RBIBULLC2B6CC46

JULY 2019
VOLUME LXXIII NUMBER 7

EDITORIAL COMMITTEE
Rajiv Ranjan
Deba Prasad Rath
Sitikantha Pattanaik
G. P. Samanta
S. Gangadaran
Pallavi Chavan
Snehal Herwadkar
EDITOR
Shashidhar M. Lokare
The Reserve Bank of India Bulletin is issued

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accessed at http://www.bulletin.rbi.org.in
CONTENTS
Speeches
Evolving Role of Central Banks 1
Statement by Governor on Launch of Complaint Management System 7

Governor’s Inaugural Remarks- Annual Statistics Day Conference 9
Development of Viable Capital Markets – The Indian Experience 13
Articles
Demographic Changes and their Macroeconomic
Ramifications in India 25
Financial Stocks and Flows of the Indian Economy
2011-12 to 2017-18 41
Press Release of Working Papers and Occasional Papers
Cross-border Trade Credit: A Post-Crisis Empirical

Analysis for India 59
Does Financial Cycle Exist in India? 61
Current Statistics 63
Recent Publications 107
Supplement
Financial Stability Report June 2019
SpeechES
Evolving Role of Central Banks

Shaktikanta Das
Statement by Governor on Launch of Complaint Management System

Shaktikanta Das
Governor’s Inaugural Remarks- Annual Statistics Day Conference
Shaktikanta Das
Development of Viable Capital Markets – The Indian Experience
Viral V. Acharya
Evolving Role of Central Banks SPEECH
Evolving Role of Central Banks* make a difference in the lives of individuals whom
you lead. Be sure to be their mentor, guide and inspire
your team to dedicate themselves to the service of the
Shaktikanta Das nation. My advice to you would be to work towards
introducing systematic changes in the functioning of
our bureaucracy at various levels to further improve
It gives me great pleasure to be here at the Lal
the delivery of public schemes and policies. More
Bahadur Shastri National Academy of Administration
importantly, adhering to transparency and elimination
(LBSNAA) for the inauguration of this Phase V mid- of corruption should also be your top priorities.
career programme for IAS officers. I have many
pleasant memories of this premier training institution As policy formulation of any kind is a learning
where I had come after joining the IAS in the year process, policy makers are often guided by past
1980. I am thankful to Shri Sanjeev Chopra, Director experiences. Therefore, today I have chosen to speak
on the topic of ‘Evolving Role of Central Banks’.
of the Academy and members of the Faculty for having
invited me to address such an august gathering. Evolution of Central Banks
I am sure each one of you has worked hard and Since the beginning of central banking, which goes
achieved many milestones over the path of your long back at least to the 17th century with the establishment
careers. Where you stand today is perhaps the most of the Swedish Riksbank in 1668, the role and
important juncture in your career as you prepare for functions of monetary authorities have undergone
even higher roles and responsibilities in the Indian several changes. Some of the oldest central banks
administrative structure. I understand that most of were set up with the primary objective of providing
you would have spent around 28 to 31 years in the war time finance to governments and managing their
service. From now on you would be occupying top debts. Since then, their role has evolved over time in
positions in central and state governments. At these line with the changes in economic systems. They have
levels, you would be responsible for policy making as now transitioned into modern day central banks which
well as guiding implementation of major programmes function with the objective of supporting sustainable
and schemes. You have to carefully weigh and assess economic growth through the pursuit of price and
the suitability of various policy options and advise the financial stability.
government on the way forward. While discharging In the case of India, the Hilton Young Commission
your role at such high positions, it is very important (1926) recommended setting up of the Reserve Bank
to remember two quotes from the father of the nation, of India which was to be entrusted with pure central
Mahatma Gandhiji: (i) ‘Be the Change that you wish to banking functions. There is, however, a long history,
see in the World’; and (ii) ‘Recall the face of the poorest which can be traced back to 1773, of the efforts to set
and the most helpless man whom you may have seen up in India a banking institution, with some elements
and ask yourself, if the step you contemplate is going of a central bank. Consequently, the Reserve Bank was
to be of any use to him’. set up, and it commenced operations from April 1, 1935
In senior leadership positions, you will have the with the Reserve Bank of India Act, 1934 providing the
power to make a difference in the lives of the people statutory basis for its functioning. It was originally set
up as a shareholder’s bank, which was nationalised
of this nation. Equally, you would have the power to
later in 1949. Since then, its role has evolved over
* Shri Shaktikanta Das, Governor, Reserve Bank of India. Speech delivered
time from supporting the planned development of the
at the Lal Bahadur Shastri National Academy of Administration (LBSNAA),
Mussoorie on June 17, 2019. economy to a full service central bank.
RBI Bulletin July 2019 1

SPEECH Evolving Role of Central Banks
Role of Central Banks during Global Financial Crisis measure was the use of negative policy interest rates,
though for achieving different objectives. The impact
Let me now elaborate on the role of central banks
of these unconventional monetary policies is well
during crisis period. While it is true that crises lead to
known by now as large amount of liquidity created in
reforms, experience shows that other extraneous and
the international financial system was channelled to
complex factors can lead to future financial crises. For
EMEs in search of yield, creating boom and bust cycles
instance, despite learning lessons on inadequacies of
in those economies.
regulation and supervision in many emerging market
economies (EMEs) during the East-Asian crisis of Regulatory Response to the Crisis
1997, the occurrence of global financial crisis of 2008 From a supervisory and regulatory perspective,
originating from advanced countries could not be the crisis revealed some significant fragilities in the
avoided. While macroeconomic vulnerabilities derived system. Basel Committee on Banking Supervision
from large current account deficits, fiscal imbalances, (BCBS) succinctly summarised these weaknesses:
excessive leverage and inadequate regulation and an excessive build-up of on and off-balance sheet
supervision of financial institutions were some of the leverage, accompanied by a gradual erosion in the
most common features of this crisis, it was of truly level and quality of the capital base; insufficient
global nature with much more intensity and depth. liquidity buffers; a pro-cyclical deleveraging process;
Given the speed of transmission of the impact of and the interconnectedness of systemic institutions
global financial crisis across countries, central banks through an array of complex transactions2. The global
were once again at the forefront of policy response. regulatory response which took shape in the form of
This time, however, typical monetary policy responses the Basel III framework focussed on increasing the
of central banks were not enough to curb the turmoil level and quality of capital, constraining bank leverage,
in financial markets. In the summer of 2007, major improving bank liquidity and limiting pro-cyclicality,
central banks began with traditional monetary policy along with adding macro-prudential elements to
tools and reduced the interest rates. The economic regulations.
situation, however, deteriorated precipitously and Keeping up with the traditionally prudent
central banks were not left with much headroom in approach, India’s implementation process for Basel
their traditional policy tool kit to preserve domestic III reforms has been somewhat more stringent in
financial stability. Thus, central banks – particularly in terms of schedule as well requirements. Domestic
advanced economies – took recourse to quantitative factors and policy priorities continue to guide the
easing through unconventional policy measures to Indian approach to financial sector regulation. Thus,
contain systemic risks, shore up confidence in the the Reserve Bank has put in place the frameworks of
banking system and arrest economic slowdown. These capital requirements, countercyclical capital buffer
policy measures were unconventional in terms of (CCCB), leverage ratio, Liquidity Coverage Ratio (LCR)
instruments and operational targets.1 Undoubtedly, and Net Stable Funding Ratio (NSFR)3. More recently
the quantitative easing adopted by central banks was guidelines on large exposures were issued which
one of the boldest policy experiments in the modern became effective from April 1, 2019.
history of central banking. Another unconventional
2
Basel Committee on Banking Supervision (2010): ‘Basel III: A global
1
For instance, these included lending to financial institutions, targeted regulatory framework for more resilient banks and banking systems’,
liquidity provisions for credit markets, outright purchases of public and December.
3
private assets, purchase of government bonds and forward guidance. To be implemented from April 1, 2020
2 RBI Bulletin July 2019

Another episode of stress witnessed across EMEs in May 2013 triggered portfolio outflows
including India was during the taper talk period of from some EMEs4. This led to high volatility
mid-2013. The Indian economy was vulnerable due in equity, debt and currency markets. In
to the then prevailing high inflation of around 10 per fact, such market volatilities in EMEs could
cent and large current account deficit at 4.7 per cent have been avoided through clear advance
of GDP. The Reserve Bank resorted to a host of policy communication on calibrated withdrawal of
measures including monetary tightening, restriction monetary policy accommodation.
on gold import, special dollar swap window for public
In the Indian context, the Reserve Bank
sector oil companies, special concessional swap
communicates its monetary policy decisions
window for banks for attracting Foreign Currency
in terms of changes in the ‘Policy Repo
Non-Resident (Bank) deposits, increase in overseas
Rate’ and ‘Stance’ based on an assessment
borrowing limit of banks, and raising FII investment
of the current and evolving macroeconomic
limit in government debt.
situation. The stance of the monetary policy
What do we Learn? is communicated as neutral, accommodative
Though there is no unique solution to these or calibrated tightening in consonance with
policy issues confronting the global economy, we the mandate of achieving the medium-
could clearly draw three broad inferences: term inflation target of 4 per cent ± 2 per
cent, while keeping in mind the objective
(i) First, as we have discussed earlier, central
of growth. The Reserve Bank’s approach to
banks’ role is important, both during normal
communicate the policy stance is to explain
as well as crisis times. While mandates for
it with rationale, information and analysis to
central banks broadly remain the same
enable market participants and stakeholders
during both normal and stress periods, the
to have better clarity about the Reserve
weightage attached to competing objectives
Bank’s assessment of the evolving situation.
and the choice of policy instruments become
crucial in the crisis periods. (ii) Third, the global financial crisis was also a
testimony to the fact that coordination of
(ii) Second, communication by central banks is
policies both at the global and domestic level
very important which may be different in
is important for macro-financial stability. It
crisis times than in normal times. Not only it
is only through better coordination between
helps convey decisions in a more transparent
central banks and between monetary and
way, it also signals the present and future
fiscal authorities in the domestic sphere
policy stance of central banks. In fact,
that adverse consequences of spillovers
unconventional monetary policy measures
and spillbacks could be contained. The
undertaken by central banks during the
crisis period worked mainly through the fact remains that as most policy makers
confidence and signaling channels. The US (monetary and fiscal) have domestic
Federal Reserve’s statement on December 16, mandates, international cooperation may be
2008 provided a clear forward guidance for hard to engender if international outcomes
the markets. On the other hand, only a mere militate against domestic policy preferences.
hint of monetary policy normalisation by the 4
Mainly five emerging-market countries, viz., Brazil, India, Indonesia, South
US Fed (popularly known as taper tantrum) Africa, and Turkey (which were referred to as the ‘Fragile Five’)

SPEECH Evolving Role of Central Banks
Therefore, success of coordination will and non-banking sectors. We have been taking several
depend on deft calibration of policies by steps to strengthen the regulatory and supervisory
major stakeholders. frameworks in order to increase the resilience of the
banking system. New guidelines have been issued for
Issues in the Current Context
resolution of stressed assets, which will sustain the
Even after more than a decade of global financial improvements in credit culture.
crisis and six years after taper-tantrum, the global
In the non-banking sector, the Reserve Bank has
economy is still not on a stable growth path. Following
recently come out with draft guidelines for a robust
an upward swing in 2017, there has been growing
liquidity framework for the NBFCs. We are also giving
evidence that global growth and trade is weakening.
a fresh look at their regulatory and supervisory
Unsettled trade tensions and developments around
framework. It is our endeavour to have an optimal level
Brexit are imparting further downside risks to the
of regulation and supervision so that the NBFC sector
outlook. While signs of weakening world industrial
is financially resilient and robust. The Reserve Bank
production and trade volume were discernible in
will continue to monitor the activity and performance
early 2019, other business confidence indicators have
of this sector with a focus on major entities and their
also dampened in many Organisation for Economic
inter-linkages with other sectors. The Reserve Bank
Co-operation and Development (OECD) countries.
will not hesitate to take any required steps to maintain
Taking cognisance of these factors, projections of
financial stability.
world growth for 2019 have been revised down by
the IMF, World Bank and the OECD in their latest We are also taking a number of steps to improve
assessments. Likewise, global trade is projected to commercial viability of Urban Co-operative Banks
expand at a moderate pace in next two years in line (UCBs). These steps include proposed establishment
with the subdued investment outlook for many major of an Umbrella Organisation and a Centralised Fraud
economies. Registry for UCBs and governance reforms at the board
level. We are also encouraging voluntary merger and
While the global economy is still to recover to
consolidation in the sector to help reduce operating
the pre-crisis growth path, India has continued to
costs, diversify risks and economise on capital.
exhibit robust growth driven by consumption and
investment demand in the last three years. However, Interplay between Inflation and Growth Objectives
in more recent period, we have seen a loss of speed in At the end, let me highlight the role of the
the second half of 2018-19 as some drivers of growth, Reserve Bank in the context of the mandate under
notably investment and exports, slowed down. On the
the Reserve Bank of India Act, 1934: ‘to regulate the
supply side, activity in agriculture and manufacturing
issue of Bank notes and the keeping of reserves with
moderated sharply. It is expected that the end of
a view to securing monetary stability in India and
political uncertainty associated with an election
generally to operate the currency and credit system of
season and continuation of economic reforms would
the country to its advantage’. This mandate has been
lead to a reversal of the current weaknesses in some of
interpreted over time as to maintain price stability,
the indicators in our economy.
financial stability and economic growth with the
To reinvigorate growth by improving investment relative emphasis between these objectives governed
climate, a healthy financial sector, inter alia, plays an by the prevailing macroeconomic conditions. This
important role. In this context, the Reserve Bank has role of the Reserve Bank has been restated as per the
accorded high policy attention to reform both banking amendment in the RBI Act in May 2016 according

to which ‘the primary objective of the monetary that though the focus of monetary policy is mainly on
policy is to maintain price stability while keeping in inflation and growth, the underlying theme has always
mind the objective of growth’. Therefore it has been been financial stability.
our endeavour in the Reserve Bank to ensure price Concluding Observations
stability under the flexible inflation targeting regime
While India emerged relatively unscathed
and simultaneously focus on growth when inflation is
from the global financial crisis, there should be no
under control.
room for complacency. As a member of the several
In a flexible inflation targeting framework, a multilateral institutions, India actively participated
delicate balance needs to be maintained between in post crisis reforms of the international regulatory
Inflation and growth objectives. The relative emphasis and supervisory framework under the aegis of the G20
on inflation and growth depends on prevailing and the Basel Committee. India remains committed to
macroeconomic scenario, inflation and growth outlook adoption of international standards and best practices
and signals emerging from incoming data. Post global in a phased manner, calibrated to our domestic
financial crisis, it has been recognised that price conditions, wherever necessary.
stability may not be sufficient for financial stability From the perspective of the Reserve Bank, we will
and therefore financial stability has emerged as continue to focus on effective communication and
another key consideration for monetary policy, though coordination with all stakeholders to achieve broader
jury is still out as to whether it should be added as an macroeconomic objectives of price stability, growth
explicit objective of monetary policy. The fact remains and financial stability.

Statement by Governor on launch of Complaint Management System SPEECH
Statement by Governor on CMS will be accessible on desktop as well as

on mobile devices. The Reserve Bank also plans to
Launch of Complaint introduce a dedicated Interactive Voice Response
Management System* (IVR) System for tracking the status of complaints. I
am sure, with time, the customer friendly nature of
Shaktikanta Das the CMS will be further enhanced.

As stated earlier, customer awareness is an
enabling tool for strengthening customer protection.
The Complaint Management System (CMS), the An alert and aware customer can effectively guard
application being launched today, symbolises the against the risks of mis-selling, cheating, frauds
Reserve Bank’s commitment to improve customer and such other threats. In our endeavor to spread
experience in grievance redressal process by ensuring awareness, we have placed on the CMS portal, videos
timely resolution of complaints received at the with young role-models, including sportspersons, on
Reserve Bank. I take this opportunity to seek the safe banking practices and other important customer-
co-operation of all the Reserve Bank regulated entities centric regulatory initiatives of the Reserve Bank of
with public interface such as commercial banks, India.
urban co-operative banks, non-banking financial
The benefit to the financial system will accrue
companies (NBFCs), etc., in resolving customer
from seamless access of CMS to the Nodal Officers of
complaints in a speedy and meaningful manner to
banks / Financial Service Providers (FSPs). CMS can
promote public confidence in the financial system.
generate various reports for monitoring and managing
Sustaining the confidence of consumers in banks
complaints pertaining to each entity. I expect banks /
and other Financial Service Providers (FSPs) through
FSPs to use the data on CMS not only for reducing their
prompt and effective grievance redressal, together
Turn Around Time in resolution of complaints and
with empowering customers through education is
strengthening their grievance redressal mechanism
pivotal for maintaining trust in the banking system.
but also for undertaking root cause analysis with an
CMS envisages improved customer convenience objective of understanding their customer pain areas,
by providing a single window on the Reserve Bank behaviour and expectations so as to improve their
website for lodging complaints against any regulated services for maintaining customer loyalty.
entity. The complaint would be directed to the
Insights from the data available from CMS can,
appropriate Office of the Ombudsman/Regional
for example, be used by banks / FSPs for designing
Office of the the Reserve Bank. The application also
products which meet the expectations of their
improves transparency by keeping the complainants
customers. Obviously, those entities who perform
informed through auto-generated acknowledgements
better in analysing the data and using it for creating
and enabling them to track the status of their
customer value would be able to benefit more and
complaints and file appeals online against the
have a competitive advantage.
decisions of the Ombudsmen, where applicable.
Further, complainants can also voluntarily share Data from CMS can be leveraged by the Reserve
feedback on their experience in obtaining redressal. Bank for analytics which can be used for regulatory
and supervisory interventions, if required. Various
* Shri Shaktikanta Das, Governor, Reserve Bank of India, on June 24, 2019.
dashboards provided in the application will help

SPEECH Statement by Governor on launch of Complaint Management System
Reserve Bank to effectively track the progress in I urge the banks/FSPs to utilise the potential of
redressal of complaints. CMS to the fullest.
With the launch of CMS, the processing of My heartiest congratulations to each and
complaints received in the offices of Ombudsman and everyone involved in developing and implementing
Consumer Education and Protection Cells (CEPCs) of the application.
the Reserve Bank has been digitalised.

Governor’s Inaugural Remarks- Annual Statistics Day Conference SPEECH
Governor’s Inaugural Remarks- summarised the ethos of the discipline, and I quote:
“…the history of the word sankhyā shows the
Annual Statistics Day intimate connection which has existed for more than
Conference* 3000 years in the Indian mind between ‘adequate
knowledge’ and ‘number.’ As we interpret it, the
fundamental aim of statistics is to give determinate
Shaktikanta Das and adequate knowledge of reality with the help
of numbers and numerical analysis.” These words
would inspire our deliberations on the theme of
I am honoured to inaugurate this year’s
the Conference today, which is ‘Statistics for the
Statistics Day Conference, the thirteenth in the series
Future’. The shared understanding that statistics is
organised by the Reserve Bank to commemorate
a ‘key technology’ in dealing with real life problems
the contributions of Professor Prasanta Chandra
is resonating across the world. Aptly, the 50th session
Mahalanobis. While paying tribute to him, I would
of the United Nations Statistical Commission (UNSC)
like to take this opportunity to review some of the
held in March 2019 had ‘Better Data Better Lives’ as
recent challenges in the field of statistics and in that
its leit motif.
context, to envision our future plans.
The Reserve Bank’s statistics and information
Professor Mahalanobis’s achievements in the
management system has evolved over several decades
field of statistics are pioneering and widely acclaimed.
in response to demands for national level statistics
In many ways, his contributions have pushed outwards
of the highest quality and their dissemination as
the frontiers of human understanding and endeavour.
a ‘public good’. Over the years, more and more
Very appropriately, therefore, he is regarded as
information is being compiled and released in the
the father of modern statistics in India. Professor
public domain, including those data that form inputs
Mahalanobis was also a great institution builder. He
in policy-making. With India’s growing integration
will always be remembered for founding the Indian
with the global economy and the sophistication and
Statistical Institute (ISI); for his path-breaking work
complexity of economic activity, information needs
on nationwide sample surveys; and for providing
have exploded. This has thrown up challenges to
the architecture of the second five year plan (FYP)
practitioners to exploit innovations in analytical tools
model of rapid industrialisation, among his many
so as to keep pace with the fast changing dynamic.
landmark contributions to nation building in those
For instance, in the aftermath of the global financial
early days of independence. Professor Mahalanobis
crisis, statistical systems across the central banks have
was the recipient of the prestigious award, the Padma
undergone a paradigm shift. The focus is increasingly
Vibhushan. He also received international recognition,
on monitoring of risks in the financial sector, global
including as the Honorary President of International
linkages, and sectoral accounts in terms of analysis
Statistical Institute and Fellow of the Royal Society of
of vulnerabilities, interconnectedness and spillovers.
London for Improving Natural Knowledge.
At the same time, information management and
Professor Mahalonobis was also the founder dissemination has become technologically more
editor of the Indian Journal of Statistics ‘Sankhya’. In advanced, with an emphasis on higher frequency,
the editorial of its first issue, Professor Mahalanobis granularity, better validation and integration into
multi-purpose and structured data production
* Shri Shaktikanta Das, Governor, Reserve Bank of India. Speech delivered
on June 28, 2019 processes. In the Reserve Bank too, we propose to

SPEECH Governor’s Inaugural Remarks- Annual Statistics Day Conference
leverage our new age data warehouse to support a tail risks materialised and the world was not the
granular data access lab to facilitate research, and a same again. These lessons inform our modelling
sandbox environment for evaluating regulatory tools. of corporate financial risks on an ongoing basis. As
the American Statistician recommends, “Accept
Let me turn to some other modern-day
Uncertainty. Be Thoughtful, Open, and Modest”; in
challenges confronting professional statisticians, in
short, “ATOM.”
the Reserve Bank as also outside the Bank. Big data
is the new buzzword in the world of statistics, and it In my view, in an era marked by the widespread
has already started changing the way the world views usage of the internet and social media, there is no
itself. Corporations are making large investments to substitute for rigorous statistical testing for establishing
predict the behaviour of consumers by exploiting empirical regularities. In a deluge of data and results,
the advances made in the field of data analytics. what is vital is not just knowing which facts warrant
This information technology revolution has also importance, but also which are to be ignored, or even
created problems of plenty, underscoring the need strongly refuted. Deviations from stylised facts and
for rigorous processes of classification, aggregation common sense should be investigated, but backed
and analysis. Given the large amount of information, by robust analysis, peer reviews of the data used and
extracting ‘signals’ and ignoring ‘noise’ is vital in the the methods employed before deriving conclusions.
productive use of new age technologies for analytical So, the solution might not be less statistics, but
needs and policy decision support. Big data analytics actually more of them, but used in a manner that
are being increasingly employed to assess food they are supposed to be. In most countries today, the
inflation, to develop risk profiles and stress scenarios profession of statistics is required to meet increasing
for the corporate sector and to conduct sentiment analytical demands for decision support. The rising
analysis with artificial intelligence and machine demands on the profession, as pointed out recently
learning techniques. by the US Bureau of Labour Statistics, speak for the
public’s expectations about and reliance on the quality
In recent times, there have been animated
of statistics, statistical methods and the statistician.
discussions on the precision of statistical methods.
In the Reserve Bank, we will continue to refine the
The doctrine – even tradition - of statistical significance
methodologies used for forecasting and assessment
in scientific research has come under some cloud for
of macroeconomic developments on an ongoing basis.
its veracity and the journal American Statistician
Research and analytics using cutting edge techniques
published a special edition on this issue earlier this
will be pursued and in particular, nowcasting of
year. Critics allege that these tests are susceptible
growth and inflation will be further strengthened.
to manipulation in order to make desired results
significant, and undesired results non-significant. I am glad to note that renowned statisticians like
Further, some important results may be discarded at Professor T.C.A. Anant, Professor T.J.Rao and Professor
the conception level itself just because they are highly Srikanth Iyer have accepted our invitation and agreed
unlikely. Similarly, an opportunity to cherry-pick to share their views on the theme of the Conference.
variables is available. In other words, correlations We look forward to Professor Anant’s thoughts
can conveniently be extended to establish spurious on the challenges for statisticians in the context
causality. In this context, do’s and don’t’s have been of the United Nations’ Sustainable Development
cited: ‘don’t say statistically significant’ is one of Goals (SDGs) as part of our commitment to the G20
them. Yet, as the global financial crisis demonstrated, process. The Reserve Bank has been conducting

Governor’s Inaugural Remarks- Annual Statistics Day Conference SPEECH
several surveys to provide forward-looking inputs and Dr.Bornali Bhandari will discuss the research
for policy purposes. In this context, Professor Rao’s work done and the future research agenda with young
guidance will be extremely valuable; moreover, he researchers in the afternoon session. Their expertise
has had a long-standing relationship with the Bank would immensely help our young professionals in
in the Technical Advisory Committee on Surveys. We setting their own goals.
are also eager to listen to Professor Iyer on Random
I wish all participants the very best for today’s
Connection Models that help in reducing dimensions,
conference. I hope your deliberations will keep
compressing information and designing efficient
burning the flame of knowledge that illuminates
algorithms in the era of Big Data.
human endeavour.
I am also happy to learn that experts such as
Thank you!
Dr. Subrata Sarkar, Dr. D.V.S. Sastry, Shri D.K.Joshi

Development of Viable Capital Markets – The Indian Experience SPEECH
Development of Viable Capital 1.3 The CGFS Report identified the drivers of capital
market development and categorised them into two
Markets – The Indian Experience* types:
i. drivers which create an enabling
Viral V. Acharya environment for financial development, and
ii. drivers which are more capital market
specific.
1. Introduction
1.4 Drivers which create an enabling environment as
1.1 Capital markets play a crucial role in the economic
identified in the CGFS Report include:
development of a country. They provide financial
resources required for the long-term sustainable • macroeconomic stability,
development of the economy. Development of viable • broad respect for market autonomy,
capital markets is therefore considered an important
• fair and efficient legal and judicial systems,
element in the macro-financial policy toolkit,
and
including for objectives such as financial stability and
the transmission of monetary policy. • an efficient regulatory regime that creates
conditions favourable for financial contracts.
1.2 The Committee on Global Financial System
(CGFS), which meets at the Bank for International 1.5 Drivers which are capital market specific as
Settlements (BIS), constituted a Working Group identified in the CGFS Report include:
in 2018-19 to examine global trends in capital • easy access to high-quality material
market development, identify various factors (legal, information,
institutional, structural and conjunctural) that foster
• diversity in the investor base,
the development of robust capital markets, and consider
the role of policy including prudential measures. The • efficient market ecosystem for trading and
Working Group, co-chaired by the People’s Bank of robust market infrastructures,
China (PBOC, Dr. Li Bo) and the Reserve Bank of India • openness towards international investors
(RBI, Dr. Viral V. Acharya), focussed on issues primarily while maintaining macro-economic stability,
related to the development of markets in bond and and
equity securities1. While these issues are arguably
• markets for hedging and funding securities.
of greater relevance to emerging market economies,
they were found to be of significant interest even for 1.6 The CGFS Report made six broad policy
advanced economies. recommendations:
i. promoting greater market autonomy;
*
Dr Viral V. Acharya, Deputy Governor, Reserve Bank of India at Indian
School of Business, Hyderabad on June 29, 2019. These remarks collectively ii. strengthening legal and judicial systems for
summarise the presentations made earlier at the RBI symposium on
Establishing Viable Capital Markets, 29 May 2019; the Institute for Indian investor protection;
Economic Studies (IIES), Tokyo, Japan, 10 June 2019; the meeting with Foreign
Portfolio Investors, Tokyo, Japan, 11 June 2019; the National University of iii.
enhancing regulatory independence and
Singapore (NUS) Asian Leaders in Financial Institutions (ALFI) Programme,
Bengaluru, 20 June 2019, and Fireside Chat at the Indian School of Business,
effectiveness;
Hyderabad, 29 June 2019.
1 iv. increasing the depth and diversity of the
The Report was delivered to the CGFS at the BIS meeting on 23 January
2019 and is available at https://www.bis.org/publ/cgfs62.pdf domestic institutional investor base;

SPEECH Development of Viable Capital Markets – The Indian Experience
v. opening up capital markets internationally

in a bi-directional manner; and
vi. developing complementary markets for
derivatives, repo transactions and securities
lending.
1.7 Policy initiatives in India have been largely in
sync with the findings and recommendations of the
CGFS Report. I shall discuss these and future policy
directions after providing a brief overview of the
Indian capital markets. While the scope of the CGFS
Report is the entire capital market, I will largely confine
this speech to the markets regulated by the Reserve
Bank, viz., interest rate markets and (to a lesser extent)
foreign exchange markets.
2. Overview of the Indian capital markets
2.1 Indian capital markets have a history of more than Equity market remains the largest segment, even as
a century. However, they remained largely inactive G-Sec, SDL and corporate bond markets have grown
till the 1970s. Partial liberalisation of the economy steadily (Chart 1).
and pro-capital market policies during the 1980s 2.3 Growth of the Government Securities market:
infused some life into the markets, but it was only A streamlined, transparent and market-based primary
the economic liberalisation of the 1990s that provided issuance process has underpinned the development
a lasting impetus. Today, segments of India’s capital of the government securities markets, both central
markets are comparable with counterparts in many of government securities (G-Secs) and state government
the advanced economies in terms of efficiency (price securities (SDLs). In the primary G-Sec market,
discovery), tradability (low impact cost), resilience (co- issuances are made as per a half-yearly pre-announced
movement of rates across product classes and yield calendar. The calendar specifies the amount, tenor
curves), and stability. In particular, their ability to and issuance dates. The tenor of the G-Secs goes up
withstand several periods of stress, notably the Asian to 40 years. G-Secs are mostly fixed-coupon bonds,
financial crisis in 1997-98, the global financial crisis in although instruments such as inflation-linked bonds,
2007-09 and the ‘taper tantrum’ episode in 2013, is a capital-indexed bonds, floating-rate bonds and bonds
sign of their increasing maturity. with embedded options are also issued. Currently, all
2.2 In terms of size, all the major segments of the issuances are done through weekly auctions. Issuances
capital market, viz., Central Government securities are supported by Primary Dealers (PDs) who fully
(G-Sec) market, market for State Development Loans underwrite the issue. Auctions are conducted through
(SDL), corporate bond market and equity market – the both competitive bidding [for all residents, Foreign
so called ‘cash markets’ – have experienced consistent Portfolio Investors (FPIs) and Non-Resident Indians
growth during the past few decades in terms of (NRIs)], which determines the market-clearing price,
primary issuance, market capitalisation (for equity and non-competitive bidding (for retail investors,
market) and trading volumes in the secondary market. largely), which receives the allotted securities at the

market-clearing price. More than 90 per cent of the

issuances are done through re-opening of existing
securities which has contributed significantly to
market liquidity by spreading out ownership across
a large number of investors. The Reserve Bank has
also introduced ‘when-issued’ segment for the G-Sec
market since 20062.
The profile of both G-Secs and SDLs in terms
of stock and flow characteristics is shown in Tables
1 and 2. The weighted average coupon on G-Secs has
remained stable across interest rate cycles imparting
stability to the debt profile as the average maturity of
issuance (more than 10 years) is one of the longest
globally, helping limit the rollover risk for the central
government. SDL issuance has increasingly formed a
much greater share of issuance relative to the G-Secs,
has remained higher than that of corporate bond
rising from around 25 per cent of issuance in 2013-14
and equity cash markets. The liquidity in G-Secs is,
to around 45 per cent in 2017-18.
however, mainly concentrated in a few benchmark
2.4 Liquidity of the G-Sec Market: Liquidity in securities, particularly the 10-year benchmark, and
the secondary market for government securities has SDLs are relatively less liquid than the G-Secs, yielding
noticeably improved over the past decade (Chart 2). typically 50-75 basis points more than the G-Secs in
The average daily volume in the G-Sec and SDL markets terms of yield at the 10-year tenor. The average bid-
Table 1: Characteristics of Central Government Table 2: Issuance profile of Government Borrowings

Borrowings (G-Secs) (in US $ billion)
Year Issued during the Year Outstanding stock Central Government State Governments
Year
(G-Secs) (SDLs)
Weighted Weighted Weighted Weighted
Average Average Average Average Outstanding Outstanding
Gross Gross
Yield Maturity Coupon Maturity Stock Stock
Issuance Issuance
(per cent ) (years) (per cent ) (years) (end-March) (end-March)
2013-14 8.4 14.2 8.0 10.0 2013-14 90 609 31 174
2014-15 8.5 14.7 8.1 10.2 2014-15 91 648 36 199
2015-16 7.9 16.0 8.1 10.5 2015-16 85 674 41 243
2016-17 7.2 14.8 8.0 10.7 2016-17 80 754 56 321
2017-18 7.0 15.0 8.0 10.7 2017-18 91 795 63 346
2018-19 7.8 14.7 7.8 10.4 2018-19 83 837 70 404

Source: Annual Report of Reserve Bank of India (2017-18) and Database of Source: Database of Indian Economy (DBIE), Reserve Bank of India
Indian Economy (DBIE), Reserve Bank of India.
2
‘When Issued’, a short form of ‹when, as and if issued ‹, indicates a conditional transaction in a security authorized for issuance but not as yet actually
issued. All ‘when issued’ transactions are on an ‘if’ basis, to be settled if and when the actual security is issued. Such trading facilitates the distribution
process for Government securities by stretching the actual distribution period for each issue and allowing the market more time to absorb large issues
without disruption.

