CURRENT STATISTICS

EPW Research Foundation

Wholesale Price Index

Foreign TradeMerchandise

The year-on-year (y-o-y) inflation rate based on WPI stood at -1.99% in

November 2015. Thus, the deflationary trend persisted for 13 months in a row
since November 2014 (-0.17%). The inflation rate of primary articles group
increased by 2.3% in November 2015 compared to -0.4% in October 2015 and
-1.6% in November 2014. The inflation for food articles rose to 5.2% in November
2015, the highest in the last 7 months. The fuel and power index remained
negative at -11.1%, y-o-y, in November 2015. The index for manufactured
products declined by -1.4% in November 2015 against inflation of 1.9% a year ago.

The merchandise trade deficit narrowed by 39.8% to $9.8 billion (bn) in

November 2015 compared to $16.2 bn in November 2014. Exports contracted for
the 12th consecutive month in November 2015 by 24.4% to $20 bn from $26.5 bn a
year ago, and imports fell by 30.3% to $29.8 bn from $42.7 bn. Cumulative exports
for AprilNovember 2015, stood at $174.3 bn, 18.5% lower compared to $213.8 bn
reported in the same period last year. Cumulative imports also shrank by 17.2% to
$261.9 bn from $316.3 bn registered a year ago. Similarly, cumulative oil imports
decreased by 42.4% to $61.4 bn and non-oil imports by 14.6% to $87.5 bn

Consumer Price Index

Index of Industrial Production

CPI inflation rate rose to 5.4%, y-o-y, in November 2015, from 5% in October 2015
and 3.3% in November 2014, led by an increase in food prices. The food price
inflation rate rose by 6.1%, y-o-y, in November, compared to 5.3% a month ago and
3.8% a year ago. Both CPI-rural and CPI-urban inflation rates increased by 6% and
4.7%, respectively, in November 2015, compared to 3.2% and 3.5% a year ago. As
per Labour Bureau data, CPI inflation for agricultural labourers increased by 4.9%
in November compared to 4.4%, in October 2015. Inflation for industrial workers
was 6.3% in October 2015 against 5.1% in September 2015.

The y-o-y growth in IIP went up by 9.8% in October 2015 against 3.8% a month ago
(and was -2.7% in October 2014). This was led by growth in the manufacturing sector
which surged by 10.6% compared to 2.9% a month ago. As per use-based classification,
growth in basic goods slowed to 4.1% in October 2015 compared to 9.7% a year ago,
while capital goods and intermediate goods expanded by 16.1% and 6.7%, respectively,
from a contraction of 3.2% and 3.4%. Consumer goods grew at 18.4% (-18.2% a year
ago), as growth in consumer durables increased by 42.2% in October 2015 compared to
-35.2% a year ago.

Movement of WPI Inflation AprilNovember

Merchandise Trade November 2015

Year-on-Year in %
6

Exports
Imports
Trade deficit

2014
3

Nov 2015
($ bn)

Over Month
(%)

20.0
29.8
9.8

-6.3
-4.3
0.1

Over Year
(%)

(AprilNovember)
(201516 over 201415) (%)

-24.4
-30.3
-39.8

-18.5
-17.2
-14.6

Data is provisional. Source: Ministry of Commerce and Industry.

0

-0.17%

Components of Trade AprilNovember of 201415 and 201516

$214 billion
Exports

-1.99%

-3

$174 billion

2015

-6
April

May

June

July

August

September

October*

November*

* Data (2015) is provisional.

$103 billion
Trade Deficit

Trends in WPI and Its Components November 2015* (%)

Weights

All commodities
Primary articles
Food articles
Fuel and power
Manufactured products

Over Month

100
20.1
14.3
14.9
65.0

Financial Year (Averages)

201213 201314 201415

Over Year

0.5
1.6
2.3
0.9
-0.2

-2.0
2.3
5.2
-11.1
-1.4

7.4
9.8
9.9
10.3
5.4

6.0
9.8
12.8
10.2
3.0

2.0
3.0
6.1
-0.9
2.4

$88 billion
$61 billion

$107 billion
Oil Imports
$200 billion

$210 billion
Non-oil Imports

Oil refers to crude petroleum and petroleum products, while Non-oil refers to all other commodities.

