CURRENT STATISTICS EPW Research Foundation

Wholesale Price Index Foreign TradeMerchandise

According to the revised WPI (base year: 201112), inflation increased by 3.9% in
April 2017 against -1.1% in April 2016, but lower than 5.3% reported a month ago.
The index for primary articles decreased by 1.8% in April 2017 compared to 3.8%
in April 2016 and 4% in March 2017. The index for food articles fell to 1.2% over
5.4% reported last year and 3.8% a month ago. The index for fuel and power
rose substantially by 18.5% in April 2017 against -14.2% in April 2016. The index
for manufactured products was up by 2.7% compared to -0.8% in the same
period last year.
The merchandise trade deficit widened substantially to $13.2 billion (bn) in April
2017 against $4.8 bn in April 2016. Exports grew by 19.8% to $24.6 bn, but imports
increased sharply by 49.1% to $37.9 bn in April 2017 from $20.6 bn and $25.4 bn,
respectively, a year ago. Oil and non-oil imports were higher by 30.1% to $7.4 bn
and 54.5% to $30.5 bn, respectively in April 2017 compared to $5.7 bn and $19.8
bn, respectively, in April 2016. Cumulative exports rose by 4.7% to $274.6 bn and
imports fell by (-)0.1% to $380.4 bn during financial year 201617 (AprilMarch)
compared to $239.4 bn and 353.7 bn, respectively, during 201516.

Consumer Price Index Index of Industrial Production

The CPI (base year: 2012) inflation rate decreased to 3% in April 2017 from 5.5% in
April 2016 and 3.9% registered a month ago. Consumer food inflation dropped to
0.6% in April 2017 from 6.4% a year ago and 2% in March 2017. The CPIrural
inflation rate and CPIurban inflation rate stood lower at 3.02% and 3.03%,
respectively, in April 2017 compared to 6.2% and 4.7%, respectively, in the same
period last year. As per Labour Bureau data, the CPI inflation rate for agricultural
labourers and industrial workers decreased to 2.6% and 2.2%, respectively, in
April 2017 from 5.3% and 5.9%, respectively, a year ago.
As per the new IIP series (base year: 201112), the year-on-year growth rate of IIP
decreased to 2.7% in March 2017 compared to 5.5% a year ago. Growth of mining sector
increased to 9.7% in March 2017 from 4.7% last year and that in electricity generation
slowed to 6.2% from 11.9%. As per use-based classification, growth in production of
primary and intermediate goods dropped to 5.7% and -1.4%, respectively. Production
of capital goods and infrastructure goods fell by (-)1% and 0.8%, respectively,
compared to 0.4% and 11.3%, respectively, a year ago. Growth in consumer durables
declined to -0.8% from 4.8% and that in non-durables increased to 7.6% from -3.4%.

Movement of WPI Inflation JanuaryApril Merchandise Trade April 2017

April 2017 Over Month Over Year (AprilMarch)
($ bn) (%) (%) (201617 over 201516) (%)
Year-on-Year in %
Exports 24.6 -15.7 19.8 4.7
7 Imports 37.9 -4.5 49.1 -0.2
2017
Trade deficit 13.2 26.9 173.5 10.9
3.9%
3 Data is provisional. Source: Ministry of Commerce and Industry.

Components of Trade April 2016 and April 2017

-0 $30.5 billion
2016
-1.1% 30
$20.6 billion $19.8 billion $24.6 billion
Exports Non-oil Imports
-4
Jan Feb Mar Apr

* Data is provisional; Base: 201112 = 100. $5.7 billion $7.4 billion

Oil Imports

Trends in WPI and Its Components April 2017* (%)

Financial Year (Averages)
$4.8 billion
Weights Over Month Over Year 201415 201516 201617 Trade Deficit
All commodities 100 -0.2 3.9 1.2 -3.7 1.7 -15 $13.2 billion
Primary articles 22.6 0.4 1.8 2.2 -0.4 3.5
Food articles 15.3 0.6 1.2 5.6 2.6 4.1
Fuel and power 13.2 -1.9 18.5 -6.1 -19.7 -0.2 2016 APRIL 2017 APRIL

Manufactured products 64.2 0.0 2.7 2.5 -1.8 1.4 Oil refers to crude petroleum and petroleum products, while non-oil refers to all other commodities.
* Data is provisional; Base: 201112=100; Source: Ministry of Commerce and Industry.
Movement of IIP Growth AprilMarch
Year-on-Year in %
Movement of CPI Inflation January 2016April 2017
Year-on-Year in % 10

8
9 201617
6
5.5%
Consumer Food 4
2.7%
6 2
Miscellaneous 201516
0
CPI
4.3%
-2
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar*
3
3.0% * March 2017 are quick estimates; Base: 201112=100.

