Assocham Economic Research Bureau

THE ASSOCIATED CHAMBERS OF COMMERCE AND INDUSTRY OF INDIA

ASSOCHAM Economic Weekly
1
st
June, 2014




2
Contents

1. Macroeconomy


1.1 Estimates of Annual National Income, 2013-14
1.2 Trends in Outstanding Public Debt
1.3 Developments in Indias BoP during January-March 2014


2. Corporate Sector

2.1 Marine Products Exports in 2013-14
3. Market Trends

4. Global Developments


4.1 US Gross Domestic Product, Q1 2014
4.2 Chinas Industrial Profits from January to April 2014
5. Data Appendix

Advertisement Opportunities



3


1. Macroeconomy





1.1 Estimates of Annual National Income, 2013-14
GDP at factor cost at constant (2004-05) prices in the year 2013-14 is now estimated at Rs. 57.42
lakh crore (as against Rs. 57.49 lakh crore estimated earlier on 7
th
February, 2014), showing a
growth rate of 4.7 percent (as against 4.9 percent estimated earlier) over the First Revised Esti-
mates of GDP for the year 2012-13 of Rs. 54.82 lakh crore.
In the agriculture sector, the third advance estimates of crop production released by the Ministry
of Agriculture showed a slight upward revision as compared to their second advance estimates in
the production of rice (106.29 million Tonnes from 106.19 million Tonnes), wheat (95.85 million
Tonnes from 95.60 million Tonnes) and sugarcane (348.38 million Tonnes from 345.92 million
Tonnes) for the year 2013-14. Due to this revision in the production, agriculture, forestry and
fishing sector in 2013-14 has shown a growth rate of 4.7 percent, as against the growth rate of 4.6
percent in the Advance Estimates.
In the case of mining and quarrying, the Index of Industrial Production of Mining registered a
decline of 0.8 percent during 2013-14, as against the decline of 2.2 percent during April-
November, 2013, which was used in the Advance Estimates. Production of coal and crude oil reg-
istered growth rates of 0.8 percent and (-) 0.2 percent in 2013-14 as compared to growth rates of
1.2 percent and (-) 0.6 percent during April to December, 2013. The growth of mining & quarry-
ing is now estimated at (-) 1.4 percent, as against the Advance Estimate growth of (-)1.9 percent.
Similarly, the IIP of manufacturing registered a growth rate of (-) 0.8 percent during 2013-14, as
against the projected growth rate of (-) 0.3 percent for April- March 2013-14 used for compiling




4
the Advance Estimates. Due to this, the growth of manufacturing sector is now estimated at (-)
0.7 percent, as against the Advance Estimate growth of (-) 0.2 percent.
The key indicators of construction sector, namely, cement and consumption of finished steel regis-
tered growth of 3.0 percent and 0.6 percent, respectively in 2013-14 as against 3.7 percent and 0.5
percent, respectively during April-December 2013. Consequently, the growth of the sector is re-
vised to 1.6 percent as against 1.7 percent in the Advance Estimates.
The key indicators of banking, namely, aggregate bank deposits and bank credits have shown
growth of 14.6 percent and 14.3 percent, respectively during 2013-14 over the corresponding pe-
riod in 2012-13, as compared to growth of 15.9 percent and 14.5 percent as on December 2013. In
the transport and communication sectors, the sale of commercial vehicles, cargo handled at major
ports, cargo handled by the civil aviation and passengers handled by the civil aviation registered
growth rates of (-) 20.2 per cent, 1.8 percent, 2.6 per cent and 6.6 per cent respectively during
April-March of 2013-14. Indicators of Railways sector, namely, Net Tonne Kilometers and Pas-
senger Kilometers have shown growth of 1.6 and (-) 1.9 percent respectively during 2013-14 . The
Trade, hotels and transport sector have registered a growth of 3.0 percent in 2013-14 as against
3.5 percent in the advance estimate released in February, 2014.
The sector 'community, social and personal services' has shown a growth rate of 5.6 per cent in the
provisional estimates, as against the growth rate of 7.4 per cent in the advance estimates, mainly
due to fall in total expenditure of Central Government than anticipated (during April-December
2013). The total expenditure of Central Government showed a rise of 17.4 per cent which was
extrapolated in the advance estimates, whereas the Revised Estimates (RE) 2013-14 of Central
Government expenditure showed a rise of only 12.8 per cent.
Please refer Table 1






