Economic & Political Weekly EPW Published on Saturday, JUNE 24, 2017 vol lII nos 25 & 26 357

CURRENT STATISTICS EPW Research Foundation

Wholesale Price Index Foreign TradeMerchandise

The year-on-year WPI-based inflation rate increased to 2.2% in May 2017
against -0.9% in May 2016, but was lower than 3.9% a month ago. The index for
primary articles declined by (-)1.8% in May 2017 compared to 4.4% a year
agoand 1.2% a month ago. The index for food articles fell by (-)2.3% in May 2017
against 6.8% in May 2016. The index for fuel and power rose sharply by 11.7%
against -14.6% a year ago. The index for manufactured products increased
by 2.6% in May 2017 compared to -0.6% in the corresponding period of the
previous year.
The trade deficit widened to $13.8 billion (bn) in May 2017 compared to $6.3 bn a
year ago. On a year-on-year basis, exports increased by 8.3% to $24.0 bnand
imports rose sharply by 33.1% to $37.9 bnin May 2017. At $7.7 bn, oil imports were
higher by 29.5% in May 2017 compared to $5.4 bn in May 2016 and non-oil imports
also went up by 34% to $30.2 bn from $22.5 bn during the same period. During the
financial year 201718 so far, cumulative exports rose by 13.8% to $48.6 bn and
imports by 40.6% to $75.7 bn; they stood at $42.7 bn and $53.8 bn, respectively, in
the same period last year.

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 CPI-rural
inflation rate and CPI-urban 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 decreased to 1.6% in May 2017 compared to 6.0% in May 2016 and that
for industrial workersdecreased to 2.2% in April 2017 from 5.9% a year ago.
The year-on-year growth rate of IIP slowed down to 3.1% in April 2017 from 6.5% a
year ago with manufacturing sector witnessing a fall in growth of 2.6% compared to
5.5% in April 2016. Growth of mining sector and electricity generation decreased to
4.2% and 5.4%, respectively, in April 2017 from 6.7% and 14.4%, a year ago. As per use-
based classification, production of capital goods and consumer durables contracted by
(-)1.3% and (-)6.0%, respectively, in April 2017 against 8.1% and 13.8%, in April 2016.
Production of consumer non-durables and infrastructure goods increased by 8.3%
and 5.8%, respectively, in April 2017 compared to 0.1% and 0.8%, a year ago.

Movement of WPI Inflation JanuaryMay Merchandise Trade May 2017

May 2017 Over Month Over Year (AprilMay)
($ bn) (%) (%) (201718 over 201617) (%)
Year-on-Year in % Exports 24.0 -2.5 8.3 13.8
9 Imports 37.9 -0.1 33.1 40.6
2017 Trade Deficit -13.8 4.5 120.7 143.7
6
Data is provisional. Source: Ministry of Commerce and Industry.
3
2.2% Components of Trade May 2016 and May 2017
0
-0.9% $30.2 billion
32
-3
$22.2 billion $22.5 billion $24 billion
2016 Exports Non-oil Imports
-6
Jan Feb Mar Apr May

* Data is provisional; Base: 201112 = 100.

