Ministry of Finance

Department of Economic Affairs

Economic Division
8(1)/Ec. Dn. /2009

MONTHLY ECONOMIC REPORT

APRIL, 2009

HIGHLIGHTS
• The overall growth of GDP during 2007-08 has been placed 9.0 per cent (as per Quick
Estimate of CSO). Growth during the 2008-09 (as per Advance Estimate of CSO) has been
estimated at 7.1 percent.
• The Pre-Monsoon Season (March-May) Season rainfall from March 1, 2009 to April 29,
2009 was normal/excess in 25 per cent of meteorological sub-divisions.
• Food grains (rice and wheat) stocks were 36.54 million tonnes as on March 1, 2009.
• Overall annual industrial growth was 2.4 per cent during April-March, 2008-09 as
compared to 8.5 per cent in April-March 2007-08. During the month of March, 2009, the
General Index stands at 297.9, which is 2.3 per cent lower as compared to the level in the
month of March, 2008.
• Core infrastructure sectors achieved growth rate of 2.9 per cent during March, 2009
compared to a growth of 2.9 per cent in March, 2008.
• Broad Money (M3) growth (year-on-year) was 20.5 per cent as on April 10, 2009 as
compared with 21.4 per cent last year.
• Exports grew by 3.4 per cent in dollar terms during April-March 2008-09. Imports
increased by 14.3 per cent in April-March 2008-09.
• Foreign exchange reserves (excluding Gold, SDRs and Reserve Tranche Position in the
IMF) stood at US $241.74 billion at the end of April, 2009.
• Rupee appreciated against US dollar, Euro and Japanese Yen in April 2009 touching Rs.
50.05 per US$, Rs. 65.77 per Euro and Rs. 0.5089 per Japanese Yen. Rupee depreciated
against Pound sterling.
• The annual inflation rate in terms of WPI (Base 1993-94=100) was 0.57per cent for the
week ended April 18, 2009 as compared to 8.23 per cent a year ago.
• Tax revenue (net to Centre) during April-February, 2008-09 was higher by 1.1 per cent
compared with corresponding period 2007-08.
• Fiscal deficit during April-February, 2008-09 increased by 191.4 per cent over
corresponding period last year.
• Revenue deficit during April-February, 2008-09 was higher by 344.8 per cent over
corresponding period last year.

(Sheela Prasad)
Additional Economic Adviser
 2

Economic growth
As per the Advance Estimates (AE) of Central Statistical Organization (CSO), Ministry of
Statistics and Programme Implementation, the Gross Domestic Product (GDP) at factor cost at
constant (1999-2000) prices is estimated at 7.1 per cent in 2008-09 as compared to 9.0 per cent in 2007-
08 (Quick Estimate). At disaggregated level the growth during 2008-09 (AE) comprises of growth of
2.6 per cent in Agriculture and allied activities, 4.8 per cent in Industry and 9.6 per cent in Services as
compared 4.9 per cent, 8.1 per cent and 10.9 per cent respectively during 2007-08 (QE).

Growth of GDP at factor cost by Economic Activity(at 1999-2000 prices)

Industry Growth Percentage share in

GDP

2006-07

2006-07
2005-06

2005-06
2007-08

2008-09

2007-08

2008-09
(Q)

(Q)
(A)

(A)
1 Agriculture, forestry & fishing 5.8 4.0 4.9 2.6 19.5 18.5 17.8 17.1
2 Industry 10.2 11.0 8.1 4.8 26.4 26.7 26.5 25.9
a Mining & quarrying 4.9 8.8 3.3 4.7 2.1 2.1 2.0 1.9
b Manufacturing 9.1 11.8 8.2 4.1 15.1 15.3 15.2 14.8
c Electricity, gas & water supply 5.1 5.3 5.3 4.3 2.2 2.1 2.0 2.0
d Construction 16.2 11.8 10.1 6.5 7.0 7.2 7.2 7.2
3 Services 10.6 11.2 10.9 9.6 54.1 54.8 55.7 57.0
a Trade, hotels, transport & 12.1 12.8 12.4 10.3 26.4 27.1 28.0 28.8
communication
b Financing , insurance, real estate & 11.4 13.8 11.7 8.6 13.8 14.3 14.6 14.8
business services
c Community, social & personal services 7.1 5.7 6.8 9.2 13.9 13.4 13.1 13.4
4 GDP at factor cost 9.5 9.7 9.0 7.1 100.0 100.0 100.0 100.0
(Q): Quick estimates (A): Advance Estimate