5
Table 1
Provisional Estimates of GDP at Factor Cost by Economic Activity (At 2004-05 prices)
(Values in Rs. Crore)


2011-12 2012-13 2013-14 2012-13 2013-14
(2nd RE) (1st RE) (PE)
Percentage change over
previous year
Agriculture, forestry & fishing 753,832 764,510 800,548 1.4 4.7
Mining & quarrying 110,725 108,328 106,838 -2.2 -1.4
Industry 1,369,932 1,386,593 1,393,387 1.2 0.5
Manufacturing 854,098 863,876 857,705 1.1 -0.7
Electricity, gas & water supply 100,646 102,922 109,018 2.3 5.9
Construction 415,188 419,795 426,664 1.1 1.6
Services 3,013,041 3,222,680 3,441,017 7.0 6.8
Trade, hotels, transport and communication 1,402,261 1,473,353 1,517,826 5.1 3.0
Financing, insurance, real estate & business services 945,534 1,048,748 1,183,714 10.9 12.9
Community, social & personal services 665,246 700,579 739,477 5.3 5.6
GDP at factor cost 5,247,530 5,482,111 5,741,791 4.5 4.7
Source: MOSPI, Govt. of India
2nd RE: Second Revised Estimate; 1st RE: First Revised Estimate; PE: Provisional Estimate
1.2 Trends in Outstanding Public Debt
The total public debt (excluding liabilities under the Public Account) of the Government margi-
nally decreased to Rs. 4,625,037 crore at end-March 2014 from Rs. 4,629,689 crore at end-
December 2013. This represented a quarter-on-quarter (Q-o-Q) decline of 0.1 per cent compared
with an increase of 3.1 per cent in the previous quarter (Q3 of FY13).
Internal debt constituted 91.1 per cent of public debt as compared with 91.0 per cent at the end of
the previous quarter. Marketable securities (consisting of Rupee denominated dated securities and
treasury bills) accounted for 83.3 per cent of total public debt, almost same level as on end-
December 2013. The outstanding internal debt of the Government at Rs. 4,212,575 crore consti-
tuted 37.2 per cent of GDP as compared with 38.0 per cent at end-December 2013.
Please refer Table 2
Table 2
Composition of Public Debt

At end-Mar 2014# At end-Dec 2013
At end-Mar
2014#
At end-Dec
2013

Rs. Crore (% of Total)