$5.9 billion $7.7 billion
Oil Imports

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

Financial Year (Averages)
Weights Over Month Over Year 201415 201516 201617 $6.3 billion
All commodities 100 -0.4 2.2 1.2 -3.7 1.7 Trade Deficit
Primary articles 22.6 -1.5 -1.8 2.2 -0.4 3.5 -15 $13.8 billion
Food articles 15.3 -1.2 -2.3 5.6 2.6 4.1
2016 MAY 2017 MAY
Fuel and power 13.2 -2.2 11.7 -6.1 -19.7 -0.2
Manufactured products 64.2 0.4 2.6 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 JanuaryApril
Year-on-Year in %
Movement of CPI Inflation April 2016May 2017 8
Year-on-Year in % 2016
6.5%
10
5
8
Consumer Food 3.1%
2
6
CPI
3.8% 2017
4
0
Miscellaneous Jan Feb Mar Apr*
2
2.2% .
* April 2017 are quick estimates; Base: 201112=100.
0
-1.0% Industrial Growth: Sector-wise April 2017* (%)
-2 Weights Over Over Financial Year (Avgs)
A M J J A S O N D J F M A May*
2016 2017 Month Year 201516 201617
* Data is provisional. General index 100 -11.2 3.1 3.4 5.0
Source: Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, Base: 2012=100. Mining 14.4 -21.9 4.2 4.3 5.3
Manufacturing 77.6 -10.8 2.6 3.0 4.9
CPI: Rural and Urban May 2017* (%) Electricity 8.0 1.8 5.4 5.7 5.8
Latest Over Over Financial Year (Avgs)
Month Index Month Year 201516 201617 Industrial Growth: Use-based
Primary goods 34.0 -11.8 3.4 5.0 4.9
Rural (2012=100) 133.3 0.3 2.3 5.6 5.0
Capital goods 8.2 -31.7 -1.3 2.1 1.9
Urban (2012=100) 129.3 0.2 2.1 4.1 4.0
Intermediate goods 17.2 -9.6 4.6 1.5 3.0
CPI: Occupation-wise Infrastructure/Construction goods 12.3 -6.5 5.8 2.8 3.8
Industrial workers (2001=100) # 277.0 0.7 2.2 5.6 4.1 Consumer durables 12.8 -7.1 -6.0 4.2 6.2
Agricultural labourers (198687=100) 872.0 0.2 1.4 4.4 4.2 Consumer non-durables 15.3 -8.1 8.3 2.7 9.0
* Provisional; #: April 2017; Source: CSO (rural and urban), Labour Bureau (IW and AL). * April 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.

Economic & Political Weekly EPW june 10, 2017 vol lII no 23 357
358 Published on Saturday, JUNE 24, 2017 vol lII nos 25 & 26 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)
Q3 Q4 Q1 Q2 Q3 Q4 Q3 Q4 Q1 Q2 Q3 Q4
Current account -7121 -338 -401 -3467 -7976 -3452 -469 [-1.4] -23 [-0.1] -27 [-0.1] -232 [-0.6] -538 [-1.4] -231 [-0.6]
Merchandise -33975 -24755 -23835 -25612 -33273 -29722 -2240 -1671 -1594 -1715 -2243 -1992
Invisibles 26854 24417 23434 22146 25297 26270 1770 1648 1568 1483 1706 1760
Services 18013 16077 15745 16295 17780 17636 1187 1085 1053 1091 1199 1182
of which: Software services 18556 17328 17573 17650 18002 16839 1223 1170 1175 1182 1214 1128
Transfers 15250 14961 14002 13902 13894 14186 1005 1010 937 931 937 951
of which: Private 15305 15146 14161 14048 13996 14368 1009 1022 947 941 944 963
Income -6408 -6621 -6312 -8051 -6377 -5552 -422 -447 -422 -539 -430 -372
Capital account 10915 3455 7181 12835 6073 10392 720 [2.1] 233 [0.6] 480 [1.4] 859 [2.3] 409 [1.1] 696 [1.7]
of which: Foreign investment 11256 7259 5985 23050 -1607 15796 742 490 400 1543 -108 1059
Overall balance 4056 3274 6969 8512 -1242 7312 267 [0.8] 221 [0.6] 466 [1.3] 570 [1.6] -84 [-0.2] 490 [1.2]
Figures in square brackets are percentage to GDP.

