May 2005 Indian Economy Statistics
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| VARIABLES | LATEST FIGURES AVAILABLE |
| INFLATION RATE (WPI) | 5.2 % (as on May 28) |
| INFLATION RATE (CPI) | 4.2% (so far over last year) |
| GROWTH RATE OF M3 | 3.4 % (so far in the financial year) |
| PRMIE LENDING RATE | 10.25-10.75 % |
| Re/$ EXCHANGE RATE | 43.69 (as on May 31) |
| FOREX RESERVES | 139.82 billion on May 27 |
| INDEX OF INDUSTRIAL PRODUCTION (IIP) | 8.8 % (variation over last year) |
| GROWTH RATE OF EXPORTS | 17.2 % (variation over last year) |
| GROWTH RATE OF IMPORTS | 51.05 % (variation over last year) |
INFLATION
The Wholesale Price Index for ‘All Commodities’ (Base: 1993-94 = 100) for the week ended 28th May 2005 rose by 0.1 percent to 192.2 (Provisional) from 192.0 (Provisional) for the previous week.
The annual rate of inflation, calculated on point-to-point basis, stood at 5.20 percent (Provisional) for the week ended 28/05/2005 as against 5.38 percent (Provisional) for the previous week and 5.61 percent during the corresponding week of the previous year.
The index for Primary Articles (weight 22.02 %) rose by 0.2 percent to 189.1 (Provisional) from 188.7 (Provisional) for the previous week. The index for ‘Food Articles’ group rose by 0.3 percent to 191.1. The index for ‘Non-Food Articles’ group rose by 0.2 percent to 179.5 (Provisional) from 179.1 (Provisional) for the previous week due to higher prices of raw rubber (3%), fodder (2%) and groundnut seed, gingelly seed, cottonseed and raw jute (1% each). However, the prices of coir fibre (19 %), raw silk (2%) and copra, castor seed and tobacco (1% each) declined.
The index for “Fuel, power, light and lubricant” (weight 14.23%) remained unchanged at its previous week’s level of 293.1. The index for “Manufactured products” (weight 63.75 %) rose by 0.1 percent to 170.7 (Provisional) from 170.6 (Provisional) for the previous week mainly on account of Textiles’, ‘Chemicals & Chemical Products’, ‘Non-Metallic Mineral Products’ and ‘Machinery & Machine Tools.
Monthly inflation rate as measured by the all-India CPI(UNME) for April, 2005 stood at 443, two point more than the index for the previous month i.e. March, 2005. With the corresponding all-India index for April 2004 being 425, the index for the month of April 2005 has shown a rise of 4.2% over the year.
MONEY SUPPLY
Stock of money was Rs 23,46,415 Crore on May 27, 2005. So far in the financial year 2004-05, this variation is of the order of 3.4 %. In terms of amount, the total outstanding money stock is higher by Rs 77,258 crore than that in the same period a year ago. The components in money supply namely, currency with public, Demand deposits with banks, time deposits with banks and “other” deposits with banks witnessed a growth rate of 5.6, -3.6, 4.4 and -33.3 % respectively. Among the sources of variation in money supply net bank credit to govt. and net foreign exchange assets of banking sector saw a decline while bank credit to commercial sector went up. Compared to growth rate in 2003-04, banking sector net non-monetary liabilities other than time deposits shot up.
INTEREST RATES
Prime lending rate of major 5 banks remained static at 10.25%-10.75% in the month of May also. Bank rate is also the same as of last month’s figure of 6%.
INDEX OF INDUSTRIAL PRODUCTION
The Quick Estimates of Index of Industrial Production (IIP) for the month of April 2005 stands at 206.1, which is 8.8% higher as compared to the level in the month of April 2004.
The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of April 2005 stand at 152.4, 215.7, and 186.7 respectively, with the corresponding growths of 3.1%, 10.0% and 3.0% as compared to April 2004.
As many as 14 of the 17 twodigit industry groups have shown positive growth during the month of April 2005 as compared to the corresponding month of the previous year. ‘Textile Products (including Wearing Apparel)’ have shown the highest growth of 23.2%, followed by 20.9% in ‘Other Manufacturing Industries’ and 16.6% in ‘Basic Metal and Alloy Industries’. On the other hand, ‘Wood and Wood Products; Furniture and Fixtures’ have shown a negative growth of 6.3% followed by a decline of 4.6% in ‘Wool, Silk and Manmade Fibre Textiles’ and 2.8% in ‘Jute and Other Vegetable Fibre Textiles (except cotton)’.
As per Usebased classification, the growth in April 2005 over April 2004 is 5.9% in Basic goods, 24.5% in Capital goods and 2.3% in Intermediate goods. The Consumer durables and Consumer nondurables have recorded growth of 18.6% and 11.4% respectively, with the overall growth in Consumer goods being 13.1%.
FOREIGN EXCHANGE RESERVES
After reaching peak of 142 billion in April, foreign exchange reserves fell to slip below the $140-billion mark. During the week ended May 27, reserves dipped $520 million to touch $139.829 billion. The fall occurred despite FII inflows.
A week ago, total foreign exchange reserves including gold and SDR went down by $520m to $139.6 bn during the week ended May 20. While foreign currency assets fell by $518m, the reserve tranche position in the IMF dipped $2m during the week. The value of gold and SDR in reserves remained unchanged.
EXPORTS AND IMPORTS
Exports during April 2005 are valued at US $ 6567.99 million that is 17.20 % higher than the level of US $ 5603.96 million during April 2004. In rupee terms, the exports were Rs. 28729.18 crores, which is 16.70% higher than the value of exports during April 2004.
Imports during April 2005 are valued at US $ 10422.54 million representing an increase of 51.05 % over the level of imports valued at US $ 6900.15 million in April 2004. In Rupee terms, the imports increased by 50.40 %.
Oil imports during April, 2005 are valued at US $ 3299.64 million which is 41.37 % higher than oil imports valued at US $ 2334.11 million in the corresponding period last year. Non-oil imports during April 2005 are estimated at US $ 7122.90 million, which is 56.00 % higher than the level of such imports valued at US $ 4566.04 million in April 2004
SENSEX
Breaking seven successive sessions of gains, the Sensex closed below the psychological mark of 6,700 on 30th May 2005. The markets, which had consistently rallied over the past few sessions, gave in to sustained profit booking in the absence of any major triggers. At close, the Sensex was at 6,663, down 44 points. In the broader markets, the Nifty closed with marginal losses at 2,072. The Sensex started at 6200 closing points in the beginning of May, went up to 6445 ten days later and revolved around 6600 in the third and fourth week of the month.