Quarterly Estimates of GDP 2006-07, 2007-08 and 2008-09(Percentage change over previous year)
2006/07 2007/08 2008/09
Sector(s) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
1. agriculture, forestry & fishing 2.7 3.2 4.0 4.9 4.4 4.7 6.0 2.9 3.0 2.7 -2.2
Industry 10.8 11.0 10.4 11.6 9.1 9.4 8.2 7.6 6.9 6.1 2.4
2. mining & quarrying 4.1 3.9 6.0 8.2 1.7 5.5 5.7 5.9 4.8 3.9 5.3
3. manufacturing 11.7 12.2 11.3 12.8 10.9 9.2 9.6 5.8 5.6 5.0 -0.2
4. electricity, gas & water supply 4.3 6.6 7.6 5.4 7.9 6.9 4.8 5.6 2.6 3.6 3.3
5. construction 13.1 12.0 10.8 12.2 7.7 11.8 7.1 12.6 11.4 9.7 6.7
Services 11.5 11.5 11.1 10.3 11.0 10.5 10.4 11.2 10.0 9.6 9.9
6. trade, hotels, transport & communication 10.9 12.7 12.1 11.6 13.1 11.0 11.5 12.4 11.2 10.7 6.8
7. Financing, insurance, real estate & bus. Services 13.6 13.9 14.7 13.4 12.6 12.4 11.9 10.5 9.3 9.2 9.5
8. community, social & personal services 10.3 7.2 5.6 5.1 5.2 7.7 6.2 9.5 8.5 7.7 17.3
10. GDP at factor cost (total 1 to 8) 9.6 10.1 9.3 9.7 9.2 9.3 8.8 8.8 7.9 7.6 5.3
 3

AGRICULTURE

PRE-MOSOON SEASON RAINFALL*

In the Pre-Monsoon Season, rainfall from March 1, 2009 to April 29, 2009 was normal/excess
in 9 meteorological sub-divisions (25 per cent) and deficient/scanty in the remaining 27 (75
per cent). The annual average for 2004-2008 was normal/excess in 21 (58 per cent)
meteorological sub-divisions and deficient/scanty in the remaining 15 (42 per cent).

Number of Meteorological Sub-divisions

2004 2005 2006 2007 2008 2004-2008+ 2009*
Excess/Normal 17 24 24 18 24 21 9
Deficient/Scanty/Nil 19 12 12 18 12 15 27
Total 36 36 36 36 36 36 36
*(March-May) + Annual Average

PROCUREMENT
Procurement of rice during the marketing year 2008-09 as on February 28, 2009 stood at
23.81 million tonnes which represents an increase 19.11 per cent over the level of 19.99
million tonnes during the corresponding period of 2007-08. Wheat procurement as on
February 28, 2009 in the current marketing year (i.e. 2008-09) increased by 103.86 per cent at
22.69 million tonnes as compared with 11.13 million tonnes in the corresponding period of
2007-08.

Million Tonnes
Full Marketing Year As on February 28 % change
2003-04 2004-05 2005-06 2006-07 2008 2009
Million Tonnes
Rice(Oct-Sept.) 22.83 24.68 27.66 25.08 19.99 23.81 19.11
Wheat(Apr- 15.80 16.80 14.79 9.23 11.13 22.69
Mar) 103.86
Total 38.63 41.48 42.45 34.31 31.12 46.50 49.42

OFF-TAKE
Off-take through the Public Distribution System from Central Pool during April-February,
2008-09 was 35.64 million tonnes as against 33.89 million tonnes during April-February 2007-
08.