6
Public Debt (1 + 2) 4,625,037.0 4,629,689.4 100 100
1. Internal Debt 4,212,574.7 4,213,265.2 91.08 91.01
Marketable 3,853,312.7 3,854,003.2 83.31 83.25
(a) Treasury Bills 339,134.3 358,938.2 7.33 7.75
(i) Cash Management Bills - - - -
(ii) 91-days Treasury Bills 125,760.6 154,925.1 2.72 3.35
(iii) 182-days Treasury Bills 76,417.4 67,099.2 1.65 1.45
(iv) 364-days Treasury Bills 136,956.3 136,913.9 2.96 2.96
(b) Dated Securities 3,514,178.4 3,495,065.0 75.98 75.49
Non-marketable 359,262.0* 359,262.0 7.77 7.76
(i) 14-days Treasury Bills 72614.4* 72,614.4 1.57 1.57
(ii) Securities Issued to NSSF 215919.1* 215,919.1 4.67 4.66
(iii) Compensation and other bonds 36481.1* 36,481.1 0.79 0.79
(iv) Securities issued to International Finan-
cial Institutions 34247.4* 34,247.4 0.74 0.74
(v) Ways and Means Advances - - - -
2. External Debt 412,462.3 416,424.3 8.92 8.99
(i) Multilateral 268,483.5 273,875.6 5.81 5.92
(ii) Bilateral 105,345.9 103,915.8 2.28 2.24
(iii) IMF 37,986.0* 37,986.0 0.82 0.82
(iv) Rupee debt 646.9 646.9 0.01 0.01
Source: Ministry of Finance, Govt. of India
#: Data are provisional.
*:-These data are not available for March 31, 2014. So they are carried over from previous quarter.
Note: Foreign Institutional Investors (FII)s investment in government securities and treasury bills (`50387.60 crore at
end-Dec. 2013) is included in the internal marketable debt.
1.3 Developments in Indias BoP during January-March 2014
Indias current account deficit (CAD) narrowed sharply to US$ 1.2 billion (0.2 per cent of
GDP) in Q4 of 2013-14 from US$ 18.1 billion (3.6 per cent of GDP) in Q4 of 2012-13
which was also lower than US$ 4.2 billion (0.9 per cent of GDP) in Q3 of 2013-14. The
lower CAD was primarily on account of a decline in the trade deficit as decline in imports
was sharper than that in exports.
On a BoP basis, merchandise exports declined by 1.3 per cent to US$ 83.7 billion in Q4 of
2013-14 as against an increase of 5.9 per cent in Q4 of 2012-13.
On the other hand, declining trend in merchandise imports (on BoP basis) continued in Q4
of 2013-14. Imports at US$ 114.3 billion moderated by 12.3 per cent in Q4 of 2013-14 as
compared with a decline of 1.0 per cent in Q4 of 2012-13. Decline in imports was primari-



7
ly led by a steep decline in gold imports, which amounted to US$ 5.3 billion, significantly
lower than US$ 15.8 billion in Q4 of 2012-13.
As a result, the merchandise trade deficit (BoP basis) contracted by about 33 per cent to
US$ 30.7 billion in Q4 of 2013-14 from US$ 45.6 billion in the corresponding quarter a
year ago.
Net services receipts improved during Q4 of 2013-14 on account of higher exports of ser-
vices. Net services at US$ 19.6 billion recorded a growth of 15.6 per cent in Q4 of 2013-
14 as against a decline of 3.9 per cent in Q4 of 2012-13.
Net outflow on account of primary income (profit, dividend and interest) amounting to
US$ 6.4 billion in Q4 of 2013-14 was higher than that of US$ 5.2 billion in the corres-
ponding quarter of 2012-13 as well as the preceding quarter (US$ 5.4 billion). In Q4 of
2013-14, gross private transfer receipts at US$ 17.3 billion also improved by 3.0 per cent
over the corresponding quarter of 2012-13.
In the financial account, on net basis, both foreign direct investment and portfolio invest-
ment recorded inflows in Q4 of 2013-14. While net inflow on account of portfolio invest-
ment was US$ 9.3 billion, net FDI flow was lower at US$ 0.9 billion.
Loans(net) availed by deposit taking corporations (commercial banks) witnessed an out-
flow of US$ 5.7 billion in Q4 of 2013-14 owing to repayments of overseas borrowings and
a build-up of their overseas foreign currency assets. Under currency & deposits, net in-
flows of NRI deposits amounted to US$ 3.7 billion in Q4 of 2013-14 as compared to US$
2.8 billion in Q4 of 2012-13. Loans (net) availed by other sectors (i.e., external commer-
cial borrowings) at US$ 4.9 billion also showed an increase of 19.4 per cent over Q4 of
2012-13. Net trade credits and advances, however, continued to show outflow in Q4 of
2013-14 as repayments remained higher than disbursements.
On a BoP basis, there was a net accretion of US$ 7.1 billion to Indias foreign exchange
reserves in Q4 of 2013-14 as compared with US$ 19.1 billion in the preceding quarter.
Developments in Indias BoP during 2013-14
Export recovery and moderation in imports led to a sharp improvement in the trade deficit
to US$ 147.6 billion in 2013-14 from US$ 195.7 billion in 2012-13.



