Resource Development
Note:
na: not available
1: Upper primary means primary schools/sections, secondary means secondary schools/sections and senior secondary means senior secondary schools/sections unless otherwise
mentioned.
Volume 2
|
A 163
Table 9.4. State-Wise Literacy Rates (1951-2011)

(per cent)
States/UTs 1951 1961 1971 1981 1991 2001 2011
(1) (2) (3) (4) (5) (6) (7) (8)
Andhra Pradesh na 21.2 24.6 35.7 44.1 60.5 67.0
Arunachal Pradesh na 7.1 11.3 25.6 41.6 54.3 65.4
Assam 18.5 33.0 33.9 na 52.9 63.3 72.2
Bihar 13.5 22.0 23.2 32.3 37.5 47.0 61.8
Chhattisgarh 9.4 18.1 24.1 32.6 42.9 64.7 70.3
Gujarat 21.8 31.5 37.0 44.9 61.3 69.1 78.0
Haryana na na 25.7 37.1 55.9 67.9 75.6
Himachal Pradesh na na na na 63.9 76.5 82.8
Jammu & Kashmir na 13.0 21.7 30.6 na 55.5 67.2
Jharkhand 12.9 21.1 23.9 35.0 41.4 53.6 66.4
Karnataka na 29.8 36.8 46.2 56.0 66.6 75.4
Kerala 47.2 55.1 69.8 78.9 89.8 90.9 94.0
Madhya Pradesh 13.2 21.4 27.3 38.6 44.7 63.7 69.3
Maharashtra 27.9 35.1 45.8 57.2 64.9 76.9 82.3
Manipur a 12.6 36.0 38.5 49.7 59.9 70.5 76.9
Meghalaya na 26.9 29.5 42.1 49.1 62.6 74.4
Mizoram 31.1 44.0 53.8 59.9 82.3 88.8 91.3
Nagaland 10.5 22.0 33.8 50.3 61.7 66.6 79.6
Odisha 15.8 21.7 26.2 33.6 49.1 63.1 72.9
Punjab na na 34.1 43.4 58.5 69.7 75.8
Rajasthan 8.5 18.1 22.6 30.1 38.6 60.4 66.1
Sikkim na na 17.7 34.1 56.9 68.8 81.4
Tamil Nadu na 36.4 45.4 54.4 62.7 73.5 80.1
Tripura na 20.2 31.0 50.1 60.4 73.2 87.2
Uttar Pradesh 12.0 20.9 24.0 32.7 40.7 56.3 67.7
Uttarakhand 18.9 18.1 33.3 46.1 57.8 71.6 78.8
West Bengal 24.6 34.5 38.9 48.7 57.7 68.6 76.3
A & N Islands 30.3 40.1 51.2 63.2 73.0 81.3 86.6
Chandigarh na na 70.4 74.8 77.8 81.9 86.0
D & N Haveli na na 18.1 32.9 40.7 57.6 76.2
Daman & Diu na na na na 71.2 78.2 87.1
Delhi na 62.0 65.1 71.9 75.3 81.7 86.2
Goa 23.5 35.4 52.0 65.7 75.5 82.0 88.7
Lakshadweep 15.2 27.2 51.8 68.4 81.8 86.7 91.8
Puducherry na 43.7 53.4 65.1 74.7 81.2 85.8
All India a
18.3 28.3 34.5 43.6 52.2 64.8 73.0
Source: Office of the Registrar General of India, Ministry of Home Affairs

Notes:
a : India and Manipur figures exclude those of the three sub-divisions viz. Mao Maram, Paomata and Purul of Senapati district of
Manipur as census results of 2001 in these three sub-divisions were cancelled due to technical and administrative reasons.
na : not available
1. Literacy rates for 1951, 1961 and 1971 Censuses relate to population aged five years and above and from 1981 onwards Literacy
rates relate to the population aged seven years and above. The literacy rate for 1951 in case of West Bengal relates to total
population including 0-4 age group. Literacy rate for 1951 in respect of Chhattisgarh, Madhya Pradesh and Manipur are based on
sample population.
Table 9.5. Households with access to Safe Drinking Water in India

