Monthly economic Report

Economic Highlight for Oct 2011

The overall growth of GDP at factor cost at constant prices, as per Revised Estimates, was 8.5 per cent in 2010-11 representing an increase from the revised growth of 8.0 per cent during 2009-10. The growth in real GDP is placed at 7.7 per cent in the first quarter of 2011-12.
The cumulative rainfall received for the country as a whole, during the post monsoon season, 2011 (October–December), has been 49 per cent below the normal as on 09.11.2011.
Food grains (rice and wheat) stocks held by FCI and State agencies were 56.33 million tonnes as on Sep 1, 2011.
Overall growth in the Index of Industrial Production (IIP) was 1.9 per cent during September 2011 as compared to 6.1 per cent in September 2010. During AprilSeptember 2011-12, IIP growth was 5.0 per cent as compared to 8.2 per cent during 2010-11.
Eight core Infrastructure industries grew by 2.3 per cent in September 2011 as compared to the growth of 3.3 per cent in September 2010. During April-September 2011-12, these sectors grew by 4.9 per cent as compared to 5.6 per cent during April-September 2010- 11.
Broad money (M3) (up to October 21, 2011) increased by 7.1 per cent as compared to 8.5 per cent during the corresponding period of the last year. The year-on-year growth, as on October 21, 2011 was 14.4 per cent as compared to 17.3 per cent last year.
Exports, in US dollar terms increased by 36.4 per cent and imports increased by 17.2 per cent, during September 2011.
Foreign Currency Assets stood at US$ 282.5 billion at end October, 2011 as compared to US$ 269.3 billion at end October, 2010.
Rupee depreciated against US dollar, Pound Sterling, Japanese Yen and Euro in the month of October, 2011 over September, 2011.
Year-on-year inflation in terms of Wholesale Price Index was 9.73 per cent for the month of October 2011 as compared to 9.08 per cent in the corresponding month last year.
Gross tax revenue has increased by 14 per cent compared to the corresponding period last year with the main contributors being custom duties, taxes on income and service tax which have registered growth of 23 per cent, 16 per cent and 38 per cent respectively.

As proportions of Budget Estimates, fiscal deficit and revenue deficit were at 68.0 per cent and 72.2 percent respectively in April-September 2011.

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