Economic Indicators From 1991

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Economic Indicators from 1991

Investment Opportunities and Incentives National Income Sector Trade Industry and Services Growing a Business Business Financing Closing or Changing a Business Infrastructure Indian Economy Taxation Consumer Rights Corporate Governance Entrepreneurship in Agriculture & Allied Sectors Opportunities for Overseas Indians Problems Relating to MSMEs Land Acquisition, Resettlement and Rehabilitation Outsourcing Industry FAQs

The Indian economy has undergone substantial changes since the introduction of economic reforms in 1991. These reforms were a comprehensive effort consisting of three main components namely, liberalisation, privatisation and globalisation. They included various measures like deregulating the markets and encouraging private participation; trade liberalisation; dismantling the restrictions on domestic and foreign investments; reforming the financial sector and the tax system, etc. All such policy initiatives radically changed the economic set-up of the country and integrated it with the rest of the world. Thus, India was placed in a globally competitive position so as to fully utilise its potentials and opportunities for rapid growth of the economy.

Agriculture Sector Industrial Sector Money & Banking Sector Price Trends

Net National Product (NNP) at factor cost (at 1993-94 prices) increased from 0.5 per cent in 1991-92 to 6.3 per cent in 1 2000. It increased to 8.8 percent in 2003-04 at 1999-2000 prices. Similarly, per capita NNP increased from -1.5 per cent percent and then to 7.0 percent during the same period. Gross National Product (GNP) at factor cost (at 1993-94 prices) increased from 1.1 per cent in 1991-92 to 6.2 percent in 1999-2000. It increased to 8.7 percent in 2003-04 at 1999-200 Gross Domestic Product (GDP) at factor cost ( at 1999-2000 prices) has increased from 4.4 percent in 2000-01 to 7.5 pe 2004-05.

The industrial sector has been going through a process of restructuring and consolidation after liberalisation responded to the reforms through mergers and acquisitions, adoption of cost cutting measures, foreign collaboration, tec upgradation and outward orientation in sectors such as cement, steel, aluminium, pharmaceuticals, and automobiles. Ind growth increased sharply in the first five years after the reforms, but then slowed to an annual rate of 4.5 percent in the years. From low growth rate of 2.7 per cent in 2001-02, the industry sector grew at a rate of 7.1 per cent in 2002-03 and to 9.8 per cent in 2004-05.

There has been steady and continuous rise in supply of money in the economy since initiation of reforms. Reserve increased from Rs.99,505 crores in 1991-92 to Rs.573066 crores (Provisional) in 2005-06. Narrow money (M1) has incre from Rs.114406 crores to Rs. 825245 crores (Provisional), while, broad money (M3) has increased from Rs.317049 Rs.2729535 crores (Provisional) during the same period.

Low and volatile growth rates in Indian agriculture and allied sectors was reflected in the average annual growth rate of v added in the sector declining from 4.7 per cent during the Eighth Plan (1992-1997) to 2.1 per cent during the Ninth Plan 2002). From negative growth rate of -7.2 percent in 2002-03, the agriculture sector grew at a rate of 10.0 per cent in 20 and at a rate of 6.0 per cent in 2005-06.

As a proportion of GDP, the share of exports, which had grown from 5.8 per cent in 1990-91 to 12.2 per cent in 2004-05 further to 13.1 per cent in 2005-06. The corresponding rise in imports was from 8.8 per cent in 1990-91 to 17.1 per cent 2004-05 and further to 19.5 per cent in 2005-06. Thus, trade deficit as a proportion of GDP, which had declined from 3.0 cent in 1990-91 to 2.1 per cent in 2002-03, widened to 4.9 per cent in 2004-05 and further to 6.4 per cent in 2005-06.