(per cent)
Households with Tap/Handpump/Tubewell
States/ UTs 1991 2001 2011
Total Rural Urban Total Rural Urban Total Rural Urban
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Andhra Pradesh 55.1 49.0 73.8 80.1 76.9 90.2 90.5 88.6 94.5
Arunachal Pradesh 70.0 66.9 88.2 77.5 73.7 90.7 78.6 74.3 91.3
Assam 45.9 43.3 64.1 58.8 56.8 70.4 69.9 68.3 78.2
Bihar 58.8 56.5 73.4 86.6 86.1 91.2 94.0 93.9 94.7
Chhattisgarh a a a 70.5 66.2 88.8 86.3 84.1 93.9
Gujarat 69.8 60.0 87.2 84.1 76.9 95.4 90.3 84.9 97.0
Haryana 74.3 67.1 93.2 86.1 81.1 97.3 93.8 92.0 96.7
Himachal Pradesh 77.3 75.5 91.9 88.6 87.5 97.0 93.7 93.2 97.8
Jammu & Kashmir na na na 65.2 54.9 95.7 76.8 70.1 96.1
Jharkhand a a a 42.6 35.5 68.2 60.1 54.3 78.4
Karnataka 71.7 67.3 81.4 84.6 80.5 92.1 87.5 84.4 92.3
Kerala 18.9 12.2 38.7 23.4 16.9 42.8 33.5 28.3 39.4
Madhya Pradesh 53.4 45.6 79.4 68.4 61.5 88.6 78.0 73.1 92.1
Maharashtra 68.5 54.0 90.5 79.8 68.4 95.4 83.4 73.2 95.7
Manipur 38.7 33.7 52.1 37.0 29.3 59.4 45.4 38.1 60.8
Meghalaya 36.2 26.8 75.4 39.0 29.5 73.5 44.7 35.1 79.5
Mizoram 16.2 12.9 19.9 36.0 23.8 47.8 60.4 43.4 75.8
Nagaland 53.4 55.6 45.5 46.5 47.5 42.3 53.8 54.6 51.8
Odisha 39.1 35.3 62.8 64.2 62.9 72.3 75.3 74.4 79.8
Punjab 92.7 92.1 94.2 97.6 96.9 98.9 97.6 96.7 98.9
Rajasthan 59.0 50.6 86.5 68.2 60.4 93.5 78.1 72.8 94.3
Sikkim 73.1 70.8 92.8 70.7 67.0 97.1 85.3 82.7 92.2
Tamil Nadu 67.4 64.3 74.2 85.6 85.3 85.9 92.5 92.2 92.9
Tripura 37.2 30.6 71.1 52.5 45.0 85.8 67.5 58.1 91.9
Uttar Pradesh 62.2 56.6 85.8 87.8 85.5 97.2 95.1 94.3 97.9
Uttarakhand a a a 86.7 83.0 97.8 92.2 89.5 98.7
West Bengal 82.0 80.3 86.2 88.5 87.0 92.3 92.2 91.4 93.9
A & N Islands 67.9 59.4 90.9 76.7 66.8 97.8 85.5 78.2 98.1
Chandigarh 97.7 98.1 97.7 99.8 99.9 99.8 99.3 98.7 99.4
D& N Haveli 45.6 41.2 91.0 77.0 70.5 96.1 91.6 84.3 98.4
Daman & Diu 71.4 56.9 86.8 96.3 94.9 98.9 98.7 97.8 99.0
Delhi 95.8 91.0 96.2 97.2 90.1 97.7 95.0 87.9 95.2
Goa 43.4 30.5 61.7 70.1 58.3 82.1 85.7 78.4 90.4
Lakshadweep 11.9 3.4 18.8 4.6 4.6 4.6 22.8 31.2 20.2
Puducherry 88.8 92.9 86.1 95.9 96.6 95.5 97.8 99.6 97.0
All India 62.3 55.5 81.4 77.9 73.2 90.0 85.5 82.7 91.4

Notes:
a : Created in 2001. Uttarakhand, Jharkhand and Chhattisgarh for 1991 are included under Uttar Pradesh, Bihar and Madhya Pradesh
respectively.
na : not available as no census was carried out in Jammu & Kashmir during 1991.
Table 9.6. Population of India (1951-2011)