There are several proximate drivers of this

liquidity of the Indian G-Sec market:
i. Regular issuance of the 10-year benchmark
has concentrated trading interest in this
segment of the yield curve. Efforts are
now being made to regularise issuance of
benchmark securities at shorter maturities
(2 and 5 years).
ii. Secondary market transactions are
predominantly (around 80 per cent)
conducted in an anonymous electronic
order matching system (NDS-OM) which is
unique in the world for debt trading. While
the remaining transactions happen over-the-
counter (OTC) outside the NDS-OM3, they
are nevertheless reported to the NDS-OM
ask spread for liquid securities in the G-Sec market has platform.
remained less than a basis point during the last few iii. Near real-time dissemination of trade
years (Chart 3). Strikingly, bid-ask spread as well as information publicly accessible on the
the price impact of trade for the 10 year Indian G-Sec website of the Clearing Corporation of India
benchmark are comparable to or lower than those for Limited (CCIL) ensures price transparency.
most of the advanced economies of the world including iv. Settlement is guaranteed by the CCIL
the US, the UK, France and Germany (Chart 4). and takes place through Delivery versus
Negotiated Dealing System-Order Matching.

3

Payment (DvP) mechanism on T+1 basis. institutions like mutual funds, pension funds and
Guaranteed settlement implies there is no insurance funds as well as foreign portfolio investors
risk to investors from each other of delivery (FPIs) has helped in developing the corporate bond
failures. market. Tri-party repo (‘sale and repurchase’) in
(v) Finally, enabling of short-selling facilitates a corporate bonds has been introduced by the exchanges
two-way interest adding to activity and price recently with a view to encourage trading interest.
Implementation of the Insolvency and Bankruptcy
discovery in the market.
Code (IBC) starting December 2016 is expected to go
2.5 Growth and liquidity of the corporate bond a long way in improving participation in the corporate
market: The corporate bond market has grown over bond market by strengthening the protection of
the years to a size of US$ 447 billion of outstanding creditor rights, in a market presently characterised
stock as at the end of March 2019, clocking an by one of the lowest recovery rates (25 per cent) in
annualised growth rate of 13.5 per cent during the the world (Chart 5). With greater confidence in time-
last four years. Issuances are predominantly through bound and efficient resolutions under the IBC, foreign
private placement and dominated by high credit investors are likely to explore investment in sub-
issuers. In 2018-19, 79 per cent of the issuances were by investment grade and distressed corporate assets.
entities rated ‘A’ or higher. Secondary market trading
2.7 Investor Base: There has been a conscious and
has also picked up in the recent past, with trading
continuous effort by the Reserve Bank to expand the
volumes rising from US$ 170 billion in financial year
investor base and thereby liquidity of the markets it
(FY) 2014-15 to US$ 267 billion in 2018-19. Trading
regulates, while preserving financial stability. The
is entirely OTC with trades settled bilaterally and
investor base for G-Secs, for instance, has expanded
reported to stock exchanges.
over the past decade in terms of an increase in the
2.6 Recent developments in the corporate bond share of holdings by insurance companies and
market: Consistent investment interest by domestic corporates and a corresponding decrease in the share

of holding by commercial banks (Chart 6). In parallel, is the existence of funding and securities lending
calibrated access for global investors through the FPI markets as well as derivative markets for risk transfer.
route is helping broaden the investor base, while also Repo funding in Indian G-Secs is fairly deep with
bringing in diversity of trading views and strategies. average daily volume of about US$ 20 billion (Chart 7).
2.8 Funding and Derivatives Markets: A necessary In case of interest rate derivatives, there is reasonable
condition for the development of capital markets liquidity in Interest Rate Futures (IRF) and Overnight
4
Triparty repo in G-Secs went live on November 05, 2018. In tri-party repo, a third party acts as a central counterparty between the two originating parties
of a repo transaction. Currently, the Clearing Corporation of India Ltd. (CCIL) acts as the ‘triparty agent’ for the G-Secs, while the Bombay Stock Exchange
(BSE) and the National Stock Exchange (NSE) operate as triparty agents for corporate bonds.

Indexed Swaps (OIS) markets5. Much of the recent

increase in activity can be attributed to the Reserve
Bank allowing non-residents to participate in interest
rate derivatives markets for both hedging and trading
purposes.
3. Policy initiatives in India
What has enabled the growth of Indian capital
markets to reach this stage? To answer this, I will now
discuss the policy measures taken in India vis-à-vis the
findings and recommendations of the CGFS Report.
3.1 Enabling environment
3.1.1 Macroeconomic Stability
India’s GDP growth has been one of the highest
among large economies during the last decade and
half (Chart 8). Double digit inflation of few years
relative to non-financial assets such as housing
prior to the ‘taper tantrum’ episode has been tamed,
and gold. The important reform of flexible inflation
facilitated by a shift by the Reserve Bank in 2016 to
targeting, helped by low oil prices and food supply
flexible inflation targeting with a headline target of
management, has kept the headline inflation under
4 per cent (+/- 2 per cent) for the Monetary Policy
control during the last 5 years, relative to the MPC’s
Committee (MPC). High levels of inflation make
mandated target (Chart 9). This way, two preconditions
holdings of financial assets economically unattractive
of macroeconomic stability – stable growth and low
inflation – necessary for financialisation of savings
and capital market development are now in place in
India.
3.1.2 Promoting market autonomy
a. Rationalising regulatory guidelines and
procedures
In active coordination with the government
and other financial market regulators, the
Reserve Bank has undertaken a series of reforms
and rationalisation of existing policies. These
measures also seek to ensure financial stability
and instil confidence among stakeholders. Some
important examples include:
i. Liberalising the process for innovation of
new products;
An Overnight Index Swap (OIS) is an interest rate swap agreement where
ii.
5
Moving away from a prescriptive approach
a fixed rate is swapped against a pre-determined published index of a daily
overnight reference rate for an agreed period. to a principle-based regulatory approach;

iii.
Minimising interference in the market
process by eschewing ad-hoc ‘approvals’;
and,
iv. Attempting to achieve comprehensive
market regulations by addressing gaps,
in particular, by issuing market abuse
regulations and benchmark regulations, as
well as regulating trading platforms.
b. Development of financial market institutions
and infrastructure
A well-developed and reliable infrastructure
is a prerequisite for safe and efficient functioning
of financial markets. Acknowledging this
principle, the Reserve Bank has taken several
steps to put in place an effective infrastructure in
the markets it regulates, the salient steps being: the minimum percentage of Net Demand
i. Introduction of an anonymous trading and Time Liabilities (NDTL) to be held in
platform for G-Sec called the Negotiated G-Secs and SDLs by banks in a calibrated way
Dealing System-Order Matching (NDS-OM); (Chart 10) from close to 40 per cent in 1990 to
ii. Introduction of Legal Entity Identifier code below 20 per cent at present. This important
(LEI) for OTC derivatives markets as well as relaxation has resulted in a greater flexibility
non-derivatives markets; for banks in their investment decisions and
added to the diversity of investor base in
iii.
Development of a foreign exchange trading
G-Secs and SDLs (Chart 6) – which, in turn,
platform (Fx-Retail) aimed at bringing down
have aided efficient pricing of these bonds.
transactions costs for retail users (August
2019); and, ii. The Reserve Bank has been calibrating access
for Foreign Portfolio Investors (FPIs) in debt
iv. Constituting an independent financial
markets to provide them greater latitude
benchmark administrator, viz., the Financial
in managing their portfolios in terms of
Benchmarks of India Private Limited (FBIL).
increased FPI investment limits (Charts
c. Macro-prudential management of investment 11 and 12) as well as expanded eligibility of
restrictions for domestic and foreign investors instruments and tenor for FPI investments.
It has been a constant endeavour of the iii. Recently, the Reserve Bank has introduced
Reserve Bank to rationalise, and wherever the Voluntary Retention Route (VRR) scheme
consistent with macro-prudential objectives, to to relax the macro-prudential restrictions for
relax restrictions in the form of investment limits FPIs that are willing to retain a significant
imposed on the market participants: portion of their investments in the country
i. The Reserve Bank has reduced the Statutory for a minimum retention period (presently
Liquidity Requirement (SLR) stipulation on three years).

3.1.3
Strengthening the legal and regulatory 3.2.1 Disclosure regime
framework for investor protection
As per the cross-country survey findings of the
One of the most critical building blocks of market CGFS Report, proper and timely disclosure by the
infrastructure is a proper legal framework which issuers in corporate bond market is a prerequisite
ensures investor protection by acting as a deterrent for gaining investors’ confidence in this market.
to market abuse and malpractices. In India, the Public Conversely, lack of adequate disclosures raises the
Debt Act (1944), the Securities Contract Regulation financing costs of corporates, especially sub-investment
Act (1956) and the Government Securities Act (2006) grade ones, and keeps the capital markets small.
govern the formalisation of issuance and transfer of Recognising this, regulators in India have emphasised
securities. In parallel, the Reserve Bank of India Act and mandated high quality and timely disclosures by
(1934) confers powers on the Reserve Bank to regulate issuers. However, a few instances of recent defaults in
money, derivatives, repo and government securities commercial paper and corporate bond markets have
markets. With the Insolvency and Bankruptcy Code raised concerns about the quality of disclosures, even
(IBC) (December 2016), the legal framework for for investment-grade firms. These concerns are worthy
financial regulation is also moving closer to being of careful scrutiny and assessment relative to the best
comprehensive and effective in the context of non- international practices to help fine-tune standards for
financial corporate borrowers. However, the lack of the timely disclosure of default-relevant information
resolution framework for non-bank financial entities by corporates.
remains a crucial gap that deserves prompt attention
3.2.2 Deepening the domestic institutional base
of the authorities.
Expanding the investor base leads to increasing
3.2 Capital market specific drivers
diversity in the market (see section 2.7). Efforts in this
Let me now turn to some of the other important direction need to be sustained, with a particular focus
drivers of market development in India and also on the domestic institutional investor base. Improving
highlight some critical areas for improvement. pension and insurance coverage for households can be

a priority as it not only leads to social welfare outcomes, for indirect exposure, residents can hedge
but also leads to a stronger and more stable investor overseas the price risk on industrial metals
base for capital markets. Better financialisation only. Further, revised directions treat risks
of household savings could be a catalyst for retail acquired from domestic and cross-border
participation in markets, in turn providing a boost to transactions at par.
collective investment vehicles such as mutual funds To manage the global spillover risks arising from
and alternative investment funds (AIFs). such reforms, prudential limits have been in place
3.2.3 Bi-directional opening of markets to alongside most of these reforms to ensure consistency
international participation with the overall state of capital account liberalisation
for India and anchor macro-prudential risks at
One of the key drivers of market development
manageable levels.
recognised in the CGFS Report is opening up of the
market to foreign participants although it entails 3.2.4 Developing complementary markets
managing global spillover risks. The Reserve Bank Deep and liquid complementary markets like
has taken calibrated steps in opening up its regulated repo and derivatives play a crucial role in the growth
markets to foreign participants as discussed earlier of the cash markets as they help investors in funding
and also allowed domestic players to participate in and hedging. Over the past few years, the Reserve
overseas markets: Bank has taken measures to help develop repo markets
i. In consultation with the government, the for both Government securities and corporate bonds.
Reserve Bank has decided to permit offshore Introduction of tri-party repo (August 2017) has been
trading and settlement of G-Secs through a success for the G-Sec market; however, tri-party
International Central Securities Depositories repo is yet to pick up in the corporate bond market.
(ICSD) for non-residents who do not want Similarly, securities lending (‘market repo’) works well
to undergo the domestic FPI registration for G-Secs although wider participation (especially by
procedure. large holders of G-Secs like mutual funds, insurance
companies and pension funds) is required to avoid
ii. The recently issued draft of regulations for
occasional episodes of excessive volatility in borrowing
hedging currency risk embodies many of
costs. All these regulatory measures have resulted in a
the drivers identified by the CGFS report
consistent growth in liquidity in the repo markets.
– product innovation, opening up markets
to non-residents and simplified hedging To boost derivatives markets, efforts are required
guidelines which offer greater flexibility to in encouraging better risk management by domestic
users. institutions, especially banks. With the untapped
interest rate derivatives market set for a pickup in the
iii.
Similarly, in March 2018, the Reserve Bank
risk management activity of banks and non-banks, the
freed up overseas hedging by residents
role of complementary markets will strengthen in the
of commodity price risk and freight risk
years to follow.
overseas. Residents were permitted to hedge
both direct and indirect commodity risk 3.3 Other recent initiatives
through specified instruments. For direct Let me conclude by enumerating four of the
exposure, all price risk on all commodities is important initiatives underway to develop Indian
now permitted to be hedged overseas, while capital markets further:

a. Task Force on Offshore Rupee Markets the standardisation of loan information, independent
validation and data access. The Report of the Task
The Reserve Bank constituted a Task Force in
Force is due by the end of August 2019.
February 2019 to examine in depth issues relating to the
offshore Rupee markets and recommend appropriate d. Committee on the Development of Housing
policy measures to align incentives for non-residents Finance Securitisation Market
to gradually move to the domestic market for their The Reserve Bank constituted this committee
hedging requirements and also to ensure the stability to assess the state of housing finance securitisation
of the external value of the Rupee. The Report of the markets in India; study the best international practices
Task Force is due by mid-July 2019. as well as lessons learnt from the global financial
b. Internal Working Group on Market Timings crisis; and propose measures to further develop these
markets in India by identifying critical steps required
The Reserve Bank has set up an Internal Working
such as, inter alia, definition of conforming mortgages,
Group on Market Timings which will comprehensively
mortgage documentation standards, digital registry
review the timings of various markets that are under
for ease of due diligence and verification by investors,
the purview of the Reserve Bank, and will assess the avenues for trading in securitised assets, etc. The
necessary payment and settlement infrastructure that Report of the Committee is due by the end of August
can support co-ordinated timings across these markets. 2019.
The Working Group’s Report, after submission, will be
In summary, it should be clear that while Indian
released for public feedback.
capital markets have evolved steadily to a stage of
c. Task Force on the Development of Secondary long-run viability, the potential for developing and
Market for Corporate Loans strengthening them further is limitless…
The Reserve Bank has constituted a Task Force on ‘Let us, then, be up and doing,
the Development of Secondary Market for Corporate With a heart for any fate;
Loans. It will suggest required policies for facilitating Still achieving, still pursuing,
the development of a secondary market in corporate Learn to labour and to wait.’
loans, including loan transaction platform for – A Psalm of Life by
stressed assets, creation of a loan contract registry, Henry Wadsworth Longfellow
its ownership structure and related protocols such as (1807–1882)

ArticleS
Demographic Changes and their Macroeconomic Ramifications in India
Financial Stocks and Flows of the Indian Economy

2011-12 to 2017-18
Demographic Changes and their Macroeconomic Ramifications in India article
Demographic Changes and their India’s current population of 1.3 billion is

projected to rise to 1.4 billion by 2025, 1.5 billion by
Macroeconomic Ramifications in 2030 and 1.6 billion by 2050, accompanied by major
India* demographic changes in terms of age profile of the
people resulting from rising life expectancy and falling
fertility (UN, 2019). Will these projected demographics
This study examines the influence of demographic influence future macroeconomic outcomes? Motivated
changes on macroeconomic outcomes in India using by this existential question, this article undertakes
generalized method of moments. The estimation results an exploration of how demographic factors have
show that population growth and age dependency ratio moved over time and in particular, how they have co-
have inverse relation with the growth in real GDP and moved with key macroeconomic variables and what
per capita income, and positive relation with inflation. associations they portend for the decades not too far
ahead.
Increase in working age population, on the other hand,
contributes to higher economic growth. An aging The rest of the article is structured into five
sections: Section II provides a brief theoretical backdrop
population is deflationary in nature though improves
along with an overview of the lessons and findings
the current account balance. While the declining age
of various studies detailing channels through which
dependency ratio offers a demographic dividend for India,
demographic changes could influence macroeconomic
the realisation of the same would require an environment outcomes. Some stylised facts relating to the current
empowering the labour force with right skills and enabling demographic structure in India and changes over time
their gainful employment in productive uses. are furnished in Section III. Section IV explains the
data and methodology used in an empirical enquiry
Introduction into the role of demographic factors in macroeconomic
India’s favourable demographics have placed developments in India. Concluding remarks are set
it in an enviable position in an aging world, largely out in Section V.
due to the potential macroeconomic dividends II. Theoretical Backdrop and Review of Empirical
that accrue to the young: while an increase in Literature
working age population is found generally to increase Demography in any country broadly moves
per capita GDP growth, an increase in the share of through five stages (Blacker, 1947). In the first stage,
elderly/dependents is found to lower per capita GDP a country experiences high birth rates and death
growth (IMF, 2004; Kim, 2016). Demography, however, rates leading to stagnant population with low life
is not destiny; automation and technological advances expectancy. As the country’s morbidity burden falls,
have mitigated the adverse impact of population aging falling crude death rate (CDR) and high crude birth
in advanced economies. Even favourable demographics rate (CBR)1 mark the beginning of the second phase
by themselves can only be a necessary condition for of demographic transition, characterised by a bulging
greater prosperity. Harnessing their potential is the dependent population in the form of children in the age
key sufficient condition. 1
Crude birth rate = Number of live births during the year divided by the
mid-year population of the country. The rate is usually expressed in terms
*
This article is prepared by Atri Mukherjee, Priyanka Bajaj and Sarthak Gulati of “per 1000 of population”.
of the Department of Economic and Policy Research, Reserve Bank of India. Crude death rate= Number of deaths during the year divided by the mid-
The views expressed in this article are those of the authors and do not year population of the country. The rate is usually expressed in terms of
represent the views of the Reserve Bank of India. “per 1000 of population”.

article Demographic Changes and their Macroeconomic Ramifications in India
Chart 1: Five Stages of Demographic Transition
Stage 1 Stage 2 Stage 3 Stage 4 Stage 5

High Stationary Early Expanding Late Expanding Low Stationary Declining
High birth and death Decline in death Birth rate starts falling Birth rate declines Death rates exceed
rates leading to rate and no change with death rates tending to equal the birth rates and the
low growth rate of in birth rate leads to declining rapidly. death rate. Stationary population growth
population population explosion Population grows at a growth rate of declines
diminishing rate population
Source: Blacker, 1947.
group of 0-14 years. Slowly, with improved education, There are several channels through which
fertility rates decline and a country experiences an demographic changes can impact macroeconomic
expansion in the group of economically active adult outcomes. First, the age profile and the growth rate of
population in the third stage. In the next stage, the the population directly impact the availability of labour
average longevity of the population gradually rises – a key factor input in the production process. As a
and the population stabilises with the birth rate and country moves from the second stage of demographic
death rate tending to equalise. Decline in population evolution to the third and fourth stages, there emerges
in response to death rates exceeding birth rates marks a demographic dividend with working-age population
the final stage of demographic transition (Chart 1). significantly exceeding the number of dependents. In
addition, lower fertility rates and increasing access
Theoretical research on the macroeconomic
to higher education enable more and more women
ramifications of demographic changes dates back
to enter the workforce, leading to a further increase
to the 18th century when Malthus (1798) suggested
in labour supply, higher economic growth and higher
that economic growth would fail to match up to
tax collections for the Government. Age profile could
the sustained rapid increase in world population,
also influence tax rates and the incentive to work. For
leading eventually to scarcity of resources and a
instance, higher working age population may improve
doomsday scenario. However, as technological
buoyancy in tax collections and facilitate the lowering
innovations enabled higher agricultural production
of tax rates which, in turn, could boost the incentive
and robust economic growth, there emerged a group
to work.
of demographic optimists who advocated the idea that
population growth could be an asset for an economy. Second, Life-cycle hypothesis suggests that the
According to them, countries with larger population age structure of the population operates through
and the capacity to take advantage of economies of the saving-investment channel. People start as net
scale would benefit from bigger domestic markets and borrowers during their youth, become net savers
division of labour, both boosting economic growth during working years, and eventually turn dis-savers
(Harrod, 1939; Solow, 1956). after retirement. Thus, an increase in the working age

population can increase the level of aggregate savings and magnitude of the impact vary across countries
in an economy, expanding the availability of domestic and over time (Han, 2019; Juselius and Takats, 2018;
financing for growth. The neoclassical theory predicts Bobeica and Sun, 2017).
that economic growth accelerates from the second
Population aging may influence the current
stage of demographic transition as population sensitive
account balance through the savings-investment
investment (such as construction and housing) picks
channel (Higgins, 1998). A relatively faster ageing
up pace to provide employment and housing to the
country will experience an improvement in its
new entrants into the labour force (Kuznets, 1958).
current account balance due to a decline in domestic
Third, demographic changes can influence growth investment demand that is greater than the reduction
(and inflation) through the aggregate demand channel. in national saving. Thus, population aging may lead
The growth of a young population in the second stage to international capital flows from countries with
and economically active population in the third stage an aging population to countries with a relatively
of demographic transition leads to an increase in younger population such as newly industrialised and
aggregate demand. The secular stagnation hypothesis developing countries (Fougère and Mérette, 1999).
(Hansen, 1938) also relies on the demand channel to
In the Indian context, both the level and growth
explain periods of low inflation and low growth in the
rate of the working age population have large impact
late fourth and fifth stages of demographic transition
on economic growth (Aiyar and Mody, 2011). State-
when population growth declines.
level analysis shows that the BIMARU2 states are likely
Fourth, demographic factors have important to experience an increase in the share of working age
implications for Government finances. Life cycle population in the years to come (Utsav Kumar, 2010).
models predict that higher tax revenues and increased Thus, India’s demographic dividend critically depends
public saving help improve the fiscal position during on the ability of the BIMARU states to exploit the bulge
the middle stages of demographic changes. On the in working-age population. The first demographic
other hand, a larger share of elderly dependent dividend in the form of higher availability of working
individuals in the later stages necessitates higher public age population could accrue during 1980-2035, while
expenditure on healthcare services and pensions, the second demographic dividend in the form of higher
leading to worsening of Government finances. savings to support retirement could gain prominence
There has been a proliferation of empirical from 2035. The demographic dividend could matter
examination of the macroeconomic impact of till 2070 (Ladusingh and Narayana, 2011).
demographic changes (Annex Table 1). A general
III. Stylised Facts
consensus converges towards the finding that the
dependency ratio has a negative impact on growth Annual data from the World Bank (World
in GDP/ per capita income (Joe and Agrawal, 2015; Development Indicators) suggest that India is currently
Yoon, et al., 2014 and Sundman, 2011). Countries with in the third stage of demographic transition with
higher human capital tend to have lower fertility rates a rapidly declining crude birth rate (CBR) and crude
and higher real per capita GDP growth (Barro, 1991; death rate (CDR), though the CBR remains higher than
Lee, et al., 2016; Mohan, 2004). the CDR (Chart 2.a). During the period from 1975 to
2017, the fertility rate fell from 5.2 to 2.3 births per
The age structure plays a significant role in
2
determining the inflation rate, though the direction BIMARU indicates Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh.

women. Consequently, the population growth rate 1975-2017 – the share of the working age (15-64 age
slowed from 2.3 per cent in 1975 to 1.1 per cent in group) in the total population increased from 56.5
2017 (Chart 2.b) and is expected to slow further to 0.03 per cent to 66.2 per cent; the share of the young (0-14
per cent by 2055-60 after which it may turn negative year old) recorded a decline from 40 per cent to 27.8
(UN, 20193). per cent; and the share of the elderly (65 years and
The age structure of India’s population has above) showed a marginal increase from 3.5 percent to
undergone significant changes over the period 6 percent (Chart 3a).
3
The United Nation’s 2019 Revision of World Population Prospects.

This changing age structure can be best incremental increase in India’s labour force each
represented by the age dependency ratio - the ratio year will continue to be significant several years
of total dependent population (0-14 years and 65+ ahead (Chart 5), offering the opportunity to reap the
years old) to total working age population: a lower value demographic dividend for next few decades.
of the ratio implies a more productive population.
Labour force participation rate (LFPR) in India
India’s age dependency ratio has been declining and
is declining during the last decade and half despite
is likely to decline till 2025 after which it may remain
a significant and growing share of working age
stagnant till 2040 and increase thereafter (UN, 2019)
(Chart 3b). At a disaggregated level, the old dependency
ratio (ratio of old dependent population to working
age population) is increasing gradually, while the
young dependency ratio (ratio of young dependent
population to working age population) is declining
rapidly. Between 1975 and 2017, the old dependency
ratio increased from 6.2 per cent to 9.0 per cent and
the young dependency ratio fell from 71.0 per cent to
41.9 per cent.
A comparison of India’s age dependency ratio
with other countries, viz., China, USA and Japan,
shows that India stands at an advantageous position-
age dependency ratios for those countries have started
rising while it continues to fall for India (Chart 4).
The population pyramid for India also shows
a bulge in the 10-24 age cohorts, implying that the

population (Chart 6.a). Female LFPR in India is one of having the highest unemployment rates all through
the lowest in the world (ILO, 20134).
There is also a the period from 1993-1994 to 2017-18 (Chart 6c and
sharp fall in the youth LFPR since 2004-05 (Chart 6.b). 6d). Comparatively, the unemployment rates for
The declining LFPR could be attributed to a number
males and females with secondary education are
of factors, viz., increasing enrollment in education;
significantly lower, implying that a large proportion
rising household incomes; and lack of adequate
productive employment opportunities. For both of India’s labour force is engaged in informal and
male and female groups, the unemployment rates unskilled/semi-skilled work with possible dearth of
are higher for the more educated, with graduates jobs for skilled labour.
4
International Labour Organization (ILO)’s Global Employment Trend Report, 2013.

IV. Empirical Analysis are used as instruments for the GMM. The robustness
of the model is examined through Sargan-Hansen J
This section empirically examines how changes
in the size and composition of India’s population test, which requires acceptance of the null - that over-
influence macroeconomic outcomes. The study covers identifying restrictions are valid- to establish validity
the time-period 1975-2017 for which consistent data of the instruments.
for the variables under consideration are available. The results indicate that higher population
The size of the population and change therein are growth in India is not associated with higher real GDP
captured through the population growth rate, while growth (Table 1). This is because higher population
changes in the composition of the population are growth in India had resulted from higher fertility
captured through age dependency ratio, the share and birth rates. While higher birth rates increase the
of working age population in total population and number of young in the population, a higher fertility
the growth in aging population (i.e., population rate inhibits women joining the workforce including
above 65 years of age). The macroeconomic variables through higher education and both adversely impact
considered for the analysis are real GDP growth, effective labour supply. Rather than population
per capita income growth, inflation, fiscal balance growth, it is the growth of working age population as
and the external current account balance. Data on well as labour force participation rates that matter for
demographic variables are sourced from the World economic growth.
Development Indicator database of the World Bank,
As expected, the age dependency ratio in India has
while data on macroeconomic variables are obtained
an inverse relationship whereas the share of working
from the Handbook of Statistics on Indian Economy
age population has a positive relationship with real
published by the Reserve Bank of India.
GDP growth. This implies that if the dependency ratio
In view of potential endogeneity problems, the
generalised method of moments (GMM) methodology Table 1: Impact of Demographic Changes on
has been used for estimating the following model: Real GDP Growth
Y t = α + β1 Yt-1 + β2 X t + ε t .......................... (1) Explanatory Variables Dependent Variable: Real GDP Growth
(1) (2) (3) (4)

Where Y is the dependent variable, i.e., the
Population Growth -2.82***
macroeconomic variable of interest. X is the explanatory
Age Dependency Ratio -0.15***
variable, i.e., the relevant demographic variable,
considered one at a time to avoid multicollinearity Share of Working Age 0.09***
Population
(Annex Table 2). The Unit root tests indicate that the
Growth in Elderly -1.23
relevant dependent and explanatory variables are I (0) Population
(Annex Table 3)5. Real GDP Growth (-1) -0.10 -0.12 -0.11 -0.19*
The efficiency of the GMM estimator depends Constant 11.85*** 16.50*** 7.84**
on the validity of instruments. In this case, lagged Time Trend 0.07** 0.14***
values of the dependent and explanatory variables Adjusted R-squared 0.12 0.13 0.13 0.15
5
Sargan-Hansen J-test (0.70) (0.90) (0.89) (0.50)
Two of the demographic variables, viz., the share of working age population
and growth in aging population were found to be only trend stationary. For Note: 1. ***, ** and * denote significant at 1 %, 5 % and 10% level,
de-trending, time trend has been introduced as an independent variable in respectively.
the relevant equations. 2. Figures in the parentheses represent respective p-values.

Table 2: Impact of Demographic Changes on Per Table 3: Impact of Demographic Changes on

Capita Income Growth CPI Inflation
Explanatory Variables Dependent Variable: Per Capita Income Explanatory Variables Dependent Variable: CPI Inflation
Growth
(1) (2) (3) (4)
(1) (2) (3) (4)
Population Growth 2.01*
Population Growth -3.92***
Age Dependency Ratio 0.10**
Age Dependency Ratio -0.20***
Share of Working Age -0.90
Share of Working Age 0.03** Population
Population
Growth in Elderly -3.55*
Growth in Elderly -0.56 Population
Population
CPI Inflation (-1) 0.25** 0.26** 0.38*** 0.45***
Per Capita Income -0.10 -0.12 -0.12 -0.15
Growth (-1) Constant 2.30 -0.77 54.79 15.24***
Constant 11.75*** 17.89*** 3.51 Time Trend 0.19 0.01
Time Trend 0.13*** 0.14*** Adjusted R-squared 0.09 0.09 0.12 0.01
Adjusted R-squared 0.23 0.24 0.25 0.25 Sargan-Hansen J-test (0.72) (0.68) (0.74) (0.21)
Note: 1. ***, ** and * denote significant at 1 %, 5 % and 10% level,
Sargan-Hansen J-test (0.71) (0.91) (0.94) (0.27)
respectively.
Note: 1. ***, ** and * denote significant at 1 %, 5 % and 10% level, 2. Figures in the parentheses represent respective p-values.
respectively.
2. Figures in the parentheses represent respective p-values.
increases, GDP growth suffers. On the other hand, the age dependency ratio impact CPI inflation positively,
increased share of working age population increases presumably by increasing aggregate demand relative
labour supply and thus results in higher production to supply. The impact of the working age population
and real GDP growth6. The impact of growth in elderly on inflation was not found to be statistically
population on GDP turned out to be negative though significant. The negative sign of the coefficient for the
growth of elderly population signifies that an increase
statistically insignificant.
in aging population could be deflationary due to lower
The impact of demographic variables on per capita aggregate demand even if this stage involves dis-saving
income growth is largely similar to that for overall (Table 3).
real GDP growth. A higher age dependency ratio has
As per life cycle hypothesis, a higher share of
an adverse impact on per capita income, whereas an
working age population should generate greater
increased share of the working age population leads to revenues for the government through tax collections
an increase in per capita income (Table 2). and thus improve government finances. Aging
There is very limited research on the impact of population, on the other hand will require greater
population dynamics on inflation. The estimation spending on pensions and healthcare thus, worsening
government finances.
results indicate that higher population growth and
As expected, population growth tends to increase
6
A similar analysis was carried out with the share of labour force in total the fiscal deficit (Table 4). The coefficients of other
population as the explanatory variable for the period 1990-2017 as the data
on labour force is not available prior to 1990. The GMM results reveal that demographic variables, however, turned out to be
an increase in the labour force impacts real GDP and per capita income statistically insignificant. Moreover, growth in the
growth positively. The impact of labour force on the other macroeconomic
variables, however, was not statistically significant. elderly population does not increase fiscal deficit,

Table 4: Impact of Demographic Changes on Table 5: Impact of Demographic Changes on

General Government Fiscal Deficit Current Account Deficit
Explanatory Variables Dependent Variable: Gross Fiscal Deficit Explanatory Variables Dependent Variable: Current Account Deficit
(GFD) as per cent of GDP (GFD-GDP) (CAD) as per cent of GDP (CAD-GDP)
(1) (2) (3) (4) (1) (2) (3) (4)
Population Growth 0.65* Population Growth -0.04
Age Dependency Ratio 0.01 Age Dependency Ratio -0.004
Share of Working Age -0.49 Share of Working Age 0.14