Foreign Exchange Reserves Variation

9 June 10 June 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 2304870 2262640 2254320 38210 42230 33620 50550 82800 251570 322660 218620 25300
$ mn 358753 340484 347765 6198 18269 2878 10988 -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 26 May 12722950 102360 (0.8) 832850 (7.0) 272490 (2.3) -121440 (-0.9) 1032788 (10.9) 1067442 (10.1) 1226780 (10.6)
Components
Currency with public 1412920 58950 (4.4) -247410 (-14.9) 63070 (3.9) 149210 (11.8) 140362 (11.3) 211078 (15.2) -333550 (-20.9)
Demand deposits 1200610 -31280 (-2.5) 219570 (22.4) -8800 (-0.9) -210020 (-14.9) 79652 (9.8) 98208 (11.0) 420790 (42.5)
Time deposits 10091650 74590 (0.7) 856210 (9.3) 220360 (2.4) -57310 (-0.6) 800144 (10.7) 757316 (9.2) 1133880 (12.6)
Other deposits with RBI 17770 110 (0.6) 4470 (33.6) -2150 (-13.9) -3320 (-15.7) 12620 (640.6) 860 (5.9) 5640 (36.5)
Sources
Net bank credit to government 4118690 -1750 (-0.0) 562360 (15.8) 317850 (9.8) 249600 (6.5) -37476 (-1.2) 231086 (7.7) 630610 (19.5)
Bank credit to commercial sector 8159570 48550 (0.6) 369530 (4.7) -13030 (-0.2) -291860 (-3.5) 604434 (9.4) 753346 (10.7) 648360 (8.3)
Net foreign exchange assets 2539240 51170 (2.1) -18100 (-0.7) 23620 (0.9) 47240 (1.9) 326709 (17.0) 283071 (12.6) -41720 (-1.6)
Banking sectors net non-monetary liabilities 2119640 -4390 (-0.2) 83660 (4.1) 56420 (2.9) 126410 (6.3) -137041 (-7.2) 202531 (11.4) 13670 (0.7)
Reserve money as on 9 June 2017 2009080 54420 (2.8) -164960 (-7.6) -6690 (-0.3) 108600 (5.7) 195710 (11.3) 252270 (13.1) -280250 (-12.9)
Components
Currency in circulation 1518000 43740 (3.0) -230650 (-13.2) 85190 (5.1) 182730 (13.7) 147250 (11.3) 215140 (14.9) -328190 (-19.7)
Bankers deposits with RBI 473120 10470 (2.3) 61090 (14.8) -89790 (-17.9) -71000 (-13.0) 35860 (8.3) 36260 (7.8) 42300 (8.4)
Other deposits with RBI 17960 210 (1.2) 4600 (34.4) -2090 (-13.5) -3130 (-14.8) 12630 (644.4) 860 (5.9) 5640 (36.5)
Sources
Net RBI credit to Government 683590 18410 (2.8) -11060 (-1.6) 269660 (63.5) 62780 (10.1) -334180 (-47.8) 60470 (16.6) 195820 (46.1)
of which: Centre 680130 15430 (2.3) -11950 (-1.7) 267510 (63.0) 60530 (9.8) -336610 (-48.2) 63530 (17.6) 195030 (45.9)
RBI credit to banks & commercial sector -308340 15460 (-4.8) -325520 (-1894.8) -287360 (-94.4) 940 (-0.3) 145020 (252.3) 102040 (0.0) -613820 (0.0)
Net foreign exchange assets of RBI 2448530 36660 (1.5) 32780 (1.4) 32270 (1.4) 51320 (2.1) 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 839790 16110 (2.0) -136130 (-13.9) 21740 (2.3) 6440 (0.8) -58040 (-6.9) 168900 (21.5) -120830 (-12.7)

Scheduled Commercial Banks Indicators ( ` crore) Variation

Outstanding Over Month Over Year Financial Year So Far Financial Year
(As on 26 May 2017) 2017 201617 201718 201415 201516 201617
Aggregate deposits 10551180 41840 (0.4) 1037100 (10.9) 186800 (2.0) -208930 (-1.9) 827730 (10.7) 793990 (9.3) 1432830 (15.4)
Demand 1087330 -31210 (-2.8) 211760 (24.2) -13420 (-1.5) -192820 (-15.1) 80110 (11.2) 94960 (12.0) 391160 (44.0)
Time 9463850 73050 (0.8) 825340 (9.6) 200220 (2.4) -16110 (-0.2) 747610 (10.7) 699040 (9.0) 1041670 (12.3)
Cash in hand 64920 -3170 (-4.7) 1040 (1.6) 6440 (11.2) 3620 (5.9) 7490 (16.3) 4080 (7.6) 3860 (6.7)
Balance with RBI 432950 -15260 (-3.4) 49000 (12.8) -3490 (-0.9) -75820 (-14.9) 56730 (17.9) 14370 (3.9) 121330 (31.3)
Investments 3225550 29800 (0.9) 493380 (18.1) 106660 (4.1) 194620 (6.4) 279010 (12.6) 133680 (5.4) 405420 (15.4)
of which: Government securities 3223950 29890 (0.9) 493400 (18.1) 106620 (4.1) 194240 (6.4) 278560 (12.6) 134180 (5.4) 405780 (15.5)
Bank credit 7593550 48130 (0.6) 367110 (5.1) -23170 (-0.3) -254670 (-3.2) 542320 (9.0) 713190 (10.9) 598610 (8.3)
of which: Non-food credit 7532850 43110 (0.6) 417070 (5.9) -28580 (-0.4) -261440 (-3.4) 546350 (9.3) 702360 (10.9) 649930 (9.1)