Million Tonnes
2004-05(P) 2005-06(P) 2006-07(P) April-February
2007-08 2008-09
Rice 23.20 25.04 25.06 22.77 22.57
Wheat 18.27 17.16 11.71 11.12 13.07
Total 41.47 42.20 36.77 33.89 35.64
P : Provisional
 4

STOCKS

Stocks of food-grains ( rice and wheat) as on March 1, 2009 were 36.54 million tonnes, which
was higher by 72.03 per cent than the level of 21.24 million tonnes as on March 1, 2008.

Million Tonnes
As on March 1
2008 2009
Rice 14.73 21.26
Wheat 6.51 15.28
Total 21.24 36.54

Stocks, Procurement and Off-Take of Foodgrains

50 46.50

40 36.54
33.89 35.64
Million Tonnes

31.12
30
21.24
20

10

0
Procurement as on February 28 Off-take during April-February Stocks as on March 1

2007-08 2008-09

[Rice–Kharif marketing year (October-September)]

[Wheat – Rabi marketing year (April-March)]

INDEX OF INDUSTRIAL PRODUCTION

The year on year growth achieved in March 2009 by the mining, manufacturing and
electricity sector was 0.4 per cent -3.3 per cent and 6.3 per cent respectively as compared to
4.9 per cent, 5.7 per cent and 3.7 per cent during the corresponding month of last year.

The annual growth achieved by the mining, manufacturing and electricity sectors during
April-March, 2008-09 was 2.3 percent, 2.3 percent and 2.8 per cent respectively as compared
to 5.1 per recent, 9.0 percent and 6.4 percent during the corresponding period of previous
year.

As per the use-based classification consumer durables showed higher growth during March,
2009 compared to corresponding period of previous year. While basic goods showed lower
growth, the growth in capital goods, intermediate goods and consumer goods showed
negative growth during March, 2009.
 5

PERCENTAGE CHANGE IN SECTORWISE IIP(Base: 1993-94=100)

2006-07 2007-08 Mar /08 Mar /09 April-March
2007-08 2008-09
General 11.6 8.5 5.5 -2.3 8.5 2.4
Mining 5.4 5.1 4.9 0.4 5.1 2.3
Manufacturing 12.5 9.0 5.7 -3.3 9.0 2.3
Electricity 7.2 6.4 3.7 6.3 6.4 2.8
Use-Based Classification
Basic goods 10.3 7.0 3.3 1.4 7.0 2.5
Capital goods 18.2 18.0 20.3 -8.2 18.0 7.0
Intermediate goods 12.0 9.0 4.9 -4.4 9.0 -2.8
Consumer goods 10.1 6.1 0.9 -0.8 6.1 4.4
Of which
Consumer durables 9.2 -1.0 -2.0 8.3 -1.0 4.4
Consumer non- 10.4 8.6 1.9 -3.6 8.6 4.4
durables

INFRASTRUCTURE
During April-March 2008-09, six core infrastructure industries registered a growth of 2.7 per
cent (provisional) as against 5.9 per cent during the corresponding period of the previous
year.
PRODUCTION IN INFRASTRUCTURE INDUSTRIES
March April-March % Change
April-March
Industry/Infrastructure Unit 2008 2009 2007-08 2008-09 2007-08 2008-09
Coal Mn tonnes 52.95 55.70 450.54 487.25 6.0 8.1
Electricity Generation in Gwh 61223.8 64819.4 704469.0 723555.6 6.3 2.7
Crude petroleum 000 tonnes 2925 2857 34118 33506 0.4 -1.8
Petroleum Products 000 tonnes 12590 13000 145175 149519 6.5 3.0
Finished steel 000 tonnes 4965 4837 53308 53500 6.2 0.4
Cement 000 tonnes 16890 18600 174310 187420 8.1 7.5
Overall growth rate 2.9 2.9 - - 5.9 2.7
 6

Performance of Basic Infrastructure Industries

Year on Year growth (% )