8
Contraction in the trade deficit, coupled with a rise in net invisibles receipts, resulted in a
reduction of the CAD to US$ 32.4 billion (1.7 per cent of GDP) from US$ 87.8 billion (4.7
per cent of GDP) in 2012-13.
Net inflows under the capital and financial account (excluding change in foreign exchange
reserves) declined to US$ 48.8 billion in 2013-14 from US$ 89.0 billion in corresponding
period of 2012-13 owing to lower net FDI and portfolio flows, net repayment of loans and
trade credit & advances.
On BoP basis, foreign exchange reserves increased by US$ 15.5 billion during 2013-14 as
compared with US$ 3.8 billion in 2012-13.
Please refer Table 3
Table 3
Major Items of India's Balance of Payments
(US$ Billion)

Jan-Mar 2014 (P) Jan-Mar 2013 (PR) 2013-14 (P) 2012-13 (PR)
Credit Debit Net Credit Debit Net Credit Debit Net Credit Debit Net
A Current Account 144.4 145.6 -1.2 142 160.1 -18.1 551.4 583.7 -32.4 530.2 618.1 -87.8
1. Goods 83.7 114.3 -30.7 84.8 130.4 -45.6 318.6 466.2 -147.6 306.6 502.2 -195.7
Of which:
POL 14.8 42.7 -27.9 16.1 42.2 -26.1 62.7 165.2 -102.5 60.9 164 -103.2
2.Services 40.6 21 19.6 37.8 20.9 17 151.5 78.5 73 145.7 80.8 64.9
3. Primary Income 2.8 9.2 -6.4 2.6 7.8 -5.2 11.4 34.4 -23 10.3 31.7 -21.5
4. Secondary In-
come 17.3 1 16.3 16.8 1 15.8 69.9 4.6 65.3 67.7 3.3 64.4
B. Capital Account
and Financial Ac-
count 127.1 125.1 2 133.9 116.1 17.8 523.2 490 33.3 473.5 388.4 85.2
Of which:
Change in Reserve
(increase (-)
/Decrease (+)) 0 7.1 -7.1 0 2.7 -2.7 0 15.5 -15.5 0 3.8 -3.8
C. Errors & Omis-
sions (-)(A+B) -0.8 0.3 -0.9 2.7
Source: RBI
Note: P: Preliminary; PR: Partially Revised











9

2. Corporate Sector



2.1 Marine Products Exports in 2013-14
During the financial year 2013-14, exports of marine products reached an all-time high of US$
5007.70 million. Marine product exports crossed all previous records in quantity, rupee value and
US$ terms. Exports aggregated to 9,83,756 MT valued at Rs. 30,213.26 crores and US$ 5,007.70
million. Compared to the previous year, seafood exports recorded a growth of 5.98 % in quantity,
60.23% in rupee and 42.6 % growth in US$ earnings respectively. The unit value realization also
reached to record high from USD/Kg 3.78 during 2012-13 to USD/Kg 5.09 during 2013-14 and
recorded growth of 34.55%. The increased production of L. Vannamei shrimp has helped to
achieve higher exports.
Please refer Table 4
Table 4
Exports during 2013-14 compared to 2012-13
Export details 2012-13 2013-14 Growth %
Quantity Tonnes 928215
983756 5.98
Value Rs.crore 18856.26
30213.26 60.23
Value US $ Million 3511.67
5007.70 42.60
Unit value (US$/Kg)
3.78 5.09 34.55
Source: Ministry of Commerce & Industry, Govt. of India
Frozen shrimp continued to be the major export value item accounting for a share of 64.12% of
the total US$ earnings. Shrimp exports during the period increased by 31.85%, 99.54% and
78.06% in quantity, rupee value and US$ value respectively. There was all time high growth in
unit value realization of frozen shrimp at 35.05%.