0.6% Industrial Growth: Sector-wise March 2017* (%)

0 Weights Over Over Year Financial Year (Avgs)
Jan F M A M J J A S O N D J F M Apr*
2016 2017 Month 201516 201617
* Data is provisional. General index 100 9.1 2.7 3.4 5.0
Source: Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, Base: 2012=100. Mining 14.4 15.1 9.7 4.3 5.3
Manufacturing 77.6 7.7 1.2 3.0 4.9
CPI: Rural and Urban April 2017* (%) Electricity 8.0 13.6 6.2 5.7 5.8
Latest Over Over Financial Year (Avgs)
Month Index Month Year 201516 201617 Industrial Growth: Use-based
Primary goods 34.0 14.8 5.7 5.0 4.9
Rural (2012=100) 132.9 0.1 3.0 5.6 5.0
Capital goods 8.2 20.2 -1.0 2.1 1.9
Urban (2012=100) 129.1 0.3 3.0 4.1 4.0
Intermediate goods 17.2 6.4 -1.4 1.5 3.0
CPI: Occupation-wise Infrastructure/construction goods 12.3 10.4 0.8 2.8 3.8
Industrial workers (2001=100) 277.0 0.7 2.2 5.6 4.1 Consumer durables 12.8 7.9 -0.8 4.2 6.2
Agricultural labourers (198687=100) 870.0 0.5 2.6 4.4 4.2 Consumer non-durables 15.3 -2.5 7.6 2.7 9.0
* Provisional; Source: CSO (rural and urban), Labour Bureau (IW and AL). * March 2017 are quick estimates; Base: 201112=100; Source: Central Statistics Office.
Comprehensive current economic statistics with regular weekly updates are available at: http://www.epwrf.in/currentstat.aspx.

142 june 10, 2017 vol lII no 23 EPW Economic & Political Weekly
 CURRENT STATISTICS EPW Research Foundation
Indias Quarterly Estimates of Final Expenditures on GDP
201516 201617
` crore | at 201112 Prices Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Private final consumption expenditure 1453347 (2.0) 1484050 (3.9) 1602945 (5.9) 1722032 (12.1) 1575613 (8.4) 1601797 (7.9) 1780914 (11.1) 1848300 (7.3)
Government final consumption expenditure 286327 (0.1) 326759 (4.1) 267516 (5.1) 229123 (2.4) 333761 (16.6) 380561 (16.5) 323603 (21.0) 302161 (31.9)
Gross fixed capital formation 849973 (4.7) 848892 (5.0) 881093 (7.0) 938488 (3.9) 912768 (7.4) 874494 (3.0) 895740 (1.7) 919040 (-2.1)
Change in stocks 67160 (9.7) 68126 (12.3) 64908 (15.3) 74252 (41.4) 73118 (8.9) 72171 (5.9) 69029 (6.3) 76862 (3.5)
Valuables 40244 (-13.6) 46978 (13.2) 44081 (9.1) 48972 (-11.0) 34687 (-13.8) 36783 (-21.7) 35273 (-20.0) 41958 (-14.3)
Net trade (Exportimport) -40536 -57914 -32963 (652) -25702 -23572 -22817 -10583
Exports 583423 (-6.1) 599072 (-4.4) 581297 (-8.7) 614896 (-1.6) 594947 (2.0) 608293 (1.5) 604510 (4.0) 678256 (10.3)
Less imports 623959 (-5.8) 656986 (-3.7) 614260 (-10.0) 615548 (-3.7) 620649 (-0.5) 631865 (-3.8) 627327 (2.1) 688839 (11.9)
Discrepancies 69359 53206 15159 30079 37601 36584 -40978 50689
Gross domestic product (GDP) 2725873 (7.6) 2770097 (8.4) 2842737 (7.4) 3042294 (9.0) 2941846 (7.9) 2978817 (7.5) 3040763 (7.0) 3228427 (6.1)