12.0

8.1 8.1
7.5
8.0 6.3 6.5
6.0 6.2
Per cent

4.0 2.7 3.0

0.4 0.4
0.0 -1.8
Coal Electricity Petroleum Steel Cement
Crude Petro. Products
-4.0
April-March, 2007-08
April-March, 2008-09

MONEY AND BANKING

During the current financial year 2009-10, broad money stock (M3) (up to April 10, 2009)
increased by 2.0 per cent as compared to 0.2 per cent during the corresponding period of the
last year. The year-on-year growth, as on April 10, 2009, was 20.5 per cent as compared to
21.4 per cent on the corresponding date of last year.
Net foreign exchange assets (NFA) of banking sector during the current financial year (up to
April 10, 2009) have decreased by 1.5 per cent as compared to an increase of 0.7 per cent in
the same period last year. The year on year growth rate of NFA, as on April 10, 2009, was
Negative 0.1 per cent compared to 42.8 per cent on the corresponding date of last year.
SCHEDULED COMMERCIAL BANKS (SCBs): BUSINESS IN INDIA
During the current financial year (up to April 10, 2009) gross bank credit increased by 0.1 per
cent compared to an decrease of 1.2 per cent during the corresponding period of last year.
The Non-Food credit during the financial year (up to April 10, 2009) remained stable
compared to an decrease of 1.0 per cent during the corresponding period of last year. The
year-on-year growth of time deposits with SCBs as on April 10, 2009 was 23.9 per cent as
compared to 23.5 per cent during the corresponding period of last year.

Select Scheduled Commercial banks – Business in India

Items Outstanding as on Per cent Variation
( Rs. Crore) Financial year so Year-on-year
far
Mar 27, April 10, 2008-09 2009-10 2008 2009
2009 2009
1. Bank credit 2770012 2771441 -1.2 0.1 22.9 18.8
Food credit 46211 46750 -11.9 1.2 -15.6 19.5
Non-Food credit 2723801 2724691 -1.0 0.0 23.8 18.8
2. Aggregate deposit 3830322 3901048 -0.1 1.8 22.9 22.1
Demand deposit 520130 511633 -12.5 -1.6 19.9 11.5
Time deposits 3310191 3389415 2.3 2.4 23.5 23.9
3. Investments in Govt. and 1165746 1247820 4.3 7.0 24.6 23.1
other approved securities
Government securities 1148168 1230150 4.4 7.1 25.4 22.9
Other approved securities 17578 17670 -1.7 0.5 -16.6 37.6
 7

Money Stock : Components and Sources

(Rs. crore)
Item Outstanding as on Percentage Variation
2009 Financial Year Year-on-Year
2008-09 2009-10 2008 2009
Mar. 31# Apr. 10# % % % %
1 2 3 4 5 6 7
M3 47,58,504 48,53,911 0.2 2.0 21.4 20.5
Components (i+ii+iii+iv)
(i) Currency with the Public 6,66,095 6,80,787 3.2 2.2 17.3 16.1
(ii) Demand Deposits with Banks 5,73,918 5,65,755 -11.8 -1.4 18.5 11.5

(iii) Time Deposits with Banks 35,12,947 35,96,976 2.2 2.4 22.9 22.9

(iv) "Other" Deposits with Reserve 5,544 10,394 -40.9 87.5 -27 94.3
Bank
Sources (i+ii+iii+iv-v)
(i) Net Bank Credit to 12,83,165 12,87,682 -1.9 0.4 6.3 44.9
Government (a+b) 69,913 -8,967
(a) Reserve Bank 12,13,252 12,96,648 4.2 6.9 24.3 22.2
(b) Other Banks
(ii) Bank Credit to 30,12,673 30,16,045 -1.2 0.1 21.2 18.5
Commercial Sector (a+b) 13,820 13,370
(a) Reserve Bank 29,98,853 30,02,675 -1.2 0.1 21.2 18.0
(b) Other Banks
(iii) Net Foreign Exchange 13,22,847 13,02,691 0.7 -1.5 42.8 -0.1

Assets of Banking Sector*

(iv) Government's Currency 9,984 9,984 — — 13.0 8.2

Liabilities to the Public

(v) Banking Sector's Net 8,70,165 7,62,490 -6.3 -12.4 33.5 5.7
Non-Monetary Liabilities
of which :
Net Non-Monetary
Liabilities of RBI 3,96,289 3,71,541 -0.1 -6.2 25.0 77.0
* : Includes investments in foreign currency denominated bonds issued by IIFC (UK) since March
20, 2009.
Note : Government Balances as on March 31, 2009 are before closure of accounts.