(in thousands)
States /UTs 1951 1961 1971 1981 1991 2001 2011
(1) (2) (3) (4) (5) (6) (7) (8)
Andhra Pradesh 31115 35983 43503 53551 66508 76210 84581
Arunachal Pradesh a na 337 468 632 865 1098 1384
Assam b 8029 10837 14625 18041 22414 26656 31206
Bihar 29085 34841 42126 52303 64531 82999 104099
Chhattisgarh 7457 9154 11637 14010 17615 20834 25545
Gujarat 16263 20633 26697 34086 41310 50671 60440
Haryana 5674 7591 10036 12922 16464 21145 25351
Himachal Pradesh 2386 2812 3460 4281 5171 6078 6865
Jammu & Kashmir c
3254 3561 4617 5987 7837 10144 12541
Jharkhand 9697 11606 14227 17612 21844 26946 32988
Karnataka 19402 23587 29299 37136 44977 52851 61095
Kerala 13549 16904 21347 25454 29099 31841 33406
Madhya Pradesh 18615 23218 30017 38169 48566 60348 72627
Maharashtra 32003 39554 50412 62783 78937 96879 112374
Manipur d 578 780 1073 1421 1837 2294 2856
Meghalaya 606 769 1012 1336 1775 2319 2967
Mizoram 196 266 332 494 690 889 1097
Nagaland 213 369 516 775 1210 1990 1979
Odisha 14646 17549 21945 26370 31660 36805 41974
Punjab 9161 11135 13551 16789 20282 24359 27743
Rajasthan 15971 20156 25766 34262 44006 56507 68548
Sikkim 138 162 210 316 406 541 611
Tamil Nadu 30119 33687 41199 48408 55859 62406 72147
Tripura 639 1142 1556 2053 2757 3199 3674
Uttar Pradesh 60274 70144 83849 105137 132062 166198 199812
Uttarakhand 2946 3611 4493 5726 7051 8489 10086
West Bengal 26300 34926 44312 54581 68078 80176 91276
A & N Islands 31 64 115 189 281 356 381
Chandigarh 24 120 257 452 642 901 1055
D & N Haveli 42 58 74 104 138 220 344
Daman & Diu 49 37 63 79 102 158 243
Delhi 1744 2659 4066 6220 9421 13851 16788
Goa 547 590 795 1008 1170 1348 1459
Lakshadweep 21 24 32 40 52 61 64
Puducherry 317 369 472 604 808 974 1248
All India d 361088 439235 548160 683329 846421 1028737 1210855
Source : Office of the Registrar General of India, Ministry of Home Affairs

Notes:
a : Census conducted for the first time in 1961.
b : The 1981 Census could not be held in Assam. Total population for 1981 has been worked out by interpolation.
c : The 1991 Census could not be held in Jammu & Kashmir. Total population for 1991 has been worked out by interpolation.
d: India and Manipur figures include estimated population for those of the three sub-divisions viz. Mao Maram, Paomata and Purul Senapatidistrict
of Manipur as census results of 2001 in these three sub-divisions were cancelled due to technical and administrative reasons.
na: not available
Table 9.7. Population under different age groups and Child Sex Ratio in 2001 and 2011
Child Sex Ratio
Age Group 2001 Age Group 2011 (0-6 years)
States/UTs
0-14 15-34 35-59 60 & Age not 0-14 15-34 35-59 60 & Age not 2001 2011
above stated above stated
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13)
Andhra Pradesh 24398125 26904637 18985717 5788078 133450 21790792 30609248 23131065 8278241 771431 961 939
Arunachal Pradesh 442825 366838 237279 49916 1110 493361 512549 312669 63639 1509 964 972
Assam 9970342 9220063 5875783 1560366 28974 10248899 11123193 7736116 2078544 18824 965 962
Bihar 34874151 24971476 17473783 5501274 177825 41721188 32264872 22002745 7707145 403502 942 935
Chhattisgarh 7692654 6782442 4826242 1504383 28082 8183836 8861697 6472641 2003909 23115 975 969
Gujarat 16624168 18233455 12267094 3499063 47237 17445613 21695832 16272844 4786559 238844 883 890
Haryana 7579980 7458045 4441951 1584089 80499 7529954 9370426 6225793 2193755 31534 819 834
Himachal Pradesh 1884390 2159835 1471395 547564 14716 1775385 2419844 1956201 703009 10163 896 909
Jammu & Kashmir 3617025 3523571 2282065 675324 45715 4240710 4411400 2951417 922656 15119 941 862
Jharkhand 10708694 8563383 6061782 1578662 33308 11891118 10992825 7630779 2356678 116734 965 948
Karnataka 16845601 18667321 13223774 4062022 51844 16024874 22349821 16883719 5791032 45851 946 948
Kerala 8296545 11271154 8911546 3335675 26454 7830974 10335954 11011254 4193393 34486 960 964
Madhya Pradesh 23252416 19871596 12783564 4280924 159523 24302242 25176834 17351555 5713316 82862 932 918
Maharashtra 31100375 34038392 23167117 8454660 118083 29917215 40661653 30280834 11106935 407696 913 894
Manipur 706705 813358 496722 145470 4533 861688 1060221 726088 200020 7777 957 930
Meghalaya 980877 776836 452223 105726 3160 1177942 1052138 592123 138902 5784 973 970
Mizoram 313736 331766 193272 49023 776 356002 412771 259172 68628 633 964 970
Nagaland 728409 762383 404177 90323 4744 679032 760810 434463 102726 1471 964 943
Odisha 12207872 12591532 8904094 3039100 62062 12076422 14385953 11408224 3984448 119171 953 941
Punjab 7617876 8609860 5845668 2191693 93902 7084950 10174719 7576330 2865817 41522 798 846
Rajasthan 22543231 18257954 11608147 3810272 287584 23725426 23811691 15629580 5112138 269602 909 888
Sikkim 188907 205320 115646 29040 1938 165937 251098 151614 40752 1176 963 957
Tamil Nadu 16710874 22392020 17366443 5507400 428942 17007503 25144641 22418323 7509758 66805 942 943
Tripura 1075552 1135652 750645 232549 4805 1017991 1362144 1002622 289544 1616 966 957
Uttar Pradesh 67923332 51963534 33924676 11649468 736911 71308266 68153539 43288570 15439904 1622062 916 902
Uttarakhand 3086976 2845406 1884841 654356 17770 3129008 3602662 2437205 900809 16608 908 890
West Bengal 26645405 27999332 19719644 5700099 111717 24737475 32655852 26027955 7742382 112451 960 956
A & N Islands 104044 142088 90375 17366 2279 92675 147586 114528 25424 368 957 968
Chandigarh 261188 364690 228545 44912 1300 266512 426702 294812 67078 346 845 880
D & N Haveli 77758 90151 43663 8814 104 107813 147931 73701 13892 372 979 926
Volume 2
Daman & Diu 43194 75924 30973 8042 71 54985 122110 54435 11361 356 926 904
Delhi 4492939 5368740 3248002 719650 21176 4565319 6534460 4524015 1147445 16702 868 871
|
Goa 331226 523205 373952 112273 7012 318160 503105 471691 163495 2094 938 942
Lakshadweep 20734 21382 14752 3729 53 16457 22857 19774 5270 115 959 911
Puducherry 262686 373118 256712 81016 813 298392 440449 387575 120436 1101 967 967
All India 363610812 347676459 237962264 76622321 2738472 372444116 421959587 308112432 103849040 4489802 927 918
A 167
Table 9.8. Socio- Economic Profiles and