Movement of IIP Growth AprilOctober

* Data is provisional; Base: 200405=100; Source: Ministry of Commerce and Industry.

Year-on-Year in %

Movement of CPI Inflation April 2014November 2015

12

9.8%

Year-on-Year in %

2015

Consumer Food
6.1%

2014

-2.7%

5.4%
-4

CPI

3.8%

April

May

June

July

August

September

October*

* October 2015 are quick estimates; Base: 200405=100.

Miscellaneous

Industrial Growth: Sector-wise October 2015* (%)

0
April M
2014

Jan
2015

Over
Month

100
14.2
75.5
10.3

1.6
9.4
0.5
3.0

9.8
4.7
10.6
9.0

-0.1
-0.6
-0.8
6.1

2.8
1.5
2.3
8.4

45.7
8.8
15.7
29.8
8.5
21.3

4.0
-3.5
0.5
1.1
4.1
-1.2

4.1
16.1
6.7
18.4
42.2
4.7

2.1
-3.6
3.1
-2.8
-12.2
4.8

7.0
6.4
1.7
-3.4
-12.6
2.8

General index
Mining
Manufacturing
Electricity

* Data is provisional.
Source: Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, Base: 2012=100.

CPI: Rural and Urban November 2015* (%)

Latest
Month Index

Over
Month

Over
Year

Rural (2012=100)

128.3

0.5

5.9

9.6

6.2

Urban (2012=100)

124.6

0.3

4.7

9.2

5.7

Financial Year (Avgs)

201314 201415

CPI: Occupation-wise
Industrial workers (2001=100)#

269

1.1

6.3

9.7

6.3

Agricultural labourers (198687=100)

853

0.5

4.9

11.6

6.6

# October 2015, * Provisional. Source: CSO (rural and urban), Labour Bureau (IW and AL).

Weights
Oct Nov*

Over Year

Financial Year (Avgs)

201314
201415

Industrial Growth: Use-based

Basic goods
Capital goods
Intermediate goods
Consumer goods
Consumer durables
Consumer non-durables

* October 2015 are quick estimates; Base: 200405=100; Source: Central Statistics Office.

Comprehensive current economic statistics with regular weekly updates are available at: http://www.epwrf.in/currentstat.aspx.

118

DECEMBER 26, 2015

vol L no 52

EPW

Economic & Political Weekly

CURRENT STATISTICS

EPW Research Foundation

Indias Quarterly Estimates of Final Expenditures on GDP for 201415

201415
Rs crore | at 201112 Prices

Q1

Private final consumption expenditure

Government final consumption expenditure
Gross fixed capital formation
Change in stocks
Valuables
Net trade (ExportImport)
Exports
Less imports
Discrepancies
Gross domestic product (GDP)

1483613
306488
769880
41969
41528
-34550
596944
631494
-74273
2534654

Q2

(6.2)
(1.6)
(8.7)
(4.9)
(26.2)

1443019
338349
777597
40276
36999
-62135
628508
690643
-7811
2566294

(9.1)
(-3.6)
(6.7)

Q3

(7.1)
(8.9)
(3.8)
(4.4)
(8.9)

1543034
276412
789694
37469
36010
-40438
607707
648145
26616
2668797

(-2.0)
(1.1)
(8.4)

201516
Q1

Q4

(4.2)
(27.6)
(2.4)
(0.2)
(20.3)

1594581
236561
854802
44284
53348
-8297
601191
609488
98959
2874237

(-0.3)
(2.8)
(6.6)

(7.9)
(-7.9)
(4.1)
(4.9)
(43.6)

1592806
310018
807225
44076
49589
-39102
558269
597371
-51615
2712998

(-8.2)
(-8.7)
(7.5)

Financial Year
201314 (NS)

(7.4)
(1.2)
(4.9)
(5.0)
(19.4)

1540972
356058
830687
42945
53592
-72450
598744
671194
5182
2756985

(-6.5)
(-5.4)
(7.0)

201415 (PE)