INTEREST RATES (PER CENT PER ANNUM)

As on April 10, 2009 Bank Rate was 6.00 per cent, the same as on the corresponding date of
last year. Call money rates (borrowing) were in the range of 1.25/4.00 per cent as compared
with 1.00/6.50per cent on the corresponding date of last year.
 8

Item/ week ended 2008 2009

April 11 April 10
Bank Rate 6.00 6.00
IDBI1 10.25 10.25
Prime Lending Rate2 12.25-12.75 11.50-12.25
Deposit Rate3 8.25-9.00 7.00-8.50
Call Money Rate4(Low/High)
Borrowings 1.00/6.50 1.25/4.00
Lending 1.00/6.50 1.25/4.00
1. Minimum Term Lending Rate (MTLR).
2. Prime Lending Rate relates to five major Banks.
3. Deposit Rate relates to major banks for term deposits of more than one-year maturity.
4. Call money rates are based on data covering 90-95 per cent of total transactions reported by
major participants.

FOREIGN TRADE
Exports, in dollar terms, during April-March 2009 increased by 3.4 percent and Imports
increased by 14.3 percent. The Oil imports increased by 16.9 percent and Non-oil imports
increased by 13.2 per cent during April-March, 2009.
US Dollar Millions
% Change
April -March (P) April-March
Item 2006-07(R) 2007-08(P) 2007 - 08 2008 - 09 2008 - 09
Exports 126361 163132 163132 168704 3.4
Imports 185749 251654 251654 287759 14.3
Oil 57144 79715 79715 93176 16.9
Non-Oil 128606 171940 171940 194584 13.2
Trade Balance -59388 -88522 -88522 -119055 -
Source: Provisional Data for April –March 2008-09 as per the press note of the Ministry of
Commerce and Industry.
FOREIGN EXCHANGE RESERVES
(EXCLUDING GOLD, SDRs and Reserve Tranche Position in IMF)
Amount* Variation
Rs. Crore $ Millions Rs. Crore $ Millions
At the end of (over last year)
March, 2005 593121 135571 126906 28123
March, 2006 647327 145108 54206 9537
March, 2007 836597 191924 7064 4713
March, 2008 1196023 299230 359426 107306
2008-2009 (over last month)
April, 2008 1230896 304225 34873 4995
May, 2008 1298464 304875 67568 650
June, 2008 1298552 302340 88 -2535
July, 2008 1257357 295918 -41195 -6422
August, 2008 1252904 286117 -4453 -9801
September, 2008 1301645 277300 48741 -8817
October, 2008 1201920 244045 -99725 -33255
November 2008 1191016 238968 -10904 -5077
December, 2008 1194790 246603 3774 7635
January, 2009 1173060 238894 -21730 -7709
February, 2009 1211002 238715 37942 -179
March, 2009 1231340 241676 35317 -57554
April, 2009 1214003 241737 -17337 61
Note: * includes valuation changes Source: RBI.
 9

EXTERNAL ASSISTANCE AND DEBT SERVICE PAYMENTS

Gross external aid (Government account) in April, 2009 at Rs. 678.53 crore was –23.0 percent
higher than that of Rs. 880.73 crore in April, 2008. Net disbursements were Rs. 354.93 crore
in April 2009 as compared with Rs. 633.55 crore in April 2008. Net aid transfers were 97.45
crore in March 2009 as compared with Rs. 438.34 crore in corresponding period last year.