Population Population
Growth in Elderly -1.32 Growth in Elderly -1.04*

Population Population
GFD-GDP (-1) 0.76*** 0.67*** 0.60*** 0.56*** CAD-GDP (-1) 0.73*** 0.70*** 0.75*** 0.63***
Constant 0.48 1.90 29.83 6.26* Constant 0.45 0.70 -7.36 3.30*
Time Trend 0.12 0.05 Time Trend -0.03 0.02*
Adjusted R-squared 0.38 0.47 0.49 0.31 Adjusted R-squared 0.57 0.57 0.56 0.63
Sargan-Hansen J-test (0.20) (0.66) (0.72) (0.17) Sargan-Hansen J-test (0.75) (0.34) (0.39) (0.32)
Note: 1. ***, ** and * denote significant at 1 %, 5 % and 10% level, Note: 1. ***, ** and * denote significant at 1 %, 5 % and 10% level,
respectively. respectively.
2. Figures in the parentheses represent respective p-values. 2. Figures in the parentheses represent respective p-values.
which is counter-intuitive but could be due to not so other hand, contributes to higher economic growth.
developed social security systems in India. An aging population is deflationary in nature though
improves the current account balance.
Population ageing may influence the external
current account balance through the saving-investment India is currently on the cusp of a demographic
channel (Higgins, 1998; Fougère and Mérette, 1999). transition. Population trends suggest that the age
The results reveal that population growth, age dependency ratio is expected to decline till 2025 and
dependency ratio and working age population do not remain almost stagnant upto 2040. Thus, this is the
have any significant impact on the current account golden age for India when the demographic dividend
balance in India. The rise in elderly population, could be reaped through higher growth. However,
however, tends to reduce the current account deficit in there is a dark side - despite an increase in the share
India, may be due to a decline in domestic investment of working age population in total population, the
demand exceeding the reduction in domestic savings labour force participation rate in India has been
(Table 5). declining. The trend is particularly predominant
among youth aged 15-29 in the rural areas and among
V. Conclusions
the female population. In order to harvest favourable
An examination of the influence of demographic demographics, it is critical to empower the labour
changes on macroeconomic outcomes in India reveals force with skills and gainful employment. India needs
that population growth and age dependency ratio have to pay special attention to skilling and reskilling its
inverse relation with the growth in real GDP and per workforce, keeping in view the changing nature of
capita income, and positive relation with inflation. today’s job profile. There are serious gaps between
Increase in the share of working age population, on the what the skill development institutions currently do

and what the industry requires. Improving education International Labour Organisation (ILO) (2013), ‘Global
and health infrastructure, in terms of both quality and Employment Trend Report, 2013’ , Available at https://
access and timely action in a co-ordinated manner www.ilo.org/wcmsp5/groups/public/---dgreports/---
by the Government, private sector and researchers dcomm/---publ/documents/publication/wcms_202326.
is necessary to harness the window of opportunity pdf
provided by a favourable demography.
International Monetary Fund, ‘World Economic
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Annex Table 1: Summary of Literature Review
Author Time- Issues Examined Results/Conclusions of the study

period
Sundman (2011) 1999-2009 How demographic Demographic variables, viz., life expectancy and total
transition impacts dependency ratio have a negative impact on GDP per
economic growth capita as they contribute to much lower labour force.
Demographic transition has hit Japan the hardest.
Joe, Dash and 1970-2013 Impact of changing In case of China, in the long run, per capita GDP is
Agrawal (2015) population age structure on influenced by both saving to GDP ratio and dependency
economic growth in China ratio. However, in case of India, only the dependency
and India ratio shows a significantly negative long run association
with per capita GDP.
Bloom, Canning 1965-1990 The relationship between East Asia benefited from a “virtuous spiral” of income
and Malaney demographic change and growth and fertility decline, while South Asia remained
(1998) economic growth in Asia caught in a low- level population-income trap.
during 1965-90
Brander and 1960 -1985 Effects of population High birth rate has a negative impact on economic
Dowrick (1994) growth and fertility on growth through investment effects in terms of “capital
economic growth dilution”. Birth rate declines have strong medium-term
positive impact on per capita income through labour
supply or “dependency “ effects.
Barro (1991) 1960-1985 Relationship between The growth rate of real per capita GDP is positively
human capital and per related to initial human capital and negatively related
capita GDP to the initial level of real per capita GDP.
1960–2013 Impact of demographic Size of population and ageing, as captured by the share
Jong-Won Yoon, changes on growth of real of 65 and above, influence real GDP growth in the
Jinill Kim, and GDP per capita; current negative way. Population growth influences current
Jungjin Lee (2014) account balance; savings; account, savings, and investment negatively, though
investment; Government insignificantly while its impact on budget balance is
budget balance; and positive and significant. The negative impact of the
inflation rate using a panel elderly share is significant for savings, investment,
dataset covering 30 OECD inflation and budget balance.
economies
Han (2019) 1991-2016 Impact of demographic An increase in the youth population is inflationary, while
changes on inflation in an increase in the aging population is disinflationary. By
Hong Kong, Singapore and affecting inflation expectations, demography directly
Mainland China impacts inflation, or indirectly through the interest rate
channel. Its impact through the output gap or the wage
channel is ignorable.


period
Juselius and 1870-2016 Impact of age structure on Age structure plays a significant role in explaining
Takats (2018) inflation inflation taking into account different policy regimes
during the period.
Bobeica, Lis, Nickel 1975-2016 Relationship between There is a positive long-run relationship between
and Sun (2017) demographic change and inflation and the increase in working-age population as
Inflation a share in total population in euro area as well as US
and Germany.
Lee, Kim and Park 1995-2050 Impact of demographic Population age structure can have significant effect
(2016) shifts on the fiscal health of on fiscal sustainability since they can affect both
the Government Government revenues and expenditures. Asia’s
population aging (Japan, China, and Republic of Korea)
will adversely affect its fiscal sustainability.
Rakesh Mohan 1950-2050 Potential fiscal challenges Asian countries have the advantage of seeing what
(2004) of population ageing in Asia is happening in the West and can avoid the follies of
excessive social welfare states. These countries need
to develop funded health and pension schemes while
consciously delaying the shift from private welfare
provision to public welfare provision.
Matthew Higgins 1950 - 1989 Relationship between Increase in both the youth and old-age dependency ratio
(1998) age distribution, national is associated with lower saving rates. The estimated
savings and the current demographic effect on the current account balance
account balance exceeds six per cent of GDP over the last three decades
for several countries.
Maxime Fougère 1954-2082 Possible effects of Population ageing may have an important impact on
and Marcel population ageing on the current account balances, depending on the extent
Mérette (1999) current account of six OECD and the evolution of ageing in one country relative
countries by extending the to another. A relatively faster ageing country will
Hviding and Mérette (1998) experience an improvement in its current account
computable overlapping- balance due to a decline in domestic investment
generation (OLG) models to demand that is greater than the reduction in national
a small economy framework savings. Population ageing may lead to international
capital flows from countries with an ageing population
to countries with a relatively younger population, such
as newly industrialised and developing countries.
Shekhar Aiyar 1961-2001 Size and circumstances of The level and the growth rate of the working age ratio
and Ashoka Mody the potential gains from have both exercised a large impact on India’s economic
(2011) demographic dividend in growth. This result is robust after accounting for
India using variation in inter-state migration, endogeneity concerns, and the
the age structure of the introduction of a range of control variables.
population across Indian
states


period
Utsav Kumar 1971-2001 Role of changing age Using state-level data from India, the paper shows that
(2010) structure of population in the pace of demographic transition varies across states,
economic growth, while and that these differences are likely to be exacerbated
controlling for state- over the period 2011-2026. The BIMARU states are likely
specific variables like to see a continuing increase in the share of the working-
overall physical and social age population in total population. Whether India’s
infrastructure level demographic dividend will be a boon or bane critically
depends on the ability of the BIMARU states to exploit
the bulge in the working-age population.
Ladusingh and 2005-2070 Quantification of The paper quantifies the positive macro-economic
Narayana (2011) demographic dividends implication of the age structure transition in India-
for India using the under both first and second demographic dividends.
National Transfer Accounts The first demographic dividend (due to higher working
Framework age population) predominates from 1980-2035 while
the second demographic dividend (due to higher saving
to support longer retirement) gains prominence from
2035. The total dividend for India could remain stable
until 2070.

Annex Table 2: Correlation Matrix of the Demographic Variables
Population Growth Age Dependency Share of Working Growth in Elderly

Ratio Age Population Population
Population Growth 1
-----

Age Dependency Ratio 0.995823*** 1
(0.00) -----

Share of Working Age Population -0.995328*** -0.999206*** 1
(0.00) (0.00) -----

Growth in Elderly Population -0.376661** -0.364754** 0.369557** 1
(0.01) (0.01) (0.01) -----
Note: Figures in the parentheses represent respective p-values.

Annex Table 3: Unit Root Test Results
Items Variable ADF Order of

Without With Integration
Trend Trend
Demographic/Explanatory Population Growth -2.43** -3.27* I (0)
Variables Age Dependency Ratio -1.93** -3.58** I (0)
Share of Working Age Population -1.86 -3.34* I (0)
Growth in Elderly Population 1.04 -4.11*** I (0)
Macroeconomic/Dependent Growth in Real GDP -6.30*** -7.81*** I (0)

Variables Growth in Per Capita Income -5.52*** -7.85*** I (0)
CPI Inflation Rate -4.67*** -4.59*** I (0)
General Government Fiscal Deficit to -3.18** -2.93 I (0)
GDP Ratio
Current Account Deficit to GDP Ratio -1.65* -2.47 I (0)
Note: ***, ** and * denote significant at 1 %, 5 % and 10% level, respectively.

Financial Stocks and Flows of the Indian Economy 2011-12 to 2017-18 article
Financial Stocks and Flows of the rest of the world (RoW) (Exhibit 1). These accounts
also cover financial instruments for sectoral transfers,
the Indian Economy from sources to uses of funds on from-whom-to-whom
2011-12 to 2017-18* (FWTW) basis, which include currency, deposits, debt
securities, loans and borrowings, equity, investment
funds (such as mutual funds), insurance, pension and
Shifts in the sectoral pattern and volume of financial
provident funds, monetary gold and other accounts
transactions in the Indian economy were evident during
(including trade debt).
the period 2011-12 to 2017-18. Reflecting the process
of financial development, the size of the RBI’s financial For the first time in this article, flow of funds
balance sheet shrank over the period. The balance sheet of have been augmented with sector-wise outstanding
other depository corporations (ODCs) sector has been in a positions in addition to the standard flow aspect of
contraction mode since 2013-14, reflecting the shift in the financial accounts, i.e., acquisition of financial assets
preferences away from deposits towards other competing and liabilities2. The end year of the period of study,
financial instruments. During the period, net borrowings i.e., 2017-18 is determined by the fact that data for
of non-financial corporations, both public and private,
that year pertaining to private non-financial corporate
declined, reflecting the recourse to internal saving to
sector became available only in May 2019 owing
finance investment. The household sector which remains
to transition of reporting standards for companies
the major supplier of funds, has been undergoing a major
from the Indian Generally Accepted Accounting
behavioural shift. Currency and deposits - historically
Principles (I-GAAP) to Indian Accounting Standard
the most preferred financial instruments, declined in
significance giving way to equity, mutual funds, insurance (Ind-AS)3.
and provident funds during the period. Exhibit I: Sectoral Classification of Financial
Stocks and Flows
Introduction
Central Bank
The Reserve Bank of India compiles the flow of
funds (FoF) accounts of the Indian economy broadly in Financial Other Depository
Corporations Corporations
accordance with the System of National Accounts (SNA,
Other Financial
2008). The institutional sectors that are covered in this Corporations
article comprise: (i) financial corporations (FCs); (ii)

Public NFCs
Sectoral Classification
non-financial corporations (NFCs), public and private; Non-Financial Corporations

(iii) general government (GG) comprising both central Private NFCs
and state governments; (iv) the household and non-
profit institutions serving households (HHs)1; and (v) Central Government
General Government
* State Governments
Anupam Prakash, Avdhesh Kumar Shukla, Anand Prakash Ekka, Kunal
Priyadarshi and Chaitali Bhowmick of National Accounts Analysis Division, Household
Department of Economic and Policy Research, Reserve Bank of India.
Contributions from Ms Vandana T R and Ms. Shalini Jain are also acknowledged. Rest of the World
The detailed statements 1 to 9 relating to financial stocks and flows have
been released separately on www.rbi.org.in. 2
The previous article published has data available till 2015-16 (RBI, 2017).
1
Households also include non-profit institutions serving households 3
Finances of Non-Government Non-financial (NGNF) Public Limited
(NPISHs) which include religious societies, social, cultural and recreational Companies, 2017-18 released on May 06, 2019; and Finances of Non-
sports clubs, political parties and trade unions, etc . These institutions are Government Non-financial (NGNF) Private Limited Companies, 2017-18
clubbed with the household sector due to paucity of information. released on May 31, 2019.

article Financial Stocks and Flows of the Indian Economy 2011-12 to 2017-18
India has endorsed the second phase of the The rest of the article is organised into seven
G20 Data Gaps Initiative (DGI-2) launched in 2015, sections. Section II sets out a brief account of the
which relates to improved coverage, timeliness, and sectoral financial resource gaps. Section III presents
periodicity of sectoral accounts . Accordingly, the
4
sector-wise financial trends. A brief discussion on
Committee on Financial Sector Statistics (CFSS) 5
instrument-wise financial flows is contained in
recommended (i) release of higher frequency data Section IV. Select indicators of financial development
- quarterly as well as annual with a reduced lag of 9 are analysed in Section V. Applications of financial
months from the current lag of more than 15 months; accounts and a network analysis of financial flows
(ii) coverage of new variables; and (iii) coverage of new is presented in Section VI. Section VII concludes the
aspects such as, flows versus stocks and transactions article with some policy perspectives.
versus valuation.
II. Sectoral Financial Resource Gap
This article marks an important step towards
achieving the DGI-2 target on sectoral accounts by Households, financial corporations and private
2021. For the first time, insurance and provident funds non-financial corporations (PvNFCs) had positive net
are presented distinctly as a subsector within the other worth7, while general government and public non-
financial corporations (OFCs) sectors. Bifurcation financial corporations (PuNFCs) had negative net
of financial flows into transactions and valuation worth in the economy during the period 2011-12 to
changes has been attempted for mutual funds, 2017-18. HHs’ net worth, on an average, remained
insurance, pension and provident funds, households close to the net national income (NNI) (Table 1).
and the Reserve Bank of India. Money market and
The overall financial resource balance in the
non-money market mutual funds are also presented
economy - measured by the net acquisition of financial
separately. As regards the rest of the world sector, both
assets less net increase in liabilities remained in
balance of payments (BoP) data and the international
surplus for the third consecutive year in 2017-18
investment position (IIP) have been presented. Efforts
have also been made to reconcile financial stock and with a reduction in net borrowings of NFCs, both
flows data published by the Reserve Bank of India and public and private8 reflecting the recourse to internal
the sequence of accounts (SoA) of the Indian economy saving to finance investment. On the other hand,
published by the National Statistical Office (NSO)6. the resource gap of the GG sector after showing
4
improvement in 2015-16 and 2016-17, reverted to
Recommendation no. 8: ‘The G-20 economies to compile and disseminate,
on a quarterly and annual frequency, sectoral accounts flows and balance its average level in 2017-18. Net lending by HHs
sheet data, based on the internationally agreed template, including data for
the other (non-bank) financial corporations sector, and develop from-whom
which had strongly recovered in 2015-16 from a
to-whom matrices for both transactions and stocks to support balance sheet slump in the previous years, was impacted by
analysis.’
5
This article has benefitted from the recommendations of the Committee
demonetisation in 2016-17 and decelerated further in
on Financial Sector Statistics (Chairman: Prof. Ravindra H. Dholakia) set up 2017-18 (Table 2).
by the National Statistical Commission (NSC) (May 2018). The main terms
of reference of the CFSS included ‘to review the existing system for collection,
7
processing of FoF statistics …’ and ‘recommend measures for improvement Net worth is calculated as the difference between outstanding assets and
consistent with international standards’. liabilities (excluding shareholders’ equity).
6 8
The Ministry of Statistics and Programme Implementation (MOSPI) decided The decline in net borrowing by non-financial corporations is also supported
to merge the Central Statistics Office (CSO) and the National Sample Survey by the national accounts data, which shows lower requirement of borrowing
Office (NSSO) into National Statistical Office (NSO) effective May 23, 2019. by private non-financial corporations.

Table 1: Sectoral Financial Net Worth

(Per cent of NNI at current market prices)
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Assets
1. Financial Corporations 224 227 229 231 232 231 234

2. Non-Financial Corporations 133 125 125 125 119 113 108
a. Public Non-Financial Corporations 18 17 16 15 12 12 12
b. Private Non-Financial Corporations 115 108 109 109 107 101 96
3. General Government 31 30 30 28 30 29 28
4. Household Sector 137 133 131 133 133 132 134
5. Rest of the World 46 48 50 51 50 46 45
Liabilities

a. Public Non-Financial Corporations 20 20 21 22 21 22 23
3. General Government 78 78 77 77 79 78 78
5. Rest of the World 23 22 24 24 25 22 23
Financial Net Worth
a. Public Non-Financial Corporations -2 -3 -5 -7 -9 -10 -11
3. General Government -47 -47 -47 -48 -49 -49 -50
5. Rest of the World 23 26 26 26 25 23 23
III. Sector-wise Financial Trends are constituent of FCs but are different in the sense
II.1 Financial Corporations that in discharge of their responsibility of formulating

monetary policy and maintaining financial stability
Financial corporations play a dominant role in of the economy, they exercise control over key
facilitating flow of resources from surplus units of aspects of the financial system. On the other hand,
the financial system to the deficit units. Central banks other depository corporations (ODCs) which include
Table 2: Sectoral Financial Resource Balance

(Per cent of NNI at current market prices)
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
1. Financial Corporations 3.0 2.6 2.5 1.8 2.3 1.6

2. Non-Financial Corporations -8.0 -6.1 -5.7 -5.4 -3.3 -2.9
a. Public Non-Financial Corporations -2.8 -2.6 -2.8 -3.1 -2.4 -2.1
b. Private Non-Financial Corporations -5.3 -3.5 -2.9 -2.3 -0.9 -0.8
3. General Government -5.7 -5.8 -5.6 -5.4 -5.1 -5.5
4. Household Sector 8.7 8.5 8.3 9.5 8.5 7.8
5. Total (1+2+3+4) -2.1 -0.8 -0.5 0.5 2.3 1.0

depository institutions other than the central bank, The central bank as the issuer of currency in
and other financial corporations (OFCs) engaged in 9
the economy has currency as its main liability. As
financial intermediation. The ODCs, which mobilise much as around 95 per cent of the currency issued
deposits from other units, play a predominant role by the Reserve Bank of India is held by households.
in a bank-based economy like India (Chart 1). They The second most important central bank liability is
include scheduled commercial banks, co-operative deposits, which are mostly held by the ODC sector.
banks and credit societies, deposit taking non-banking In 2016-17, however, the composition of currency and
financial companies and deposit taking housing deposits on the liabilities side changed. Flow in terms
finance companies.
III.1.1 Central Bank

The size of the Reserve Bank of India’s financial
balance sheet shrank over the period 2011-12 to 2017-
18 reflecting the process of financial development10
(Chart 2). A sharp reduction in the size of its
balance sheet was observed during 2016-17 due to
demonetisation, which caused reduction in liabilities
in the form of currency.
9
The major units in the other financial corporations (OFC) are insurance,
mutual funds (MF), provident and pension funds, non-deposit taking non-
banking financial companies (NBFCs-ND), All India Financial Institutions
(AIFI), State Industrial Development Corporations (SIDCs), State Finance
Corporations (SFCs) and non-deposit taking housing finance companies
(HFCs-ND) in order of their relative shares.
10
There is in general, a relationship, between the size of the central bank
balance sheet and the level of financial development (Jadhav et al. 2003).

of currency turned negative as specified bank notes the most important factor in deposit mobilisation by
(SBNs) were returned to the Reserve Bank of India, the banking system (RBI, 2019). This is corroborated
including through the banking system, liabilities in by the steady decline in household financial saving
the form of deposits increased as ODCs deposited in the form of deposits11. Expanding financial literacy
their surplus liquidity with the Reserve Bank of India. could also have encouraged people to move away
This led to a shift in the composition of liabilities from traditional instruments like deposits (RBI, 2016).
of Reserve Bank of India from non-interest bearing The secular contraction in the balance sheet of ODCs
currency liabilities to interest bearing deposits. sector was not reversed even during demonetisation,
As the process of remonetisation gathered pace in inflow of SBNs into the banking system was counter
2017-18, currency moved back to the position of being balanced by: i) redemption of deposits held in Foreign
its most important liability. On the assets side, debt Currency Non-Resident (Bank) (FCNR(B)) account; and
securities issued by the RoW form the predominant ii) repayment of loans owed to the Reserve Bank of
component, followed by loans to the ODCs sector. India (RBI, 2017).
This composition changed briefly during 2016-17,
The most important instrument used by the
as ODCs and OFCs used post-demonetisation the
ODCs to acquire liabilities are deposits, mostly from
surplus liquidity to repay the loans outstanding with
the households followed by loans, mostly acquired
the Reserve Bank of India.
from the OFCs. On the assets side, loans advanced to
III.1.2 Other Depository Corporations non-financial corporations and households is the most
The balance sheet of other depository important instrument, followed by investment in debt
corporations (ODCs) sector has been in a contraction securities, primarily government securities.
mode since 2013-14, reflecting the shift in the Demonetisation affected the composition of
preferences away from deposits towards other balance sheet of the ODCs. It led to an increase in the
competing financial instruments like mutual funds outstanding liabilities of ODCs in the form of deposits
and small savings (Chart 3). Income is found to be and a decline in assets in the form of loans (Chart 4
and 5). The huge cash flow into the ODCs sector was
used to acquire government debt securities, intra-
sectoral deposits and deposits with the central bank
during 2016-17. With the process of remonetisation in
2017-18, the flows moved in the opposite direction -
deposits turned negative, while loans increased.
Overall financial net worth of this sector has
remained positive, however, it has been steadily
declining since 2013-14, mainly on account of increase
in non-performing assets (NPA) in the banking sector.
Within the ODCs sector, scheduled commercial
banks (SCBs) and deposit taking non-banking financial
companies (NBFCs-D) exhibit complementarity in
their financial intermediation roles. The size of the
11
Household saving had a share of around 61 per cent in total saving during
2011-12 to 2017-18.

consolidated balance sheet of SCBs in India has been III.1.3 Other Financial Corporations
growing at a slowing pace over the period of study
The size of other financial corporations (OFCs)
as they grappled with stressed assets. However, the
sector has remained much smaller than that of the
consolidated balance sheet of NBFCs was buoyed by
strong credit expansion enabled by low NPA levels ODCs sector in India although. it has been expanding
relative to banks and stronger capital buffers (RBI, since 2013-14 with the growing preference among
2018).12 households for products like insurance, mutual
12
“Non-Banking Financial Institutions”, Report on Trend and Progress of Banking in India, 2018

in equity and mutual funds. The assets of OFCs are

predominantly government debt securities followed
by loans issued to NFCs and equity holdings within
the sector.
As regards sectoral composition of their financial

liabilities, intra-sectoral borrowings of OFCs constitute
the topmost share followed by the flow from ODCs.
The resource flow from ODCs contracted sharply on
account of asset quality review (AQR) of Indian banks
during 2015-16 and 2016-17, which revived somewhat
in 2017-18 as NPA levels of banks started to decline
(Chart 7).
The financial net worth of OFCs has been steadily

expanding since 2014-15, due to acquisition of assets
in the form of debt securities (Chart 8). The bifurcation
funds, pensions and provident funds over traditional
of gross flows into transactions and valuation changes
instruments like bank deposits (Chart 6).
reveals that about one-third of the change in assets of
Liabilities of OFCs are primarily held in the form the OFCs sector during the period of study was due to
of insurance, pension and provident funds, followed appreciation of assets.
by mutual fund units and debt securities (Chart 7). Post III.2 Non-Financial Corporations
demonetisation, OFCs have increased investments in Non-financial corporations account for large
government and corporate debt securities as well as share of gross fixed capital formation (GFCF), and

borrow from the surplus sectors in the economy like declining investment and rising corporate earnings.
households and financial corporations to meet their The networth of the PuNFCs, on the other-hand, has
needs for investment in productive assets. been negative and worsening over time on account
In terms of ownership, this sector is bifurcated of large number of loss-making central public sector
enterprises (CPSEs) and aggressive disinvestment by
into publicly owned non-financial corporations
the Government.
(PuNFCs)13 (entities in which more than 50 per cent
of share is held by the Government) and the private The inter-linkage between the NFCs and the
non-financial corporations (PvNFCs), which are larger FCs is noteworthy, since funds from all sectors are
in terms of both number and the size of the balance intermediated through financial corporations. Inflows
sheet. from the RoW in the form of direct and indirect
(equities and debt securities) investment in India is
In case of PvNFCs, equities are the largest
also substantial.
source of external finance followed by loans and
borrowings. PvNFCs are the largest equity holders The financial resource gap of the PvNFCs declined
among themselves. In contrast, loans and borrowings steadily from 2012-13 to 2017-18 from a deficit of 5.3
is a more preferred form of external finance for the per cent of NNI to 1.5 per cent. Lower investment
public NFCs,. demand, increased savings and lower inflation
has benefited PvNFCs as evident from the saving-
The net-worth position of PvNFCs is positive
investment behaviour of the PvNFCs reflected in the
due to the large share of shareholder’s funds in
national accounts (Chart 9).
their balance sheet. It has been rising on account of
The share of claims by the PvNFCs in total
13
PuNFCs include Central public sector enterprises (CPSEs), State
government-owned enterprises, Power and Port Trust. (State government
liabilities almost doubled in 2016-17 (Chart 10).
owned enterprises data could not be incorporated due to data unavailability). Foreign direct investment (FDI) from the RoW sector

III.3 General Government

In India, both the central government and the
state governments run deficits, and thereby are net
borrowers in the economy. Due to paucity of data,
compilation is not done for the local bodies which
form the third tier in the governance hierarchy.
On the assets side, equity has the largest share

which is reflective of participation of the central
government, in corporations, both financial and non-
financial (Chart 12). This is followed by deposits held
with ODCs - more pronounced in the case of state
governments which have accumulated large cash
balances, reflecting poor cash management.
The financial resource gap of the GG sector

remained stable during the period 2012-13 to 2016-17,
has also played a noteworthy role in recent years. The widening somewhat during 2017-18. This gap was
role of the OFCs has also increased substantially while primarily financed by the OFCs and ODCs. The
flows from ODCs have shrunk gradually. resource flow from households, primarily via debt
In case of the PuNFCs, the resource gap has securities, picked up from the year 2014-15. Debt
remained stable over the years from 2012-13 to 2017- securities make up almost three-fourths of total
18 (Chart 11). From a relatively unprofitable year in financial liabilities. These debt securities act as a safe
2015-16, there was some improvement in their haven for investors and are statutorily mandated
balances in 2016-17 and 2017-18. for SCBs under the liquidity coverage ratio (LCR) in

addition to the minimum statutory liquidity ratio household investment. Households also act as
(SLR) requirement. entrepreneurs by investing in buildings, machinery,
III.4 Households and NPISHs and equipment related to their business as self-
employed workers or sole proprietors. At an aggregate
Households play multi-dimensional roles as
consumer, investor and entrepreneur. More than level, households are typically net savers and net
half of GDP is generated in the form of household lenders, and enjoy positive net-worth. The share of
consumption and around one-tenth in terms of financial surplus of the household sector as percentage

of NNI remained at around 8 per cent on average corporations (both ODCs and OFCs) which act as
between 2011-12 to 2017-18. Household financial intermediaries to channel their surpluses to deficit
assets and their surplus showed an uptick during 2015- sectors.
16 on account higher currency and deposits supported
III.5 Rest of the World
by high income growth as GDP growth touched 8 per
cent for the first time during the current decade. The The financial stock and flows of the rest of
the world sector emanate from the flow of financial
financial surplus of households have shrunk in the
resources between the domestic economy and non-
subsequent years. In 2017-18, both household assets
residential institutional units (Reserve Bank of India,
and liabilities expanded but the growth in the latter
2015). The primary source of funds for the RoW
outpaced the former resulting in further moderation sector is through issuance of debt securities which is
in surplus (Chart 13). subscribed by the central bank and ODCs, deposits by
Currency and deposits constitute more than ODCs and investment in equities by NFCs (Chart 14).
half of the total assets held by households; however, In India, investment from RoW comes
their share in total assets has been declining overtime in the form of equities and debt securities.
and are replaced by equities and debt securities. The The share of loans and borrowings expanded
share of insurance and pension funds has gradually significantly on account of growing demand for
increased, indicative of growing risk appetite and external commercial borrowings mostly from the non-
portfolio diversification. The major liability in financial corporations. High deposits on the assets
side is reflective of deposits of non-resident Indians
household’s balance sheet is loans and borrowings,
in ODCs. Inflow in debt instruments remained largely
primarily from ODCs and OFCs.
volatile while equity inflow after taking a dip in
The from-whom-to-whom metrics suggest that 2014-15 recovered in the following year and remained
households are connected the most with financial steady thereafter. Foreign portfolio investment (FPI)

inflows in the debt segment were broadly resilient India’s external financing requirements. The decline
to rate hikes of the Fed in 2017-18. FPI into equity was primarily due to reduction in debt securities held
halved amidst concerns about earnings growth, over- by ODCs and loans repaid by NFCs. In 2017-18, there
valuation and spillovers from monetary policy of was higher acquisition of financial assets due to higher
systemic central banks. investment in equities by non-financial corporations
Despite a decline in the net financial assets by (Chart 15).
the RoW in 2016-17, it was comfortably able to meet

V. Financial Flows by Instruments VI. Select Indicators of Financial Development
A shift in the composition of instruments to The financial development of an economy can be

acquire financial liabilities is evident during the period gauged in terms of behavioural ratios, viz., the finance
2012-13 to 2017-18, barring 2016-17. Having historically ratio (FR), the financial inter-relation ratio (FIR), new
been the most preferred financial instruments, issues ratio (NIR), and the intermediation ratio (IR).
currency and deposits declined in significance, giving In a secular perspective, these ratios provide insights
way to equity, mutual funds, insurance and provident into the relationship between financial development
funds. On the other hand, the share of debt securities and overall economic growth.
increased, mostly issued by general government. The finance ratio (FR), defined as the ratio of
Loans and borrowings are the second most important total issues of primary and secondary claims in
instrument used for acquiring financial liabilities relation to national income suggests the pace of
followed by equities. As regards loans and advances, financial deepening in the economy. The FR recorded
the household sector had the highest share in an increase to 0.51 in 2017-18 from 0.38 in 2016-17,
issuance of liabilities, while the private non-financial after having declined for three consecutive years since
corporations sector was the major borrower (Chart 16). 2013-14 (Table 4).
Demonetisation had a significant but transitory The relationship between financial development
impact on the instrument used for acquisition of and the growth of physical investment is captured
financial liabilities during 2016-17, and a quick reversal by the financial inter-relation ratio (FIR). This ratio
in the following year. Increased number of insurance defined as the ratio of total financial liabilities to
policies and mutual funds units were issued during net domestic capital formation, increased to 1.82 in
2016-17 (Chart 16, Table 3 and Statement 7). 2017-18 from 1.63 in 2016-17.

Table 3: Instrument wise and Sector wise Acquisition of Assets, 2017-18

(` billion)
Instrument/Sector Financial General Non-financial Households Rest of the Total

Corporations Government Corporations and NIPISHs World
1. Monetary gold and SDRs 125.2 0 0 0 0 125.2

2. Currency and deposits -252.5 1,300.0 2,152.3 10,018.2 1,066.0 14,284.0
3. Debt Securities 12,940.6 -94.5 1,120.3 39.2 577.1 14,582.7
4. Loans and borrowing 19,733.9 735.5 417.1 0 1,039.0 21,925.5
5. Equity and investment fund shares -512.7 1,908.4 3,233.2 1,749.2 3,392.2 9,770.4
6. Insurance, pension and provident 0.6 0 0 7,435.8 0 7,436.4
7. Other account receivable / payable 1,087.6 2.3 3,544.8 42.0 -4.8 4,671.9
8. Other items not elsewhere classified 40.0 0 0 0 0 40.0
9. TOTAL 33,162.6 3,851.8 10,467.7 19,284.4 6,069.4 72,836.0
The uptick observed in the new issue ratio (NIR) primary issues. This also supports the hypothesis
indicates a surge in primary issues as a proportion that non-financial corporations are mostly financed
to net domestic capital formation during 2017-18. by their own saving or they increasingly depend on
Additionally, it may be noted that the role of external external commercial borrowings. In other words, this
finance also has increased, as captured in the growth is also reflected from the higher external finance as
in primary issuances by the RoW sector. well as the increased intra-sectoral flows.
The intermediation ratio (IR) reflects the degree
VII. Applications of Financial Accounts: Network
of dependence of the economy on the financial sector.
Analysis of Financial Flows
It is measured as the ratio of liabilities of the financial
sector (or secondary issues) to liabilities of the non- The financial accounts provide insights into the
financial sector (or primary issues). This shows a working of the economy and the financial system.
lower role of financial sector in secondary issues than By providing insights into sources and destinations
Table 4: Select Indicators of Financial Development

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
1. Secondary Issues# 21,146.9 22,477.4 20,211.3 23,367.9 23,325.5 30,686.0
2. Primary Issues ##
25,992.5 34,588.2 35,042.0 31,242.8 28,058.1 37,507.6
2.1 Domestic Sectors 24,977.5 31,976.1 31,055.8 29,476.5 26,817.2 34,524.2
2.2 Rest of the World 1,014.9 2,612.1 3,986.2 1,766.3 1,240.9 2,983.4
3. Total Issues (1+2) 47,139.4 57,065.6 55,253.3 54,610.7 51,383.7 68,193.6
4. Net Domestic Capital Formation @
27,862.2 25,981.6 28,374.9 29,729.6 31,506.6 37,451.4
5. Finance Ratio (Ratio of 3 to 5) 0.54 0.58 0.50 0.45 0.38 0.51
6. Financial Inter-relations Ratio (Ratio of 3 to 4) 1.69 2.20 1.95 1.84 1.63 1.82
7. New Issue Ratio ( Ratio of 2 to 4) 0.93 1.33 1.23 1.05 0.89 1.00
8. Intermediation Ratio (Ratio of 1 to 2) 0.81 0.65 0.58 0.75 0.83 0.82
#
: Refers to issues by financial intermediaries (i.e., ODCs and OFCs).
##
: Refers to issues by all sectors other than financial intermediaries.
@
: At Current Prices.

of financial funds and identifying sectoral surpluses the GG as a net borrower has increased from 2012-13
or deficits, they help in understanding potential to 2017-18. The role of the RoW as a net lender has
transmission of shocks and risks due to inter-sectoral reduced considerably, whereas the role of OFCs as a
linkages and explain saving, capital formation, wealth net lender has increased marginally. The relative size
and indebtedness. of the PuNFCs has remained broadly unchanged. Net
borrowing position of the PvNFCs has declined from
The FWTW framework enables the application
2012 to 2017. The ODCs have changed from being net
of network theory in financial accounts to effectively
lenders to net borrowers due to changes in instrument
disentangle propagation of shocks in the financial
composition owing to demonetisation.
system (RBI, 2018). The graphs portray the extent
(magnitude) of net flows (uses minus sources) VIII. Conclusion
between sectors in the economy (Chart 17). The size
The Indian economy witnessed major shifts
of the nodes pertains to the relative shares of sectors
in the pattern and volume of financial transactions
in total net lending/borrowing between all sectors
across major sectors during the period 2011-12 to
in the economy. The nodes in green represent net
2017-18. The household sector which remains the
lenders whereas the nodes in red represent net
major supplier of funds, has been undergoing a
borrowers. The weight of the edges represents the
major behavioural shift with greater financialisation
relative share of net lending/borrowing from one
and diversification of household savings - a trend
sector to another in the total net lending/borrowing in
that augurs well for sustaining high growth of the
the economy. The relative positions not absolute net
Indian economy. There has been a shift in savings of
lending/borrowing between sectors can be compared
households sector from physical to financial assets.
across time. Furthermore, a shift away from bank deposits to
HHs are net lenders and account for the largest investments in mutual funds, insurance and pension
share of relative net flows in the economy. The size of funds is also observed.