(6.8)
(5.2)
(6.8)
(1.0)
(44.8)

6064247
1157810
3191973
163998
167884
-145420
2434350
2579770
43491
10643983

(-4.7)
(-2.8)
(7.4)

(6.3)
(6.6)
(4.6)
(3.7)
(25.3)
(-0.8)
(-2.1)
(7.3)

Indias Overall Balance of Payments (Net): Quarterly and Annual

201415 ($ mn)
Q2
Q3

Q1

Current account
Merchandise
Invisibles
Services
of which: Software services
Transfers
of which: Private
Income
Capital account
of which: Foreign investment
Overall balance

-7859
-34562
26703
16986
17014
16413
16626
-6696
19179
20321
11179

-10128
-38605
28477
18992
16917
16344
16513
-6860
16518
17678
6897

($ mn)
Q1 201516
FY 201415

Q4

-8425
-39287
30863
20299
17844
16392
16527
-5829
23551
13495
13182

-1525
-31725
30200
19406
18625
16393
16609
-5599
30711
22067
30149

-6190
-34197
28007
17423
17658
16157
16274
-5573
18073
7874
11430

201415 (Rupees bn)

Q2
Q3

Q1

-27937
-144179
116242
75683
70400
65542
66275
-24983
89959
73561
61406

-470 [-1.6] -614 [-2.0]

-2067
-2340
1597
1726
1016
1151
1017
1025
981
991
994
1001
-400
-416
1147 [3.8]
1001 [3.3]
1215
1071
668 [2.2]
418 [1.4]

(Rupees bn)
Q1 201516
FY 201415

Q4

-522 [-1.6]
-2433
1911
1257
1105
1015
1024
-361
1459 [4.6]
836
816 [2.6]

-95 [-0.3]
-1974
1880
1208
1159
1020
1034
-348
1911 [5.8]
1373
1876 [5.7]

-393 [-1.2]
-2,171
1,778
1,106
1,121
1,025
1,033
-354
1,147 [3.5]
500
725 [2.2]

-1700 [-1.4]
-8814
7114
4632
4307
4007
4052
-1526
5518 [4.4]
4496
3779 [3.0]

Figures in square brackets are percentage to GDP.

Foreign Exchange Reserves

Variation
12 Dec
2014

Excluding gold but including revaluation effects

Rs crore
US $ mn

31 Mar
2015

1852300
296589

2010400
321309

11 Dec
2015

Over
Month

Over
Year

2216780
333659

27380
1132

364480
37071

Financial Year So Far

201415
201516

164560
15766

Monetary Aggregates
Rs crore

Money supply (M3) as on 27 November

Components
Currency with public
Demand deposits
Time deposits
Other deposits with RBI
Sources
Net bank credit to government
Bank credit to commercial sector
Net foreign exchange assets
Banking sectors net non-monetary liabilities
Reserve Money as on 11 December
Components
Currency in circulation
Bankers deposits with RBI
Other deposits with RBI
Sources
Net RBI credit to government
of which: Centre
RBI credit to banks & commercial sector
Net foreign exchange assets of RBI
Govts currency liabilities to the public
Net non-monetary liabilities of RBI

Outstanding
2015

Over Month

11250590

23150 (0.2)

Over Year
201415

1084900 (10.7)

Variation
Financial Year So Far
201516

201213

648310 (6.8)

705040 (6.7)

1024980 (13.9)

82800
-485

201314

201415

251570
16769

322660
40486

Financial Year
201314

1127560 (13.4)

201415

1028170 (10.8)

(2.5)
(0.5)
(-0.2)
(-0.9)

170850
106590
800970
6490

(13.1)
(12.5)
(10.0)
(74.3)

63310
40070
538180
6760

(5.1)
(4.9)
(7.2)
(343.1)

93620
67890
542910
630

(6.8)
(7.6)
(6.6)
(4.3)

118420
42240
863900
420

(11.6)
(5.9)
(15.3)
(14.9)

104750
58750
965330
-1270

(9.2)
(7.8)
(14.9)
(-39.2)

140540
78770
796240
12620

(11.3)
(9.7)
(10.7)
(640.6)