Socio-economic Indicators/Items Andhra Assam Bihar Chhat- Guja- Harya- Him- Jammu
Pradesh tisgarh rat na achal & Kash-
Pradesh mir
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Demographic indicators*
Population 2001 ( in ‘000) 76210 26656 82999 20834 50671 21145 6078 10144
Population 2011 ( in ‘000) 84581 31206 104099 25545 60439 25351 6865 12541
Percentage decadal growth rate of population (1991-2001) 14.6 18.9 28.6 18.3 22.7 28.4 17.5 29.4
Percentage decadal growth rate of population (2001- 2011) 11.0 17.1 25.4 22.6 19.3 19.9 12.9 23.6
Sex-ratio 2001 (Females per 1000 males) 978 935 919 989 920 861 968 892
Sex-ratio 2011 (Females per 1000 males) 993 958 918 991 919 879 972 889
Sex ratio at birth 2013-15 (Females per 1000 males) 918 900 916 961 854 831 924 899
Sex ratio at birth 2014-16 (Females per 1000 males) 913 896 908 963 848 832 917 906
States HDI and its components**
HDI Ranking 1999-2000 15 17 19 21 10 7 4 11
HDI 1999-2000 0.368 0.336 0.292 0.278 0.466 0.501 0.581 0.465
Health Index 1999-2000 0.521 0.339 0.506 0.341 0.562 0.576 0.681 0.457
Income Index 1999-2000 0.197 0.152 0.100 0.127 0.323 0.417 0.426 0.431
Education Index 1999-2000 0.385 0.516 0.271 0.365 0.512 0.512 0.636 0.507
HDI Ranking 2007-08 15 16 21 23 11 9 3 10
HDI 2007-08 0.473 0.444 0.367 0.358 0.527 0.552 0.652 0.529
Health Index 2008 0.580 0.407 0.563 0.417 0.633 0.627 0.717 0.530
Income Index 2007-08 0.287 0.288 0.127 0.133 0.371 0.408 0.491 0.459
Education Index 2007-08 0.553 0.636 0.409 0.526 0.577 0.622 0.747 0.597
Growth in GSDP and Per capita Income at constant
prices (2011-12)#
GSDP 2015-16 (%) 12.2 15.7 5.8 2.8 10.2 9.0 8.1 17.7
GSDP 2016-17 (%) 10.4 5.1 9.9 8.5 10.1 8.7 7.0 5.4
Average GSDP 2014-15 to 2016-17 (%) 10.6 9.2 6.4 4.4 10.3 7.8 7.5 6.6
Per capita income (PCY) 2015-16 (%) 11.9 13.0 3.3 0.6 8.4 7.5 7.1 18.1
Per capita income (PCY) 2016-17 (%) 9.6 3.5 8.2 7.2 9.3 7.2 5.5 3.7
Poverty Headcount Ratio (HCR) ***
2011-12 (Rural) 10.9 33.9 34.1 44.6 21.5 11.6 8.5 11.5
2011-12 (Urban) 5.8 20.5 31.2 24.8 10.1 10.3 4.3 7.2
2011-12 (Total) 9.20 31.9 33.7 39.9 16.6 11.2 8.1 10.4
2009-10 (Rural) 22.8 39.9 55.3 56.1 26.7 18.6 9.1 8.1
2009-10 (Urban) 17.7 26.1 39.4 23.8 17.9 23.0 12.6 12.8
2009-10 (Total) 21.1 37.9 53.5 48.7 23.0 20.1 9.5 9.4
Rural Urban Disparity ##
Rural Average MPCE 2009-10 (in R) 1234 1003 780 784 1110 1510 1536 1344
Rural share of food expenditure 2009-10 (%) 58.0 64.4 64.7 58.2 57.7 54.0 51.6 57.8
Urban Average MPCE 2009-10 (in R) 2238 1755 1238 1647 1909 2321 2654 1759
Urban share of food expenditure 2009-10 (%) 44.8 52.9 52.9 43.7 46.2 43.1 41.5 51.3
Rural Average MPCE 2011-12 (in R) 1754 1219 1127 1027 1536 2176 2034 1743
Rural share of food expenditure 2011-12 (%) 51.4 61.3 59.3 52.7 54.9 52.1 47.3 55.3
Urban Average MPCE 2011-12 (in R) 2685 2189 1507 1868 2581 3817 3259 2485
Urban share of food expenditure 2011-12 (%) 42.3 47.7 50.5 42.2 45.2 39.2 42.4 47.8
Contd....
Inter-State Comparison of Selected Major States of India