EXTERNAL ASSISTANCE AND DEBT SERVICE PAYMENTS

(Rs. crore)
APRIL During the Financial year APRIL During the Financial year
2009 2009-2010 2008 2008-2009

External Assistance (Government Account)

1) Gross Disbursement 678.53 678.53 880.73 880.73
2) Repayments 323.60 323.60 247.18 247.18
3) Interest Payments 257.48 257.48 195.21 195.21
4) Net Disbursement (1-2) 354.93 354.93 633.55 633.55
5) Net Transfers (4-3) 97.45 97.45 438.34 438.34
External Assistance (Non-Government Account)
1) Gross Disbursement 0.07 0.07 173.84 173.84
2) Repayments 0.00 0.00 0.00 0.00
3) Interest Payments 0.00 0.00 9.20 9.20
4) Net Disbursement (1-2) 0.07 0.07 173.84 173.84
5) Net Transfers (4-3) 0.07 0.07 164.64 164.64
Govt Grants
1) Gross Disbursement 75.51 75.51 40.55 40.55
2) Repayments 0.00 0.00 0.00 0.00
3) Interest Payments 0.00 0.00 0.00 0.00
4) Net Disbursement (1-2) 75.51 75.51 40.55 40.55
5) Net Transfers (4-3) 75.51 75.51 40.55 40.55
Non Govt Grants
1) Gross Disbursement 0.81 0.81 7.48 7.48
2) Repayments 0.00 0.00 0.00 0.00
3) Interest Payments 0.00 0.00 0.00 0.00
4) Net Disbursement (1-2) 0.81 0.81 7.48 7.48
5) Net Transfers (4-3) 0.81 0.81 7.48 7.48
Grand Total
1) Gross Disbursements 754.92 754.92 1,102.60 1,102.60
2) Repayments 323.60 323.60 247.18 247.18
3) Interest Payments 257.48 257.48 204.41 204.41
4) Net Disbursement (1-2) 431.32 431.32 855.42 855.42
5) Net Transfers (4-3) 173.84 173.84 651.01 651.01

Rupees per Unit of Foreign Currency

The monthly average exchange rate of the rupee for April 2009 appreciated against US dollar, Euro
and Japanese yen marginally Rupee depreciated against Pound sterling, from its level in February
2009.
 10

Rupees per Unit of Foreign Currency

US Dollar Pound Sterling Japanese Yen Euro
March, 2007 44.03 85.68 0.3754 58.27
March, 2008 40.36 80.81 0.4009 62.63
2008-2009
April, 2008 40.02 79.20 0.3893 63.03
May, 2008 42.13 82.74 0.4041 65.55
June, 2008 42.8212 84.1050 0.4007 66.5735
July,2008 42.8380 85.1704 0.4015 67.5635
August, 2008 42.9111 81.3406 0.3934 64.4467
September, 2008 45.5635 82.0646 0.4274 65.5514
October, 2008 48.6555 82.6518 0.4873 64.8387
November, 2008 49.0049 75.1792 0.5115 61.6728
December, 2008 48.6345 72.5583 0.5330 65.6687
January, 2009 48.7888 70.7730 0.5404 65.0993
February, 2009 49.2624 70.8279 0.5347 62.8885
March, 2009 51.2287 72.9041 0.5251 66.9207
April, 2009 50.0450 73.5485 0.5089 65.7674
@ FEDAI Rates

INFLATION
The annual rate of inflation based on Wholesale Price Index (WPI) stood at 0.57 per cent for week
ended April 18, 2009 compared with 8.23 per cent a year ago. This rate was contributed by an increase
of 5.68 per cent in Primary Articles, negative 5.83 per cent in Fuel, Power, Lights and Lubricants and
0.95 per cent increase in Manufactured Products as against an increase of 9.36 per cent, 7.05 per cent
and 8.18 per cent respectively on the corresponding date of last year.