10
The overall export of shrimp during 2013-14 was to the tune of 3,01,435 MT worth US$ 3210.94
million. USA is the largest market (95,927MT) for frozen shrimps exports in quantity terms fol-
lowed by European Union (73,487 MT), South East Asia (52,533MT) and Japan (28,719 MT).
The contribution of cultured shrimp to the total shrimp export is 73.31% in terms of US$. The ex-
port of cultured shrimp has shown tremendous growth of 36.71% in quantity and 92.29% in dollar
terms.
Fish, has retained its position as the principal export item in quantity terms and the second largest
export item in value terms, accounting for a share of about 32.97% in quantity and 14.15% in US$
earnings. Unit value realization of fish also increased by 21.65%.
Export of Fr. Squid has shown growth of 15.98%, 25.68% and 10.78% in terms of Quantity, Ru-
pee Value and US$ terms. However it has shown decrease in unit value realization by 4.48%. Fr.
Cuttlefish recorded a growth of 8.34% in quantity. Dried items have shown a positive growth in
terms of rupee value by 21.72% and in dollar terms by 9.86%. Live items exports showed a
growth by 16.17%, 42.43% and 26.81% in quantity, rupee value and US $ realization respectively
compared to the previous year.
Please refer Table 5
Table 5
Major Items of Marine Exports
ITEM Share % Apr 2013-Mar 2014 Apr 2013-Mar 2014 (%) change
FROZEN SHRIMP
Q: 31.0 301435.0 228620.0 31.9
V: 64.1 19368.3 9706.4 99.5
$: 64.1 3210.9 1803.3 78.1
UV$: 10.7 7.9 35.1
FROZEN FISH
Q: 33.0 324359.0 343876.0 -5.7
V: 14.2 4294.8 3296.9 30.3
$: 14.2 708.6 617.6 14.7
UV$: 2.2 1.8 21.7
FR CUTTLE FISH
Q: 7.0 68577.0 63296.0 8.3
V: 4.6 1387.0 1354.3 2.4
$: 4.6 228.1 251.5 -9.3



11
UV$: 3.3 4.0 -16.3
FR SQUID
Q: 9.0 87437.0 75387.0 16.0
V: 5.7 1732.0 1378.1 25.7
$: 5.7 284.6 256.9 10.8
UV$: 3.3 3.4 -4.5
DRIED ITEM
Q: 7.0 67901.0 72953.0 -6.9
V: 3.3 998.0 819.9 21.7
$: 3.4 167.9 152.8 9.9
UV$: 2.5 2.1 18.0
LIVE ITEMS
Q: 1.0 5080.0 4373.0 16.2
V: 0.9 281.9 197.9 42.4
$: 0.9 46.7 36.8 26.8
UV$: 9.2 8.4 9.2
CHILLED ITEMS
Q: 2.0 19755.0 26868.0 -26.5
V: 1.8 527.8 537.1 -1.7
$: 1.8 88.5 99.9 -11.4
UV$: 4.5 3.7 20.5
OTHERS
Q: 11.0 109212.0 112841.0 -3.2
V: 5.4 1623.5 1565.8 3.7
$: 5.4 272.3 292.9 -7.0
UV$: 2.5 2.6 -3.9
TOTAL
Q: 100.0 983756.0 928215.0 6.0
V: 100.0 30213.3 18856.3 60.2
$: 100.0 5007.7 3511.7 42.6
UV$: 5.1 3.8 34.6
Source: Ministry of Commerce & Industry, Govt. of India
Q: Quantity in Tons, V: Value in Rs. Crores, $: USD Million





















12






























3. Market Trends


BSE: The BSE Sensex decreased by 2.80 per cent and closed at 24,217.34
NSE: Nifty decreased by 2.68 per cent during the week and closed at 7229.95
Dollar: The value of Rupee depreciated by Rs. 0.45 against the US dollar during the
week and closed at Rs 59.03 per dollar.
Euro: The value of Rupee depreciated by Rs. 0.52 against the Euro and closed at Rs.
80.33 per euro.
Gold: Prices of gold decreased by Rs. 759.4 per 10 grams during the week and closed
at Rs. 27105.24 per 10 grams.
Silver: Prices of silver decreased by Rs. 723.9 during the week and closed at Rs.
40625.59 Per kg.
Crude Oil: The prices of crude oil decreased by USD 0.6 per barrel and closed at
USD 107.5 per barrel.
Forex Reserves: Indias Foreign Exchange reserves decreased by USD 2.268 billion
to USD 312.66 billion during the week-ended May 23, 2014.