Jharkhand Karna- Kerala Madhya Maha- Odisha Punjab Rajast- Tamil Uttar Uttara- West All India
taka Pradesh rashtra han Nadu Pradesh khand Bengal
(10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22)
26946 52851 31841 60348 96879 36805 24359 56507 62406 166198 8489 80176 1028737
32988 61095 33406 72627 112374 41974 27743 68548 72147 199812 10086 91276 1210855
23.4 17.5 9.4 24.3 22.7 16.3 20.1 28.4 11.7 25.9 20.4 17.8 21.5
22.4 15.6 4.9 20.3 16.0 14.0 13.9 21.3 15.6 20.2 18.8 13.8 17.7
941 965 1058 919 922 972 876 921 987 898 962 934 933
948 973 1084 931 929 979 895 928 996 912 963 950 943
902 939 967 919 878 950 889 861 911 879 844 951 900
918 935 959 922 876 948 893 857 915 882 850 937 898
23 12 2 20 6 22 5 14 8 18 16 13
0.268 0.432 0.677 0.285 0.501 0.275 0.543 0.387 0.480 0.316 0.339 0.422 0.387
0.434 0.567 0.782 0.363 0.601 0.376 0.632 0.520 0.586 0.398 0.465 0.600 0.497
0.100 0.260 0.458 0.127 0.297 0.076 0.455 0.293 0.285 0.179 0.179 0.210 0.223
0.271 0.468 0.789 0.365 0.606 0.372 0.542 0.348 0.570 0.371 0.371 0.455 0.442
19 12 1 20 7 22 5 17 8 18 14 13
0.376 0.519 0.790 0.375 0.572 0.362 0.605 0.434 0.570 0.380 0.490 0.492 0.467
0.500 0.627 0.817 0.430 0.650 0.450 0.667 0.587 0.637 0.473 0.530 0.650 0.563
0.142 0.326 0.629 0.173 0.351 0.139 0.495 0.253 0.355 0.175 0.302 0.252 0.271
0.485 0.605 0.924 0.522 0.715 0.499 0.654 0.462 0.719 0.492 0.638 0.575 0.568
-6.2 11.1 6.8 9.1 7.6 8.2 5.7 8.1 8.2 8.8 8.1 6.1 8.0
11.2 7.6 7.4 12.5 10.0 10.4 7.2 5.5 4.3 7.3 6.0 7.9 8.2
5.8 8.3 6.2 8.9 8.0 6.8 5.7 6.9 5.8 6.7 6.5 5.6 7.9
-8.7 10.5 6.4 7.7 6.8 7.3 4.5 6.4 7.9 6.8 6.9 5.0 6.7
10.4 6.2 7.4 11.5 8.6 9.5 5.7 3.6 2.8 5.5 4.3 7.0 6.8
40.8 24.5 9.1 35.7 24.2 35.7 7.7 16.1 15.8 30.4 11.6 22.5 25.7
24.8 15.3 4.9 21.0 9.1 17.3 9.2 10.7 6.5 26.1 10.5 14.7 13.7
36.9 20.9 7.1 31.7 17.4 32.6 8.3 14.7 11.3 29.4 11.3 19.9 21.9
41.6 26.1 12.0 42.0 29.5 39.2 14.6 26.4 21.2 39.4 14.9 28.8 33.8
31.1 19.6 12.1 22.9 18.3 25.9 18.1 19.9 12.8 31.7 25.2 22.0 20.9
39.1 23.6 12.0 36.7 24.5 37.0 15.9 24.8 17.1 37.7 18.0 26.7 29.8
825 1020 1835 903 1153 818 1649 1179 1160 899 1747 952 1054
60.9 56.5 45.9 55.8 54.0 61.9 48.2 54.8 54.7 57.9 45.1 63.4 57.0
1584 2053 2413 1666 2437 1548 2109 1663 1948 1574 1745 1965 1984
51.5 42.3 40.2 41.7 41.0 48.4 44.3 48.0 45.0 46.3 48.5 46.2 44.4
1006 1561 2669 1152 1619 1003 2345 1598 1693 1156 1726 1291 1430
58.4 51.4 43.0 52.9 52.4 57.2 44.1 50.5 51.5 53.0 49.6 58.2 52.9
2018 3026 3408 2058 3189 1941 2794 2442 2622 2051 2339 2591 2630
46.5 40.1 37.0 42.2 41.6 45.4 41.0 44.8 42.7 44.0 46.3 44.2 42.6
Contd....
Table 9.8. Socio- Economic Profiles and