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Press Release of Working Papers and
Occasional Papers
Cross-border Trade Credit: A Post-Crisis Empirical

Analysis for India
Does Financial Cycle Exist in India?

Cross-border Trade Credit: The paper suggests that higher imports – whether
due to high prices or volumes – lead to an increase
A Post-Crisis Empirical in trade credit. From the supply-side perspective,
Analysis for India financial health of banks, cost of trade credit and size
of their overseas network seem to influence their
The paper profiles trade credit extended by trade credit operations. The empirical findings of the
domestic and foreign banks to Indian importers by paper suggest that the banks need to expand their
focusing on its size, composition and cost pattern. global banking relationship and shift towards the
Using a panel data of 55 banks for 2007-08:Q1 to use of globally accepted trade finance instruments
2016-17:Q4, the paper finds that both demand and instead of indigenous instruments (i.e., LoUs /LoCs)
supply-side factors influence the flow of trade credit. which, however, may push up the cost.

Does Financial Cycle Exist in analysis also indicates that the ongoing downturn in
financial cycle seems to have reached its trough by
India? 2018:Q4. The paper finds a longer duration financial
cycle with the average length of about 12 years vis-
The paper, for the first time in the Indian context, à-vis a shorter duration business cycle with the
aims to provide an aggregate measure of financial average length of about 5 years. The dominance of
cycle considering bank credit, equity prices, house medium-term cycles in overall variation of financial
prices and real exchange rate. The cyclical properties variables has been found to have increased since
of the financial variables are examined to identify mid-1990s coinciding with the rise in the pace of
the existence of financial cycle. The overall analysis financial liberalisation. While both credit and equity
suggests that there is a well-defined financial cycle in prices drive financial cycles in India, the contribution
India and the expansionary phases of financial cycle, of house prices has increased since mid-2000s. The
particularly the peak, provides an early warning paper suggests that a close monitoring of financial
signal about rising stress in the banking sector and cycle on a regular interval is essential to enhance
weakening of economic activity in the future. The macroeconomic and financial stability.

Current Statistics
Select Economic Indicators

Reserve Bank of India
Money and Banking
Prices and Production
Government Accounts and Treasury Bills
Financial Markets
External Sector
Payment and Settlement Systems
Occasional Series
CURRENT STATISTICS
Contents
No. Title Page
1 Select Economic Indicators 65

2 RBI – Liabilities and Assets 66
3 Liquidity Operations by RBI 67
4 Sale/ Purchase of U.S. Dollar by the RBI 68
4A Maturity Breakdown (by Residual Maturity) of Outstanding Forwards of RBI (US$ Million) 69
5 RBI's Standing Facilities 69
Money and Banking

6 Money Stock Measures 70
7 Sources of Money Stock (M3) 71
8 Monetary Survey 72
9 Liquidity Aggregates 72
10 Reserve Bank of India Survey 73
11 Reserve Money – Components and Sources 73
12 Commercial Bank Survey 74
13 Scheduled Commercial Banks' Investments 74
14 Business in India – All Scheduled Banks and All Scheduled Commercial Banks 75
15 Deployment of Gross Bank Credit by Major Sectors 76
16 Industry-wise Deployment of Gross Bank Credit 77
17 State Co-operative Banks Maintaining Accounts with the Reserve Bank of India 78

18 Consumer Price Index (Base: 2012=100) 79
19 Other Consumer Price Indices 79
20 Monthly Average Price of Gold and Silver in Mumbai 79
21 Wholesale Price Index 80
22 Index of Industrial Production (Base: 2011-12=100) 83

23 Union Government Accounts at a Glance 83
24 Treasury Bills – Ownership Pattern 84
25 Auctions of Treasury Bills 84
Financial Markets
26 Daily Call Money Rates 85
27 Certificates of Deposit 86
28 Commercial Paper 86
29 Average Daily Turnover in Select Financial Markets 86
30 New Capital Issues by Non-Government Public Limited Companies 87

CURRENT STATISTICS
No. Title Page
External Sector
31 Foreign Trade 88
32 Foreign Exchange Reserves 88
33 NRI Deposits 88
34 Foreign Investment Inflows 89
35 Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals 89
36 Indices of Real Effective Exchange Rate (REER) and Nominal Effective Exchange Rate (NEER) 90
of the Indian Rupee
37 External Commercial Borrowings (ECBs) - Registrations 90
38 India’s Overall Balance of Payments (US $ Million) 91
39 India's Overall Balance of Payments (` Billion) 92
40 Standard Presentation of BoP in India as per BPM6 (US $ Million) 93
41 Standard Presentation of BoP in India as per BPM6 (` Billion) 94
42 International Investment Position 95

43 Payment System Indicators 96
Occasional Series
44 Small Savings 97
45 Ownership Pattern of Central and State Governments Securities 98
46 Combined Receipts and Disbursements of the Central and State Governments 99
47 Financial Accommodation Availed by State Governments under various Facilities 100
48 Investments by State Governments 101
49 Market Borrowings of State Governments 102
Notes: .. = Not available.

– = Nil/Negligible.
P = Preliminary/Provisional. PR = Partially Revised.

CURRENT STATISTICS
No. 1: Select Economic Indicators
Item 2017-18 2018-19

2018-19
Q3 Q4 Q3 Q4
1 2 3 4 5
1 Real Sector (% Change)
1.1 GVA at Basic Prices 6.6 7.3 7.9 6.3 5.7
1.1.1 Agriculture 2.9 4.6 6.5 2.8 -0.1
1.1.2 Industry 6.2 8.0 8.6 6.0 3.4
1.1.3 Services 7.7 8.0 8.0 7.6 8.2
1.1a Final Consumption Expenditure 8.3 5.8 8.1 7.9 8.1
1.1b Gross Fixed Capital Formation 10.0 12.2 14.4 11.7 3.6
2018 2019
2018-19
Apr. May Apr. May
1 2 3 4 5
1.2 Index of Industrial Production 3.60 4.5 3.8 3.4 -
2 Money and Banking (% Change)
2.1 Scheduled Commercial Banks
2.1.1 Deposits 10.0 7.7 8.1 9.7 11.1
2.1.2 Credit 13.3 12.3 12.8 13.0 13.5
2.1.2.1 Non-food Credit 13.4 12.5 13.0 13.1 13.3
2.1.3 Investment in Govt. Securities 1.9 5.6 5.1 2.8 3.7
2.2 Money Stock Measures
2.2.1 Reserve Money (M0) 14.5 27.0 24.9 13.0 13.8
2.2.2 Broad Money (M3) 10.5 10.2 10.4 10.0 10.3
3 Ratios (%)
3.1 Cash Reserve Ratio 4.00 4.00 4.00 4.00 4.00
3.2 Statutory Liquidity Ratio 19.25 19.50 19.50 19.00 19.00
3.3 Cash-Deposit Ratio 5.1 4.9 4.7 4.8 4.9
3.4 Credit-Deposit Ratio 77.7 74.8 75.2 77.1 76.8
3.5 Incremental Credit-Deposit Ratio 99.9 ** ** ** -223.4
3.6 Investment-Deposit Ratio 26.9 29.5 29.7 27.7 27.7
3.7 Incremental Investment-Deposit Ratio 5.4 * * * 315.6
4 Interest Rates (%)
4.1 Policy Repo Rate 6.25 6.00 6.00 6.00 6.00
4.2 Reverse Repo Rate 6.00 5.75 5.75 5.75 5.75
4.3 Marginal Standing Facility (MSF) Rate 6.50 6.25 6.25 6.25 6.25
4.4 Bank Rate 6.50 6.25 6.25 6.25 6.25
4.5 Base Rate 8.95/9.40 8.70/9.45 8.70/9.45 8.95/9.40 8.95/9.40
4.6 MCLR (Overnight) 8.05/8.55 7.80/7.95 7.80/7.95 8.05/8.50 8.05/8.50
4.7 Term Deposit Rate >1 Year 6.25/7.50 6.25/6.75 6.25/6.75 6.25/7.50 6.25/7.50
4.8 Savings Deposit Rate 3.50/4.00 3.50/4.00 3.50/4.00 3.50/4.00 3.50/4.00
4.9 Call Money Rate (Weighted Average) 6.35 5.92 5.94 6.16 5.90
4.10 91-Day Treasury Bill (Primary) Yield 6.31 6.19 6.40 6.44 6.19
4.13 10-Year G-Sec Par Yield (FBIL) 7.34 7.80 7.92 7.45 7.07
5 Reference Rate and Forward Premia
5.1 INR-US$ Spot Rate (Rs. Per Foreign Currency) 69.17 66.78 68.26 70.14 69.81
5.2 INR-Euro Spot Rate (Rs. Per Foreign Currency) 77.70 80.74 79.88 78.13 77.73
5.3 Forward Premia of US$ 1-month (%) 6.07 4.22 4.13 4.83 3.95
3-month (%) 4.80 3.89 4.01 4.51 3.95
6-month (%) 4.16 3.97 4.04 4.28 3.93
6 Inflation (%)
6.1 All India Consumer Price Index 3.4 4.6 4.9 3.0 3.0
6.2 Consumer Price Index for Industrial Workers 5.4 4.0 4.0 8.3 8.7
6.3 Wholesale Price Index 4.3 3.6 4.8 3.1 2.5
6.3.1 Primary Articles 2.7 2.6 3.8 6.5 6.2
6.3.2 Fuel and Power 11.5 8.0 12.7 3.8 1.0
6.3.3 Manufactured Products 3.7 3.3 3.8 1.7 1.3
7 Foreign Trade (% Change)
7.1 Imports 10.3 2.9 13.6 3.6 4.3
7.2 Exports 8.6 5.6 20.5 0.5 3.9
**Denominator and numerator negative
*Denominator negative
Note : Financial Benchmark India Pvt. Ltd. (FBIL) has commenced publication of the G-Sec benchmarks with effect from March 31, 2018 as per RBI circular FMRD.DIRD.7/14.03.025/2017-18
dated March 31, 2018. FBIL has started dissemination of reference rates w.e.f. July 10, 2018.

CURRENT STATISTICS

No. 2: RBI - Liabilities and Assets *
(` Billion)
Item As on the Last Friday/ Friday
2018-19L 2018 2019
Jun. May 31 Jun. 7 Jun. 14 Jun. 21 Jun. 28
1 2 3 4 5 6 7
1 Issue Department 1
1.1 Liabilities 1
1.1.1 Notes in Circulation 1.
21,137.64 19,174.27 21,713.70 21,936.42 21,938.99 21,799.72 21,635.30
1.1.2 Notes held in Banking Department 1.
0.11 0.09 0.11 0.13 0.11 0.12 0.09
1.1/1.2 Total Liabilities (Total Notes Issued) or Assets 1.
21,137.75 19,174.36 21,713.81 21,936.55 21,939.10 21,799.84 21,635.39
1.2 Assets 2
1.2.1 Gold Coin and Bullion 1.
794.81 743.56 757.82 757.82 757.82 757.82 757.82
1.2.2 Foreign Securities 1.
20,335.59 18,421.54 20,947.36 21,170.21 21,172.84 21,033.63 20,869.24
1.2.3 Rupee Coin 1.
7.35 9.26 8.63 8.52 8.44 8.39 8.33
1.2.4 Government of India Rupee Securities 1.
– – – – – – –
2 Banking Department 2
2.1 Liabilities 1
2.1.1 Deposits 2.
8,060.12 6,177.25 6,808.97 6,823.03 7,144.77 7,132.26 7,455.15
2.1.1.1 Central Government 2.
1.01 1.01 1.01 1.01 1.00 1.01 1.00
2.1.1.2 Market Stabilisation Scheme 2.
– – – – – – –
2.1.1.3 State Governments 2.
0.43 0.42 0.42 0.42 0.42 0.42 0.42
2.1.1.4 Scheduled Commercial Banks 2.
5,657.07 4,922.13 5,364.15 5,093.60 5,441.41 5,032.48 5,720.13
2.1.1.5 Scheduled State Co-operative Banks 2.
41.97 36.86 39.10 38.32 37.99 38.18 39.97
2.1.1.6 Non-Scheduled State Co-operative Banks 2.
34.94 18.82 25.84 27.14 26.44 25.33 26.61
2.1.1.7 Other Banks 2.
320.36 274.21 301.72 300.01 301.11 297.83 308.66
2.1.1.8 Others 2.
1,997.34 923.80 1,076.73 1,355.35 1,336.39 1,737.01 1,358.36
2.1.1.9 Financial Institution Outside India 2.
7.00 – – 7.18 – – –
2.1.2 Other Liabilities 2.
10,876.86 10,307.00 11,436.01 11,358.34 11,384.83 11,546.32 11,309.45
2.1/2.2 Total Liabilities or Assets 2.
18,936.98 16,484.25 18,244.98 18,181.37 18,529.60 18,678.58 18,764.59
2.2 Assets 2
2.2.1 Notes and Coins 2.
0.11 0.09 0.11 0.13 0.11 0.12 0.09
2.2.2 Balances held Abroad 2.
6,466.40 7,925.82 6,803.28 6,496.05 6,504.09 6,963.93 6,926.94
2.2.3 Loans and Advances 2.
2.2.3.1 Central Government 2.
– 253.22 – 425.31 429.52 – 65.96
2.2.3.2 State Governments 2.
0.10 6.43 13.22 54.01 92.76 1.63 16.61
2.2.3.3 Scheduled Commercial Banks 2.
1,806.88 918.26 449.76 265.44 432.95 512.30 541.85
2.2.3.4 Scheduled State Co-op.Banks 2.
– – 0.35 0.35 0.35 – –
2.2.3.5 Industrial Dev. Bank of India 2.
– – – – – – –
2.2.3.6 NABARD 2.
– – – – – – –
2.2.3.7 EXIM Bank 2.
– – – – – – –
2.2.3.8 Others 2.
134.63 62.37 70.21 68.34 67.28 64.79 67.91
2.2.3.9 Financial Institution Outside India 2.
7.00 – – 7.18 – – –
2.2.4 Bills Purchased and Discounted 2.
2.2.4.1 Internal 2.
– – – – – – –
2.2.4.2 Government Treasury Bills 2.
– – – – – – –
2.2.5 Investments 2.
9,230.80 6,361.53 9,628.90 9,593.19 9,728.07 9,857.32 9,857.67
2.2.6 Other Assets 2.
1,291.06 956.53 1,279.15 1,271.37 1,274.47 1,278.49 1,287.57
2.2.6.1 Gold 2.
871.69 697.93 844.83 844.83 844.83 844.83 844.83
* Data are provisional

CURRENT STATISTICS
No. 3: Liquidity Operations by RBI

(` Billion)
Date Liquidity Adjustment Facility OMO (Outright) Net Injection (+)/

Absorption (-)
Standing (1+3+5+6+9-2-4-7-
Variable
Variable MSF Liquidity Market 8)
Reverse Rate
Repo Rate Facilities Stabilisation Sale Purchase
Repo Reverse
Repo Scheme
Repo
1 2 3 4 5 6 7 8 9 10
May 1, 2019 – 242.41 – – 0.70 – – – – –241.71
May 2, 2019 50.41 224.55 – – 5.10 0.75 – – – –168.29
May 3, 2019 44.21 406.85 123.65 – 3.17 – – – 125.00 –110.82
May 4, 2019 – 324.57 – – – – – – – –324.57
May 6, 2019 44.36 405.30 – 118.35 – – – – – –479.29
May 7, 2019 45.51 369.82 107.00 – 6.00 – – – – –211.31
May 8, 2019 60.31 134.53 – 95.89 0.50 – – – – –169.61
May 9, 2019 164.61 124.47 – – 3.85 – – – – 43.99
May 10, 2019 56.21 447.43 225.90 – 0.66 – – – – –164.66
May 13, 2019 76.66 202.21 – – 0.52 – – – – –125.03
May 14, 2019 44.16 335.48 183.50 – – – – – – –107.82
May 15, 2019 114.91 127.01 – 209.22 1.82 – – – – –219.50
May 16, 2019 61.36 113.85 – 300.06 0.07 – – – – –352.48
May 17, 2019 90.61 64.10 118.50 177.99 17.70 –0.78 – – 125.00 108.94
May 18, 2019 – 127.64 – – 41.25 – – – – –86.39
May 20, 2019 70.11 189.82 – – 4.25 –0.56 – – – –116.02
May 21, 2019 80.16 102.46 156.50 – – 1.34 – – – 135.54
May 22, 2019 67.41 115.09 – – 0.02 –1.70 – – – –49.36
May 23, 2019 45.01 232.56 – – – 1.90 – – – –185.65
May 24, 2019 48.46 295.88 165.00 248.98 16.15 – – – – –315.25
May 27, 2019 183.31 85.72 – 400.07 1.00 –1.40 – – – –302.88
May 28, 2019 114.46 149.58 35.60 250.40 10.00 0.90 – – – –239.02
May 29, 2019 52.66 190.10 – 350.10 5.00 – – – – –482.54
May 30, 2019 156.06 123.60 – 464.60 – – – – – –432.14
May 31, 2019 99.56 120.91 31.50 419.41 4.66 – – – – –404.60

CURRENT STATISTICS
No. 4: Sale/ Purchase of U.S. Dollar by the RBI
i) Operations in OTC segment
Item 2018 2019

2018-19
May Apr. May
1 2 3 4
1 Net Purchase/ Sale of Foreign Currency (US $ Million) (1.1–1.2) –15,377.00 –5,767.00 4,901.00 2,538.00
1.1 Purchase (+) 40,804.00 4,101.00 7,724.00 5,118.00
1.2 Sale (–) 56,181.00 9,868.00 2,823.00 2,580.00
2 ` equivalent at contract rate (` Billion) -1,119.45 –392.20 330.92 167.98
3 Cumulative (over end-March) (US $ Million) –15,377.00 –8,250.00 4,901.00 7,439.00
(` Billion) –1,119.45 –552.20 330.92 498.90
4 Outstanding Net Forward Sales (–)/ Purchase (+) at the end of month –13,774.00 11,252.00 –18,512.00 –18,288.00
(US $ Million)
ii) Operations in currency futures segment
Item 2018 2019

2018-19
May. Apr. May.
1 2 3 4
1 Net Purchase/ Sale of Foreign Currency (US $ Million) (1.1–1.2) 0.00 0.00 0.00 0.00
1.1 Purchase (+) 13,935.00 2,705.00 180.00 312.00
1.2 Sale (–) 13,935.00 2,705.00 180.00 312.00
2 Outstanding Net Currency Futures Sales (–)/ Purchase (+) 0.00 –735.00 0.00 0.00
at the end of month (US $ Million)

CURRENT STATISTICS
No. 4 A: Maturity Breakdown (by Residual Maturity) of Outstanding

Forwards of RBI
(US $ Million)
Item As on May 31, 2019
Long (+) Short (-) Net (1-2)
1 2 3
1. Upto 1 month 1,418 1,951 -533
2. More than 1 month and upto 3 months 200 2,645 -2,445
3. More than 3 months and upto 1 year 0 4,425 -4,425
4. More than 1 year 0 10,885 -10,885
Total (1+2+3+4) 1,618 19,906 -18,288
No. 5: RBI's Standing Facilities

(` Billion)
Item As on the Last Reporting Friday

2018-19 2018 2019
Jun. 22 Jan. 18 Feb. 15 Mar. 29 Apr. 26 May 24 Jun. 21
1 2 3 4 5 6 7 8
1 MSF 128.8 20.4 5.0 10.9 128.8 10.0 16.2 14.0
2.1 Limit – – – – – – – –
2.2 Outstanding – – – – – – – –
3.1 Limit 28.0 28.0 28.0 28.0 28.0 28.0 28.0 28.0
3.2 Outstanding 26.8 23.9 17.0 17.9 26.8 23.5 27.6 24.5
4.1 Limit – – – – – – – –
4.2 Outstanding – – – – – – – –
5 Total Outstanding (1+2.2+3.2+4.2) 155.6 44.4 22.1 28.8 155.6 33.5 43.8 38.5

CURRENT STATISTICS
Money and Banking

No. 6: Money Stock Measures
(` Billion)
Item Outstanding as on March 31/last reporting Fridays of the month/reporting Fridays

2018-19 2018 2019
May 25 Apr. 26 May 10 May 24
1 2 3 4 5
1 Currency with the Public (1.1 + 1.2 + 1.3 – 1.4) 20,522.3 18,537.9 20,920.6 21,177.7 21,173.7
1.1 Notes in Circulation 21,108.8 19,050.6 21,540.7 21,778.2 21,786.1
1.2 Circulation of Rupee Coin 251.4 249.6 251.7 251.7 251.7
1.3 Circulation of Small Coins 7.4 7.4 7.4 7.4 7.4
1.4 Cash on Hand with Banks 845.4 769.6 879.2 859.6 871.5
2 Deposit Money of the Public 16,580.5 13,100.3 14,941.0 14,540.6 14,562.1
2.1 Demand Deposits with Banks 16,263.1 12,831.7 14,664.4 14,253.2 14,277.5
2.2 ‘Other’ Deposits with Reserve Bank 317.4 268.6 276.6 287.4 284.5
3 M 1 (1 + 2) 37,102.8 31,638.2 35,861.6 35,718.3 35,735.8
4 Post Office Saving Bank Deposits 1,348.6 1,138.5 1,348.6 1,348.6 1,348.6
5 M 2 (3 + 4) 38,451.5 32,776.7 37,210.3 37,066.9 37,084.4
6 Time Deposits with Banks 117,205.9 108,206.5 117,924.4 118,679.9 118,475.0
7 M 3 (3 + 6) 154,308.7 139,844.8 153,786.0 154,398.2 154,210.8
8 Total Post Office Deposits 3,579.5 3,108.0 3,579.5 3,579.5 3,579.5
9 M 4 (7 + 8) 157,888.3 142,952.7 157,365.5 157,977.7 157,790.3

CURRENT STATISTICS
No. 7: Sources of Money Stock (M3)

(` Billion)
Sources Outstanding as on March 31/last reporting Fridays of

the month/reporting Fridays
2018-19 2018 2019
1 2 3 4 5
1 Net Bank Credit to Government 43,877.9 42,037.7 45,029.7 46,020.0 46,044.1
1.1 RBI’s net credit to Government (1.1.1–1.1.2) 8,019.5 6,234.0 8,428.1 8,865.0 8,792.1
1.1.1 Claims on Government 9,296.9 6,275.9 9,285.5 9,367.2 9,465.3
1.1.1.1 Central Government 9,281.7 6,262.8 9,284.8 9,334.1 9,460.0
1.1.1.2 State Governments 15.2 13.1 0.7 33.1 5.3
1.1.2 Government deposits with RBI 1,277.4 41.9 857.4 502.2 673.2
1.1.2.1 Central Government 1,276.9 41.5 857.0 501.8 672.8
1.1.2.2 State Governments 0.4 0.4 0.4 0.4 0.4
1.2 Other Banks’ Credit to Government 35,858.4 35,803.7 36,601.6 37,155.0 37,252.0
2 Bank Credit to Commercial Sector 103,801.8 91,248.8 102,268.2 102,335.9 102,296.6
2.1 RBI’s credit to commercial sector 153.6 94.5 86.8 91.8 92.5
2.2 Other banks’ credit to commercial sector 103,648.2 91,154.3 102,181.3 102,244.1 102,204.1
2.2.1 Bank credit by commercial banks 97,691.9 85,376.6 96,209.5 96,247.6 96,215.5
2.2.2 Bank credit by co-operative banks 5,859.3 5,693.4 5,883.7 5,900.5 5,888.1
2.2.3 Investments by commercial and co-operative banks in other securities 97.0 84.3 88.2 96.0 100.6
3 Net Foreign Exchange Assets of Banking Sector (3.1 + 3.2) 30,708.4 29,759.5 31,433.3 31,470.9 31,365.5
3.1 RBI’s net foreign exchange assets (3.1.1–3.1.2) 28,485.9 28,144.4 29,210.8 29,248.3 29,143.0
3.1.1 Gross foreign assets 28,488.0 28,146.4 29,212.9 29,250.5 29,145.1
3.1.2 Foreign liabilities 2.1 2.1 2.1 2.1 2.1
3.2 Other banks’ net foreign exchange assets 2,222.5 1,615.1 2,222.5 2,222.5 2,222.5
4 Government’s Currency Liabilities to the Public 258.9 257.0 259.1 259.1 259.1
5 Banking Sector’s Net Non-monetary Liabilities 24,338.2 23,458.2 25,204.3 25,687.7 25,754.5
5.1 Net non-monetary liabilities of RBI 10,588.0 9,987.7 10,933.7 10,863.9 10,711.3
5.2 Net non-monetary liabilities of other banks (residual) 13,750.3 13,470.5 14,270.6 14,823.8 15,043.2
M 3 (1+2+3+4–5) 154,308.7 139,844.8 153,786.0 154,398.2 154,210.8

CURRENT STATISTICS
No. 8: Monetary Survey

(` Billion)
Item Outstanding as on March 31/last reporting Fridays of the

month/reporting Fridays
2018-19 2018 2019
1 2 3 4 5
Monetary Aggregates
NM11 (1.1 + 1.2.1+1.3) 37,102.8 31,638.2 35,861.6 35,718.3 35,735.8
NM 2 (NM 1+ 1.2.2.1) 89,108.8 79,635.8 88,136.2 88,330.8 88,279.5
NM (NM + 1.2.2.2 + 1.4 = 2.1 + 2.2 + 2.3 – 2.4 – 2.5) 156,452.1 141,970.2 155,721.9 156,232.8 156,077.8
3 2
1 Components
1.1 Currency with the Public 20,522.3 18,537.9 20,920.6 21,177.7 21,173.7
1.2 Aggregate Deposits of Residents 131,831.8 119,492.9 130,830.1 131,169.9 131,041.5
1.2.1 Demand Deposits 16,263.1 12,831.7 14,664.4 14,253.2 14,277.5
1.2.2 Time Deposits of Residents 115,568.7 106,661.2 116,165.7 116,916.7 116,763.9
1.2.2.1 Short-term Time Deposits 52,005.9 47,997.6 52,274.6 52,612.5 52,543.8
1.2.2.1.1 Certificates of Deposit (CDs) 2,849.9 2,123.9 2,786.0 2,678.5 2,550.0
1.2.2.2 Long-term Time Deposits 63,562.8 58,663.7 63,891.1 64,304.2 64,220.2
1.3 ‘Other’ Deposits with RBI 317.4 268.6 276.6 287.4 284.5
1.4 Call/Term Funding from Financial Institutions 3,780.5 3,670.7 3,694.6 3,597.8 3,578.1
2 Sources
2.1 Domestic Credit 156,561.0 141,879.5 156,523.1 157,368.0 157,242.9
2.1.1 Net Bank Credit to the Government 43,877.9 42,037.7 45,029.7 46,020.0 46,044.1
2.1.1.1 Net RBI credit to the Government 8,019.5 6,234.0 8,428.1 8,865.0 8,792.1
2.1.1.2 Credit to the Government by the Banking System 35,858.4 35,803.7 36,601.6 37,155.0 37,252.0
2.1.2 Bank Credit to the Commercial Sector 112,683.1 99,841.9 111,493.4 111,348.0 111,198.8
2.1.2.1 RBI Credit to the Commercial Sector 153.6 94.5 86.8 91.8 92.5
2.1.2.2 Credit to the Commercial Sector by the Banking System 112,529.4 99,747.4 111,406.6 111,256.3 111,106.4
2.1.2.2.1 Other Investments (Non-SLR Securities) 8,798.5 8,512.3 9,135.9 8,920.8 8,805.3
2.2 Government’s Currency Liabilities to the Public 258.9 257.0 259.1 259.1 259.1
2.3 Net Foreign Exchange Assets of the Banking Sector 28,017.3 26,829.0 28,570.7 28,405.5 28,380.1
2.3.1 Net Foreign Exchange Assets of the RBI 28,485.9 28,144.4 29,210.8 29,248.3 29,143.0
2.3.2 Net Foreign Currency Assets of the Banking System –468.6 –1,315.4 –640.1 –842.9 –762.9
2.4 Capital Account 23,467.4 22,011.8 23,993.6 24,124.0 24,055.7
2.5 Other items (net) 4,917.6 4,983.5 5,637.3 5,675.8 5,748.6
No. 9: Liquidity Aggregates

(` Billion)
Aggregates 2018-19 2018 2019

May Mar. Apr. May
1 2 3 4 5
1 NM3 156,452.1 141,970.2 156,452.1 155,721.9 156,077.8
2 Postal Deposits 3,579.5 3,108.0 3,579.5 3,579.5 3,579.5
3 L1 ( 1 + 2) 160,031.6 145,078.2 160,031.6 159,301.4 159,657.3
4 Liabilities of Financial Institutions 29.3 29.3 29.3 29.3 29.3
4.1 Term Money Borrowings 26.6 26.6 26.6 26.6 26.6
4.2 Certificates of Deposit 0.3 0.3 0.3 0.3 0.3
4.3 Term Deposits 2.5 2.5 2.5 2.5 2.5
5 L2 (3 + 4) 160,060.9 145,107.5 160,060.9 159,330.8 159,686.6
6 Public Deposits with Non-Banking Financial Companies 319.1 .. 319.1 .. ..
7 L3 (5 + 6) 160,380.0 .. 160,380.0 .. ..