13



4. Global Developments



4.1 US Gross Domestic Product, Q1 2014
Real gross domestic product - the output of goods and services produced by labor and property
located in the United States - decreased at an annual rate of 1.0 percent in the first quarter accord-
ing to the "second" estimate of the Bureau of Economic Analysis. In the fourth quarter, real GDP
increased 2.6 percent.
The price index for gross domestic purchases, which measures prices paid by U.S. residents, in-
creased 1.3 percent in the first quarter, 0.1 percentage point less than in the advance estimate; this
index increased 1.5 percent in the fourth quarter. Excluding food and energy prices, the price in-
dex for gross domestic purchases increased 1.3 percent in the first quarter, compared with an in-
crease of 1.8 percent in the fourth.
Real personal consumption expenditures increased 3.1 percent in the first quarter, compared with
an increase of 3.3 percent in the fourth. Durable goods increased 1.4 percent, compared with an
increase of 2.8 percent. Nondurable goods increased 0.4 percent, compared with an increase of 2.9
percent. Services increased 4.3 percent, compared with an increase of 3.5 percent.
Real nonresidential fixed investment decreased 1.6 percent in the first quarter, in contrast to an
increase of 5.7 percent in the fourth. Investment in nonresidential structures decreased 7.5 percent,
compared with a decrease of 1.8 percent. Investment in equipment decreased 3.1 percent, in con-
trast to an increase of 10.9 percent. Investment in intellectual property products increased 5.1 per-
cent, compared with an increase of 4.0 percent. Real residential fixed investment decreased 5.0
percent, compared with a decrease of 7.9 percent.




14
Real exports of goods and services decreased 6.0 percent in the first quarter, in contrast to an in-
crease of 9.5 percent in the fourth. Real imports of goods and services increased 0.7 percent,
compared with an increase of 1.5 percent.
Real federal government consumption expenditures and gross investment increased 0.7 percent in
the first quarter, in contrast to a decrease of 12.8 percent in the fourth. National defense decreased
2.4 percent, compared with a decrease of 14.4 percent. Nondefense increased 5.9 percent, in con-
trast to a decrease of 10.0 percent. Real state and local government consumption expenditures and
gross investment decreased 1.8 percent in the first quarter; it was unchanged in the fourth.
The change in real private inventories subtracted 1.62 percentage points from the first-quarter
change in real GDP, after subtracting 0.02 percentage point from the fourth-quarter change. Pri-
vate businesses increased inventories $49.0 billion in the first quarter, following increases of
$111.7 billion in the fourth quarter and $115.7 billion in the third.
Real final sales of domestic product - GDP less change in private inventories - increased 0.6 per-
cent in the first quarter, compared with an increase of 2.7 percent in the fourth.
Please refer Table 6
Table 6
US Real Gross Domestic Product
(Percent Change From Preceding Period)
2011 2012 2013
2013 2014
I II III IV I
1 Gross domestic product (GDP) 1.8 2.8 1.9 1.1 2.5 4.1 2.6 1.0
2 Personal consumption expenditures 2.5 2.2 2 2.3 1.8 2 3.3 3.1
3 Goods 3.4 3.3 3.5 3.7 3.1 4.5 2.9 0.7
4 Durable goods 6.6 7.7 6.9 5.8 6.2 7.9 2.8 1.4
5 Nondurable goods 1.9 1.4 2 2.7 1.6 2.9 2.9 0.4
6 Services 2.1 1.6 1.2 1.5 1.2 0.7 3.5 4.3
7 Gross private domestic investment 4.9 9.5 5.4 4.7 9.2 17.2 2.5 11.7
8 Fixed investment 6.2 8.3 4.5 1.5 6.5 5.9 2.8 2.3
9 Nonresidential 7.6 7.3 2.7 4.6 4.7 4.8 5.7 1.6
10 Structures 2.1 12.7 1.3 25.7 17.6 13.4 1.8 7.5
11 Equipment 12.7 7.6 3.1 1.6 3.3 0.2 10.9 3.1
12 Intellectual property products 4.4 3.4 3.1 3.7 1.5 5.8 4 5.1