Indias Overall Balance of Payments (Net): Quarterly

201516 ($ mn) 201617 ($ mn) 201516 (` bn) 201617 (` bn)
Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3
Current account -6132 -8559 -7121 -291 -3411 -7919 -389 [-1.2] -556 [-1.7] -469 [-1.4] -19 [-0.1] -228 [-0.6] -534 [-1.4]
Merchandise -34175 -37173 -33975 -23835 -25643 -33277 -2169 -2415 -2240 -1594 -1717 -2244
Invisibles 28043 28614 26854 23544 22231 25358 1780 1859 1770 1575 1489 1710
Services 17751 17835 18013 15745 16274 17639 1127 1159 1187 1053 1090 1189
of which: Software services 17512 18058 18556 17569 17699 18021 1111 1173 1223 1175 1185 1215
Transfers 16153 16263 15250 14002 13902 13894 1025 1057 1005 937 931 937
of which: Private 16267 16421 15305 14161 14048 13996 1033 1067 1009 947 941 944
Income -5861 -5484 -6408 -6203 -7944 -6176 -372 -356 -422 -415 -532 -416
Capital account 18637 8121 10915 7124 12788 6155 1183 [3.7] 528 [1.6] 720 [2.1] 477 [1.3] 856 [2.3] 415 [1.1]
of which: Foreign investment 10226 3150 11256 5931 22979 -1527 649 205 742 397 1539 -103
Overall balance 11430 -856 4056 6969 8512 -1242 725 [2.3] -56 [-0.2] 267 [0.8] 466 [1.3] 570 [1.5] -84 [-0.2]
Figures in square brackets are percentage to GDP.

Foreign Exchange Reserves Variation

26 May 27 May 31 March Over Over Financial Year So Far Financial Year
Excluding gold but including revaluation effects 2017 2016 2017 Month Year 201617 201718 201213 201314 201415 201516 201617
` crore 2299170 2252530 2254320 48670 46640 23510 44850 82800 251570 322660 218620 25300
$ mn 356014 337725 347765 5499 18289 120 8249 -485 16769 40486 16297 10160

Monetary Aggregates Variation

Outstanding Over Month Over Year Financial Year So Far Financial Year
` crore 2017 201617 201718 201415 201516 201617
Money supply (M3) as on 12 May 12802620 119760 (0.9) 922400 (7.8) 262600 (2.3) -41770 (-0.3) 1032788 (10.9) 1067452 (10.1) 1226770 (10.6)
Components
Currency with public 1403560 74610 (5.6) -273240 (-16.3) 79550 (5.0) 139850 (11.1) 140362 (11.3) 211068 (15.2) -333540 (-20.9)
Demand deposits 1222950 12500 (1.0) 275500 (29.1) -42380 (-4.3) -187680 (-13.3) 79652 (9.8) 98198 (11.0) 420800 (42.5)
Time deposits 10158350 36170 (0.4) 915580 (9.9) 227690 (2.5) 9390 (0.1) 800144 (10.7) 757316 (9.2) 1133880 (12.6)
Other deposits with RBI 17750 -3530 (-16.6) 4560 (34.6) -2250 (-14.6) -3340 (-15.8) 12620 (640.6) 850 (5.8) 5650 (36.6)
Sources
Net bank credit to government 4121300 31610 (0.8) 614320 (17.5) 268500 (8.3) 252210 (6.5) -37476 (-1.2) 231086 (7.7) 630610 (19.5)
Bank credit to commercial sector 8196360 -240 (-0.0) 412160 (5.3) -18870 (-0.2) -255070 (-3.0) 604434 (9.4) 753346 (10.7) 648360 (8.3)
Net foreign exchange assets 2506670 33270 (1.3) -46720 (-1.8) 19670 (0.8) 14660 (0.6) 326709 (17.0) 283071 (12.6) -41710 (-1.6)
Banking sectors net non-monetary liabilities 2046800 -55120 (-2.6) 60310 (3.0) 6930 (0.4) 53570 (2.7) -137041 (-7.2) 202531 (11.4) 13670 (0.7)
Reserve money as on 26 May 2017 1969440 40380 (2.1) -187040 (-8.7) -24260 (-1.1) 68950 (3.6) 195710 (11.3) 252280 (13.1) -280250 (-12.9)
Components
Currency in circulation 1487840 55800 (3.9) -245610 (-14.2) 69990 (4.2) 152580 (11.4) 147250 (11.3) 215140 (14.9) -328200 (-19.7)
Bankers deposits with RBI 463820 -15540 (-3.2) 54100 (13.2) -92110 (-18.4) -80310 (-14.8) 35860 (8.3) 36270 (7.8) 42300 (8.4)
Other deposits with RBI 17770 110 (0.6) 4470 (33.6) -2150 (-13.9) -3320 (-15.7) 12630 (644.4) 860 (5.9) 5640 (36.5)
Sources
Net RBI credit to government 686700 -32930 (-4.6) 56570 (9.0) 205140 (48.3) 65890 (10.6) -334180 (-47.8) 60470 (16.6) 195820 (46.1)
of which: Centre 685730 -33120 (-4.6) 56110 (8.9) 205060 (48.3) 66140 (10.7) -336610 (-48.2) 63520 (17.6) 195030 (45.9)
RBI credit to banks & commercial sector -340770 45270 (-11.7) -417380 (-544.8) -227930 (-74.8) -31500 (10.2) 145020 (252.3) 102040 (0.0) -613810 (0.0)
Net foreign exchange assets of RBI 2444450 51180 (2.1) 37350 (1.6) 23620 (1.0) 47240 (2.0) 324760 (18.0) 256200 (12.0) 13730 (0.6)
Govts currency liabilities to the public 25090 0 (0.0) 2710 (12.1) 470 (2.1) 0 (0.0) 2090 (12.1) 2480 (12.8) 3180 (14.5)
Net non-monetary liabilities of RBI 846020 23130 (2.8) -133710 (-13.6) 25560 (2.7) 12680 (1.5) -58040 (-6.9) 168890 (21.5) -120830 (-12.7)