CURRENT STATISTICS
No. 10: Reserve Bank of India Survey (` Billion)
Item Outstanding as on March 31/last reporting Fridays of the

month/reporting Fridays
2018-19 2018 2019
1 2 3 4 5
1 Components
1.1 Currency in Circulation 21,367.7 19,307.6 21,799.8 22,037.3 22,045.2
1.2 Bankers’ Deposits with the RBI 6,019.7 5,033.5 5,604.6 5,421.2 5,343.7
1.2.1 Scheduled Commercial Banks 5,585.0 4,708.5 5,229.4 5,059.2 4,982.0
1.3 ‘Other’ Deposits with the RBI 317.4 268.6 276.6 287.4 284.5
Reserve Money (1.1 + 1.2 + 1.3 = 2.1 + 2.2 + 2.3 – 2.4 – 2.5) 27,704.8 24,609.7 27,681.0 27,745.9 27,673.4
2 Sources
2.1 RBI’s Domestic Credit 9,548.0 6,196.0 9,144.8 9,102.3 8,982.6
2.1.1 Net RBI credit to the Government 8,019.5 6,234.0 8,428.1 8,865.0 8,792.1
2.1.1.1 Net RBI credit to the Central Government (2.1.1.1.1 +
8,004.7 6,221.3 8,427.9 8,832.4 8,787.3
2.1.1.1.2 + 2.1.1.1.3 + 2.1.1.1.4 – 2.1.1.1.5)
2.1.1.1.1 Loans and Advances to the Central Government – – – – –
2.1.1.1.2 Investments in Treasury Bills – – – – –
2.1.1.1.3 Investments in dated Government Securities 9,274.3 6,253.5 9,275.7 9,325.2 9,451.3
2.1.1.1.3.1 Central Government Securities 9,274.3 6,253.5 9,275.7 9,325.2 9,451.3
2.1.1.1.4 Rupee Coins 7.4 9.3 9.1 8.9 8.7
2.1.1.1.5 Deposits of the Central Government 1,276.9 41.5 857.0 501.8 672.8
2.1.1.2 Net RBI credit to State Governments 14.8 12.7 0.2 32.6 4.8
2.1.2 RBI’s Claims on Banks 1,374.9 -132.4 629.9 145.6 98.1
2.1.2.1 Loans and Advances to Scheduled Commercial Banks 1,374.9 -132.4 629.9 145.6 98.1
2.1.3 RBI’s Credit to Commercial Sector 153.6 94.5 86.8 91.8 92.5
2.1.3.1 Loans and Advances to Primary Dealers 26.8 23.2 23.5 27.4 27.6
2.1.3.2 Loans and Advances to NABARD – – – – –
2.2 Government’s Currency Liabilities to the Public 258.9 257.0 259.1 259.1 259.1
2.3 Net Foreign Exchange Assets of the RBI 28,485.9 28,144.4 29,210.8 29,248.3 29,143.0
2.3.1 Gold 1,595.9 1,449.2 1,611.9 1,607.8 1,607.8
2.3.2 Foreign Currency Assets 26,890.2 26,695.4 27,599.1 27,640.8 27,535.4
2.4 Capital Account 9,702.7 9,526.7 10,017.7 9,962.5 9,752.0
2.5 Other Items (net) 885.3 461.1 916.0 901.3 959.3
No. 11: Reserve Money - Components and Sources

(` Billion)
Item Outstanding as on March 31/ last Fridays of the month/ Fridays

2018-19 2018 2019
May 25 Apr. 26 May 3 May 10 May 17 May 24 May 31
1 2 3 4 5 6 7 8
Reserve Money
(1.1 + 1.2 + 1.3 = 2.1 + 2.2 + 2.3 + 2.4 + 2.5 – 2.6) 27,704.8 24,609.7 27,681.0 27,880.2 27,745.9 28,165.6 27,673.4 28,001.0
1 Components
1.1 Currency in Circulation 21,367.7 19,307.6 21,799.8 21,872.3 22,037.3 22,097.5 22,045.2 21,973.2
1.2 Bankers' Deposits with RBI 6,019.7 5,033.5 5,604.6 5,721.7 5,421.2 5,777.6 5,343.7 5,730.8
1.3 ‘Other’ Deposits with RBI 317.4 268.6 276.6 286.2 287.4 290.4 284.5 297.0
2 Sources
2.1 Net Reserve Bank Credit to Government 8,019.5 6,234.0 8,428.1 8,814.8 8,865.0 9,016.5 8,792.1 9,440.0
2.2 Reserve Bank Credit to Banks 1,374.9 -132.4 629.9 400.5 145.6 456.5 98.1 -90.2
2.3 Reserve Bank Credit to Commercial Sector 153.6 94.5 86.8 91.3 91.8 91.0 92.5 89.9
2.4 Net Foreign Exchange Assets of RBI 28,485.9 28,144.4 29,210.8 28,909.9 29,248.3 29,216.5 29,143.0 29,351.1
2.5 Government's Currency Liabilities to the Public 258.9 257.0 259.1 259.1 259.1 259.1 259.1 259.5
2.6 Net Non- Monetary Liabilities of RBI 10,588.0 9,987.7 10,933.7 10,595.4 10,863.9 10,874.0 10,711.3 11,049.3

CURRENT STATISTICS
No. 12: Commercial Bank Survey

(` Billion)
Item Outstanding as on last reporting Fridays of the month/

reporting Fridays of the month
2018-19 2018 2019
1 2 3 4 5
1 Components
1.1 Aggregate Deposits of Residents 124,088.4 111,982.9 123,080.0 123,410.7 123,284.4
1.1.1 Demand Deposits 15,110.8 11,698.9 13,517.2 13,107.0 13,130.9
1.1.2 Time Deposits of Residents 108,977.5 100,284.0 109,562.8 110,303.7 110,153.5
1.1.2.1 Short-term Time Deposits 49,039.9 45,127.8 49,303.3 49,636.7 49,569.1
1.1.2.1.1 Certificates of Deposits (CDs) 2,849.9 2,123.9 2,786.0 2,678.5 2,550.0
1.1.2.2 Long-term Time Deposits 59,937.6 55,156.2 60,259.5 60,667.0 60,584.5
1.2 Call/Term Funding from Financial Institutions 3,780.5 3,670.7 3,694.6 3,597.8 3,578.1
2 Sources
2.1 Domestic Credit 140,289.7 127,621.5 139,902.8 140,283.3 140,249.7
2.1.1 Credit to the Government 33,783.0 33,726.8 34,543.3 35,092.1 35,199.7
2.1.2 Credit to the Commercial Sector 106,506.7 93,894.7 105,359.5 105,191.2 105,050.0
2.1.2.1 Bank Credit 97,691.9 85,376.6 96,209.5 96,247.6 96,215.5
2.1.2.1.1 Non-food Credit 97,275.8 84,847.4 95,777.9 95,630.6 95,558.3
2.1.2.2 Net Credit to Primary Dealers 85.4 83.4 91.9 94.0 99.6
2.1.2.3 Investments in Other Approved Securities 20.5 12.0 11.8 18.4 19.3
2.1.2.4 Other Investments (in non-SLR Securities) 8,708.9 8,422.7 9,046.3 8,831.2 8,715.6
2.2 Net Foreign Currency Assets of Commercial Banks (2.2.1–2.2.2–2.2.3) –468.6 –1,315.4 –640.1 –842.9 –762.9
2.2.1 Foreign Currency Assets 2,623.8 1,590.8 2,516.0 2,412.3 2,408.2
2.2.2 Non-resident Foreign Currency Repatriable Fixed Deposits 1,637.2 1,545.3 1,758.7 1,763.2 1,711.1
2.2.3 Overseas Foreign Currency Borrowings 1,455.3 1,360.9 1,397.5 1,492.0 1,460.0
2.3 Net Bank Reserves (2.3.1+2.3.2–2.3.3) 5,380.8 5,513.3 5,381.2 5,677.2 5,658.0
2.3.1 Balances with the RBI 5,657.1 4,708.5 5,229.4 5,059.2 4,982.0
2.3.2 Cash in Hand 748.5 672.3 781.7 763.5 774.2
2.3.3 Loans and Advances from the RBI 1,024.8 –132.4 629.9 145.6 98.1
2.4 Capital Account 13,523.1 12,243.4 13,734.2 13,919.7 14,061.9
2.5 Other items (net) (2.1+2.2+2.3–2.4–1.1–1.2) 3,809.9 3,922.3 4,135.1 4,189.4 4,220.4
2.5.1 Other Demand and Time Liabilities (net of 2.2.3) 3,979.8 3,537.3 3,482.5 3,412.5 3,384.0
2.5.2 Net Inter-Bank Liabilities (other than to PDs) –484.5 –344.0 –559.1 –508.8 –579.0
No. 13: Scheduled Commercial Banks' Investments

(` Billion)
Item As on 2018 2019

March 29,
2019 May. 25 Apr. 26 May. 10 May. 24
1 2 3 4 5
1 SLR Securities 33,810.6 33,738.8 34,555.1 35,110.5 35,219.0
2 Commercial Paper 903.6 1,458.5 932.2 979.4 907.5
3 Shares issued by
3.1 PSUs 115.4 118.4 117.2 116.9 116.9
3.2 Private Corporate Sector 695.9 747.5 692.3 693.1 696.0
3.3 Others 63.8 42.6 63.2 55.9 55.9
4 Bonds/Debentures issued by
4.1 PSUs 1,348.2 1,254.1 1,327.3 1,312.2 1,305.8
4.2 Private Corporate Sector 2,687.8 2,168.5 2,594.3 2,582.6 2,537.7
4.3 Others 1,700.5 1,193.6 1,673.5 1,687.6 1,673.9
5 Instruments issued by
5.1 Mutual funds 209.9 678.4 461.3 460.0 489.2
5.2 Financial institutions 983.8 878.9 956.0 943.5 932.8

CURRENT STATISTICS
No. 14: Business in India - All Scheduled Banks and All Scheduled Commercial Banks
(` Billion)
Item As on the Last Reporting Friday (in case of March)/ Last Friday
All Scheduled Banks All Scheduled Commercial Banks
2018-19 2018 2019 2018-19 2018 2019
May Apr. May May Apr. May
1 2 3 4 5 6 7 8
Number of Reporting Banks 222 223 213 213 147 149 138 138
1 Liabilities to the Banking System 2,763.5 2,495.0 2,597.6 2,564.2 2,714.3 2,443.3 2,548.1 2,516.4
1.1 Demand and Time Deposits from Banks 1,816.5 1,567.2 1,745.9 1,769.7 1,768.3 1,521.7 1,700.3 1,723.2
1.2 Borrowings from Banks 794.9 769.1 747.6 687.9 794.6 764.3 745.6 687.8
1.3 Other Demand and Time Liabilities 152.1 158.8 104.0 106.6 151.4 157.2 102.3 105.4
2 Liabilities to Others 138,359.8 125,238.6 136,819.1 138,321.1 134,956.7 122,097.1 133,412.3 134,890.4
2.1 Aggregate Deposits 129,015.8 116,531.0 128,116.5 129,404.5 125,737.7 113,528.2 124,838.7 126,112.6
2.1.1 Demand 15,425.5 11,983.4 13,819.1 13,752.0 15,112.9 11,698.9 13,517.2 13,451.4
2.1.2 Time 113,590.3 104,547.7 114,297.4 115,652.5 110,624.8 101,829.4 111,321.5 112,661.2
2.2 Borrowings 3,818.6 3,718.5 3,731.7 3,577.5 3,782.5 3,670.7 3,694.6 3,539.7
2.3 Other Demand and Time Liabilities 5,525.3 4,989.1 4,970.9 5,339.2 5,436.5 4,898.1 4,879.0 5,238.2
3 Borrowings from Reserve Bank 1,806.9 581.8 1,054.8 450.1 1,806.9 581.8 1,054.8 449.8
3.1 Against Usance Bills /Promissory Notes – – – – – – – –
3.2 Others 1,806.9 581.8 1,054.8 450.1 1,806.9 581.8 1,054.8 449.8
4 Cash in Hand and Balances with Reserve Bank 6,575.6 5,519.1 6,165.8 6,297.7 6,405.8 5,380.8 6,011.1 6,147.2
4.1 Cash in Hand 765.5 689.5 799.1 801.3 748.77 672.3 781.7 783.0
4.2 Balances with Reserve Bank 5,810.0 4,829.6 5,366.8 5,496.3 5,657.1 4,708.5 5,229.4 5,364.2
5 Assets with the Banking System 3,726.7 3,258.1 3,604.2 3,579.8 3,278.1 2,870.6 3,199.1 3,129.8
5.1 Balances with Other Banks 2,458.8 2,154.2 2,429.1 2,479.3 2,230.5 1,987.9 2,227.1 2,266.4
5.1.1 In Current Account 172.2 99.3 138.0 145.7 133.3 79.6 112.4 121.1
5.1.2 In Other Accounts 2,286.6 2,054.9 2,291.2 2,333.6 2,097.2 1,908.3 2,114.7 2,145.4
5.2 Money at Call and Short Notice 470.5 477.2 404.0 335.3 322.5 299.7 273.2 203.0
5.3 Advances to Banks 329.5 304.3 282.9 317.6 296.4 299.7 264.6 275.4
5.4 Other Assets 467.9 322.5 488.2 447.8 428.8 283.3 434.1 385.0
6 Investment 34,756.1 34,681.7 35,483.5 35,928.3 33,810.6 33,738.8 34,555.1 34,990.8
6.1 Government Securities 34,678.4 34,616.7 35,414.8 35,852.3 33,790.0 33,726.8 34,543.3 34,973.0
6.2 Other Approved Securities 77.6 64.9 68.8 76.0 20.5 12.0 11.8 17.8
7 Bank Credit 100,471.2 87,943.6 99,068.3 99,737.2 97,717.2 85,376.6 96,209.5 96,879.9
7a Food Credit 646.4 759.4 702.0 1,031.1 416.1 529.1 431.6 760.8
7.1 Loans, Cash-credits and Overdrafts 97,922.9 85,736.2 96,677.0 97,391.1 95,219.9 83,226.6 93,867.5 94,580.1
7.2 Inland Bills-Purchased 276.4 214.9 257.8 279.5 262.2 190.8 244.3 267.2
7.3 Inland Bills-Discounted 1,609.8 1,378.5 1,487.7 1,457.7 1,583.0 1,352.2 1,461.6 1,433.6
7.4 Foreign Bills-Purchased 249.1 237.1 239.2 226.6 245.9 234.9 235.2 222.5
7.5 Foreign Bills-Discounted 413.0 376.9 406.5 382.3 406.2 372.0 400.8 376.5

CURRENT STATISTICS
No. 15: Deployment of Gross Bank Credit by Major Sectors

(` Billion)
Item Outstanding as on Growth (%)
Mar. 29, Financial Y-o-Y

2018 2019
2019 year so far
May 25 Apr. 26 May 24 2019-20 2019
1 2 3 4 5 6
1 Gross Bank Credit 86,749 76,365 85,241 85,167 -1.8 11.5
1.1 Food Credit 415 527 430 655 57.9 24.2
1.2 Non-food Credit 86,334 75,838 84,810 84,512 –2.1 11.4
1.2.1 Agriculture & Allied Activities 11,113 10,279 11,080 11,079 –0.3 7.8
1.2.2 Industry 28,858 26,446 28,352 28,140 –2.5 6.4
1.2.2.1 Micro & Small 3,755 3,613 3,666 3,653 –2.7 1.1
1.2.2.2 Medium 1,064 1,023 1,063 1,054 –0.9 3.0
1.2.2.3 Large 24,039 21,809 23,623 23,433 –2.5 7.4
1.2.3 Services 24,156 19,932 23,150 22,879 –5.3 14.8
1.2.3.1 Transport Operators 1,385 1,218 1,409 1,416 2.2 16.2
1.2.3.2 Computer Software 185 182 186 184 –0.7 1.0
1.2.3.3 Tourism, Hotels & Restaurants 390 372 399 389 –0.2 4.6
1.2.3.4 Shipping 77 66 65 62 –19.4 -5.2
1.2.3.5 Professional Services 1,715 1,546 1,713 1,708 –0.4 10.5
1.2.3.6 Trade 5,282 4,729 5,074 5,075 –3.9 7.3
1.2.3.6.1 Wholesale Trade 2,505 2,100 2,267 2,267 –9.5 7.9
1.2.3.6.2 Retail Trade 2,776 2,629 2,807 2,808 1.1 6.8
1.2.3.7 Commercial Real Estate 2,023 1,840 2,003 2,007 –0.8 9.1
1.2.3.8 Non-Banking Financial Companies (NBFCs) 6,412 4,439 6,234 6,235 –2.8 40.5
1.2.3.9 Other Services 6,686 5,540 6,068 5,802 –13.2 4.7
1.2.4 Personal Loans 22,207 19,181 22,228 22,414 0.9 16.9
1.2.4.1 Consumer Durables 63 201 62 61 –3.7 -69.8
1.2.4.2 Housing 11,601 9,919 11,686 11,769 1.4 18.7
1.2.4.3 Advances against Fixed Deposits 829 632 674 665 –19.8 5.1
1.2.4.4 Advances to Individuals against share & bond 63 55 57 55 –11.8 1.3
1.2.4.5 Credit Card Outstanding 883 743 925 936 6.1 26.1
1.2.4.6 Education 680 692 675 674 –0.8 -2.5
1.2.4.7 Vehicle Loans 2,022 1,911 1,998 2,019 –0.1 5.7
1.2.4.8 Other Personal Loans 6,068 5,029 6,150 6,235 2.8 24.0
1.2A Priority Sector 27,390 24,828 27,299 27,275 –0.4 9.9
1.2A.1 Agriculture & Allied Activities 11,050 10,228 11,012 11,005 –0.4 7.6
1.2A.2 Micro & Small Enterprises 10,672 9,503 10,660 10,623 –0.5 11.8
1.2A.2.1 Manufacturing 3,755 3,613 3,666 3,653 –2.7 1.1
1.2A.2.2 Services 6,917 5,890 6,994 6,970 0.8 18.3
1.2A.3 Housing 4,327 3,699 4,321 4,325 –0.0 16.9
1.2A.4 Micro-Credit 241 197 273 276 14.6 40.1
1.2A.5 Education Loans 540 572 538 542 0.4 -5.4
1.2A.6 State-Sponsored Orgs. for SC/ST 4 3 4 4 –3.3 25.9
1.2A.7 Weaker Sections 6,626 5,718 6,770 6,794 2.5 18.8
1.2A.8 Export Credit 156 208 152 144 –7.6 -30.9

CURRENT STATISTICS
No. 16: Industry-wise Deployment of Gross Bank Credit

(` Billion)
Industry Outstanding as on Growth (%)
Mar. 29, Financial Y-o-Y

2018 2019
2019 year so far
May 25 Apr. 26 May 24 2019-20 2019
1 2 3 4 5 6
1 Industry 28,858 26,446 28,352 28,140 –2.5 6.4
1.1 Mining & Quarrying (incl. Coal) 418 394 419 414 –0.9 4.9
1.2 Food Processing 1,571 1,499 1,540 1,517 –3.4 1.2
1.2.1 Sugar 297 268 305 296 –0.4 10.4
1.2.2 Edible Oils & Vanaspati 213 208 209 201 –5.7 –3.3
1.2.3 Tea 50 50 51 50 1.1 0.4
1.2.4 Others 1,010 973 974 970 –4.0 –0.3
1.3 Beverage & Tobacco 147 146 130 138 –5.6 –5.1
1.4 Textiles 2,035 2,038 1,993 1,945 –4.5 –4.6
1.4.1 Cotton Textiles 977 1,018 955 933 –4.5 –8.3
1.4.2 Jute Textiles 21 23 21 22 1.5 –6.0
1.4.3 Man-Made Textiles 267 235 265 257 –4.0 9.4
1.4.4 Other Textiles 770 762 752 733 –4.7 –3.8
1.5 Leather & Leather Products 111 112 111 111 –0.1 –1.3
1.6 Wood & Wood Products 120 110 116 116 –2.9 5.4
1.7 Paper & Paper Products 303 299 301 301 –0.9 0.6
1.8 Petroleum, Coal Products & Nuclear Fuels 631 639 549 526 –16.7 –17.7
1.9 Chemicals & Chemical Products 1,915 1,612 1,776 1,760 –8.1 9.2
1.9.1 Fertiliser 400 296 328 340 –15.2 14.8
1.9.2 Drugs & Pharmaceuticals 505 491 499 485 –4.0 –1.2
1.9.3 Petro Chemicals 467 371 412 398 –14.9 7.3
1.9.4 Others 542 455 537 538 –0.8 18.4
1.10 Rubber, Plastic & their Products 458 419 454 458 –0.0 9.3
1.11 Glass & Glassware 99 89 98 99 –0.2 11.4
1.12 Cement & Cement Products 557 530 553 555 –0.3 4.8
1.13 Basic Metal & Metal Product 3,716 3,980 3,553 3,516 –5.4 –11.7
1.13.1 Iron & Steel 2,829 3,093 2,700 2,665 –5.8 –13.9
1.13.2 Other Metal & Metal Product 887 887 853 851 –4.0 –4.0
1.14 All Engineering 1,686 1,514 1,664 1,652 –2.1 9.1
1.14.1 Electronics 379 338 381 374 –1.1 10.6
1.14.2 Others 1,308 1,176 1,283 1,277 –2.3 8.6
1.15 Vehicles, Vehicle Parts & Transport Equipment 799 720 778 788 –1.3 9.5
1.16 Gems & Jewellery 720 701 667 657 –8.8 –6.4
1.17 Construction 995 902 984 974 –2.1 8.0
1.18 Infrastructure 10,559 8,839 10,647 10,419 –1.3 17.9
1.18.1 Power 5,690 5,142 5,698 5,567 –2.2 8.3
1.18.2 Telecommunications 1,156 864 1,297 1,239 7.2 43.3
1.18.3 Roads 1,869 1,638 1,862 1,863 –0.3 13.7
1.18.4 Other Infrastructure 1,845 1,194 1,790 1,750 –5.1 46.6
1.19 Other Industries 2,020 1,904 2,019 2,195 8.7 15.3

CURRENT STATISTICS
No. 17: State Co-operative Banks Maintaining Accounts with the Reserve Bank of India
(` Billion)
Item Last Reporting Friday (in case of March)/Last Friday/

Reporting Friday
2018 2019
2018-19
Apr, 27 Feb, 15 Feb, 22 Mar, 01 Mar, 15 Mar, 29 Apr, 12 Apr, 26
1 2 3 4 5 6 7 8 9
Number of Reporting Banks Number of Reporting Banks 31 32 32 31 32 32 31 31 31
1 Aggregate Deposits (2.1.1.2+2
1 Aggregate Deposits (2.1.1.2+2.2.1.2) 613.7 583.8 587.8 610.2 619.0 614.7 613.7 625.0 618.1
2 Demand and Time Liabilities 2 Demand and Time Liabilities
2.1 Demand Liabilities 2.1 Demand Liabilities 180.2 166.0 199.7 182.0 191.2 187.3 180.2 176.8 179.7
2.1.1 Deposits 2.1.1 Deposits
2.1.1.1 Inter-Bank 2.1.1.1 Inter-Bank 58.4 44.3 51.3 44.6 57.6 55.4 58.4 46.6 52.6
2.1.1.2 Others 2.1.1.2 Others 95.9 93.4 95.4 100.8 100.3 97.9 95.9 101.7 96.6
2.1.2 Borrowings from Banks
2.1.2 Borrowings from Banks 0.0 2.6 4.4 4.6 2.5 2.5 0.0 0.0 0.0
2.1.3 Other Demand Liabilities 25.9
2.1.3 Other Demand Liabilities 25.8 48.6 31.9 30.8 31.5 25.9 28.6 30.5
2.2 Time Liabilities 2.2 Time Liabilities 979.1 935.8 926.6 939.5 963.8 963.9 979.1 1004.6 983.8
2.2.1 Deposits 2.2.1 Deposits
2.2.1.1 Inter-Bank 2.2.1.1 Inter-Bank-Bank 454.8 429.8 426.1 423.1 438.1 437.6 454.8 474.4 455.7
2.2.1.2 Others 2.2.1.2 Others 517.8 490.5 492.4 509.4 518.7 516.8 517.8 523.3 521.5
2.2.2 Borrowings from Banks
2.2.2 Borrowings from Banks 0.0 6.6 1.0 0.4 0.1 2.6 0.0 0.0 0.0
2.2.3 Other Time Liabilities2.2.3 Other Time Liabilities 6.6 8.9 7.1 6.5 6.9 6.9 6.6 6.9 6.6
3 Borrowing from Reserve Bank 3 Borrowing from Reserve Bank 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
4 Borrowings
4 Borrowings from a notified bank / Governmentfrom a notified ban
503.8 439.0 503.4 506.8 510.5 499.2 503.8 478.2 469.5
4.1 Demand 4.1 Demand 168.3 144.2 167.1 174.7 170.0 160.3 168.3 153.7 151.9
4.2 Time 4.2 Time 335.5 294.7 336.3 332.1 340.5 338.8 335.5 324.5 317.7
5 Cash
5 Cash in Hand and Balances with in Hand
Reserve Bankand Balances wi57.1 53.0 48.2 48.9 50.8 49.5 57.1 50.6 54.4
5.1 Cash in Hand 5.1 Cash in Hand 3.1 2.9 3.1 2.9 3.3 3.2 3.1 2.6 2.9
5.2 Balance with Reserve Bank5.2 Balance with Reserve Bank 54.0 50.0 45.1 46.0 47.5 46.4 54.0 48.0 51.5
6 Balances with Other Banks in6Current
Balances with Other Banks in 15.0
Account 8.6 11.2 12.1 12.1 11.0 15.0 8.6 8.9
7 Investments in Government Se
7 Investments in Government Securities 307.0 320.3 312.3 307.3 317.9 313.7 307.0 311.6 313.5
8 Money at Call and Short Notic
8 Money at Call and Short Notice 161.9 199.8 168.7 252.0 177.3 167.3 161.9 167.1 144.0
9 Bank Credit (10.1+11) 9 Bank Credit (10.1+11) 597.9 555.5 593.0 590.3 588.6 592.6 597.9 620.6 627.6
10 Advances 10 Advances.
10.1 Loans, Cash-Credits and10.1 Loans, Cash-Credits and O597.9
Overdrafts 555.5 593.0 590.2 588.6 592.6 597.9 620.6 627.6
10.2 Due from Banks 10.2 Due from Banks 826.1 712.2 806.6 810.9 816.7 812.8 826.1 807.7 804.4
11 Bills Purchased and Discounted11 Bills Purchased and Discount 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

CURRENT STATISTICS

No. 18: Consumer Price Index (Base: 2012=100)
Group/Sub group 2018-19 Rural Urban Combined
Rural Urban Combined May 18 Apr. 19 May 19 May 18 Apr. 19 May 19 May 18 Apr. 19 May 19
1 2 3 4 5 6 7 8 9 10 11 12
1 Food and beverages 139.5 138.4 139.1 139.1 138.0 139.2 136.4 141.7 143.8 138.1 139.4 140.9
1.1 Cereals and products 137.7 137.2 137.5 137.4 137.1 137.4 135.0 140.0 140.4 136.6 138.0 138.3
1.2 Meat and fish 149.5 147.5 148.8 145.7 156.2 159.5 148.2 153.7 156.7 146.6 155.3 158.5
1.3 Egg 137.3 137.3 137.3 135.5 134.7 134.6 130.5 139.4 138.3 133.6 136.5 136.0
1.4 Milk and products 142.7 141.3 142.2 142.9 142.4 142.7 140.7 141.9 142.4 142.1 142.2 142.6
1.5 Oils and fats 124.0 117.6 121.6 123.6 124.0 124.1 116.4 118.4 118.6 121.0 121.9 122.1
1.6 Fruits 146.8 143.4 145.2 157.5 143.8 143.8 151.3 148.6 149.7 154.6 146.0 146.6
1.7 Vegetables 141.4 142.1 141.6 137.8 129.3 133.4 131.4 150.2 161.6 135.6 136.4 143.0
1.8 Pulses and products 124.1 115.3 121.1 127.2 122.9 125.1 112.8 121.7 124.4 122.3 122.5 124.9
1.9 Sugar and confectionery 111.9 110.8 111.5 111.8 108.4 109.3 105.3 110.4 111.2 109.6 109.1 109.9
1.10 Spices 138.8 140.7 139.4 137.4 138.7 139.2 139.6 140.4 141.0 138.1 139.3 139.8
1.11 Non-alcoholic beverages 134.9 127.5 131.8 132.2 137.5 137.7 126.6 128.7 128.9 129.9 133.8 134.0
1.12 Prepared meals, snacks, sweets 155.3 151.3 153.4 154.3 156.3 156.4 148.7 154.2 154.5 151.7 155.3 155.5
2 Pan, tobacco and intoxicants 159.4 162.9 160.4 157.0 162.9 163.3 160.3 165.7 166.2 157.9 163.6 164.1
3 Clothing and footwear 150.3 139.3 145.9 149.8 150.1 150.7 137.0 142.0 142.2 144.7 146.9 147.3
3.1 Clothing 151.2 141.0 147.2 150.8 150.8 151.3 138.6 143.9 144.1 146.0 148.1 148.5
3.2 Footwear 145.2 129.5 138.7 144.1 146.3 146.6 127.9 131.3 131.7 137.4 140.1 140.4
4 Housing -- 145.6 145.6 -- -- -- 143.2 149.7 150.1 143.2 149.7 150.1
5 Fuel and light 147.0 129.3 140.3 144.3 146.6 146.9 124.7 129.1 129.4 136.9 140.0 140.3
6 Miscellaneous 138.6 131.1 134.9 135.1 142.6 142.9 128.9 133.1 133.3 132.1 138.0 138.2
6.1 Household goods and services 145.9 134.8 140.6 141.8 149.4 149.5 132.5 136.9 137.2 137.4 143.5 143.7
6.2 Health 143.5 135.5 140.5 138.4 150.9 151.3 132.0 139.5 139.8 136.0 146.6 146.9
6.3 Transport and communication 128.5 120.3 124.2 126.4 130.2 130.2 119.8 120.2 120.1 122.9 124.9 124.9
6.4 Recreation and amusement 140.4 130.3 134.7 136.8 144.9 145.9 128.0 133.8 134.0 131.8 138.6 139.2
6.5 Education 149.4 144.5 146.5 144.4 156.3 156.7 140.4 147.7 148.0 142.1 151.3 151.6
6.6 Personal care and effects 132.6 129.9 131.5 131.2 133.7 133.9 128.1 132.4 132.6 129.9 133.2 133.4
General Index (All Groups) 141.3 137.7 139.6 139.8 141.7 142.4 135.4 140.6 141.5 137.8 141.2 142.0
Source: Central Statistics Office, Ministry of Statistics and Programme Implementation, Government of India.
No. 19: Other Consumer Price Indices

Item Base Year Linking 2018-19 2018 2019
Factor May Apr. May
1 2 3 4 5 6
1 Consumer Price Index for Industrial Workers 2001 4.63 300 289 312 314
2 Consumer Price Index for Agricultural Labourers 1986-87 5.89 907 891 932 940
3 Consumer Price Index for Rural Labourers 1986-87 – 915 899 939 948
Source: Labour Bureau, Ministry of Labour and Employment, Government of India.
No. 20: Monthly Average Price of Gold and Silver in Mumbai

Item 2018-19 2018 2019
May Apr. May
1 2 3 4
1 Standard Gold ( ` per 10 grams) 31,193 31,116 31,659 31,738
2 Silver ( ` per kilogram) 38,404 39,716 37,328 36,590
Source: India Bullion & Jewellers Association Ltd., Mumbai for Gold and Silver prices in Mumbai.

CURRENT STATISTICS
No. 21: Wholesale Price Index

(Base: 2011-12 = 100)
Commodities Weight 2018-19 2018 2019
May Mar. Apr. (P) May (P)
1 2 3 4 5 6
1 ALL COMMODITIES 100.000 119.8 118.3 119.9 120.9 121.2
1.1 PRIMARY ARTICLES 22.618 134.2 131.4 134.5 139.2 139.5
1.1.1 FOOD ARTICLES 15.256 143.7 140.3 144.5 150.1 150.1
1.1.1.1 Food Grains (Cereals+Pulses) 3.462 146.7 140.8 153.4 153.5 154.3
1.1.1.2 Fruits & Vegetables 3.475 147.3 141.1 141.8 164.7 161.5
1.1.1.3 Milk 4.440 143.1 141.8 143.2 143.3 143.4
1.1.1.4 Eggs,Meat & Fish 2.402 138.0 136.6 140.9 141.7 144.3
1.1.1.5 Condiments & Spices 0.529 129.6 128.4 125.7 127.4 132.3
1.1.1.6 Other Food Articles 0.948 144.4 144.2 147.7 149.6 148.5
1.1.2 NON-FOOD ARTICLES 4.119 123.1 120.3 123.7 126.7 127.8
1.1.2.1 Fibres 0.839 127.0 118.5 127.6 133.7 134.2
1.1.2.2 Oil Seeds 1.115 140.5 137.8 145.5 147.8 147.8
1.1.2.3 Other non-food Articles 1.960 107.3 109.4 102.3 102.8 103.6
1.1.2.4 Floriculture 0.204 164.1 137.6 194.9 211.6 225.1
1.1.3 MINERALS 0.833 136.5 129.6 138.0 144.0 138.0
1.1.3.1 Metallic Minerals 0.648 123.0 114.9 124.9 133.0 124.9
1.1.3.2 Other Minerals 0.185 183.5 181.2 183.7 182.4 183.7
1.1.4 CRUDE PETROLEUM & NATURAL GAS 2.410 92.4 95.1 88.2 89.7 92.8
1.2 FUEL & POWER 13.152 104.1 102.4 102.5 102.8 103.4
1.2.1 COAL 2.138 123.3 123.0 123.6 123.6 123.6
1.2.1.1 Coking Coal 0.647 132.9 132.0 133.9 133.9 133.9
1.2.1.2 Non-Coking Coal 1.401 119.0 119.0 119.0 119.0 119.0
1.2.1.3 Lignite 0.090 120.3 120.0 121.2 121.2 121.2
1.2.2 MINERAL OILS 7.950 96.7 93.6 95.0 95.4 96.4
1.2.3 ELECTRICITY 3.064 109.6 110.7 107.3 107.3 107.3
1.3 MANUFACTURED PRODUCTS 64.231 117.9 116.9 118.3 118.3 118.4
1.3.1 MANUFACTURE OF FOOD PRODUCTS 9.122 128.6 127.2 128.4 128.7 129.2
1.3.1.1 Processing and Preserving of meat 0.134 136.7 137.0 134.2 135.4 135.6
1.3.1.2 Processing and Preserving of fish, Crustaceans, Molluscs and products thereof 0.204 132.1 126.2 131.2 132.4 134.3
1.3.1.3 Processing and Preserving of fruit and Vegetables 0.138 114.3 116.3 111.2 112.2 113.8
1.3.1.4 Vegetable and Animal oils and Fats 2.643 117.6 120.0 113.7 113.2 113.2
1.3.1.5 Dairy products 1.165 136.2 138.5 134.5 134.6 135.9
1.3.1.6 Grain mill products 2.010 141.6 137.7 144.3 143.7 143.3
1.3.1.7 Starches and Starch products 0.110 116.6 110.6 131.7 133.3 135.6
1.3.1.8 Bakery products 0.215 129.3 127.5 131.2 131.2 131.3
1.3.1.9 Sugar, Molasses & honey 1.163 111.2 104.0 111.9 112.8 115.0
1.3.1.10 Cocoa, Chocolate and Sugar confectionery 0.175 126.7 123.6 126.9 128.3 127.8
1.3.1.11 Macaroni, Noodles, Couscous and Similar farinaceous products 0.026 134.5 128.3 135.1 133.1 137.8
1.3.1.12 Tea & Coffee products 0.371 137.7 138.6 131.2 142.1 139.0
1.3.1.13 Processed condiments & salt 0.163 122.2 119.3 125.8 125.3 126.3
1.3.1.14 Processed ready to eat food 0.024 127.0 125.8 129.4 129.3 128.3
1.3.1.15 Health supplements 0.225 143.6 137.6 156.6 158.3 156.9
1.3.1.16 Prepared animal feeds 0.356 157.5 152.3 161.5 160.5 163.7
1.3.2 MANUFACTURE OF BEVERAGES 0.909 120.7 119.2 122.0 122.7 122.5
1.3.2.1 Wines & spirits 0.408 113.8 111.9 115.1 115.8 115.6
1.3.2.2 Malt liquors and Malt 0.225 120.5 118.3 122.1 121.8 123.4
1.3.2.3 Soft drinks; Production of mineral waters and Other bottled waters 0.275 131.2 130.8 132.1 133.5 132.0
1.3.3 MANUFACTURE OF TOBACCO PRODUCTS 0.514 150.4 149.8 153.8 154.6 152.1
1.3.3.1 Tobacco products 0.514 150.4 149.8 153.8 154.6 152.1
1.3.4 MANUFACTURE OF TEXTILES 4.881 117.9 115.7 118.6 119.4 119.7
1.3.4.1 Preparation and Spinning of textile fibres 2.582 110.6 108.4 110.4 111.2 111.2
1.3.4.2 Weaving & Finishing of textiles 1.509 127.3 125.4 129.6 130.2 130.9
1.3.4.3 Knitted and Crocheted fabrics 0.193 112.9 111.6 110.6 111.6 114.4
1.3.4.4 Made-up textile articles, Except apparel 0.299 130.3 125.7 134.8 135.1 134.8
1.3.4.5 Cordage, Rope, Twine and Netting 0.098 138.7 137.1 135.5 138.9 139.7
1.3.4.6 Other textiles 0.201 118.3 115.9 116.2 116.9 116.6
1.3.5 MANUFACTURE OF WEARING APPAREL 0.814 138.8 139.8 138.3 138.5 139.2
1.3.5.1 Manufacture of Wearing Apparel (woven), Except fur Apparel 0.593 139.4 139.9 138.9 139.1 140.5
1.3.5.2 Knitted and Crocheted apparel 0.221 137.0 139.5 136.7 136.8 136.0

CURRENT STATISTICS
No. 21: Wholesale Price Index (Contd.)