VARIATION IN WHOLESALE PRICE INDEX (Base: 1993-94)

Percent variation during
Items/Groups Weight Month end Year (Point to Point)
(%) (week ending Apr 18, 09)
Last year Current Last year Current
year year
All Commodities 100.00 1.10 1.41 8.23 0.57
1. Primary articles 22.03 1.40 3.09 9.36 5.68
2. Fuel and Power group 14.23 0.38 0.62 7.05 -5.83
3. Manufactured Products 63.75 1.22 1.00 8.18 0.95

CONSUMER PRICE INDEX

All India Consumer Price Index for Industrial Workers (CPI-IW) for February, 2009 stood at 148. The
CPI-IW in February, 2009 was 9.63 per cent which is higher than 5.47 per cent in February, 2008.
CONSUMER PRICE INDEX FOR INDUSTRIAL WORKER AND INFLATION RATE IN PER
CENT (Base : 2001=100)
2007-08 2008-09
(February, 2008) (February, 2009)
Annual Inflation 5.47 9.63
Financial Year Inflation 6.30 8.03
Per cent change over last month 0.57 0.00
Level of Index 135 148
Average of Index for 12 months 131.92 143.92
ending February, 2008
 11

WORLD COMMODITY PRICE

Quarterly averages Monthly averages
Jul-Sep Oct-Dec Jan-Mar Feb Mar Apr
Commodity Unit 2008 2008 2009 2009 2009 2009
Energy
Coal, Australia $/mt 162.80 92.97 71.93 75.38 61.00 63.56
Crude oil, avg, spot $/bbl 115.68 56.00 44.11 41.84 46.65 50.28
Crude oil, Brent $/bbl 115.60 55.89 44.98 43.24 46.84 50.85
Crude oil, Dubai $/bbl 113.47 53.67 44.56 43.14 45.58 50.18
Natural gas, US $/mmbtu 9.03 6.40 4.57 4.52 3.95 3.50
Agriculture
Coffee, robusta ¢/kg 244.84 192.57 175.83 176.85 168.23 166.51
Tea, auctions (3), average ¢/kg 272.33 206.61 217.03 213.52 218.99 241.39
Coconut oil $/mt 1246.33 771.67 677.33 673.00 625.00 747.00
Groundnut oil $/mt 2416.53 1772.67 1283.33 1293.00 1214.00 1188.00
Palm oil $/mt 928.00 512.00 577.33 572.00 598.00 700.00
Palm kernel oil $/mt 1114.33 609.00 577.33 575.00 587.00 715.00
Soybean meal $/mt 450.33 320.33 364.50 381.00 344.00 387.00
Soybean oil $/mt 1353.00 830.00 754.75 748.00 727.00 800.00
Maize $/mt 244.74 168.36 166.92 163.38 164.56 168.50
Rice, Thailand, 25% $/mt 669.50 449.92 469.42 472.75 471.50 446.00
Wheat, US, HRW $/mt 317.69 228.12 231.58 224.69 230.95 233.64
Wheat US SRW $/mt 241.53 182.74 187.39 183.35 183.72 182.62
Oranges $/mt 1162.51 841.63 798.59 766.57 846.50 906.56
Sugar, world ¢/kg 31.14 26.28 28.85 29.26 29.54 30.09
Raw Materials
Logs, Malaysia $/cum 277.73 315.68 313.56 322.45 288.57 283.13
Plywood ¢/sheets 648.65 645.47 572.81 572.96 570.79 567.72
Woodpulp $/mt 848.79 711.04 565.13 549.83 537.70 525.00
Cotton A Index ¢/kg 168.25 126.91 120.81 121.70 113.54 124.96
Rubber RSS1, US ¢/kg 329.15 202.83 165.79 165.79 161.82 183.64
Rubber RSS3, SGP ¢/kg 298.43 159.02 146.04 146.32 143.08 162.38
Fertilizers
DAP $/mt 1153.68 663.33 362.17 367.88 367.63 335.40
Phosphate rock $/mt 409.17 371.33 193.33 157.50 157.50 125.50
Potassium chloride $/mt 635.00 766.67 865.21 872.50 870.00 745.00
Urea $/mt 745.42 292.21 267.33 273.25 265.38 245.20
Metals and Minerals
Aluminum $/mt 2787.14 1821.42 1359.72 1330.20 1335.84 1420.85
Copper $/mt 7679.87 3904.89 3428.39 3314.73 3749.75 4406.55
Gold $/toz 869.58 794.53 908.65 943.00 924.27 890.20
Iron ore ¢/dmtu 140.60 140.60 140.60 140.60 140.60 140.60
Lead ¢/kg 191.23 124.47 115.74 110.05 123.89 138.31
Nickel $/mt 18960.84 10842.57 10470.67 10408.75 9696.36 11166.00
Silver ¢/toz 1494.52 1020.38 1265.03 1343.68 1311.50 1252.02
Steel cr coilsheet $/mt 1100.00 1100.00 1033.33 1100.00 900.00 700.00
Steel hr coilsheet $/mt 1000.00 1000.00 933.33 1000.00 800.00 600.00
Tin ¢/kg 2051.15 1309.51 1102.93 1103.93 1067.59 1174.35
Zinc ¢/kg 177.04 118.51 117.21 111.21 121.68 137.89
Source : World Bank – The Pink Sheet
 12