Scheduled Commercial Banks Indicators ( ` crore) Variation

Outstanding Over Month Over Year Financial Year So Far Financial Year
(As on 12 May 2017) 2017 201617 201718 201415 201516 201617
Aggregate deposits 10641720 50000 (0.5) 1150480 (12.1) 163950 (1.8) -168800 (-1.6) 827730 (10.7) 794000 (9.3) 1483230 (15.9)
Demand 1109810 13000 (1.2) 268080 (31.8) -47270 (-5.3) -185520 (-14.3) 80110 (11.2) 94970 (12.0) 406330 (45.7)
Time 9531910 37000 (0.4) 882400 (10.2) 211220 (2.5) 16730 (0.2) 747610 (10.7) 699040 (9.0) 1076890 (12.8)
Cash in hand 60860 9780 (19.1) -2670 (-4.2) 6100 (10.6) -910 (-1.5) 7490 (16.3) 4070 (7.6) 4340 (7.6)
Balance with RBI 431990 1580 (0.4) 39410 (10.0) 5140 (1.3) -76790 (-15.1) 56730 (17.9) 14370 (3.9) 121340 (31.3)
Investments 3249870 76390 (2.4) 550140 (20.4) 74220 (2.8) 206540 (6.8) 279010 (12.6) 133680 (5.4) 417820 (15.9)
of which: Government securities 3248240 76350 (2.4) 550190 (20.4) 74120 (2.8) 206010 (6.8) 278560 (12.6) 134180 (5.4) 418300 (15.9)
Bank credit 7628650 -2850 (-0.0) 403950 (5.6) -24920 (-0.3) -252880 (-3.2) 542320 (9.0) 713200 (10.9) 631910 (8.7)
of which: Non-food credit 7570650 -12310 (-0.2) 456790 (6.4) -30500 (-0.4) -256950 (-3.3) 546350 (9.3) 702360 (10.9) 683240 (9.6)

Capital Markets 2 June Month Year Financial Year So Far 201617 End of Financial Year
2017 Ago Ago Trough Peak Trough Peak 201415 201516 201617
S&P BSE SENSEX (Base: 197879=100) 31273 (16.5) 29921 26843 (11.5) 29319 31273 24674 29649 27957 (24.9) 25342 (-9.4) 29621 (16.9)
S&P BSE-100 (Base: 198384=100) 9972 (19.8) 9691 8326 (16.4) 9439 9972 7656 9494 8607 (28.3) 7835 (-9.0) 9494 (21.2)
S&P BSE-200 (198990=100) 4190 (21.0) 4092 3462 (18.2) 3983 4190 3193 3992 3538 (31.9) 3259 (-7.9) 3992 (22.5)
CNX Nifty (Base: 3 Nov 1995=1000) 9654 (17.5) 9314 8219 (13.3) 9104 9654 7546 9174 8491 (26.7) 7738 (-8.9) 9174 (18.5)
Net FII Investment in equities ($ million)* 176240 (5.0) 174767 167809 (4.1) - - - - 168116 (12.3) 166107 (-1.2) 174637 (5.1)
* = Cumulative total since November 1992 until period end | Figures in brackets are percentage variations over the specified or over the comparable period of the previous year | (-) = not relevant | - = not available | NS = new series | PE = provisional estimates
Comprehensive current economic statistics with regular weekly updates are available at: http://www.epwrf.in/currentstat.aspx.

Economic & Political Weekly EPW june 10, 2017 vol lII no 23 143