(Base: 2011-12 = 100)
1 2 3 4 5 6
1.3.6 MANUFACTURE OF LEATHER AND RELATED PRODUCTS 0.535 121.8 122.3 120.6 120.8 119.7
1.3.6.1 Tanning and Dressing of leather; Dressing and Dyeing of fur 0.142 111.0 115.8 106.7 108.2 106.0
1.3.6.2 Luggage, HandbAgs, Saddlery and Harness 0.075 134.7 133.8 133.4 133.6 135.6
1.3.6.3 Footwear 0.318 123.5 122.5 123.8 123.4 122.0
1.3.7 MANUFACTURE OF WOOD AND PRODUCTS OF WOOD AND CORK 0.772 133.5 133.4 135.1 133.6 134.3
1.3.7.1 Saw milling and Planing of wood 0.124 124.5 123.7 126.2 125.6 126.5
1.3.7.2 Veneer sheets; Manufacture of plywood, Laminboard, Particle board and Other panels and Boards 0.493 136.3 135.3 136.7 134.7 135.4
1.3.7.3 Builder's carpentry and Joinery 0.036 158.7 157.4 171.5 171.6 174.6
1.3.7.4 Wooden containers 0.119 124.1 128.5 127.0 126.1 126.0
1.3.8 MANUFACTURE OF PAPER AND PAPER PRODUCTS 1.113 123.3 121.6 123.8 123.7 123.5
1.3.8.1 Pulp, Paper and Paperboard 0.493 129.3 126.0 130.5 129.8 128.9
1.3.8.2 Corrugated paper and Paperboard and Containers of paper and Paperboard 0.314 116.5 116.4 115.3 115.8 115.7
1.3.8.3 Other articles of paper and Paperboard 0.306 120.6 119.9 121.7 122.0 122.9
1.3.9 PRINTING AND REPRODUCTION OF RECORDED MEDIA 0.676 146.6 146.3 146.1 147.5 148.3
1.3.9.1 Printing 0.676 146.6 146.3 146.1 147.5 148.3
1.3.10 MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS 6.465 119.1 117.4 119.6 119.7 119.7
1.3.10.1 Basic chemicals 1.433 125.0 122.4 125.3 125.5 124.9
1.3.10.2 Fertilizers and Nitrogen compounds 1.485 121.1 118.8 123.0 122.7 123.1
1.3.10.3 Plastic and Synthetic rubber in primary form 1.001 117.6 118.1 115.5 116.9 115.5
1.3.10.4 Pesticides and Other agrochemical products 0.454 120.2 118.2 122.8 122.9 124.2
1.3.10.5 Paints, Varnishes and Similar coatings, Printing ink and Mastics 0.491 112.7 112.0 113.8 114.7 115.2
1.3.10.6 Soap and Detergents, Cleaning and Polishing preparations, Perfumes and Toilet preparations 0.612 116.8 114.5 119.4 119.4 119.6
1.3.10.7 Other chemical products 0.692 116.6 114.7 115.9 115.6 115.8
1.3.10.8 Man-made fibres 0.296 104.0 103.1 102.7 100.7 101.0
1.3.11 MANUFACTURE OF PHARMACEUTICALS, MEDICINAL CHEMICAL AND BOTANICAL PRODUCTS 1.993 123.5 122.3 126.4 124.4 125.5
1.3.11.1 Pharmaceuticals, Medicinal chemical and Botanical products 1.993 123.5 122.3 126.4 124.4 125.5
1.3.12 MANUFACTURE OF RUBBER AND PLASTICS PRODUCTS 2.299 109.6 108.5 110.1 110.3 109.2
1.3.12.1 Rubber Tyres and Tubes; Retreading and Rebuilding of Rubber Tyres 0.609 98.9 97.4 99.3 100.5 99.5
1.3.12.2 Other Rubber Products 0.272 91.7 90.2 92.7 92.8 92.5
1.3.12.3 Plastics products 1.418 117.6 116.8 118.0 117.9 116.6
1.3.13 MANUFACTURE OF OTHER NON-METALLIC MINERAL PRODUCTS 3.202 115.9 115.6 116.6 116.8 118.4
1.3.13.1 Glass and Glass products 0.295 121.4 118.5 125.0 125.3 126.0
1.3.13.2 Refractory products 0.223 111.1 110.5 110.4 108.0 107.7
1.3.13.3 Clay Building Materials 0.121 98.0 101.4 98.1 99.5 101.4
1.3.13.4 Other Porcelain and Ceramic Products 0.222 112.7 112.5 114.4 114.5 114.5
1.3.13.5 Cement, Lime and Plaster 1.645 114.3 114.4 117.3 119.2 122.0
1.3.13.6 Articles of Concrete, Cement and Plaster 0.292 121.5 121.8 122.0 121.1 120.8
1.3.13.7 Cutting, Shaping and Finishing of Stone 0.234 118.8 117.9 119.7 120.1 119.9
1.3.13.8 Other Non-Metallic Mineral Products 0.169 130.4 129.0 105.2 94.4 95.2
1.3.14 MANUFACTURE OF BASIC METALS 9.646 112.2 112.2 111.1 110.6 109.7
1.3.14.1 Inputs into steel making 1.411 113.0 111.6 108.3 106.3 105.7
1.3.14.2 Metallic Iron 0.653 117.8 119.6 114.3 114.9 114.0
1.3.14.3 Mild Steel - Semi Finished Steel 1.274 99.5 99.8 98.1 98.1 96.7
1.3.14.4 Mild Steel -Long Products 1.081 110.2 109.8 110.1 109.7 109.4
1.3.14.5 Mild Steel - Flat products 1.144 119.6 120.5 117.3 116.4 115.3
1.3.14.6 Alloy steel other than Stainless Steel- Shapes 0.067 111.7 111.7 111.6 110.5 109.5
1.3.14.7 Stainless Steel - Semi Finished 0.924 112.7 116.4 109.7 109.6 109.7
1.3.14.8 Pipes & tubes 0.205 126.6 123.4 128.1 127.2 127.1
1.3.14.9 Non-ferrous metals incl. precious metals 1.693 112.2 114.1 110.6 110.2 109.2
1.3.14.10 Castings 0.925 109.8 106.1 114.9 114.8 111.5
1.3.14.11 Forgings of steel 0.271 126.8 118.5 138.3 140.1 141.6
1.3.15 MANUFACTURE OF FABRICATED METAL PRODUCTS, EXCEPT MACHINERY AND EQUIPMENT 3.155 115.1 112.6 116.8 117.2 116.9
1.3.15.1 Structural Metal Products 1.031 112.8 109.5 115.0 115.6 115.3
1.3.15.2 Tanks, Reservoirs and Containers of Metal 0.660 127.3 125.3 126.1 126.8 126.3
1.3.15.3 Steam generators, Except Central Heating Hot Water Boilers 0.145 105.9 108.5 104.8 104.8 102.6
1.3.15.4 Forging, Pressing, Stamping and Roll-Forming of Metal; Powder Metallurgy 0.383 96.3 92.1 103.9 103.1 102.3
1.3.15.5 Cutlery, Hand Tools and General Hardware 0.208 99.7 99.5 100.1 100.0 100.1
1.3.15.6 Other Fabricated Metal Products 0.728 123.1 120.6 124.9 125.7 126.1
1.3.16 MANUFACTURE OF COMPUTER, ELECTRONIC AND OPTICAL PRODUCTS 2.009 111.8 111.3 111.4 111.0 111.4
1.3.16.1 Electronic Components 0.402 100.9 102.6 98.8 98.8 98.7
1.3.16.2 Computers and Peripheral Equipment 0.336 132.5 127.3 135.0 135.0 135.0

CURRENT STATISTICS
No. 21: Wholesale Price Index (Concld.)

(Base: 2011-12 = 100)
1 2 3 4 5 6
1.3.16.3 Communication Equipment 0.310 116.7 116.3 116.3 116.3 116.6
1.3.16.4 Consumer Electronics 0.641 103.8 103.6 102.8 101.7 102.0
1.3.16.5 Measuring, Testing, Navigating and Control equipment 0.181 109.1 111.4 108.4 109.0 111.9
1.3.16.6 Watches and Clocks 0.076 137.9 137.4 139.7 136.6 136.6
1.3.16.7 Irradiation, Electromedical and Electrotherapeutic equipment 0.055 103.2 102.0 102.5 102.5 105.3
1.3.16.8 Optical instruments and Photographic equipment 0.008 108.7 111.8 107.4 108.9 109.2
1.3.17 MANUFACTURE OF ELECTRICAL EQUIPMENT 2.930 111.7 110.8 112.3 112.0 112.0
1.3.17.1 Electric motors, Generators, Transformers and Electricity distribution and Control apparatus 1.298 107.7 105.6 109.1 109.3 109.6
1.3.17.2 Batteries and Accumulators 0.236 117.7 117.3 116.8 117.6 117.5
1.3.17.3 Fibre optic cables for data transmission or live transmission of images 0.133 126.1 126.0 125.8 119.0 118.0
1.3.17.4 Other electronic and Electric wires and Cables 0.428 111.2 110.6 111.0 110.9 110.2
1.3.17.5 Wiring devices, Electric lighting & display equipment 0.263 108.6 109.2 109.8 109.5 110.0
1.3.17.6 Domestic appliances 0.366 121.6 122.8 120.3 120.2 120.4
1.3.17.7 Other electrical equipment 0.206 108.6 107.0 109.7 108.9 108.5
1.3.18 MANUFACTURE OF MACHINERY AND EQUIPMENT 4.789 111.3 109.9 112.3 112.1 112.7
1.3.18.1 Engines and Turbines, Except aircraft, Vehicle and Two wheeler engines 0.638 103.0 101.1 104.5 105.1 105.5
1.3.18.2 Fluid power equipment 0.162 118.2 117.2 118.5 117.6 119.3
1.3.18.3 Other pumps, Compressors, Taps and Valves 0.552 108.9 108.7 109.3 109.1 110.2
1.3.18.4 Bearings, Gears, Gearing and Driving elements 0.340 111.2 112.5 109.6 110.6 109.9
1.3.18.5 Ovens, Furnaces and Furnace burners 0.008 78.2 79.6 77.7 77.9 79.3
1.3.18.6 Lifting and Handling equipment 0.285 110.4 109.8 111.8 112.0 111.9
1.3.18.7 Office machinery and Equipment 0.006 130.2 130.2 130.2 130.2 130.2
1.3.18.8 Other general-purpose machinery 0.437 129.6 128.6 128.3 128.1 128.6
1.3.18.9 Agricultural and Forestry machinery 0.833 116.9 114.2 119.4 118.9 119.2
1.3.18.10 Metal-forming machinery and Machine tools 0.224 101.8 97.5 105.0 104.9 107.2
1.3.18.11 Machinery for mining, Quarrying and Construction 0.371 75.7 73.8 77.1 77.2 76.8
1.3.18.12 Machinery for food, Beverage and Tobacco processing 0.228 124.7 121.5 124.5 121.6 123.9
1.3.18.13 Machinery for textile, Apparel and Leather production 0.192 119.9 120.2 120.3 118.8 121.8
1.3.18.14 Other special-purpose machinery 0.468 123.8 123.2 126.6 125.6 125.8
1.3.18.15 Renewable electricity generating equipment 0.046 67.3 68.8 66.6 66.6 66.6
1.3.19 MANUFACTURE OF MOTOR VEHICLES, TRAILERS AND SEMI-TRAILERS 4.969 112.8 112.1 112.9 113.0 113.3
1.3.19.1 Motor vehicles 2.600 113.3 112.4 113.0 113.6 113.7
1.3.19.2 Parts and Accessories for motor vehicles 2.368 112.2 111.7 112.8 112.4 112.9
1.3.20 MANUFACTURE OF OTHER TRANSPORT EQUIPMENT 1.648 111.7 110.4 113.3 113.4 114.8
1.3.20.1 Building of ships and Floating structures 0.117 158.8 158.8 158.8 158.8 158.8
1.3.20.2 Railway locomotives and Rolling stock 0.110 104.7 105.2 105.8 105.8 106.2
1.3.20.3 Motor cycles 1.302 106.6 105.2 108.3 108.4 110.3
1.3.20.4 Bicycles and Invalid carriages 0.117 127.8 124.7 130.3 129.9 128.7
1.3.20.5 Other transport equipment 0.002 123.5 121.6 124.7 124.7 125.0
1.3.21 MANUFACTURE OF FURNITURE 0.727 127.3 126.2 129.5 129.3 129.4
1.3.21.1 Furniture 0.727 127.3 126.2 129.5 129.3 129.4
1.3.22 OTHER MANUFACTURING 1.064 107.0 106.9 107.3 106.4 106.3
1.3.22.1 Jewellery and Related articles 0.996 103.9 103.8 104.2 103.3 103.1
1.3.22.2 Musical instruments 0.001 174.1 178.7 177.5 170.4 173.0
1.3.22.3 Sports goods 0.012 127.4 126.5 126.4 126.4 127.0
1.3.22.4 Games and Toys 0.005 132.2 131.7 135.2 135.7 136.1
1.3.22.5 Medical and Dental instruments and Supplies 0.049 159.2 160.0 160.9 160.9 160.9
2 FOOD INDEX 24.378 138.1 135.4 138.5 142.1 142.3
Source: Office of the Economic Adviser, Ministry of Commerce and Industry, Government of India.

CURRENT STATISTICS
No. 22: Index of Industrial Production (Base:2011-12=100)

Industry Weight
April
2017-18 2018-19
2018 2019
1 2 3 4 5
General Index
General Index 100.00 125.3 129.8
Gen Ge 122.6 126.8
1 Sectoral Classication
1.1 Mining 14.37 104.9 107.9
Sect El 102.6 107.8
1.2 Manufacturing 77.63 126.6 131.0
Ma 123.1 126.6
1.3 Electricity 7.99 149.2 Mi
156.9 153.7 162.9
2 Use-Based Classication
2.1 Primary Goods 34.05 121.8 Use- Pri
126.1 119.7 125.9
2.2 Capital Goods 8.22 105.6 Ca
108.6 97.6 100.0
2.3 Intermediate Goods 17.22 125.1 Int
124.5 120.1 121.3
2.4 Infrastructure/ Construction Goods 12.34 132.0 Inf
141.9 135.9 138.2
2.5 Consumer Durables 12.84 123.6 Co
130.4 124.4 127.4
2.6 Consumer Non-Durables 15.33 139.9 Co
145.3 132.8 139.7
Source : Central Statistics Ofce, Ministry of Statistics and Programme Implementation, Government of India

No. 23: Union Government Accounts at a Glance
(` Billion)
Financial April - May

Year
2019-20 2019-20 2018-19 Percentage to Budget
(Budget (Actuals) (Actuals) Estimates
Item
Estimates)
2019-20 2018-19
1 2 3 4 5
1 Revenue Receipts 19,776.9 1,437.6 1,264.6 7.3 7.3
1.1 Tax Revenue (Net) 17,050.5 1,153.4 1,024.1 6.8 6.9
1.2 Non-Tax Revenue 2,726.5 284.2 240.5 10.4 9.8
2 Non-Debt Capital Receipt 1,025.1 30.7 10.0 3.0 1.1
2.1 Recovery of Loans 125.1 7.1 5.7 5.7 4.7
2.2 Other Receipts 900.0 23.6 4.3 2.6 0.5
3 Total Receipts (excluding borrowings) (1+2) 20,802.0 1,468.3 1,274.6 7.1 7.0
4 Revenue Expenditure 24,479.1 4,652.8 4,091.6 19.0 19.1
4.1 Interest Payments 6,650.6 748.0 736.1 11.2 12.8
5 Capital Expenditure 3,362.9 477.0 637.9 14.2 21.2
6 Total Expenditure (4+5) 27,842.0 5,129.9 4,729.5 18.4 19.4
7 Revenue Deficit (4-1) 4,702.1 3,215.2 2,827.1 68.4 68.0
8 Fiscal Deficit (6-3) 7,040.0 3,661.6 3,454.9 52.0 55.3
9 Gross Primary Deficit (8-4.1) 389.4 2,913.5 2,718.9 748.2 560.8
Source: Controller General of Accounts (CGA), Ministry of Finance, Government of India and Union Budget 2018-19.

CURRENT STATISTICS
No. 24: Treasury Bills – Ownership Pattern

(` Billion)
Item 2018-19 2018 2019

1 2 3 4 5 6 7 8
1 91-day
1.1 Banks 185.2 534.9 228.7 261.0 248.8 247.1 248.9 245.8
1.2 Primary Dealers 178.8 177.1 165.7 189.2 211.3 186.7 182.1 218.7
1.3 State Governments 270.0 634.7 291.1 301.1 391.1 491.1 551.1 521.1
1.4 Others 277.5 332.9 448.8 442.9 481.5 557.7 609.6 627.0
2 182-day
2.1 Banks 319.5 293.8 406.6 438.3 432.6 414.9 409.7 419.1
2.2 Primary Dealers 387.4 343.1 455.2 458.9 491.9 520.9 554.5 556.2
2.4 Others 185.7 216.5 150.8 145.8 149.6 169.4 170.6 190.0
3 364-day
3.1 Banks 488.1 323.9 526.5 518.6 511.2 509.8 491.6 474.4
3.2 Primary Dealers 741.7 708.1 784.9 788.6 843.0 842.9 867.4 884.5
3.4 Others 623.9 485.2 535.7 540.5 492.9 495.6 489.8 493.2
4 14-day Intermediate
4.1 Banks – – – – – – – –
4.2 Primary Dealers – – – – – – – –
4.3 State Governments 1,656.1 1,673.6 1,464.3 1,469.0 1,147.0 1,003.7 1,436.5 1,309.1
4.4 Others 2.5 7.1 5.2 5.1 5.2 3.6 3.3 4.5
Total Treasury Bills
4,127.0 4,432.7 4,405.1 4,491.4 4,650.4 4,832.4 4,971.5 5,026.4
(Excluding 14 day Intermediate T Bills) #
# 14D intermediate T-Bills are non-marketable unlike 91D, 182D and 364D T-Bills. These bills are ‘intermediate’ by nature as these are liquidated
to replenish shortfall in the daily minimum cash balances of State Governments
No. 25: Auctions of Treasury Bills

(` Billion)
Date of Notified Bids Received Bids Accepted Total Cut-off Implicit Yield
Auction Amount Number Total Face Value Number Total Face Value Issue Price at Cut-off
(6+7) Price (per
Competitive Non- Competitive Non-
cent)
Competitive Competitive
1 2 3 4 5 6 7 8 9 10
91-day Treasury Bills
2019-20
Apr. 30 90 32 156.36 26.00 21 90.00 26.00 116.00 98.42 6.4391
May 8 90 60 433.88 94.02 46 89.98 94.02 184.00 98.41 6.4805
May 15 90 57 496.40 108.03 42 89.97 108.03 198.00 98.43 6.3977
May 22 90 59 488.70 76.31 45 89.99 76.31 166.30 98.44 6.3563
May 29 90 77 963.80 30.02 22 89.98 30.02 120.00 98.48 6.1908
2019-20
Apr. 30 70 46 185.72 10.00 18 70.00 10.00 80.00 96.86 6.5014
May 8 70 47 194.07 0.00 22 70.00 0.00 70.00 96.86 6.5014
May 15 70 46 243.60 0.03 27 69.97 0.03 70.00 96.88 6.4587
May 22 70 56 281.75 0.00 22 70.00 0.00 70.00 96.91 6.3946
May 29 70 56 194.05 0.00 24 70.00 0.00 70.00 96.97 6.2665
2019-20
Apr. 30 40 53 134.35 – 22 40.00 – 40.00 93.90 6.5141
May 8 40 38 96.73 0.00 15 40.00 0.00 40.00 93.88 6.5369
May 15 40 61 195.42 0.00 16 40.00 0.00 40.00 93.94 6.4686
May 22 40 59 161.91 0.02 13 39.98 0.02 40.00 93.99 6.4119
May 29 40 53 155.70 0.09 14 39.91 0.09 40.00 94.09 6.2985

CURRENT STATISTICS
Financial Markets
No. 26: Daily Call Money Rates
(Per cent per annum)

As on Range of Rates Weighted Average Rates
1 Borrowings/ Lendings Borrowings/ Lendings
1 2
May 2, 2019 4.50-6.25 6.06
May 3, 2019 4.50-6.25 6.02
May 4, 2019 4.20-5.95 5.46
May 6, 2019 4.50-6.25 5.94
May 7, 2019 4.50-6.95 5.94
May 8, 2019 4.50-6.05 5.96
May 9, 2019 4.50-6.15 5.98
May 10, 2019 4.50-6.10 5.95
May 13, 2019 4.50-6.25 5.92
May 14, 2019 4.50-6.15 5.91
May 15, 2019 4.50-6.10 5.95
May 16, 2019 4.50-6.05 5.96
May 17, 2019 4.50-6.15 5.99
May 20, 2019 4.50-6.10 5.96
May 21, 2019 4.50-6.15 5.94
May 22, 2019 4.50-6.20 5.94
May 23, 2019 4.50-6.10 5.90
May 24, 2019 4.50-6.15 5.88
May 27, 2019 4.50-6.05 5.94
May 28, 2019 4.50-6.30 5.87
May 29, 2019 4.50-6.05 5.87
May 30, 2019 4.50-6.05 5.92
May 31, 2019 4.50-6.25 5.91
June 1, 2019 4.50-6.00 5.58

June 3, 2019 4.50-6.00 5.85
June 4, 2019 4.50-6.00 5.87
June 6, 2019 4.40-6.00 5.85
June 7, 2019 4.40-5.80 5.69
June 10, 2019 4.40-5.80 5.69
June 11, 2019 4.40-5.80 5.70
June 12, 2019 4.40-5.80 5.69
June 13, 2019 4.40-5.85 5.69
June 14, 2019 4.40-6.12 5.81
June 15, 2019 4.60-6.00 5.59
Note: Includes Notice Money.

CURRENT STATISTICS
No. 27: Certificates of Deposit

Item 2018 2019
May 25 Apr. 12 Apr. 26 May 10 May 24
1 2 3 4 5
1 Amount Outstanding ( ` Billion) 2,052.2 2,617.3 2,254.8 2,494.8 2,271.5
1.1 Issued during the fortnight (` Billion) 172.0 145.5 45.8 66.2 139.4
2 Rate of Interest (per cent) 7.43-8.50 6.45-8.50 6.65-7.33 7.30-8.60 6.72-7.90
No. 28: Commercial Paper

Item 2018 2019
May 31 Apr. 15 Apr. 30 May 15 May 31
1 2 3 4 5
1 Amount Outstanding ( ` Billion) 4,668.9 5,736.0 5,428.9 5,837.2 5,519.8
1.1 Reported during the fortnight ( ` Billion) 850.2 1,292.1 712.1 1,059.7 1,024.5
2 Rate of Interest (per cent) 6.89-9.84 6.41-9.98 6.67-13.14 6.81-13.04 6.43-10.08
No. 29: Average Daily Turnover in Select Financial Markets

(` Billion)
Item 2018-19 2018 2019

1 2 3 4 5 6 7 8
1 Call Money 312.8 315.6 381.3 287.1 347.9 391.2 425.0 340.8
2 Notice Money 49.3 4.5 6.8 127.7 8.8 3.1 4.8 74.0
3 Term Money 7.4 5.1 9.0 10.4 9.0 5.5 7.8 4.8
4 CBLO/TRIPARTY REPO 2,130.1 1,784.0 2,197.7 2,770.2 2,253.6 2,708.7 2,713.2 2,757.3
5 Market Repo 2,009.7 1,812.5 1,589.3 2,174.7 1,958.1 2,185.4 1,985.5 2,334.4
6 Repo in Corporate Bond 8.2 45.5 36.4 6.6 1.8 19.5 29.5
7 Forex (US $ million) 67,793 64,600 76,959 73,393 59,113 59,697 64,867 65,606
8 Govt. of India Dated Securities 658 511.6 602.2 401.9 616.6 718.9 908.2 1,091.7
9 State Govt. Securities 43.2 27.0 61.8 51.9 43.6 50.3 58.0 98.9
10 Treasury Bills
10.1 91-Day 33.8 25.7 38.8 15.9 35.6 40.9 37.4 28.2
10.2 182-Day 14.5 6.9 29.5 15.0 15.1 9.9 17.8 39.7
10.3 364-Day 16.2 12.1 16.5 11.2 8.3 27.3 29.4 41.4
10.4 Cash Management Bills 14 – – – – – – –
11 Total Govt. Securities (8+9+10) 779.7 583.3 748.7 495.9 719.2 847.3 1,050.8 1,300.0
11.1 RBI – 3.8 2.1 62.6 1.2 27.6 2.8 2.7
Note : Collateralised Borrowing and Lending Obligation (CBLO) segment of the money market has been discontinued and replaced
with Triparty Repo with effect from November 05, 2018.

CURRENT STATISTICS
No. 30: New Capital Issues By Non-Government Public Limited Companies
(` Billion)
Security & Type of Issue 2018-19 2018-19 (Apr.-May) 2019-20 (Apr.-May) * May 2018 May 2019 *
No. of Amount No. of
No. of Amount
Issues
No.
Issues
25: Auctions No.
Amount of Amount
of Treasury Bills No. of Amount
Issues Issues Issues
1 2 3 4 5 6 7 8 9 10
1 Equity Shares 129 167.51 34 25.7 16 1
522.3 20 22.3 7 244.8
1A Premium 124 160.81 33 24.4 16 310.4

1 20 21.3 7 233.3
1.1 Public 119 146.11 32 24.2 12 28.5

1 20 22.3 5 1.1
1.1.1 Premium 115 141.21 31 22.9 12 27.9

1 20 21.3 5 0.9
1.2 Rights 10 21.51 2 1.5 4 493.8

1 – – 2 243.7
1.2.1 Premium 9 19.61 2 1.5 4 282.5

1 – – 2 232.4
2 Preference Shares – –2 – – – 2– – – – –
2.1 Public – –2 – – – 2– – – – –
2.2 Rights – –2 – – – 2– – – – –
3 Debentures 25 366.83 5 154.2 9 3

32.4 3 122.1 4 10.5
3.1 Convertible – –3 – – – 3– – – – –
3.1.1 Public – –3 – – – 3– – – – –
3.1.2 Rights – –3 – – – 3– – – – –
3.2 Non-Convertible 25 366.83 5 154.2 9 32.4

3 3 122.1 4 10.5
3.2.1 Public 25 366.83 5 154.2 9 32.4

3 3 122.1 4 10.5
3.2.2 Rights – –3 – – – 3– – – – –
4 Bonds – –4 – – – 4– – – – –
4.1 Public – –4 – – – 4– – – – –
4.2 Rights – –4 – – – 4– – – – –
5 Total (1+2+3+4) 154 534.35 39 179.8 25 5

554.7 23 144.3 11 255.3
5.1 Public 144 512.85 37 178.4 21 60.9

5 23 144.3 9 11.5
5.2 Rights 10 21.55 2 1.5 4 493.8

5 – – 2 243.7
* : Data is Provisional
Note : Since April 2018, monthly data is compiled on the basis of closing date of issues as against the earlier practice of compilation on the basis of opening date.
Source : Securities and Exchange Board of India.

CURRENT STATISTICS
External Sector
No. 31: Foreign Trade
Item Unit 2018-19 2018 2019
May Jan. Feb. Mar. Apr. May
1 2 3 4 5 6 7
` Billion 23,039.0 1,949.3 1,863.3 1,902.9 2,264.6 1,810.0 2,092.8
1 Exports
US $ Million 329,536.2 28,861.4 26,342.1 26,717.6 32,594.5 26,070.1 29,994.5
` Billion 3,248.2 353.8 224.6 217.7 248.5 255.1 360.3
1.1 Oil
US $ Million 46,397.4 5,237.8 3,175.8 3,056.3 3,576.2 3,674.6 5,164.2
` Billion 19,790.8 1,595.5 1,638.6 1,685.2 2,016.2 1,554.9 1,732.5
1.2 Non-oil
US $ Million 283,138.8 23,623.6 23,166.3 23,661.3 29,018.3 22,395.5 24,830.2
` Billion 35,876.8 2,936.6 2,907.2 2,583.5 3,018.1 2,874.4 3,164.5
2 Imports
US $ Million 513,085.9 43,479.9 41,100.8 36,273.6 43,439.9 41,401.1 45,354.0
` Billion 9,860.2 776.5 796.0 670.5 816.1 789.9 868.2
2.1 Oil
US $ Million 140,883.8 11,497.6 11,253.1 9,414.0 11,746.0 11,377.8 12,443.5
` Billion 26,016.6 2,160.1 2,111.2 1,913.0 2,202.0 2,084.4 2,296.3
2.2 Non-oil
US $ Million 372,202.1 31,982.3 29,847.7 26,859.6 31,693.9 30,023.3 32,910.5
` Billion –12,837.9 –987.3 –1,043.9 –680.6 –753.5 –1,064.4 –1,071.7
3 Trade Balance
US $ Million –183,549.7 –14,618.4 –14,758.7 –9,556.0 –10,845.4 –15,330.9 –15,359.5
` Billion –6,612.0 –422.8 –571.3 –452.8 –567.6 –534.8 –507.9
3.1 Oil
US $ Million –94,486.4 –6,259.8 –8,077.3 –6,357.7 –8,169.8 –7,703.2 –7,279.3
` Billion –6,225.9 –564.5 –472.6 –227.8 –185.9 –529.6 –563.8
3.2 Non-oil
US $ Million –89,063.3 –8,358.6 –6,681.4 –3,198.3 –2,675.5 –7,627.8 –8,080.3
Source: DGCI&S and Ministry of Commerce & Industry.
No. 32: Foreign Exchange Reserves

Item Unit 2018 2019
Jun. 22 May 17 May 24 May 31 Jun. 7 Jun. 14 Jun. 21
1 2 3 4 5 6 7
1 Total Reserves ` Billion 27,619 29,322 29,241 29,449 29,365 29,376 29,697
US $ Million 407,816 417,998 419,992 421,868 423,554 422,200 426,416
1.1 Foreign Currency Assets ` Billion 25,910 27,379 27,300 27,513 27,430 27,440 27,760
US $ Million 382,500 390,197 392,189 394,135 395,801 394,447 398,649
1.2 Gold ` Billion 1,439 1,608 1,608 1,603 1,603 1,603 1,603
US $ Million 21,332 23,022 23,022 22,959 22,959 22,959 22,959
1.3 SDRs SDRs Million 1,057 1,047 1,047 1,047 1,047 1,047 1,047
` Billion 101 101 101 101 100 101 101
US $ Million 1,492 1,445 1,445 1,443 1,449 1,449 1,453
1.4 Reserve Tranche Position in IMF ` Billion 169 234 232 233 232 233 234
US $ Million 2,493 3,335 3,337 3,331 3,345 3,345 3,355
No. 33: NRI Deposits

(US$ Million)
Scheme Outstanding Flows
2018 2019 2018-19 2019-20
2018-19
May Apr. May Apr.-May Apr.-May
1 2 3 4 5 6
1 NRI Deposits 130,423 123,484 130,912 131,886 2,263 2,441
1.1 FCNR(B) 23,170 22,246 24,580 24,323 220 1,153
1.2 NR(E)RA 92,017 87,482 91,282 92,192 1,736 1,015
1.3 NRO 15,236 13,756 15,050 15,370 307 273