Socio-economic Indicators/Items Andhra Assam Bihar Chhat- Guja- Harya- Him- Jammu
Pradesh tisgarh rat na achal & Kash-
Pradesh mir
(1) (2) (3) (4) (5) (6) (7) (8) (9)
WPR 2017-18 (15 Years & above) @
Rural (%) 61.0 43.8 35.6 65.5 49.1 41.3 60.2 53.2
Urban (%) 49.3 42.8 34.7 50.0 45.1 42.4 48.3 43.6
Total (%) 57.2 43.7 35.5 62.4 47.4 41.7 58.9 51.0
Unemployment Rate 2015-16 (15 Years & above) @
Rural (%) 3.6 8.1 6.8 2.5 5.2 9.2 5.2 4.3
Urban (%) 6.6 6.3 9.0 7.5 4.2 6.9 8.7 9.9
Total (%) 4.5 7.9 7.0 3.3 4.8 8.4 5.5 5.4
Health related *
Male Life expectancy at birth (2011-15) 67.1 63.5 68.5 63.6 66.9 66.9 69.1 71.2
Female Life expectancy at birth (2011-15) 71.2 66.2 68.3 66.8 71.6 71.9 75.2 76.1
Total Life expectancy at birth (2011-15) 69.0 64.7 68.4 65.2 69.1 69.1 72.0 73.2
Male Life expectancy at birth (2012-16) 68.0 64.4 68.9 63.6 67.4 67.2 69.4 71.6
Female Life expectancy at birth (2012-16) 71.4 66.8 68.5 66.8 71.8 72.0 75.5 76.2
Total Life expectancy at birth (2012-16) 69.6 65.5 68.7 65.2 69.5 69.4 72.3 73.5
Infant Mortality Rates (per 1000 live births) 2016 34 44 38 39 30 33 25 24
Infant Mortality Rates (per 1000 live births) 2017 32 44 35 38 30 30 22 23
Birth Rate (per 1000) 2016 16.4 21.7 26.8 22.8 20.1 20.7 16.0 15.7
Death Rate (per 1000) 2016 6.8 6.7 6.0 7.4 6.1 5.9 6.8 5.0
Birth Rate (per 1000) 2017 16.2 21.2 26.4 22.7 19.9 20.5 15.8 15.4
Death Rate (per 1000) 2017 7.2 6.5 5.8 7.5 6.2 5.8 6.6 4.8
Education related $
GER (I-V Class) (2016-17) 82.79 107.39 98.08 97.07 94.97 93.90 97.91 77.09
GER(VI-VIII Class) (2016-17) 82.14 96.69 103.86 100.81 97.20 94.40 102.99 66.22
GER(IX-X Class) (2016-17) 76.30 78.56 76.71 87.65 74.54 86.34 103.86 61.65
Pupil-Teacher Ratio (2015-16) Primary School 21 21 36 20 19 20 12 9
Pupil-Teacher Ratio (2015-16) Upper Primary School 16 13 24 17 13 13 10 6
Pupil-Teacher Ratio (2015-16) High School 20 14 66 33 34 15 18 15
GER (I-V Class) (2015-16) 83.84 105.63 106.56 99.69 96.72 91.43 98.13 86.33
GER(VI-VIII Class) (2015-16) 80.21 90.95 104.84 101.45 95.35 91.69 103.01 70.72
GER(IX-X Class) (2015-16) 74.08 76.43 77.42 91.60 73.79 83.61 105.72 66.01
Pupil-Teacher Ratio (2014-15) Primary School 21 24 35 21 20 22 12 9
Pupil-Teacher Ratio (2014-15) Upper Primary School 15 14 23 18 13 14 10 6
Pupil-Teacher Ratio (2014-15) High School 19 13 59 33 34 14 19 16
Source:
* : Office of Registrar General of India(RGI). Andhra Pradesh excludes Telangana for Sex ratio at birth 2014-16,
** : India HDR 2011 & 1999-2000,
*** : NITI Aayog (Planning Commission),
$ : School Education in India, U-DISE Flash Statistics 2016-17 (Provisional) and Educational Statisics at a Glance 2018,
# : CSO,
## National Statistical Office (NSO), Monthly per capita expenditure (MPCE) is based on mixed modified recall period,
@ : Periodic Labour Force Survey 2017-18 (NSO); WPR (Worker Participation Rate) and Unemployment Rate are based on Usual Principal
& Subsidiary Status (UPSS).
Note:
na: not available.
Inter-State Comparison of Selected Major States of India