Capital Markets 16 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) 31056 (17.1) 30583 26525 (-0.6) 29319 31309 24674 29649 27957 (24.9) 25342 (-9.4) 29621 (16.9)
S&P BSE-100 (Base: 198384=100) 9920 (20.1) 9884 8261 (1.6) 9439 10000 7656 9494 8607 (28.3) 7835 (-9.0) 9494 (21.2)
S&P BSE-200 (198990=100) 4177 (21.5) 4172 3438 (2.2) 3983 4204 3193 3992 3538 (31.9) 3259 (-7.9) 3992 (22.5)
CNX Nifty (Base: 3 Nov 1995=1000) 9588 (17.8) 9512 8141 (1.2) 9104 9675 7546 9174 8491 (26.7) 7738 (-8.9) 9174 (18.5)
Net FII Investment in equities ($ Million)* 176758 (5.0) 175187 168410 (-0.3) - - - - 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.

358 june 10, 2017 vol lII no 23 EPW Economic & Political Weekly
Economic & Political Weekly EPW Published on Saturday, JUNE 24, 2017 vol lII nos 25 & 26 359

CURRENT STATISTICS EPW Research Foundation

Secondary Market Transactions in Government Securities and the Forex MarketWeeks Ending 2, 9 and 16 June 2017
1 Settlement Volume of Government Securities (G-Sec) Transactions (Face Value in ` crore)
Week Ended 16 June 2017 9 June 2017 2 June 2017 17 June 2016 201718* 201617**
Number Volume Number Volume Number Volume Number Volume Number Volume Number Volume
of Trades of Trades of Trades of Trades of Trades of Trades
Outright 27575 341559 28190 370879 18422 233377 19079 228043 209794 2563439 218054 2571389
Repo 2085 266450 2172 288029 1901 236951 1675 208154 19589 2507950 16924 2206302
CBLO 3967 492819 4036 496848 3931 559773 4391 393490 40964 5493201 42803 3831086
Total 33627 1100828 34398 1155756 24254 1030101 25145 829687 270347 10564591 277781 8608777
Daily Avg Outright 5515 68312 5638 74176 3684 46675 3816 45609 4114 50264 4276 50419
Daily Avg Repo 417 53290 362 48005 380 47390 335 41631 350 44785 302 39398
Daily Avg CBLO 793 98564 673 82808 786 111955 878 78698 732 98093 764 68412

2 Type-wise Settlement Volume of Government Securities Transactions (Face Value in ` crore) 3 Top 5 Traded Central Govt Dated Securities (16 June 2017)
Security Description Trades Value (` Crore) % Value to Total
Outright Repo Outright Repo Outright Repo Outright Repo
6.79% GS 2029 8281 84079 28.24
Central Government 297748 196247 317004 206160 187632 159495 198415 162787
6.79% GS 2027 6736 74100 24.89
State Government 18184 20970 16257 17459 9985 16578 8398 18344 6.97% GS 2026 2724 29710 9.98
Treasury Bills 25627 49233 37619 64410 35761 60878 21231 27023 7.61% GS 2030 1410 15865 5.33
Total 341559 266450 370879 288029 233377 236951 228043 208154 7.59% GS 2026 637 6225 2.09