15
13 Residential 0.5 12.9 12.2 12.5 14.2 10.3 7.9 5.0
14 Change in private inventories
15 Net exports of goods and services
16 Exports 7.1 3.5 2.7 1.3 8 3.9 9.5 6.0
17 Goods 7.1 3.8 2.4 2.8 9.4 5.6 11.8 9.8
18 Services 7 3 3.5 2.2 4.8 0.1 4.2 3.2
19 Imports 4.9 2.2 1.4 0.6 6.9 2.4 1.5 0.7
20 Goods 5.2 2.1 1.2 0.2 7.5 2.4 1.3 1
21 Services 3.1 2.7 2.5 5 4 2.5 2.2 0.6
22 Government consumption expenditures
and gross investment 3.2 1.0 2.2 4.2 0.4 0.4 5.2 0.8
23 Federal 2.6 1.4 5.2 8.4 1.6 1.5 12.8 0.7
24 National defense 2.3 3.2 7.0 11.2 0.6 0.5 14.4 2.4
25 Nondefense 3.0 1.8 1.9 3.6 3.1 3.1 10.0 5.9
26 State and local 3.6 0.7 0.2 1.3 0.4 1.7 0 1.8
Source: US Bureau of Economic Analysis
4.2 Chinas Industrial Profits from January to April 2014
From January to April, the industrial profits of enterprises above designated size achieved
1,762.87 billion yuan, a year-on-year increase of 10.0 percent, 0.1 percentage point lower than
that in the first three months. The industrial profits from principal business achieved 1,659.93 bil-
lion yuan, a year-on-year increase of 9.1 percent, 0.3 percentage points lower than that in the first
three months.
In April, the industrial profits of enterprises above designated size achieved 468.63 billion yuan,
increased 9.6 percent year-on-year, 1.1 percentage points lower than that in the first three months.
From January to April, the profits of state-owned and state-holding industrial enterprises above
designated size gained 471.6 billion yuan, increased 2.6 percent year-on-year; that of collective-
owned enterprises reached 22.11 billion yuan, increased 1.5 percent; that of joint-stock enterprises
stood at 1,036.26 billion yuan, increased 9.1 percent; that of foreign funded enterprises, and enter-
prises funded from Hong Kong, Macao and Taiwan achieved 422.3 billion yuan, increased 12.7
percent; and that of private enterprises gained 571.76 billion yuan, increased 13.8 percent.
From January to April, the profits of mining and quarrying gained 221.29 billion yuan, decreased
16.0 percent year-on-year; that of manufacturing was 1,398.87 billion yuan, increased 14.0 per-