Jharkhand Karna- Kerala Madhya Maha- Odisha Punjab Rajast- Tamil Uttar Uttara- West All India
taka Pradesh rashtra han Nadu Pradesh khand Bengal
(10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22)
43.2 51.9 41.9 57.3 55.0 45.6 41.1 50.3 53.7 42.5 41.5 48.5 48.1
36.0 44.9 40.2 45.3 44.7 41.1 45.8 41.5 47.9 39.3 38.5 46.1 43.9
41.7 49.1 41.2 54.3 50.5 44.9 42.9 48.2 51.0 41.8 40.6 47.8 46.8
6.8 3.9 10.0 3.4 3.2 6.9 7.6 4.4 7.9 5.4 6.9 3.8 5.3
10.4 6.5 13.2 7.6 7.4 8.4 7.7 7.2 6.9 9.5 9.5 6.4 7.7
7.5 4.8 11.4 4.3 4.8 7.1 7.7 5.0 7.5 6.2 7.6 4.6 6.0
67.0 67.2 72.2 63.2 70.3 65.6 70.3 65.7 69.1 63.4 68.9 69.4 66.9
67.5 70.9 78.2 66.5 73.9 68.3 74.2 70.4 73.0 65.6 74.9 71.8 70.0
67.2 69.0 75.2 64.8 72.0 66.9 72.1 67.9 71.0 64.5 71.8 70.5 68.3
67.8 67.6 72.2 63.7 70.8 66.2 71.0 66.1 69.5 63.9 68.5 69.8 67.4
68.0 70.7 77.9 67.2 73.7 69.1 74.2 70.7 73.4 65.6 74.8 71.9 70.2
67.9 69.1 75.1 65.4 72.2 67.6 72.5 68.3 71.4 64.8 71.5 70.8 68.7
29 24 10 47 19 44 21 41 17 43 38 25 34
29 25 10 47 19 41 21 38 16 41 32 24 33
22.9 17.6 14.3 25.1 15.9 18.6 14.9 24.3 15.0 26.2 16.6 15.4 20.4
5.5 6.7 7.6 7.1 5.9 7.8 6.0 6.1 6.4 6.9 6.7 5.8 6.4
22.7 17.4 14.2 24.8 15.7 18.3 14.9 24.1 14.9 25.9 17.3 15.2 20.2
5.5 6.5 6.8 6.8 5.7 7.4 7.0 6 6.7 6.7 6.7 5.8 6.3
96.64 103.71 95.14 92.13 97.50 100.22 99.31 97.80 102.01 87.16 96.41 96.27 95.12
91.81 92.90 93.63 89.73 98.69 94.64 97.72 91.99 93.42 72.74 86.73 96.34 90.73
63.50 84.44 99.36 80.15 91.74 79.91 87.08 76.63 93.87 67.82 84.40 78.56 79.35
27 19 18 20 24 17 18 17 18 39 18 25 23
19 13 14 18 17 14 12 10 15 31 17 27 17
62 16 17 39 23 20 16 21 21 56 16 39 27
108.16 102.47 95.17 94.48 97.98 102.72 101.86 100.25 103.05 93.03 99.86 101.94 99.02
99.55 92.00 94.55 94.00 98.34 92.39 98.12 89.79 94.23 75.38 87.41 101.58 91.82
72.47 82.10 102.00 80.49 89.48 78.28 85.96 75.48 93.15 67.62 85.37 81.72 79.30
29 18 17 22 25 19 19 17 18 39 19 25 24
20 13 14 19 17 14 12 10 15 33 17 28 17
61 16 17 40 23 20 17 23 21 57 18 37 27