CURRENT STATISTICS
(US$ Million)
Item 2018-19 2018-19 2019-20 2018 2019

Apr.-May Apr.-May May Apr. May
1 2 3 4 5 6
1.1 Net Foreign Direct Investment
1.1(1.1.1–1.1.2)
Net Foreign Direct Investment
1.1 (1.1.1–1.1.2)
Net Foreign Direct30,712
Investment (1.1.1–1.1.2)
7,928 6,836 3,668 4,676 2,160
1.1.1 Direct Investment to India 1.1.1
(1.1.1.1–1.
Direct1.1.2)
Investment to India1.1.1
(1.1.1.1–1.
Direct 1.1.2)
Investment
43,302to India (1.1.1.1–1.
10,111 1.1.2) 8,859 4,637 5,503 3,355
1.1.1.1 Gross Inflows/Gross Investments
1.1.1.1 Gross Inflows/Gross Investments
1.1.1.1 Gross
62,001
Inflows/Gross12,666
Investments 12,357 5,915 7,252 5,104
1.1.1.1.1 Equity 1.1.1.1.1 Equity 1.1.1.1.1
45,055Equity 9,970 9,156 4,567 5,306 3,850
1.1.1.1.1.1 Government (SIA/FIPB)
1.1.1.1.1.1 Government (SIA/FI
2,429 1.1.1.1.1.11,305
Government (SIA/FI
271 893 63 208
1.1.1.1.1.2 RBI 1.1.1.1.1.2 RBI 36,315 1.1.1.1.1.28,065
RBI 7,564 3,380 4,584 2,979
1.1.1.1.1.3 Acquisition of shares 1.1.1.1.1.3 Acquisition of shares
5,622 1.1.1.1.1.3 Acquisition
490 of 1,212
shares 239 604 608
1.1.1.1.1.4 Equity capital of 1.1.1.1.1.4 Equity capital of 1.1.1.1.1.4 Equity capital of
unincorporated bodies unincorporated bodie
689 unincorporated
108 bodie
108 54 54 54
1.1.1.1.2 Reinvested earnings 1.1.1.1.2 Reinvested earnings 1.1.1.1.2
13,672Reinvested 2,152
earnings 2,152 1,076 1,076 1,076
1.1.1.1.3 Other capital 1.1.1.1.3 Other capital 1.1.1.1.3
3,274Other capital 545 1,049 272 870 179
1.1.1.2 Repatriation/Disinvestment
18,699 2,556 3,498 1,278 1,749 1,749
1.1.1.2.1 Equity 1.1.1.2.1 Equity 1.1.1.2.1
18,452Equity 2,547 3,486 1,274 1,743 1,743
1.1.1.2.2 Other capital 1.1.1.2.2 Other capital 1.1.1.2.2
247Other capital 8 12 4 6 6
1.1.2 Foreign Direct Investment by1.1.2
India
Foreign Direct Investment1.1.2
by India
Foreign Direct Investment by India
(1.1.2.1+1.1.2.2+1.1.2.3–1.1.2.4) (1.1.2.1+1.1.2.2+1.1.2.3–1.1.2.4)(1.1.2.1+1.1.2.2+1.1.2.3–1.1.2.4)
12,590 2,183 2,023 970 827 1,195
1.1.2.1 Equity capital 1.1.2.1 Equity capital 1.1.2.1 Equity7,201
capital 1,414 838 553 306 533
1.1.2.2 Reinvested Earnings 1.1.2.2 Reinvested Earnings 1.1.2.2 Reinvested
3,032Earnings 505 505 253 253 253
1.1.2.3 Other Capital 1.1.2.3 Other Capital 1.1.2.3 Other 5,202
Capital 447 903 256 381 522
1.1.2.4 Repatriation/Disinvestment1.1.2.4 Repatriation/Disinvestment
2,845 184 224 92 112 112
1.2 Net Portfolio Investment (1.2.1+1.2.2+1.2.3–1.2.4)
1.2 Net Portfolio Investment (1.2.1+1.2.2+1.2.3–1.2.4)
1.2 Net Portfolio Investment
–618 (1.2.1+1.2.2+1.2.3–1.2.4)
–4,264 –966 –1,373 –1,643 677
1.2.1 GDRs/ADRs 1.2.1 GDRs/ADRs 1.2.1 GDRs/ADRs 1,820 – – – – –
1.2.2 FIIs 1.2.2 FIIs 1.2.2 FIIs –2,225 –4,904 2,270 –1,694 –25 2,295
1.2.3 Offshore funds and others 1.2.3 Offshore funds and others 1.2.3 Offshore funds and–others – – – – –
1.2.4 Portfolio investment by India1.2.4 Portfolio investment by India
1.2.4 Portfolio investment
213 by India –640 3,236 –320 1,618 1,618
1 Foreign Investment Inflows 1 Foreign Investment Inflows 1 Foreign Investment Inflows
30,094 3,664 5,871 2,294 3,033 2,838
No. 35: Outward Remittances under the Liberalised Remittance Scheme (LRS) for Resident Individuals
(US$ Million)
Item 2018-19 2018 2019
May Mar. Apr. May
1 2 3 4 5
1 Outward Remittances under the LRS 13,787.6 996.1 1,476.8 1,287.9 1,486.1
1.1 Deposit 455.9 31.0 100.6 65.2 50.2
1.2 Purchase of immovable property 84.5 8.2 10.5 8.5 9.4
1.3 Investment in equity/debt 422.9 26.5 74.4 35.4 31.6
1.4 Gift 1,370.2 118.6 161.0 166.6 154.2
1.5 Donations 8.7 0.2 0.3 0.5 2.8
1.6 Travel 4,803.8 364.7 429.2 429.8 568.3
1.7 Maintenance of close relatives 2,800.9 248.8 322.9 296.1 300.0
1.8 Medical Treatment 28.6 2.1 2.5 2.5 2.5
1.9 Studies Abroad 3,569.9 178.0 333.8 252.8 334.4
1.10 Others 242.2 17.9 41.6 30.5 32.7

CURRENT STATISTICS
No. 36: Indices of Real Effective Exchange Rate (REER) and Nominal Effective
Exchange Rate (NEER) of the Indian Rupee
2018 2019
2017-18 2018-19
June May June
Item 1 2 3 4 5
36-Currency Export and Trade Based Weights (Base: 2004-05=100)
1 Trade-Based Weights
1.1 NEER 76.94 72.64 73.94 74.11 74.23
1.2 REER 119.71 114.01 115.94 115.86 116.04
2 Export-Based Weights
2.1 NEER 78.89 74.18 75.71 75.57 75.75
2.2 REER 121.94
2017-18 116.32
2018-19 118.53 118.25 118.54
6-Currency Trade Based Weights
1 Base: 2004-05 (April-March) =100
1.1 NEER 67.91 63.07 64.10 64.23 64.45
1.2 REER 129.19 121.70 123.18 125.15 124.55
2 Base: 2017-18 (April-March) =100
2.1 NEER 100.00 92.88 94.40 94.58 94.91
2.2 REER 100.00 94.20 95.35 96.87 96.41
No. 37: External Commercial Borrowings (ECBs) – Registrations

(Amount in US$ Million)
Item 2017-18 2018 2019
May Apr. May
1 2 3 4
1 Automatic Route
1.1 Number 769 84 108 117
1.2 Amount 20,397 1,347 2,658 2,895
2 Approval Route
2.1 Number 38 - 1 5
2.2 Amount 8,471 - 500 653
3 Total (1+2)
3.1 Number 807 84 109 122
3.2 Amount 28,868 1,347 3,158 3,548
4 Weighted Average Maturity (in years) 6.10 3.10 4.70 5.40
5 Interest Rate (per cent)
5.1 Weighted Average Margin over 6-month LIBOR or reference rate for Floating Rate Loans 1.34 1.11 1.31 1.35
5.2 Interest rate range for Fixed Rate Loans 0.00-12.25 0.00-13.88 0.00-11.50 0.00-11.50

CURRENT STATISTICS
No. 38: India's Overall Balance of Payments

(US $ Million)
Jan-Mar 2018 (PR) Jan-Mar 2019 (P)
Credit Debit Net Credit Debit Net
Item 1 2 3 4 5 6
Overall Balance of Payments(1+2+3) 329,455 316,218 13,237 324,141 309,979 14,162
1 CURRENT ACCOUNT (1.1+ 1.2) 156,683 169,750 –13,066 165,160 169,807 –4,647
1.1 MERCHANDISE 82,218 123,841 –41,623 87,367 122,581 –35,214
1.2 INVISIBLES (1.2.1+1.2.2+1.2.3) 74,466 45,909 28,557 77,792 47,226 30,567
1.2.1 Services 51,585 31,421 20,164 54,630 33,299 21,331
1.2.1.1 Travel 7,710 4,728 2,983 7,583 5,112 2,470
1.2.1.2 Transportation 4,688 4,941 –253 5,154 5,436 –282
1.2.1.3 Insurance 638 370 268 720 603 117
1.2.1.4 G.n.i.e. 179 305 –126 156 285 –129
1.2.1.5 Miscellaneous 38,370 21,076 17,293 41,018 21,863 19,155
1.2.1.5.1 Software Services 19,906 1,345 18,561 21,439 1,571 19,868
1.2.1.5.2 Business Services 9,936 9,433 503 10,290 11,109 –820
1.2.1.5.3 Financial Services 1,686 1,171 515 1,111 618 494
1.2.1.5.4 Communication Services 600 263 337 760 336 424
1.2.2 Transfers 18,100 1,887 16,213 17,972 1,812 16,160
1.2.2.1 Ofcial 30 219 –190 69 226 –157
1.2.2.2 Private 18,070 1,668 16,402 17,903 1,587 16,317
1.2.3 Income 4,781 12,601 –7,820 5,190 12,115 –6,925
1.2.3.1 Investment Income 3,651 11,984 –8,333 4,033 11,521 –7,488
1.2.3.2 Compensation of Employees 1,129 617 513 1,157 593 564
2 CAPITAL ACCOUNT (2.1+2.2+2.3+2.4+2.5) 171,492 146,468 25,024 158,982 139,740 19,241
2.1 Foreign Investment (2.1.1+2.1.2) 85,777 77,094 8,683 93,816 77,960 15,856
2.1.1 Foreign Direct Investment 13,840 7,432 6,408 16,654 10,235 6,420
2.1.1.1 In India 13,097 4,492 8,605 15,461 5,671 9,790
2.1.1.1.1 Equity 9,096 4,458 4,638 11,058 5,636 5,422
2.1.1.1.2 Reinvested Earnings 3,393 – 3,393 3,650 – 3,650
2.1.1.1.3 Other Capital 608 34 574 753 36 718
2.1.1.2 Abroad 743 2,941 –2,198 1,193 4,563 –3,370
2.1.1.2.1 Equity 743 1,263 –520 1,193 1,683 –489
2.1.1.2.2 Reinvested Earnings 0 713 –713 0 758 –758
2.1.1.2.3 Other Capital 0 964 –964 0 2,123 –2,123
2.1.2 Portfolio Investment 71,937 69,661 2,276 77,162 67,726 9,436
2.1.2.1 In India 71,802 69,427 2,376 76,807 65,338 11,469
2.1.2.1.1 FIIs 71,802 69,427 2,376 76,807 65,338 11,469
2.1.2.1.1.1 Equity 58,274 56,148 2,126 58,600 50,602 7,998
2.1.2.1.1.2 Debt 13,528 13,279 249 18,207 14,736 3,471
2.1.2.1.2 ADR/GDRs 0 0 0 0 – 0
2.1.2.2 Abroad 135 235 –100 355 2,388 –2,033
2.2 Loans (2.2.1+2.2.2+2.2.3) 40,835 33,870 6,965 31,255 20,997 10,258
2.2.1 External Assistance 2,686 1,257 1,430 2,554 1,301 1,253
2.2.1.1 By India 14 31 –17 12 30 –18
2.2.1.2 To India 2,673 1,225 1,447 2,542 1,271 1,271
2.2.2 Commercial Borrowings 13,581 12,589 992 17,993 10,456 7,537
2.2.2.1 By India 6,134 6,098 36 7,291 7,000 292
2.2.2.2 To India 7,447 6,491 956 10,702 3,456 7,246
2.2.3 Short Term to India 24,568 20,025 4,543 10,708 9,241 1,468
2.2.3.1 Buyers' credit & Suppliers' Credit >180 days 22,951 20,025 2,926 10,052 9,241 812
2.2.3.2 Suppliers' Credit up to 180 days 1,617 0 1,617 656 0 656
2.3 Banking Capital (2.3.1+2.3.2) 31,834 27,205 4,629 21,606 29,670 –8,064
2.3.1 Commercial Banks 31,751 27,205 4,547 20,599 29,668 –9,069
2.3.1.1 Assets 7,132 10,960 –3,829 443 16,542 –16,099
2.3.1.2 Liabilities 24,620 16,244 8,375 20,156 13,127 7,029
2.3.1.2.1 Non-Resident Deposits 20,068 15,432 4,636 14,974 11,563 3,411
2.3.2 Others 83 0 83 1,007 1 1,006
2.4 Rupee Debt Service – 50 –50 – 7 –7
2.5 Other Capital 13,045 8,250 4,795 12,304 11,107 1,197
3 Errors & Omissions 1,279 – 1,279 – 431 –431
4 Monetary Movements (4.1+ 4.2) 0 13,237 –13,237 0 14,162 –14,162
4.1 I.M.F. 0 0 0 0 0 0
4.2 Foreign Exchange Reserves (Increase - / Decrease +) 0 13,237 –13,237 0 14,162 –14,162

CURRENT STATISTICS
No. 39: India's Overall Balance of Payments

(` Billion)
Jan-Mar 2018 (PR) Jan-Mar 2019 (P)
Item 1 2 3 4 5 6
Overall Balance of Payments(1+2+3) 21,198 20,347 852 22,845 21,847 998
1 CURRENT ACCOUNT (1.1+ 1.2) 10,082 10,922 –841 11,640 11,968 –328
1.1 MERCHANDISE 5,290 7,968 –2,678 6,157 8,639 –2,482
1.2 INVISIBLES (1.2.1+1.2.2+1.2.3) 4,791 2,954 1,837 5,483 3,328 2,154
1.2.1 Services 3,319 2,022 1,297 3,850 2,347 1,503
1.2.1.1 Travel 496 304 192 534 360 174
1.2.1.2 Transportation 302 318 –16 363 383 –20
1.2.1.3 Insurance 41 24 17 51 42 8
1.2.1.4 G.n.i.e. 12 20 –8 11 20 –9
1.2.1.5 Miscellaneous 2,469 1,356 1,113 2,891 1,541 1,350
1.2.1.5.1 Software Services 1,281 87 1,194 1,511 111 1,400
1.2.1.5.2 Business Services 639 607 32 725 783 –58
1.2.1.5.3 Financial Services 108 75 33 78 44 35
1.2.1.5.4 Communication Services 39 17 22 54 24 30
1.2.2 Transfers 1,165 121 1,043 1,267 128 1,139
1.2.2.1 Ofcial 2 14 –12 5 16 –11
1.2.2.2 Private 1,163 107 1,055 1,262 112 1,150
1.2.3 Income 308 811 –503 366 854 –488
1.2.3.1 Investment Income 235 771 –536 284 812 –528
1.2.3.2 Compensation of Employees 73 40 33 82 42 40
2 CAPITAL ACCOUNT (2.1+2.2+2.3+2.4+2.5) 11,034 9,424 1,610 11,205 9,849 1,356
2.1 Foreign Investment (2.1.1+2.1.2) 5,519 4,961 559 6,612 5,494 1,117
2.1.1 Foreign Direct Investment 891 478 412 1,174 721 452
2.1.1.1 In India 843 289 554 1,090 400 690
2.1.1.1.1 Equity 585 287 298 779 397 382
2.1.1.1.2 Reinvested Earnings 218 0 218 257 0 257
2.1.1.1.3 Other Capital 39 2 37 53 3 51
2.1.1.2 Abroad 48 189 –141 84 322 –238
2.1.1.2.1 Equity 48 81 –33 84 119 –34
2.1.1.2.2 Reinvested Earnings 0 46 –46 0 53 –53
2.1.1.2.3 Other Capital 0 62 –62 0 150 –150
2.1.2 Portfolio Investment 4,629 4,482 146 5,438 4,773 665
2.1.2.1 In India 4,620 4,467 153 5,413 4,605 808
2.1.2.1.1 FIIs 4,620 4,467 153 5,413 4,605 808
2.1.2.1.1.1 Equity 3,750 3,613 137 4,130 3,566 564
2.1.2.1.1.2 Debt 870 854 16 1,283 1,039 245
2.1.2.1.2 ADR/GDRs 0 0 0 0 0 0
2.1.2.2 Abroad 9 15 –6 25 168 –143
2.2 Loans (2.2.1+2.2.2+2.2.3) 2,628 2,179 448 2,203 1,480 723
2.2.1 External Assistance 173 81 92 180 92 88
2.2.1.1 By India 1 2 –1 1 2 –1
2.2.1.2 To India 172 79 93 179 90 90
2.2.2 Commercial Borrowings 874 810 64 1,268 737 531
2.2.2.1 By India 395 392 2 514 493 21
2.2.2.2 To India 479 418 62 754 244 511
2.2.3 Short Term to India 1,581 1,288 292 755 651 103
2.2.3.1 Buyers' credit & Suppliers' Credit >180 days 1,477 1,288 188 708 651 57
2.2.3.2 Suppliers' Credit up to 180 days 104 0 104 46 0 46
2.3 Banking Capital (2.3.1+2.3.2) 2,048 1,750 298 1,523 2,091 –568
2.3.1 Commercial Banks 2,043 1,750 293 1,452 2,091 –639
2.3.1.1 Assets 459 705 –246 31 1,166 –1,135
2.3.1.2 Liabilities 1,584 1,045 539 1,421 925 495
2.3.1.2.1 Non-Resident Deposits 1,291 993 298 1,055 815 240
2.3.2 Others 5 0 5 71 0 71
2.4 Rupee Debt Service 0 3 –3 0 0 –0
2.5 Other Capital 839 531 309 867 783 84
3 Errors & Omissions 82 0 82 0 30 –30
4 Monetary Movements (4.1+ 4.2) 0 852 –852 0 998 –998
4.1 I.M.F. – – – 0 0 0
4.2 Foreign Exchange Reserves (Increase - / Decrease +) 0 852 –852 0 998 –998

CURRENT STATISTICS
No. 40: Standard Presentation of BoP in India as per BPM6

(US $ Million)
Item Jan-Mar 2018 (PR) Jan-Mar 2019 (P)
1 2 3 4 5 6
1 Current Account (1.A+1.B+1.C) 156,683 169,730 –13,047 165,158 169,786 –4,628
1.A Goods and Services (1.A.a+1.A.b) 133,803 155,262 –21,459 141,998 155,880 –13,883
1.A.a Goods (1.A.a.1 to 1.A.a.3) 82,218 123,841 –41,623 87,367 122,581 –35,214
1.A.a.1 General merchandise on a BOP basis 82,872 116,776 –33,904 86,579 114,412 –27,832
1.A.a.2 Net exports of goods under merchanting –655 0 –655 788 0 788
1.A.a.3 Nonmonetary gold – 7,065 –7,065 – 8,170 –8,170
1.A.b Services (1.A.b.1 to 1.A.b.13) 51,585 31,421 20,164 54,630 33,299 21,331
1.A.b.1 Manufacturing services on physical inputs owned by others 55 13 43 78 11 67
1.A.b.2 Maintenance and repair services n.i.e. 60 155 –95 41 358 –317
1.A.b.3 Transport 4,688 4,941 –253 5,154 5,436 –282
1.A.b.4 Travel 7,710 4,728 2,983 7,583 5,112 2,470
1.A.b.5 Construction 535 585 –50 747 625 122
1.A.b.6 Insurance and pension services 638 370 268 720 603 117
1.A.b.7 Financial services 1,686 1,171 515 1,111 618 494
1.A.b.8 Charges for the use of intellectual property n.i.e. 212 1,704 –1,492 120 1,826 –1,706
1.A.b.9 Telecommunications, computer, and information services 20,574 1,708 18,866 22,262 2,029 20,233
1.A.b.10 Other business services 9,936 9,433 503 10,290 11,109 –820
1.A.b.11 Personal, cultural, and recreational services 480 616 –136 451 649 –198
1.A.b.12 Government goods and services n.i.e. 179 305 –126 156 285 –129
1.A.b.13 Others n.i.e. 4,830 5,691 –861 5,917 4,638 1,279
1.B Primary Income (1.B.1 to 1.B.3) 4,781 12,601 –7,820 5,190 12,115 –6,925
1.B.1 Compensation of employees 1,129 617 513 1,157 593 564
1.B.2 Investment income 2,844 11,841 –8,997 3,390 11,109 –7,719
1.B.2.1 Direct investment 1,337 5,968 –4,631 1,411 4,708 –3,297
1.B.2.2 Portfolio investment 56 2,347 –2,292 71 2,435 –2,364
1.B.2.3 Other investment 268 3,515 –3,247 354 3,951 –3,596
1.B.2.4 Reserve assets 1,183 11 1,173 1,553 15 1,538
1.B.3 Other primary income 807 143 664 643 412 231
1.C Secondary Income (1.C.1+1.C.2) 18,099 1,868 16,231 17,970 1,791 16,179
1.C.1 Financial corporations, nonnancial corporations, households, and NPISHs 18,070 1,668 16,402 17,903 1,587 16,317
1.C.1.1 Personal transfers (Current transfers between resident and/ 17,484 1,260 16,224 17,322 1,199 16,123
non-resident
1.C.1.2 Other currenthouseholds)
transfers 586 408 178 581 387 194
1.C.2 General government 29 200 –171 67 204 –138
2 Capital Account (2.1+2.2) 62 105 –43 84 167 –83
2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonnancial assets 6 5 1 14 94 –81
2.2 Capital transfers 56 100 –44 70 72 –3
3 Financial Account (3.1 to 3.5) 171,430 159,620 11,811 158,900 153,757 5,143
3.1 Direct Investment (3.1A+3.1B) 13,840 7,432 6,408 16,654 10,235 6,420
3.1.A Direct Investment in India 13,097 4,492 8,605 15,461 5,671 9,790
3.1.A.1 Equity and investment fund shares 12,489 4,458 8,031 14,708 5,636 9,072
3.1.A.1.1 Equity other than reinvestment of earnings 9,096 4,458 4,638 11,058 5,636 5,422
3.1.A.1.2 Reinvestment of earnings 3,393 – 3,393 3,650 – 3,650
3.1.A.2 Debt instruments 608 34 574 753 36 718
3.1.A.2.1 Direct investor in direct investment enterprises 608 34 574 753 36 718
3.1.B Direct Investment by India 743 2,941 –2,198 1,193 4,563 –3,370
3.1.B.1 Equity and investment fund shares 743 1,976 –1,234 1,193 2,441 –1,247
3.1.B.1.1 Equity other than reinvestment of earnings 743 1,263 –520 1,193 1,683 –489
3.1.B.1.2 Reinvestment of earnings – 713 –713 – 758 –758
3.1.B.2 Debt instruments 0 964 –964 0 2,123 –2,123
3.1.B.2.1 Direct investor in direct investment enterprises – 964 –964 – 2,123 –2,123
3.2 Portfolio Investment 71,937 69,661 2,276 77,162 67,726 9,436
3.2.A Portfolio Investment in India 71,802 69,427 2,376 76,807 65,338 11,469
3.2.1 Equity and investment fund shares 58,274 56,148 2,126 58,600 50,602 7,998
3.2.2 Debt securities 13,528 13,279 249 18,207 14,736 3,471
3.2.B Portfolio Investment by India 135 235 –100 355 2,388 –2,033
3.3 Financial derivatives (other than reserves) and employee stock options 5,010 5,114 –104 6,425 5,687 739
3.4 Other investment 80,643 64,175 16,468 58,659 55,948 2,711
3.4.1 Other equity (ADRs/GDRs) 0 0 0 0 0 0
3.4.2 Currency and deposits 20,151 15,432 4,719 15,981 11,564 4,417
3.4.2.1 Central bank (Rupee Debt Movements; NRG) 83 0 83 1,007 1 1,006
3.4.2.2 Deposit-taking corporations, except the central bank (NRI Deposits) 20,068 15,432 4,636 14,974 11,563 3,411
3.4.2.3 General government – – – – – –
3.4.2.4 Other sectors – – – – – –
3.4.3 Loans (External Assistance, ECBs and Banking Capital) 27,951 25,618 2,333 26,172 29,862 –3,690
3.4.3.A Loans to India 21,803 19,489 2,313 18,869 22,832 –3,963
3.4.3.B Loans by India 6,148 6,129 19 7,303 7,030 273
3.4.4 Insurance, pension, and standardized guarantee schemes 41 951 –910 21 364 –344
3.4.5 Trade credit and advances 24,568 20,025 4,543 10,708 9,241 1,468
3.4.6 Other accounts receivable/payable - other 7,933 2,149 5,784 5,777 4,917 860
3.4.7 Special drawing rights – – – – – –
3.5 Reserve assets 0 13,237 –13,237 0 14,162 –14,162
3.5.1 Monetary gold – – – – – –
3.5.2 Special drawing rights n.a. – – – – – –
3.5.3 Reserve position in the IMF n.a. – – – – – –
3.5.4 Other reserve assets (Foreign Currency Assets) 0 13,237 –13,237 0 14,162 –14,162
4 Total assets/liabilities 171,430 159,620 11,811 158,900 153,757 5,143
4.1 Equity and investment fund shares 76,692 68,882 7,810 81,302 67,117 14,184
4.2 Debt instruments 86,806 75,352 11,454 71,822 67,561 4,261
4.3 Other nancial assets and liabilities 7,933 15,386 –7,453 5,777 19,079 –13,303
5 Net errors and omissions 1,279 – 1,279 – 431 –431

CURRENT STATISTICS
No. 41: Standard Presentation of BoP in India as per BPM6

(` Billion)
Item Jan-Mar 2018 (PR) Jan-Mar 2019 (P)
1 2 3 4 5 6
1 Current Account (1.A+1.B+1.C) 10,082 10,921 –840 11,640 11,966 –326
1.A Goods and Services (1.A.a+1.A.b) 8,609 9,990 –1,381 10,008 10,986 –978
1.A.a Goods (1.A.a.1 to 1.A.a.3) 5,290 7,968 –2,678 6,157 8,639 –2,482
1.A.a.1 General merchandise on a BOP basis 5,332 7,514 –2,182 6,102 8,063 –1,962
1.A.a.2 Net exports of goods under merchanting –42 0 –42 56 0 56
1.A.a.3 Nonmonetary gold 0 455 –455 0 576 –576
1.A.b Services (1.A.b.1 to 1.A.b.13) 3,319 2,022 1,297 3,850 2,347 1,503
1.A.b.1 Manufacturing services on physical inputs owned by others 4 1 3 6 1 5
1.A.b.2 Maintenance and repair services n.i.e. 4 10 –6 3 25 –22
1.A.b.3 Transport 302 318 –16 363 383 –20
1.A.b.4 Travel 496 304 192 534 360 174
1.A.b.5 Construction 34 38 –3 53 44 9
1.A.b.6 Insurance and pension services 41 24 17 51 42 8
1.A.b.7 Financial services 108 75 33 78 44 35
1.A.b.8 Charges for the use of intellectual property n.i.e. 14 110 –96 8 129 –120
1.A.b.9 Telecommunications, computer, and information services 1,324 110 1,214 1,569 143 1,426
1.A.b.10 Other business services 639 607 32 725 783 –58
1.A.b.11 Personal, cultural, and recreational services 31 40 –9 32 46 –14
1.A.b.12 Government goods and services n.i.e. 12 20 –8 11 20 –9
1.A.b.13 Others n.i.e. 311 366 –55 417 327 90
1.B Primary Income (1.B.1 to 1.B.3) 308 811 –503 366 854 –488
1.B.1 Compensation of employees 73 40 33 82 42 40
1.B.2 Investment income 183 762 –579 239 783 –544
1.B.2.1 Direct investment 86 384 –298 99 332 –232
1.B.2.2 Portfolio investment 4 151 –147 5 172 –167
1.B.2.3 Other investment 17 226 –209 25 278 –253
1.B.2.4 Reserve assets 76 1 75 109 1 108
1.B.3 Other primary income 52 9 43 45 29 16
1.C Secondary Income (1.C.1+1.C.2) 1,165 120 1,044 1,266 126 1,140
1.C.1 Financial corporations, nonnancial corporations, households, and NPISHs 1,163 107 1,055 1,262 112 1,150
1.C.1.1 Personal transfers (Current transfers between resident and/ 1,125 81 1,044 1,221 85 1,136
non-resident
1.C.1.2 Other currenthouseholds)
transfers 38 26 11 41 27 14
1.C.2 General government 2 13 –11 5 14 –10
2 Capital Account (2.1+2.2) 4 7 –3 6 12 –6
2.1 Gross acquisitions (DR.)/disposals (CR.) of non-produced nonnancial assets 0 0 0 1 7 –6
2.2 Capital transfers 4 6 –3 5 5 –0
3 Financial Account (3.1 to 3.5) 11,031 10,271 760 11,199 10,836 362
3.1 Direct Investment (3.1A+3.1B) 891 478 412 1,174 721 452
3.1.A Direct Investment in India 843 289 554 1,090 400 690
3.1.A.1 Equity and investment fund shares 804 287 517 1,037 397 639
3.1.A.1.1 Equity other than reinvestment of earnings 585 287 298 779 397 382
3.1.A.1.2 Reinvestment of earnings 218 0 218 257 0 257
3.1.A.2 Debt instruments 39 2 37 53 3 51
3.1.A.2.1 Direct investor in direct investment enterprises 39 2 37 53 3 51
3.1.B Direct Investment by India 48 189 –141 84 322 –238
3.1.B.1 Equity and investment fund shares 48 127 –79 84 172 –88
3.1.B.1.1 Equity other than reinvestment of earnings 48 81 –33 84 119 –34
3.1.B.1.2 Reinvestment of earnings 0 46 –46 0 53 –53
3.1.B.2 Debt instruments 0 62 –62 0 150 –150
3.1.B.2.1 Direct investor in direct investment enterprises 0 62 –62 0 150 –150
3.2 Portfolio Investment 4,629 4,482 146 5,438 4,773 665
3.2.A Portfolio Investment in India 4,620 4,467 153 5,413 4,605 808
3.2.1 Equity and investment fund shares 3,750 3,613 137 4,130 3,566 564
3.2.2 Debt securities 870 854 16 1,283 1,039 245
3.2.B Portfolio Investment by India 9 15 –6 25 168 –143
3.3 Financial derivatives (other than reserves) and employee stock options 322 329 –7 453 401 52
3.4 Other investment 5,189 4,129 1,060 4,134 3,943 191
3.4.1 Other equity (ADRs/GDRs) 0 0 0 0 0 0
3.4.2 Currency and deposits 1,297 993 304 1,126 815 311
3.4.2.1 Central bank (Rupee Debt Movements; NRG) 5 0 5 71 0 71
3.4.2.2 Deposit-taking corporations, except the central bank (NRI Deposits) 1,291 993 298 1,055 815 240
3.4.2.3 General government – – – 0 0 0
3.4.2.4 Other sectors – – – 0 0 0
3.4.3 Loans (External Assistance, ECBs and Banking Capital) 1,798 1,648 150 1,845 2,105 –260
3.4.3.A Loans to India 1,403 1,254 149 1,330 1,609 –279
3.4.3.B Loans by India 396 394 1 515 495 19
3.4.4 Insurance, pension, and standardized guarantee schemes 3 61 –59 1 26 –24
3.4.5 Trade credit and advances 1,581 1,288 292 755 651 103
3.4.6 Other accounts receivable/payable - other 510 138 372 407 347 61
3.4.7 Special drawing rights – – – 0 0 0
3.5 Reserve assets 0 852 –852 0 998 –998
3.5.1 Monetary gold – – – – – –
3.5.2 Special drawing rights n.a. – – – – – –
3.5.3 Reserve position in the IMF n.a. – – – – – –
3.5.4 Other reserve assets (Foreign Currency Assets) 0 852 –852 0 998 –998
4 Total assets/liabilities 11,031 10,271 760 11,199 10,836 362
4.1 Equity and investment fund shares 4,935 4,432 503 5,730 4,730 1,000
4.2 Debt instruments 5,585 4,848 737 5,062 4,762 300
4.3 Other nancial assets and liabilities 510 990 –480 407 1,345 –938
5 Net errors and omissions 82 – 82 0 30 –30

CURRENT STATISTICS
No. 42: International Investment Position

(US$ Million)
Item As on Financial Year /Quarter End

2018-19 2018 2019
Mar. Dec. Mar.
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities

1 2 3 4 5 6 7 8
1 Direct Investment Abroad/in India 169,964 399,199 157,373 378,957 166,594 386,203 169,964 399,199
1.1 Equity Capital and Reinvested Earnings 111,122 382,105 103,734 363,190 109,875 369,544 111,122 382,105
1.2 Other Capital 58,841 17,094 53,640 15,767 56,719 16,659 58,841 17,094
2 Portfolio Investment 4,699 260,009 3,577 272,151 2,666 245,849 4,699 260,009
2.1 Equity 637 147,479 2,054 155,106 1,386 138,091 637 147,479
2.2 Debt 4,062 112,530 1,524 117,045 1,280 107,759 4,062 112,530
3 Other Investment 54,538 419,309 48,246 401,166 41,550 401,290 54,538 419,309
3.1 Trade Credit 924 105,191 1,696 103,155 252 103,648 924 105,191
3.2 Loan 9,884 168,143 8,235 159,820 6,553 160,454 9,884 (US$ 168,143
Million)
Item3.3 Currency and Deposits 25,158
2018-19 130,644 20,790 126,456
2018 17,211 125,997 25,158
2019 130,644
3.4 Other Assets/Liabilities 18,574 15,332 17,524
Mar. 11,736 17,534
Dec. 11,190 18,574
Mar. 15,332
4 Reserves 412,871 –
Assets 424,545 –
Assets 395,591 –
Assets 412,871 –
Assets
5 Total Assets/ Liabilities 642,072 1,078,518
1 633,741 1,052,275
3 606,401 1,033,342
4 642,072 1,078,518
5
6 IIP (Assets - Liabilities) –436,446 –418,533 –426,942 –436,446

CURRENT STATISTICS

No. 43: Payment System Indicators
System Volume Value
(Million ) (` Billion)
2018-19 2019 2018-19 2019
Mar. Apr. May Mar. Apr. May
1 2 3 4 5 6 7 8
1 RTGS 136.63 13.64 11.48 12.49 1,715,520.61 190,693.10 148,481.20 158,379.63
1.1 Customer Transactions 133.30 13.35 11.23 12.22 1,184,368.12 125,551.00 93,080.66 104,886.16
1.2 Interbank Transactions 3.31 0.29 0.25 0.26 172,513.75 23,178.34 19,372.66 19,087.66
1.3 Interbank Clearing 0.027 0.003 0.002 0.003 358,638.74 41,963.75 36,027.89 34,405.81
2 CCIL Operated Systems 3.62 0.28 0.25 0.31 1,165,510.38 103,147.77 95,078.03 108,987.82
2.1 CBLO 0.130 – – – 181,404.63 – – –
2.2 Govt. Securities Clearing 1.11 0.09 0.09 0.13 509,315.87 53,731.05 48,748.73 64,438.30
2.2.1 Outright 0.81 0.06 0.06 0.09 93,550.07 7,361.13 7,915.80 10,329.18
2.2.2 Repo 0.216 0.017 0.016 0.022 271,249.89 18,540.59 16,857.34 24,166.31
2.2.3 Tri-party Repo 0.09 0.02 0.02 0.02 144,515.90 27,829.33 23,975.59 29,942.82
2.3 Forex Clearing 2.38 0.19 0.16 0.19 474,789.88 49,416.73 46,329.31 44,549.52
3 Paper Clearing 1,123.76 99.76 89.79 92.11 82,460.65 7,658.15 7,268.12 7,170.78
3.1 Cheque Truncation System (CTS) 1,111.67 99.16 89.36 91.77 81,535.92 7,610.47 7,235.33 7,136.88
3.2 MICR Clearing – – – – – – – –
3.2.1 RBI Centres – – – – – – – –
3.2.2 Other Centres – – – – – – – –
3.3 Non-MICR Clearing 12.09 0.60 0.44 0.34 924.73 47.68 32.79 33.91
4 Retail Electronic Clearing 7,113.25 727.32 731.85 683.81 258,745.44 28,878.55 23,801.05 24,834.16
4.1 ECS DR 0.93 0.02 0.03 0.03 12.60 0.09 0.09 0.09
4.2 ECS CR (includes NECS) 5.36 0.25 0.52 0.29 132.35 10.48 11.87 7.77
4.3 EFT/NEFT 2,318.89 242.39 203.44 217.68 227,936.08 25,470.01 20,546.69 21,277.74
4.4 Immediate Payment Service (IMPS) 1,752.91 190.18 185.04 183.33 15,902.57 1,762.89 1,691.97 1,804.56
4.5 National Automated Clearing House (NACH) 3,035.17 294.47 342.82 282.48 14,761.84 1,635.08 1,550.43 1,744.00
5 Cards 16,046.26 1,462.26 1,384.27 1,397.34 45,121.45 4,000.60 3,974.05 4,139.95
5.1 Credit Cards 1,772.36 163.27 167.79 174.04 6,078.81 580.49 580.50 616.76
5.1.1 Usage at ATMs 9.77 0.86 0.86 0.89 45.33 3.98 4.02 4.17
5.1.2 Usage at POS 1,762.59 162.41 166.92 173.15 6,033.48 576.51 576.48 612.58
5.2 Debit Cards 14,273.90 1,298.99 1,216.48 1,223.30 39,042.64 3,420.10 3,393.55 3,523.19
5.2.1 Usage at ATMs 9,859.61 891.42 808.91 815.71 33,107.89 2,889.99 2,843.96 2,946.67
5.2.2 Usage at POS 4,414.28 407.57 407.57 407.59 5,934.75 530.11 549.58 576.52
6 Prepaid Payment Instruments (PPIs) 4,604.34 427.24 420.97 419.00 2,128.76 185.99 185.54 182.97
6.1 m-Wallet 4,139.28 384.89 380.62 367.45 1,836.55 159.90 159.75 157.27
6.2 PPI Cards 465.00 42.35 40.35 51.54 291.34 26.09 25.79 25.70
6.3 Paper Vouchers 0.05 0.00 0.00 0.00 0.87 – – –
7 Mobile Banking 6,200.32 872.93 881.23 841.74 29,584.07 4,401.53 4,020.18 4,850.08
8 Cards Outstanding 971.72 971.72 932.77 873.85 – – – –
8.1 Credit Card 47.09 47.09 48.00 48.92 – – – –
8.2 Debit Card 924.63 924.63 884.78 824.93 – – – –
9 Number of ATMs (in actuals) 221703 221703 227164 227227 – – – –
10 Number of POS (in actuals) 3722229 3722229 3757621 3845111 – – – –
11 Grand Total (1.1+1.2+2+3+4+5+6) 29,027.83 2,730.50 2,638.61 2,605.07 2,910,848.56 292,600.42 242,760.11 269,289.51
Note : Data for latest 12 month period is provisional.
Mobile Banking - The data from July 2017 includes only individual payments and corporate payments initiated, processed, and authorised using mobile device.
Other corporate payments which are not initiated, processed, and authorised using mobile device are excluded.
2.1: With effect from November 05, 2018, CCIL has discontinued CBLO.
2.2.3: Tri-party Repo under the Securities segment has been operationalised from November 05, 2018.