3306410
7373040
2435890
1885400
1987420

28280
65890
33080
104110
-4440

(0.9)
(0.9)
(1.4)
(5.8)
(-0.2)

192290
640930
399730
149960
215630

(6.2)
(9.5)
(19.6)
(8.6)
(12.2)

69250
286810
112220
-178630
39050

(2.3)
(4.4)
(5.8)
(-9.3)
(2.3)

300250
333450
185240
115130
58960

(10.0)
(4.7)
(8.2)
(6.5)
(3.1)

337320
709420
92880
116530
88540

(14.2)
(14.3)
(6.0)
(7.7)
(6.2)

335850
777440
287280
275010
217850

(12.4)
(13.7)
(17.6)
(16.8)
(14.4)

-38710
594290
326710
-143800
195720

(-1.3)
(9.2)
(17.0)
(-7.5)
(11.3)

1572000
400630
14790
470460
470020
81180
2338760
20650
923630

-9870 (-0.6)
5560 (1.4)
-130 (-0.9)
22010
22580
-28060
22650
0
21040

(4.9)
(5.0)
(-25.7)
(1.0)
(0.0)
(2.3)

177610 (12.7)
31470 (8.5)
6550 (79.5)

93310 (7.2)
-60540 (-14.1)
6280 (320.4)

123690 (8.5)
-64930 (-13.9)
200 (1.4)

123750 (11.6)
-35610 (-10.0)
420 (14.9)

110100 (9.2)
109020 (34.0)
-1280 (-39.5)

147230 (11.3)
35860 (8.3)
12630 (644.4)

-95390
-93950
12370
381230
1910
84480

-132850
-133680
11320
155010
1400
-4170

105940
108980
-121330
211480
1220
138360

54840
56080
34610
85860
1900
88670

108120
107150
14080
244460
2000
150810

-334180
-336610
145020
324760
2090
-58050

(-16.9)
(-16.7)
(18.0)
(19.5)
(10.2)
(10.1)

(-19.0)
(-19.2)
(19.7)
(8.6)
(8.1)
(-0.5)

(29.1)
(30.2)
(-59.9)
(9.9)
(6.3)
(17.6)

25519
7915
3304
7762
165087

Over Year
201415

(-5.9)
(-3.8)
(-1.7)
(-4.9)
(1.5)

(10.2)
(10.5)
(393.3)
(5.8)
(14.1)
(14.7)

(18.3)
(18.1)
.
(15.7)
(13.0)
(21.8)

(-47.8)
(-48.2)
.
(18.0)
(12.1)
(-6.9)

Variation
Over Month

-15270
4600
-19870
2800
11540
17270
17750
63960
57480

18 December
2015

S&P BSE SENSEX (Base: 197879=100)

S&P BSE-100 (Base: 198384=100)
S&P BSE-200 (198990=100)
CNX Nifty (Base: 3 Nov 1995=1000)
Net FII Investment in equities (US $ Million)*

108086
-14361

35500
4890
-17100
-140

9124760
859560
8265200
65750
387050
2698020
2695910
6867930
6759000

Capital Markets

73038
19208

Financial Year
201213

1479970
958630
8796770
15220

Outstanding
2015

Aggregate deposits
Demand
Time
Cash in hand
Balance with RBI
Investments
of which: Government securities
Bank credit
of which: Non-food credit

201112

206380
12350

Scheduled Commercial Banks Indicators (Rs crore)

(As on 27 November)

201011

(-0.2)
(0.5)
(-0.2)
(4.4)
(3.1)
(0.6)
(0.7)
(0.9)
(0.9)

861170
98580
762590
12590
37220
281520
280980
612580
611170

Month
Ago

25483
7866
3278
7732
166185

(10.4)
(13.0)
(10.2)
(23.7)
(10.6)
(11.6)
(11.6)
(9.8)
(9.9)

Year
Ago

27127
8225
3360
8159
162719

(30.0)
(32.2)
(35.3)
(31.2)
(12.2)