PUBLIC FINANCE
Trends in Central Government Finances: April-February 2008-09
Budget April-February Col.3 as Col. 4 as % Change over
Estimates % of % of proceeding year
2008-09 2007- 2008-09 2007-08 2008-09 2007-08 2008-09
08 BE BE (4/3)
(Rs. Crore)
(1) (2) (3) (4) (5) (6) (7)) (8)
1. Revenue Receipts 6,02,935 436389 4,37,397 89.7 72.5 26.8 0.2
Gross tax revenue 6,87,715 466163 4,98,715 85.0 72.5 26.8 7.0
Tax (net to Centre) 5,07,150 352356 3,56,390 87.2 70.3 27.2 1.1
Non Tax 95,785 84033 81,007 101.8 84.6 25.2 -3.6
2. Capital Receipts 1,47,949 147744 3,10,927 76.1 210.2 16.5 110.4
of which:
Recovery of loans 4,497 4542 3,751 302.8 83.4 -8.6 -17.4
Other Receipts 10,165 37800 43 90.8 0.4
Borrowings and other 1,33,287 105402 3,07,133 69.8 230.4 -13.5 191.4
liabilities
3. Total Receipts (1+2) 7,50,884 584133 7,48,324 85.8 99.7 24.1 28.1
4.Non-Plan Expenditure 5,07,498 412850 5,15,747 86.8 101.6 23.3 24.9
(a)+(b)
(a) Revenue Account 4,48,352 345686 4,82,062 90.1 107.5 10.9 39.5
of which:
Interest payments 1,90,807 144340 1,65,799 90.8 86.9 14.6 14.9
Major Subsidies 66,537 56545 1,17,222 110.9 176.2 19.3 107.3
Pensions 25,085 21038 27,741 89.6 110.6 11.2 31.9
(b) Capital Account 59,146 67164 33,685 73.1 57.0 188.8 -49.8
5.Plan Expenditure 2,43,386 171283 2,32,577 83.5 95.6 26.0 35.8
(i)+(ii)
(i) Revenue Account 2,09,767 145669 1,99,848 83.5 95.3 26.9 37.2
(ii) Capital Account 33,619 25614 32,729 83.3 97.4 21.2 27.8
6.Total Expenditure 7,50,884 584133 7,48,324 85.8 99.7 24.1 28.1
(4)+(5)=(a)+(b)
(a)Revenue Expenditure 6,58,119 491355 6,81,910 88.1 103.6 15.2 38.8
(b)Capital Expenditure 92,765 92778 66,414 75.7 71.6 109.0 -28.4
7. Revenue Deficit 55,184 54966 2,44,513 76.9 443.1 -33.3 344.8
8. Fiscal Deficit 1,33,287 105402 3,07,133 69.8 230.4 -13.5 191.4
9. Primary Deficit -57,520 -38938 1,41,334 483.9 -245.7 837.8 -463.0