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Economic

1 State of the Economy in 2018-19: A Macro View

3 Monetary Management and Financial Intermediation

4 Prices and Inflation

5 Sustainable Development and Climate Change

7 Agriculture and Food Management

8 Industry and Infrastructure

10 Social Infrastructure, Employment and Human Development

AI Artificial Intelligence CEPI Custodian of Enemy Property

BSE Bombay Stock Exchange DB Doing Business

IP Insured Persons MoHUA Ministry of Housing and Urban Affairs

IPCC Intergovernmental Panel on Climate Change MoP Margin of Preference

MCA Ministry of Corporate Affairs NBCC National Buildings Construction Corporation

MeitY Ministry of Electronics and Information NBFC Non-Banking Financial Companies

NPE National Policy on Electronics PPR Peste des Petis Ruminants

OFB Ordinance Factory Board REC Rural Electrification Corporation

OFS Offer for Sale REER Real Effective Exchange Rate

OIL Oil India Limited REITs Real Estate Investment Trusts

OMO Open Market Operations ReMS Rashtriya e-Market Services

OOPE Out of Pocket Expenditure RHS Right hand side

OS Operating Surplus RITES Railway Infrastructure Technical & Economic

OVERVIEW: GLOBAL Figure 1: Growth rate of real GDP (per cent)

Table 0.1 : Key Indicators

Data categories Unit 2015-16 2016-17 2017-18 2018-19

Data source: WEO, April 2019 database

momentum is mainly on account of lower 8.5

growth in ‘Agriculture & allied’, ‘Trade, 8.0

services related to broadcasting’ and ‘Public 6.5

administration & defence’ sectors. Acreage

Table 1: Quarter-wise growth in Gross Value Added (per cent)

Figure 5: Change in cumulative auto Figure 6: Growth of loans and advances

Figure 7: Growth in GDP (per cent) Figure 8: Significant moderation in

11.0 GVA growth Core GVA growth

Data source: Central Statistics Office

Data source: Petroleum Planning & Analysis Cell

of bilateral exchange rate with US dollar, due to RBI’s intervention to modulate

Data source: Reserve Bank of India (from figure 11 to 14)

Figure 15: GST revenue collections Figure 16: Expenditure of Central

Figure 17: Non performing assets as a percentage of Gross Advances

Data source: Reserve Bank of India

DRIVERS OF GROWTH as a big market for businesses. Growth in

Real growth (per cent) Share at current prices (per cent)

Box 1: India’s high income elasticity of consumption

Figure a: Income elasticity of Figure b: Income elasticity of

Data source: Central Statistics Office

Table A: Level and growth of per capita income and consumption

Level in Rupees Real growth

Figure c: Share of consumption Figure d: Changes in consumption

Clothing and footwear 47.6

Transport & communication

Food & beverages Goods Services

2011-12 to 2013-14 2014-15 to 2017-18

2014-15 to 2017-18 2011-12 to 2013-14

Data Source: Central Statistics Office

2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Data source: Central Statistics Office

decline in savings rate as well, with the 30

23.6 per cent in 2011-12 to 17.2 per cent 5

physical savings of the households, with