558030
47060
510970
7300
33490
203670
203740
261250
252190

Financial Year So Far

201516

(7.2)
(6.6)
(7.3)
(15.9)
(10.6)
(9.2)
(9.2)
(4.4)
(4.3)

Financial Year So Far

Trough
Peak

24894
7687
3193
7559
-

29044
8980
3691
8834
-

591470
65530
525940
12400
13970
206190
206160
331510
317000

201213

(6.9)
(8.3)
(6.8)
(23.2)
(3.7)
(8.3)
(8.3)
(5.1)
(4.9)

201415
Trough
Peak

22277
6680
2678
6653
-

29682
9107
3723
8996
-

841360
36970
804400
4360
-41000
268320
268640
648610
633490

(14.2)
(5.9)
(15.2)
(12.1)
(-12.7)
(15.4)
(15.5)
(14.1)
(14.0)

201213

18836
5679
2288
5683
136304

(8.2)
(-38.0)
(6.0)
(7.3)
(23.4)

Financial Year
201314

955110
51620
903480
5370
34080
206730
207540
733640
731600

(14.1)
(7.8)
(14.8)
(13.3)
(12.1)
(10.3)
(10.4)
(13.9)
(14.2)

End of Financial Year

201314

22386
6707
2681
6704
149745

(18.8)
(18.1)
(17.2)
(18.0)
(9.9)

201415

827730
80110
747620
7490
56740
279000
278560
542320
546360

(10.7)
(11.2)
(10.7)
(16.3)
(17.9)
(12.6)
(12.6)
(9.0)
(9.3)

201415

27957
8607
3538
8491
168116

(24.9)
(28.3)
(31.9)
(26.7)
(12.3)

* = 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

DECEMBER 26, 2015

vol L no 52

119

CURRENT STATISTICS

EPW Research Foundation

Secondary Market Transactions in Government Securities and the Forex MarketWeeks Ending 4, 11 and 18 December 2015
1 Settlement Volume of Government Securities (G-Sec) Transactions (Face Value in Rs crore)
Week Ended

18 December 2015
Number
Volume
of Trades

Outright
Repo
CBLO
Total
Daily avg outright
Daily avg repo
Daily avg CBLO

18586
1279
4488
24353
3717
256
898

11 December 2015
Number
Volume
of Trades

199754
155030
338708
693492
39951
31006
67742

14740
1603
4400
20743
2948
267
733

4 December 2015
Number
Volume
of Trades

168186
215726
382896
766808
33637
35954
63816

18055
1398
4753
24206
3611
280
951

19 December 2014
Number
Volume
of Trades

202060
180748
391853
774660
40412
36150
78371

30872
919
4639
36430
6174
153
773

316131
121471
393941
831543
63226
20245
65657

201415**
Volume

Number
of Trades

Volume

631370
45938
157338
834646
3629
227
779

6998999
6001075
13282097
26282170
40224
29708
65753

711766
38960
145190
895916
4187
188
701

7333057
5553676
11422595
24309328
43136
26829
55182

3 Top 5 Traded Central Govt Dated Securities (18 Dec 2015)

2 Type-wise Settlement Volume of Government Securities Transactions (Face Value in Rs crore)

Central government
State government
Treasury bills
Total

201516*
Number
of Trades

Outright

Repo

Outright

Repo

Outright

Repo

Outright

Repo

176950
7598
15207
199754

112583
5220
37227
155030

144969
7195
16022
168186

153509
7072
55145
215726

176461
3733
21867
202060

126264
5917
48567
180748

300096
5974
10061
316131

80333
7351
33787
121471

Security Description

Trades

Value (Rs. Cr)

% Value to Total

7.72% GS 2025
7.88% GS 2030
7.68% GS 2023
8.27% GS 2020
7.35% GS 2024

7018
4314
2310
1260
645

63526
38688
20043
15496
6202

35.90
21.86
11.33
8.76
3.50

4 Category-wise Buying/Selling Activity (Market Share %) (18 December 2015)

Outrigt
Category

Buy Side

Cooperative banks
Financial institutions
Foreign banks
Insurance companies
Mutual funds
Others
Primary dealers
Private sector banks
Public sector banks