4 Category-wise Buying/Selling Activity (Market Share %) (16 June 2017)

Outright Reverse Repo Repo CBLO Lending CBLO Borrowing NDS Call IRS MIBOR IRS-MIFOR
Category Buy Side Sell Side Buy Side Sell Side Buy Side Sell Side Buy Side Sell Side Buy Side Sell Side Buy Side Sell Side
Cooperative Banks 4.67 4.12 0.33 1.57 3.10 1.57 53.72 1.07 - - - -
Financial Institutions 1.11 0.23 4.37 0.12 0.01 10.22 - - - - - -
Foreign Banks 23.63 22.26 19.16 16.38 1.80 9.92 6.02 14.07 69.07 69.54 62.03 56.96
Insurance Companies 2.10 1.73 1.70 0.00 13.14 0.30 - - - - - -
Mutual Funds 8.89 8.82 28.35 0.04 61.58 19.47 - - - - - -
Others 2.56 1.21 0.00 4.89 7.08 9.34 - - - - - -
Primary Dealers 16.94 18.42 4.05 40.42 0.00 4.43 0.00 44.57 15.00 19.97 0.00 0.00
Private Sector Banks 17.11 16.40 19.46 27.71 4.41 18.16 12.57 26.65 14.35 9.49 32.44 28.80
Public Sector Banks 22.99 26.82 22.59 8.88 8.88 26.58 27.70 13.64 1.59 1.00 5.54 14.24

5 Trading Platform AnalysisTrading Value (Face Value in ` crore) (16 June 2017)
Week Ended OTC NDS-OM Brokered Deals Total
Number Volume Market Number Volume Market Number Volume Market Number Volume
of Trades Share (%) of Trades Share (%) of Trades Share (%) of Trades
Central Government 1145 39867 14.92 22498 227281 85.08 157 10588 3.96 23643 267148
State Government 657 12828 66.49 515 6466 33.51 91 2774 14.38 1172 19294
Treasury Bills 217 16363 65.59 264 8584 34.41 21 3150 12.63 481 24947
Total 2019 69058 22.18 23277 242331 77.82 269 16513 5.30 25296 311389

6 Settlement Volume of Forex Segment

Segment 16 June 2017 9 June 2017 2 June 2017 17 June 2016 201718* 201617**
Number Volume Number Volume Number Volume Number Volume Number Volume Number Volume
of Deals ($ mn) of Deals ($ mn) of Deals ($ mn) of Deals ($ mn) of Deals ($ mn) of Deals ($ mn)
Cash 1248 17904 1238 18443 1180 16401 1432 23530 13084 197900 16504 271860
Tom 1830 23006 1906 24663 1498 18923 2228 31533 20052 257920 23890 328236
Spot 65780 49874 65542 50169 67226 65446 68698 54298 760778 613789 756686 622566
Forward 710 5320 368 2868 16142 80480 558 3244 39892 230809 34180 189127
Total 69568 96104 69054 96143 86046 181250 72916 112605 833806 1300418 831260 1411788
Average 13914 19221 13811 19229 21512 45312 14583 22521 16676 26008 18472 31373

7 Tenor-wise Forward Trades

Tenor 16 June 2017 9 June 2017 2 June 2017 17 June 2016

Number Value % to Total Number Value % to Total Number Value % to Total Number Value % to Total
of Deals ($ mn) Value of Deals ($ mn) Value of Deals ($ mn) Value of Deals ($ mn) Value
< 30 days 102 2579 48 782 13114 16 782 13114 16 106 2041 63
> 30 days & < = 90 days 135 1926 36 1502 18533 23 1502 18533 23 83 687 21
> 90 days & < = 180 days 65 331 6 1670 16350 20 1670 16350 20 13 52 2
> 180 days & < =365 days 34 325 6 3403 27530 34 3403 27530 34 32 170 5
> 1 year 19 160 3 714 4952 6 714 4952 6 45 293 9
Total 355 5320 100 8071 80480 100 8071 80480 100 279 3244 100
* Data pertain to 1 April 201716 June 2017. ** Data pertain to 1 April 201617 June 2016.
(i) Tables 1 to 5 relate to Securities Segment, and (ii) Tables 6 and 7 relate to Forex Segment.
Source: Clearing Corporation of India Limited (CCIL).

Economic & Political Weekly EPW APRIL 22, 2017 vol lIi no 16 359