16
cent; that of production and distribution of electricity, gas and water reached 142.71 billion yuan,
went up by 27.2 percent.
From January to April, within 41 branches of industrial divisions, the industrial profits of 30 in-
dustrial divisions increased year-on-year, that of 1 remained at the same level, and that of 10 de-
creased. In view of the profit growth of major industries, the profits of processing of food from
agricultural products increased 5.3 percent year-on-year, that of manufacture of textile increased
12.1 percent, that of processing of petroleum, coking, processing of nucleus fuel increased 24.5
percent, that of manufacture of chemical raw material and chemical products increased 10.1 per-
cent, that of manufacture of non-metallic mineral products increased 24.2 percent, that of manu-
facture of general-purpose machinery increased 15.6 percent, that of manufacture of special-
purpose machinery increased 6.1 percent, that of manufacture of motor vehicles increased 28.7
percent, that of manufacture of electrical machinery and equipment increased 26.5 percent, that of
manufacture of computer, communication equipment and other electronic equipment increased
25.4 percent, that of production and supply of electric power and heat power increased 29.3 per-
cent, that of mining and washing of coal decreased 42.0 percent, that of extraction of petroleum
and natural gas decreased 6.7 percent, that of manufacture and processing of ferrous metals de-
creased 11.3 percent, that of manufacture and processing of non-ferrous metals decreased 5.9 per-
cent.
From January to April, the revenue from principal business of enterprises above designated
reached 32,641.65 billion yuan, increased 8.4 percent year-on-year. The main business cost was
28,005.63 billion yuan, increased 9.2 percent.
By the end of April, the total volume of receivable accounts for industrial enterprises hit 9,504.6
billion yuan, went up by 12.6 percent year-on-year. The total value of finished products for indus-
trial enterprises accounted for 3,466.56 billion yuan, went up by 12.0 percent.
From January to April, the main business income margin of industrial enterprises above designat-
ed size hit 5.4 percent, the cost of main business revenue for per hundred yuan stood at 85.8 yuan,
the main business income brought by per hundred yuan assets was 117.2 yuan, and the turnover
days of finished goods were 14.4 days.



17


Source: National Bureau of Statistics of China












18
5. Data Appendix

Table 7
Latest Available Financial Information
Item
May 16,
2014
May 23,
2014
Percentage
Change
Deposits of Scheduled Commercial
Banks with RBI (Rs. Billion) 3,237.77 3,231.60 -0.19
Foreign Currency Assets of RBI (Rs. Bil-
lion) 17,058.94 16,817.38 -1.42
Advances of RBI to the Central Gov-
ernment (Rs. Billion) -------- --------- ---------
Advances of RBI to the Scheduled
Commercial Banks (Rs. Billion) 391.96 311.79 -20.45
Source: RBI, Govt. of India


Table 8
BSE Sensex and NSE Nifty Index
Index May 26, 2014 May 30, 2014
Percentage
Change
BSE SENSEX 24,913.89 24,217.34 -2.80
S & P CNX NIFTY 7,428.75 7,229.95 -2.68
Source: BSE India and NSE India












19

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ASSOCHAM Economic Research Bureau

ASSOCHAM Economic Research Bureau (AERB) is the research division of the Asso-
ciated Chambers of Commerce and Industry of India. The Research Bureau undertakes
studies on various economic issues, policy matters, financial markets, international trade,
social development, sector wise performance and monitoring global economy dynamics.

The main banners of the Bureau are:

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21
THE KNOWLEDGE CHAMBER

Evolution of Value Creator ASSOCHAM initiated its endeavor of value creation for Indian in-
dustry in 1920. It has witnessed upswings as well as upheaval of Indian Economy and contri-
buted significantly by playing a catalytic role in shaping up the Trade, Commerce and Industrial
environment of the country.
ASSOCHAM derives its strength from the following Promoter Chambers: Bombay Chamber of
Commerce and Industry, Mumbai; Cochin Chamber of Commerce and Industry, Cochin; Indian
Merchant's Chamber, Mumbai; The Madras Chamber of Commerce and Industry, Chennai; PHD
Chamber of Commerce and Industry, New Delhi.

VISION
Empower Indian enterprise by inculcating knowledge that will be the catalyst of growth in the
barrier less technology driven global market and help them upscale, align and emerge as formid-
able player in respective business segment

MISSION
As representative organ of Corporate India, ASSOCHAM articulates the genuine, legitimate
needs and interests of its members. Its mission is to impact the policy and legislative environ-
ment so as to foster balanced economic industrial and social development. We believe edu-
cation, health, agriculture and environment to be the critical success factors.

GOALS
To ensure that the voice and concerns of ASSOCHAM are taken note of by policy makers and
legislators. To be proactive on policy initiatives those are in consonance with our mission. To
strengthen the network of relationships of national and international levels/forums. To develop
learning organization, sensitive to the development needs and concerns of its members. To
broad-base membership. Knowledge sets the pace for growth by exceeding the expectation, and
blends the wisdom of the old with the needs of the present.