CURRENT STATISTICS
Occasional Series
No. 44: Small Savings
(` Billion)
Scheme 2017-18 2018 2019
Feb. Dec. Jan. Feb.

1 2 3 4 5
1 Small Savings Receipts 728.98 59.21 104.15 85.67 98.39
Outstanding 8,039.71 7,919.97 8,806.98 8,893.96 8,991.91
1.1 Total Deposits Receipts 583.32 46.20 85.79 63.58 71.30
Outstanding 5,273.10 5,197.72 5,934.32 5,997.90 6,069.20
1.1.1 Post Office Saving Bank Deposits Receipts 171.45 15.11 29.15 23.18 23.60
Outstanding 1,092.10 1,066.94 1,301.85 1,325.03 1,348.63
1.1.2 MGNREG Receipts 0.00 0.00 0.00 0.00 0.00
Outstanding 0.00 0.00 0.00 0.00 0.00
1.1.3 National Saving Scheme, 1987 Receipts –1.62 –0.19 –0.30 –0.21 –0.19
Outstanding 31.38 30.32 29.17 28.96 28.77
1.1.4 National Saving Scheme, 1992 Receipts 0.05 –0.68 –0.01 0.04 0.00
Outstanding –0.43 –0.46 –0.12 –0.08 –0.08
1.1.5 Monthly Income Scheme Receipts 16.25 5.27 10.36 9.66 9.28
Outstanding 1,816.91 1,808.01 1,897.59 1,907.25 1,916.53
1.1.6 Senior Citizen Scheme 2004 Receipts 122.64 10.39 12.32 11.90 11.84
Outstanding 417.18 405.90 520.72 532.62 544.46
1.1.7 Post Office Time Deposits Receipts 196.33 15.00 23.17 25.08 24.51
Outstanding 992.92 973.90 1,167.28 1,192.36 1,216.87
1.1.7.1 1 year Time Deposits Outstanding 598.18 590.68 676.62 689.20 701.79
1.1.8 Post Office Recurring Deposits Receipts 78.68 1.30 11.10 –6.07 2.15
Outstanding 923.20 913.57 1,017.99 1,011.92 1,014.07
1.1.9 Post Office Cumulative Time Deposits Receipts –0.45 0.00 0.00 0.00 0.11
Outstanding –0.37 –0.68 –0.37 –0.37 –0.26
1.1.10 Other Deposits Receipts –0.01 0.00 0.00 0.00 0.00
Outstanding 0.21 0.22 0.21 0.21 0.21
1.2 Saving Certificates Receipts 79.43 7.90 15.00 16.23 17.32
Outstanding 2,066.76 2,059.53 2,158.15 2,175.69 2,192.57
1.2.1 National Savings Certificate VIII issue Receipts –0.65 5.83 11.24 11.59 12.62
Outstanding 871.74 862.05 923.74 935.33 947.95
1.2.2 Indira Vikas Patras Receipts –9.56 –0.01 0.05 0.09 0.03
Outstanding –0.71 11.04 2.88 2.97 3.00
1.2.3 Kisan Vikas Patras Receipts –155.92 –12.80 –18.95 –16.55 –16.09
Outstanding 379.81 388.77 244.96 228.41 212.32
1.2.4 Kisan Vikas Patras - 2014 Receipts 245.88 14.89 22.59 20.95 20.65
Outstanding 706.12 687.83 871.54 892.49 913.14
1.2.5 National Saving Certificate VI issue Receipts –0.29 0.00 0.07 0.15 0.12
Outstanding –1.40 –1.45 –0.74 –0.59 –0.47
1.2.6 National Saving Certificate VII issue Receipts –0.03 –0.01 0.00 0.00 –0.01
Outstanding –0.64 –0.64 –0.81 –0.81 –0.82
1.2.7 Other Certificates Outstanding 111.84 111.93 116.58 117.89 117.45
1.3 Public Provident Fund Receipts 66.23 5.11 3.36 5.86 9.77
Outstanding 699.85 662.72 714.51 720.37 730.14
Note: The data on receipts from April 2017 are net receipts, i.e., gross receipts minus gross payments.
Source: Accountant General, Post and Telegraphs.

CURRENT STATISTICS
No. 45: Ownership Pattern of Central and State Governments Securities

(Per cent)
Central Government Dated Securities
Central Government Dated Securities 2018 2019
Category Mar. Jun. Sep. Dec. Mar.
1 2 3 4 5
(A) Total (in `. Billion) 53967.78 54556.81 56028.30 57581.03 59210.26
1 Commercial Banks 42.68 41.84 41.41 40.51 40.28
2 Non-Bank PDs 0.29 0.33 0.37 0.33 0.31
3 Insurance Companies 23.49 24.24 24.61 24.57 24.34
4 Mutual Funds 1.00 1.13 1.41 0.64 0.35
5 Co-operative Banks 2.57 2.59 2.51 2.38 2.29
6 Financial Institutions 0.90 0.93 0.97 1.01 1.05
7 Corporates 0.91 1.09 1.01 1.05 0.97
8 Foreign Portfolio Investors 4.35 3.84 3.65 3.60 3.22
9 Provident Funds 5.88 5.79 5.71 5.54 5.47
10 RBI 11.62 11.63 11.76 13.81 15.27
11. Others 6.30 6.58 6.58 6.55 6.46
11.1 State Governments 1.91 1.97 1.99 1.97 2.00
State Governments Securities

State Development Loans 2018 2019
1 2 3 4 5
(B) Total (in `. Billion) 24288.29 24954.61 25668.33 26693.93 27772.29
2 Non-Bank PDs 0.51 0.75 0.58 0.60 0.58
4 Mutual Funds 1.64 1.20 1.05 1.23 1.20
7 Corporates 0.15 0.16 0.17 0.22 0.29
9 Provident Funds 19.67 20.34 21.04 21.29 22.15
10 RBI 0.00 0.00 0.00 0.00 0.00
11. Others 2.76 2.99 3.48 3.64 3.81
Treasury Bills
Treasury Bills 2018 2019
1 2 3 4 5
(C) Total (in `. Billion) 3798.76 5280.07 5657.50 5298.26 4127.04
2 Non-Bank PDs 2.17 1.41 1.86 2.06 2.68
4 Mutual Funds 2.27 7.03 10.69 5.65 2.78
7 Corporates 2.45 1.88 6.67 1.86 2.23
9 Provident Funds 0.11 0.21 0.01 0.02 0.08
10 RBI 0.00 0.00 0.00 0.00 0.00
11. Others 22.12 26.87 25.50 28.72 23.10

CURRENT STATISTICS
No. 46: Combined Receipts and Disbursements of the Central and State Governments
(` Billion)
Item 2013-14 2014-15 2015-16 2016-17 2017-18 RE 2018-19 BE
1 2 3 4 5 6
1 Total Disbursements 30,002.99 32,852.10 37,606.11 42,659.69 48,579.90 53,611.81
1.1 Developmental 17,142.21 18,720.62 22,012.87 25,379.05 29,324.08 32,025.64
1.1.1 Revenue 13,944.26 14,830.18 16,682.50 18,784.17 22,525.73 24,390.87
1.1.2 Capital 2,785.08 3,322.62 4,120.69 5,012.13 5,857.77 6,745.79
1.1.3 Loans 412.88 567.82 1,209.68 1,582.75 940.58 888.98
1.2 Non-Developmental 12,427.83 13,667.69 15,108.10 16,726.46 18,542.53 20,762.79
1.2.1 Revenue 11,413.65 12,695.20 13,797.27 15,552.39 17,684.36 19,839.32
1.2.1.1 Interest Payments 5,342.30 5,845.42 6,480.91 7,244.48 8,166.36 8,851.50
1.2.2 Capital 990.37 946.87 1,273.06 1,157.75 844.41 909.08
1.2.3 Loans 23.81 25.63 37.77 16.32 13.76 14.40
1.3 Others 432.95 463.79 485.14 554.17 713.29 823.38
2 Total Receipts 30,013.72 31,897.37 37,780.49 42,884.32 47,718.59 52,780.35
2.1 Revenue Receipts 22,114.75 23,876.93 27,483.74 31,322.01 35,923.82 41,185.41
2.1.1 Tax Receipts 18,465.45 20,207.28 22,971.01 26,221.45 30,132.23 34,941.02
2.1.1.1 Taxes on commodities and services 11,257.81 12,123.48 14,409.52 16,523.77 18,296.56 22,138.76
2.1.1.2 Taxes on Income and Property 7,176.34 8,051.76 8,522.71 9,656.22 11,802.47 12,775.14
2.1.1.3 Taxes of Union Territories (Without Legislature) 31.30 32.04 38.78 41.46 33.20 27.12
2.1.2 Non-Tax Receipts 3,649.30 3,669.65 4,512.72 5,100.56 5,791.59 6,244.38
2.1.2.1 Interest Receipts 401.62 396.22 357.79 332.20 316.10 368.35
2.2 Non-debt Capital Receipts 391.13 609.55 598.27 690.63 1,651.83 1,428.43
2.2.1 Recovery of Loans & Advances 93.85 220.72 165.61 209.42 648.80 616.50
2.2.2 Disinvestment proceeds 297.28 388.83 432.66 481.22 1,003.03 811.93
3 Gross Fiscal Deficit [ 1 - ( 2.1 + 2.2 ) ] 7,497.11 8,365.63 9,524.10 10,647.04 11,004.25 10,997.97
3A Sources of Financing: Institution-wise 0.00 0.00 0.00 0.00 0.00 ..
3A.1 Domestic Financing 7,424.19 8,236.30 9,396.62 10,467.08 10,980.08 11,023.86
3A.1.1 Net Bank Credit to Government 3,358.58 –374.76 2,310.90 6,171.23 1,447.92 ..
3A.1.1.1 Net RBI Credit to Government 1,081.30 –3,341.85 604.72 1,958.16 –1,448.47 ..
3A.1.2 Non-Bank Credit to Government 4,065.61 8,611.06 7,085.72 4,295.85 9,532.16 ..
3A.2 External Financing 72.92 129.33 127.48 179.97 24.18 –25.89
3B Sources of Financing: Instrument-wise 0.00 0.00 0.00 0.00 0.00 ..
3B.1 Domestic Financing 7,424.19 8,236.30 9,396.62 10,467.08 10,980.08 11,023.86
3B.1.1 Market Borrowings (net) 6,391.99 6,640.58 6,732.98 6,898.21 7,951.99 8,398.36
3B.1.2 Small Savings (net) –142.81 –565.80 –785.15 –1,050.38 –1,653.29 –1,434.61
3B.1.3 State Provident Funds (net) 312.90 343.39 352.61 456.88 406.13 474.19
3B.1.4 Reserve Funds 34.63 51.09 –33.22 –64.36 6.70 31.14
3B.1.5 Deposits and Advances 255.45 275.45 134.70 177.92 168.45 159.10
3B.1.6 Cash Balances –10.72 954.74 –174.38 –224.63 861.31 831.46
3B.1.7 Others 582.75 536.84 3,169.08 4,273.43 3,238.79 2,564.21
3B.2 External Financing 72.92 129.33 127.48 179.97 24.18 –25.89
4 Total Disbursements as per cent of GDP 26.7 26.3 27.3 27.8 28.4 28.1
5 Total Receipts as per cent of GDP 26.7 25.6 27.4 27.9 27.9 27.7
6 Revenue Receipts as per cent of GDP 19.7 19.2 20.0 20.4 21.0 21.6
7 Tax Receipts as per cent of GDP 16.4 16.2 16.7 17.1 17.6 18.3
8 Gross Fiscal Deficit as per cent of GDP 6.7 6.7 6.9 6.9 6.4 5.8
Source : Budget Documents of Central and State Governments.

…: Not available. RE: Revised Estimates; BE: Budget Estimates

CURRENT STATISTICS
No. 47: Financial Accommodation Availed by State Governments under various Facilities
(` Billion)
During May-2019
Sr. State/Union Territory Special Drawing Ways and Means Overdraft (OD)
No Facility (SDF) Advances (WMA)
Average Number Average Number Average Number
amount of days amount of days amount of days
availed availed availed availed availed availed
1 2 3 4 5 6 7
1 Andhra Pradesh 1.40 26 12.29 22 5.22 8
2 Arunachal Pradesh - - - - - -
3 Assam - - - - - -
4 Bihar - - - - - -
5 Chhattisgarh - - - - - -
6 Goa - - - - - -
7 Gujarat - - - - - -
8 Haryana - - - - - -
9 Himachal Pradesh - - - - - -
10 Jammu & Kashmir - - 4.70 23 2.75 6
11 Jharkhand - - - - - -
12 Karnataka - - - - - -
13 Kerala - - - - - -
14 Madhya Pradesh - - - - - -
15 Maharashtra - - - - - -
16 Manipur 0.16 31 1.73 27 1.00 24
17 Meghalaya - - - - - -
18 Mizoram - - - - - -
19 Nagaland - - - - - -
20 Odisha - - - - - -
21 Puducherry - - - - - -
22 Punjab 0.58 6 2.79 6 - -
23 Rajasthan - - - - - -
24 Tamil Nadu - - - - - -
25 Telangana 5.75 21 7.45 20 1.25 3
26 Tripura - - - - - -
27 Uttar Pradesh - - - - - -
28 Uttarakhand - - - - - -
29 West Bengal - - - - - -
Notes: 1. SDF is availed by State Governments against the collateral of Consolidated Sinking Fund (CSF), Guarantee Redemption
Fund (GRF) & Auction Treasury Bills (ATBs) balances and other investments in government securities.
2. WMA is advance by Reserve Bank of India to State Governments for meeting temporary cash mismatches.
3. OD is advanced to State Governments beyond their WMA limits.
4. Average Availed is the total accommodation (SDF/WMA/OD) availed divided by number of days for which
accommodation was extended during the month.
5. - : Nil.
Source: Reserve Bank of India.

CURRENT STATISTICS
No. 48: Investments by State Governments

(` Billion)
As on end of May 2019

Sr. Consolidated Guarantee
Government Auction Treasury
No State/Union Territory Sinking Fund Redemption Fund
Securities Bills (ATBs)
(CSF) (GRF)
1 2 3 4 5
1 Andhra Pradesh 75.44 7.44 0.02 0
2 Arunachal Pradesh 10.42 0.01 -- 0
3 Assam 38.01 0.47 -- 30.00
4 Bihar 64.38 -- -- 100.00
5 Chhattisgarh 39.03 -- 0.01 60.00
6 Goa 5.43 2.73 -- 0
7 Gujarat 124.65 4.39 -- 0
8 Haryana 18.91 10.96 -- 0
9 Himachal Pradesh -- -- -- 0
10 Jammu & Kashmir -- -- -- 0
11 Jharkhand -- -- -- 0
12 Karnataka 35.02 -- -- 65.00
13 Kerala 19.59 -- -- 0
14 Madhya Pradesh -- 8.41 -- 0
15 Maharashtra 337.30 2.67 -- 200.00
16 Manipur 3.43 0.91 -- 0
17 Meghalaya 5.57 0.27 0.09 0
18 Mizoram 5.01 0.29 -- 0
19 Nagaland 13.49 0.29 -- 0
20 Odisha 121.97 13.21 0.77 173.95
21 Puducherry 2.92 -- -- 9.10
22 Punjab 0.75 -- 0.08 0
23 Rajasthan -- -- 1.29 37.92
24 Tamil Nadu 60.36 -- 0.45 233.47
25 Telangana 50.77 10.31 0.01 0
26 Tripura 3.00 0.05 -- 8.00
27 Uttar Pradesh -- -- 1.80 0
28 Uttarakhand 27.44 0.72 -- 0
29 West Bengal 100.60 4.82 2.14 0
Total 1163.50 67.93 6.65 917.44

CURRENT STATISTICS
No. 49: Market Borrowings of State Governments
(` Billion)
2018-19
Total amount
2017-18 2018-19 raised, so far in
March April May 2019-20
Sr. No. State
Gross Net Gross Net Gross Net Gross Net Gross Net
Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Gross Net
Raised Raised Raised Raised Raised Raised Raised Raised Raised Raised
1 2 3 4 5 6 7 8 9 10 11 12 13
1 Andhra Pradesh 228.00 189.22 302.00 238.24 - -12.19 50.00 34.84 20.00 14.17 70.00 49.00
2 Arunachal Pradesh 8.88 7.03 7.19 6.93 3.19 2.93 2.11 2.11 - - 2.11 2.11
3 Assam 77.60 67.97 105.95 80.89 21.95 -3.11 - - - - - -
4 Bihar 100.00 89.08 143.00 109.03 43.00 23.84 - - - - - -
5 Chhattisgarh 81.00 81.00 129.00 129.00 39.00 39.00 - - - - - -
6 Goa 18.00 14.00 23.50 18.50 4.50 3.50 1.00 1.00 1.00 1.00 2.00 2.00
7 Gujarat 240.00 157.85 369.71 274.57 82.00 65.60 33.00 33.00 20.00 20.00 53.00 53.00
8 Haryana 166.40 158.40 212.65 179.70 42.40 27.40 10.00 10.00 10.00 10.00 20.00 20.00
9 Himachal Pradesh 46.00 25.51 42.10 21.08 4.10 -2.90 4.00 4.00 2.00 2.00 6.00 6.00
10 Jammu & Kashmir 62.00 39.74 66.84 49.27 3.00 -4.81 8.00 2.61 3.00 3.00 11.00 5.61
11 Jharkhand 60.00 48.07 55.09 40.23 10.09 3.67 - -5.17 - - - -5.17
12 Karnataka 220.98 173.48 396.00 313.83 70.00 10.83 - - - - - -
13 Kerala 205.00 162.03 195.00 147.84 5.00 -2.69 30.00 30.00 25.00 25.00 55.00 55.00
14 Madhya Pradesh 150.00 131.25 204.96 149.71 32.00 0.85 5.00 5.00 15.00 15.00 20.00 20.00
15 Maharashtra 450.00 364.80 208.69 31.17 - -94.57 25.00 25.00 35.00 35.00 60.00 60.00
16 Manipur 5.25 2.78 9.70 6.67 2.70 2.70 2.03 2.03 - - 2.03 2.03
17 Meghalaya 11.16 9.20 11.22 8.63 3.72 2.33 - - - - - -
18 Mizoram 4.24 2.77 0.00 -1.23 - -0.97 1.58 1.58 - - 1.58 1.58
19 Nagaland 11.35 7.66 8.22 3.55 1.72 -0.35 1.00 -1.60 - - 1.00 -1.60
20 Odisha 84.38 84.38 55.00 45.00 - - 10.00 10.00 - - 10.00 10.00
21 Puducherry 8.25 4.88 8.25 4.75 1.75 -0.75 - - - - - -
22 Punjab 174.70 133.49 221.15 170.53 27.26 18.88 23.00 12.00 10.00 10.00 33.00 22.00
23 Rajasthan 249.14 167.77 331.78 201.86 23.22 -40.21 40.00 40.00 15.00 10.00 55.00 50.00
24 Sikkim 9.95 7.45 10.88 7.95 2.71 2.71 - - - - - -
25 Tamil Nadu 409.65 360.23 431.25 322.78 25.95 -3.03 30.00 30.00 40.00 40.00 70.00 70.00
26 Telangana 246.00 218.28 267.40 221.83 20.22 11.51 15.00 4.16 25.00 20.83 40.00 25.00
27 Tripura 11.37 11.37 15.43 13.87 - -1.56 - - - - - -
28 Uttar Pradesh 416.00 371.78 460.00 333.07 60.00 4.06 - - - -15.00 - -15.00
29 Uttarakhand 66.60 58.30 63.00 52.89 5.50 4.56 5.00 2.00 - - 5.00 2.00
30 West Bengal 369.11 253.04 428.28 304.31 88.00 66.43 - -20.00 - -40.00 - -60.00
Grand Total 4191.00 3402.81 4783.23 3486.43 622.98 123.66 295.72 222.56 221.00 151.00 516.72 373.56
- : Nil.
Source : Reserve Bank of India.

Current Statistics
Explanatory Notes to the Current Statistics
Table No. 1
1.2& 6: Annual data are average of months.
3.5 & 3.7: Relate to ratios of increments over financial year so far.
4.1 to 4.4, 4.8,4.9 &5: Relate to the last friday of the month/financial year.
4.5, 4.6 & 4.7: Relate to five major banks on the last Friday of the month/financial year.
4.10 to 4.12: Relate to the last auction day of the month/financial year.
4.13: Relate to last day of the month/ financial year
7.1&7.2: Relate to Foreign trade in US Dollar.
Table No. 2
2.1.2: Include paid-up capital, reserve fund and Long-Term Operations Funds.
2.2.2: Include cash, fixed deposits and short-term securities/bonds, e.g., issued by IIFC (UK).
Table No. 4
Maturity-wise position of outstanding forward contracts is available at http://nsdp.rbi.org.in under
‘‘Reserves Template’’.
Table No. 5
Special refinance facility to Others, i.e. to the EXIM Bank, is closed since March 31, 2013.
Table No. 6
For scheduled banks, March-end data pertain to the last reporting Friday.
2.2: Exclude balances held in IMF Account No.1, RBI employees’ provident fund, pension fund, gratuity and
superannuation fund.
Table Nos. 7 & 11

3.1 in Table 7 and 2.4 in Table 11: Include foreign currency denominated bonds issued by IIFC (UK).
Table No. 8
NM2 and NM3 do not include FCNR (B) deposits.
2.4: Consist of paid-up capital and reserves.
2.5: includes other demand and time liabilities of the banking system.
Table No. 9
Financial institutions comprise EXIM Bank, SIDBI, NABARD and NHB.
L1 and L2 are compiled monthly and L3 quarterly.
Wherever data are not available, the last available data have been repeated.
Table No. 13
Data in column Nos. (4) & (5) are Provisional.

Current Statistics
Table No. 14
Data in column Nos. (4) & (8) are Provisional.
Table No. 15 & 16

Data are provisional and relate to select 41 scheduled commercial banks, accounting for about 90 per cent of total
non-food credit extended by all scheduled commercial banks (excludes ING Vysya which has been merged with
Kotak Mahindra since April 2015).
Export credit under priority sector relates to foreign banks only.
Micro & small under item 2.1 includes credit to micro & small industries in manufacturing sector.
Micro & small enterprises under item 5.2 includes credit to micro & small enterprises in manufacturing as well
as services sector.
Priority Sector is as per old definition and does not conform to FIDD Circular FIDD.CO.Plan.BC.54/04.09.01/2014-
15 dated April 23, 2015.
Table No. 17
2.1.1: Exclude reserve fund maintained by co-operative societies with State Co-operative Banks
2.1.2: Exclude borrowings from RBI, SBI, IDBI, NABARD, notified banks and State Governments.
4: Include borrowings from IDBI and NABARD.
Table No. 24
Primary Dealers (PDs) include banks undertaking PD business.
Table No. 30
Exclude private placement and offer for sale.
1: Exclude bonus shares.
2: Include cumulative convertible preference shares and equi-preference shares.
Table No. 32
Exclude investment in foreign currency denominated bonds issued by IIFC (UK), SDRs transferred by Government
of India to RBI and foreign currency received under SAARC SWAP arrangement. Foreign currency assets in US
dollar take into account appreciation/depreciation of non-US currencies (such as Euro, Sterling, Yen and Australian
Dollar) held in reserves. Foreign exchange holdings are converted into rupees at rupee-US dollar RBI holding rates.
Table No. 34
1.1.1.1.2 & 1.1.1.1.1.4: Estimates.
1.1.1.2: Estimates for latest months.
‘Other capital’ pertains to debt transactions between parent and subsidiaries/branches of FDI enterprises.
Data may not tally with the BoP data due to lag in reporting.
Table No. 35
1.10: Include items such as subscription to journals, maintenance of investment abroad, student loan repayments
and credit card payments.

Current Statistics
Table No. 36
Increase in indices indicates appreciation of rupee and vice versa. For 6-Currency index, base year 2016-17 is
a moving one, which gets updated every year. REER figures are based on Consumer Price Index (combined).
Methodological details are available in December 2005 and April 2014 issues of the Bulletin.
Table No. 37
Based on applications for ECB/Foreign Currency Convertible Bonds (FCCBs) which have been allotted loan
registration number during the period.
Table Nos. 38, 39, 40 & 41

Explanatory notes on these tables are available in December issue of RBI Bulletin, 2012.
Table No. 43
1.3: Pertain to multiateral net settlement batches.
3.1: Pertain to three centres – Mumbai, New Delhi and Chennai.
3.3: Pertain to clearing houses managed by 21 banks.
6: Available from December 2010.
7: Include IMPS transactions.
9: Includes ATMs deployed by Scheduled Commercial banks and White Label ATMs (WLA). WLA are included
from April 2014 onwards.
Mobile Banking - The data from July 2017 includes only individual payments and corporate payments initiated,
processed, and authorised using mobile device. Other corporate payments which are not initiated, processed,
and authorised using mobile device are excluded.
Table No. 45
(-): represents nil or negligible
The revised table format since June 2016, incorporates the ownership pattern of State Governments Securities
and Treasury Bills along with the Central Government Securities.
State Government Securities include special bonds issued under Ujwal DISCOM Assurance Yojana (UDAY) scheme.
Bank PDs are clubbed under Commercial Banks. However, they form very small fraction of total outstanding
securities.
The category ‘Others’ comprises State Governments, Pension Funds, PSUs, Trusts, HUF/Individuals etc.
Table No. 46
GDP data from 2011-12 onwards are based on 2011-12 base. Data from year 2015-16 pertains to 29 states.
The GDP data from 2015-16 pertains to the Second Advance Estimates of National Income released by Central
Statistics Office on 28th February 2018.
GDP for 2016-17 (RE) and 2017-18 are from Union Budget 2017-18.
Total receipts and total expenditure exclude National Calamity Contingency Fund expenditure.
1 & 2: Data are net of repayments of the Central Government (including repayments to the NSSF) and State
Governments.
1.3: Represents compensation and assignments by States to local bodies and Panchayati Raj institutions.
2: Data are net of variation in cash balances of the Central and State Governments and includes borrowing
receipts of the Central and State Governments.

Current Statistics
3A.1.1: Data as per RBI records.

3B.1.1: Includes borrowings through dated securities and 364-day Treasury Bills.
3B.1.2: Represent net investment in Central and State Governments’ special securities by the National Small
Savings Fund (NSSF).
3B.1.6: Include Ways and Means Advances by the Centre to the State Governments.
3B.1.7: Include Treasury Bills (excluding 364-day Treasury Bills), loans from financial institutions, insurance and
pension funds, remittances, cash balance investment account.
Table No. 47
SDF is availed by State Governments against the collateral of Consolidated Sinking Fund (CSF), Guarantee
Redemption Fund (GRF) & Auction Treasury Bills (ATBs) balances and other investments in government
securities.
WMA is advance by Reserve Bank of India to State Governments for meeting temporry cash mismatches.
OD is advanced to State Governments beyond their WMA limits.
Average amount Availed is the total accommodation (SDF/WMA/OD) availed divided by number of days for
which accommodation was extended during the month.
- : Nil.
Table No. 48
CSF and GRF are reserve funds maintained by some State Governments with the Reserve Bank of India.
ATBs include Treasury bills of 91 days, 182 days and 364 days invested by State Governments in the primary
market.
--: Not Applicable (not a member of the scheme).
The concepts and methodologies for Current Statistics are available in Comprehensive Guide for Current
Statistics of the RBI Monthly Bulletin (https://rbi.org.in/Scripts/PublicationsView.aspx?id=17618)
Time series data of ‘Current Statistics’ is available at https://dbie.rbi.org.in.

Detailed explanatory notes are available in the relevant press releases issued by RBI and other publications/releases
of the Bank such as Handbook of Statistics on the Indian Economy.

Recent Publications
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JULY 2019

VOLUME LXXIII NUMBER 7

The Reserve Bank of India Bulletin is issued

© Reserve Bank of India 2019

All rights reserved.

For subscription to Bulletin, please refer to

The Reserve Bank of India Bulletin can be

Statement by Governor on Launch of Complaint Management System 7

Press Release of Working Papers and Occasional Papers

Cross-border Trade Credit: A Post-Crisis Empirical

Does Financial Cycle Exist in India? 61

Recent Publications 107

Evolving Role of Central Banks

Statement by Governor on Launch of Complaint Management System

RBI Bulletin July 2019 1

2 RBI Bulletin July 2019

RBI Bulletin July 2019 3

4 RBI Bulletin July 2019

RBI Bulletin July 2019 5

Statement by Governor on CMS will be accessible on desktop as well as

Shaktikanta Das the CMS will be further enhanced.

RBI Bulletin July 2019 7

8 RBI Bulletin July 2019

RBI Bulletin July 2019 9

10 RBI Bulletin July 2019

RBI Bulletin July 2019 11

RBI Bulletin July 2019 13

v. opening up capital markets internationally

14 RBI Bulletin July 2019

market-clearing price. More than 90 per cent of the

Table 1: Characteristics of Central Government Table 2: Issuance profile of Government Borrowings

2013-14 8.4 14.2 8.0 10.0 2013-14 90 609 31 174

2014-15 8.5 14.7 8.1 10.2 2014-15 91 648 36 199

2015-16 7.9 16.0 8.1 10.5 2015-16 85 674 41 243

2016-17 7.2 14.8 8.0 10.7 2016-17 80 754 56 321

2017-18 7.0 15.0 8.0 10.7 2017-18 91 795 63 346

2018-19 7.8 14.7 7.8 10.4 2018-19 83 837 70 404

RBI Bulletin July 2019 15

There are several proximate drivers of this

Negotiated Dealing System-Order Matching.

16 RBI Bulletin July 2019

RBI Bulletin July 2019 17

18 RBI Bulletin July 2019

Indexed Swaps (OIS) markets5. Much of the recent

RBI Bulletin July 2019 19

20 RBI Bulletin July 2019

RBI Bulletin July 2019 21

22 RBI Bulletin July 2019

RBI Bulletin July 2019 23

Demographic Changes and their Macroeconomic Ramifications in India

Financial Stocks and Flows of the Indian Economy

Demographic Changes and their India’s current population of 1.3 billion is

RBI Bulletin July 2019 25

Chart 1: Five Stages of Demographic Transition

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5

Source: Blacker, 1947.

26 RBI Bulletin July 2019

RBI Bulletin July 2019 27

28 RBI Bulletin July 2019

Constant 11.75* 17.89* 3.51 Time Trend 0.19 0.01

Macroeconomic/Dependent Growth in Real GDP -6.30* -7.81* I (0)

Note: , and denote significant at 1 %, 5 % and 10% level, respectively.