3.88
0.10
27.47
1.70
9.65
3.81
13.91
16.07
23.42

Sell Side

4.00
0.12
26.36
2.11
14.29
0.58
17.03
13.42
22.09

Reverse Repo
Buy Side

0.38
0.98
40.97
6.86
9.30
0.00
3.98
10.53
26.99

Repo
Sell Side

CBLO Lending
Buy Side

1.92
0.00
5.21
0.00
0.00
18.10
42.80
26.83
5.14

CBLO Borrowing
Sell Side

Buy Side

Sell Side

2.77
12.04
7.64
0.30
24.97
15.70
6.56
12.61
17.42

38.00
6.23
0.00
22.80
32.97

0.82
13.70
26.21
19.86
39.41

4.07
0.06
6.62
8.67
46.28
5.67
0.14
13.63
14.85

NDS Call

IRS MIBOR
Buy Side

81.11
13.00
5.57
0.31

Sell Side

Buy Side

IRS-MIFOR
Sell Side

71.10
9.29
18.99
0.62

63.09
0.00
36.91
0.00

88.43
0.00
11.57
0.00

5 Trading Platform AnalysisTrading Value (Face Value in Rs Crore) (18 December 2015)
Week Ended
Number
of Trades

Central government
State government
Treasury bills
Total

533
403
153
1089

OTC
Volume

16628.04
4893.21
13361.05
34882.30

Market
Share (%)

9.40
66.11
73.84
17.24

NDS-OM
Volume

Number
of Trades

17554
229
130
17913

160206.27
2508.10
4734.00
167448.38

Market
Share (%)

Number
of Trades

90.60
33.89
26.16
82.76

182
60
29
271

Brokered Deals
Volume

Total

8105.10
1325.22
3290.65
12720.97

Market
Share (%)

Number
of Trades

Volume

4.58
17.91
18.19
6.29

18087
632
283
19002

176834.33
7401.30
18095.06
202330.69

6 Settlement Volume of Forex Segment

Segment

Cash
Tom
Spot
Forward
Total
Average

18 December 2015
Number
Volume
of Deals
(US $ mn)

1156
1766
59172
482
62576
12515

16316
19265
46206
3008
84796
16959

11 December 2015
Number
Volume
of Deals
(US $ mn)

1292
1848
61420
416
64976
12995

18113
21596
47985
2184
89877
17975

4 December 2015
Number
Volume
of Deals
(US $ mn)

1272
1972
70446
13922
87612
17522

15725
22919
59025
62706
160376
32075

19 December 2014
Number
Volume
of Deals
(US $ mn)

1140
1932
76990
532
80594
16119

14514
20271
62719
2624
100128
20026

201516*

201415**

Number
of Deals

Volume
(US $ mn)

Number
of Deals

Volume
(US $ mn)

40990
62278
2396972
141892
2642132
15542

602421
733081
1841959
691433
3868895
22758

42248
62330
2178894
126672
2410144
14696

615267
719468
1801317
596544
3732597
22760

7 Tenor-wise Forward Trades

Tenor

< 30 days
> 30 days & < = 90 days
> 90 days & < = 180 days
> 180 days & < =365 days
> 1 year
Total

Number
of Deals

18 December 2015
Value
(US $ mn)

% to Total
Value

Number
of Deals

11 December 2015
Value
(US $ mn)

89
63
25
29
35
241

1752
427
84
327
417
3008

58
14
3
11
14
100

48
54
28
52
26
208

1054
385
129
312
305
2184

% to Total
Value

48
18
6
14
14
100

Number
of Deals

4 December 2015
Value
(US $ mn)

% to Total
Value

Number
of Deals

19 December 2014
Value
(US $ mn)

% to Total
Value

842
1224
896
3597
402
6961

10502
13624
6743
28696
3142
62706

17
22
11
46
5
100

72
70
55
61
8
266

1167
566
197
616
77
2624

44
22
8
24
3
100

** Data pertain to 1 April 201419 December 2014 * Data pertain to 1 April 201518 December 2015.
(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).

120

DECEMBER 26, 2015

vol L no 52

EPW

Economic & Political Weekly