Performance of the Indian economy on the inflation front, with price stability as one of the prime objectives of the reform has been satisfactory, particularly after the mid 1990s. The annual average inflation rate based on Wholesale Price Index was 10.6 per cent between 1991-96, which fell down to 5.1 per cent in the period 1996-2001 and then to 4.7 per cent in 06. There are various economic indicators which highlight the performance of the economy since 1991

Economic Indicators from 1991

Current State of the Indian Economy

Studies/Surveys/ Reports

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Year

GDP at factor Cost

NDP at factor cost

GNP at factor cost

NNP at factor cost

1

2

3

4

5

Business Financing Closing or Changing a Business Infrastructure Indian Economy Taxation Consumer Rights

1991-92

701863

628092

691143

617372

1992-93

737792

659599

726375

648182

1993-94

781345

697992

769265

685912

1994-95

838031

747573

824816

734358

1995-96

899563

800411

886961

787809

1996-97

970082

862807

959359

852084

1998-99

1082747

960554

1070773

948580

1999-00

1148367

1019296

1137185

1008114

1999-00

1792292

1605643

1776861

1590212

2000-01

1870387

1675632

1847842

1653087

2001-02

1978055

1775951

1957384

1755280

2002-03

2052586

1841931

2033781

1823126

2003-04 (P)

2226041

2004703

2208196

1986858

2004-05 (QE)

2393671

2158718

2376729

2141776

2005-06 (RE)

2595339

2349311

2571310

2325282

Corporate Governance Entrepreneurship in Agriculture & Allied Sectors Opportunities for Overseas Indians Problems Relating to MSMEs Land Acquisition, Resettlement and Rehabilitation Outsourcing Industry FAQs

P : Provisional QE: Quick Estimates RE: Revised Estimates Source: Central Statistical Organisation (CSO), Government of India

Economic Indicators from 1991

Current State of the Indian Economy

Studies/Surveys/ Reports

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Economic Indicators from 1991:

Agricultural Sector

Investment Opportunities and Incentives

1. Index Numbers of Area, Production and Yield of All Crops In India Trade

All crops

Industry and Services

A

Pr

2

3

1991-92

102.7

145.5

1992-93

103.1

151.6

1993-94

121.9

123.0

1994-95

123.8

130.1

Taxation

1995-96

123.0

126.8

Consumer Rights

1996-97

125.6

137.8

Corporate Governance

1997-98

125.3

120.6

Entrepreneurship in Agriculture & Allied Sectors

1998-99

126.6

141.1

1999-00

124.3

138.5

2000-01

121.8

130.2

2001-02

122.7

140.1

2002-03 (P)

113.1

121.6

2003-04 (P)

118.4

141.2

2004-05 (AE)

121.8

140.8

1

Growing a Business Business Financing

(Base: Triennium ending 1981-82 = 100)

Closing or Changing a Business Infrastructure

(Base: Triennium ending 1993-94 = 100)

Indian Economy

Opportunities for Overseas Indians Problems Relating to MSMEs Land Acquisition, Resettlement and Rehabilitation Outsourcing Industry FAQs

A: Area. Pr: Production. Y : Yield. P: Provisional for non-foodgrains and all crops AE: Advance Estimates Source : Ministry of Agriculture, Government of India. 2. Agricultural Production - Foodgrains

Year

Rice

Cereals Wheat

Coarse Cereals

Total(2 to 4)

1

2

3

4

5

1991-92

74.68

55.69

25.99

156.36

1992-93

72.86

57.21

36.59

166.66

Economic Indicators from 1991

Current State of the Indian Economy

Studies/Surveys/ Reports

1993-94

80.30

59.84

30.82

170.95

1994-95

81.81

65.77

29.88

177.46

1995-96

76.98

62.10

29.03

168.11

1996-97

81.74

69.35

34.10

185.19

1997-98

82.53

66.35

30.40

179.29

1998-99

86.08

71.29

31.33

188.70

1999-00

89.68

76.37

30.34

196.39

2000-01

84.98

69.68

31.08

185.74

2001-02

93.34

72.77

33.37

199.48

2002-03

71.82

65.76

26.07

163.65

2003-04

88.53

72.15

37.60

198.28

2004-05

83.13

68.64

33.46

185.28

2005-06 (AE)

91.04

69.48

34.67

195.19

AE: Advance Estimates Source : Ministry of Agriculture, Government of India

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Economic Indicators from 1991:

Industrial Sector

1. Index Numbers Of Industrial Production Year Mining & quarrying

Manufacturing

Electricity

2

3

4

Weight

011.46

077.11

011.43

1991-92

222.50

206.20

257.00

1992-93

223.70

210.70

269.90

1993-94

231.50

223.50

290.00

Indian Economy

1994-95

248.80

245.40

314.60

Taxation

1995-96

267.30

278.80

340.10

1996-97

268.40

302.80

353.40

1997-98

281.50

313.70

377.60

Trade Industry and Services Growing a Business Business Financing Closing or Changing a Business Infrastructure

Consumer Rights Corporate Governance Entrepreneurship in Agriculture & Allied Sectors Opportunities for Overseas Indians Problems Relating to MSMEs Land Acquisition, Resettlement and Rehabilitation Outsourcing Industry FAQs

1 Base : 1980-81 = 100

Base : 1993-94 = 100 Weight

010.47

079.36

010.17

1994-95

109.80

109.10

108.50

1995-96

120.50

124.50

117.30

1996-97

118.20

133.60

122.00

1997-98

126.40

142.50

130.00

1998-99

125.40

148.80

138.40

1999-00

126.70

159.40

148.50

2000-01

130.30

167.90

154.40

2001-02

131.90

172.70

159.20

2002-03

139.60

183.10

164.30

2003-04

146.90

196.60

172.60

2004-05

153.40

214.60

181.50

2005-06 (P)

154.90

234.20

190.90

P: Provisional Source : Central Statistical Organisation, Government of India. 2. Index Numbers of Industrial Production - Use-Based Classification Year

Basic goods

Capital goods

Inter-mediate

Consumer goods

goods

Economic Indicators from 1991

1 Current State of the Indian Economy

Studies/Surveys/ Reports

2

3

4

5

(Base : 1980-81 = 100) Weight

039.42

016.43

020.51

023.65

1991-92

226.90

266.80

173.20

190.80

1992-93

232.90

266.40

182.60

194.20

1993-94

254.90

255.40

203.90

202.00

1994-95

269.00

318.80

211.40

219.60

1995-96

291.40

376.00

236.30

251.00

1996-97

315.10

398.00

259.50

261.30

1997-98

337.30

382.20

277.40

273.30

(Base : 1993-94 = 100) Weight

035.57

009.26

026.51

028.66

1994-95

109.60

109.20

105.30

112.10

1995-96

121.40

115.00

125.70

126.50

1996-97

125.00

128.20

135.90

134.30

1997-98

133.60

135.60

146.80

141.70

1998-99

135.80

152.70

155.80

144.80

1999-00

143.30

163.30

169.50

153.00

2000-01

148.60

166.20

177.40

165.20

2001-02

152.50

160.60

180.10

175.10

2002-03

159.90

177.40

187.10

187.50

2003-04

168.60

201.50

199.00

200.90

2004-05

177.90

229.60

211.10

224.40

2005-06 (P)

189.80

265.80

216.40

251.40

P: Provisional Source : Central Statistical Organisation, Government of India.

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Economic Indicators from 1991:

Industrial Sector 1. Index Numbers Of Industrial Production Year Mining & Manufacturing quarrying 2

3

4

Weight

011.46

077.11

011.43

Infrastructure

1991-92

222.50

206.20

257.00

Indian Economy

1992-93

223.70

210.70

269.90

Taxation

1993-94

231.50

223.50

290.00

1994-95

248.80

245.40

314.60

1995-96

267.30

278.80

340.10

1996-97

268.40

302.80

353.40

1997-98

281.50

313.70

377.60

Growing a Business Business Financing Closing or Changing a Business

Consumer Rights Corporate Governance Entrepreneurship in Agriculture & Allied Sectors Opportunities for Overseas Indians Problems Relating to MSMEs

1

Electricity

Base : 1980-81 = 100

Base : 1993-94 = 100

Land Acquisition, Resettlement and Rehabilitation

Weight

010.47

079.36

010.17

1994-95

109.80

109.10

108.50

Outsourcing Industry

1995-96

120.50

124.50

117.30

FAQs

1996-97

118.20

133.60

122.00

1997-98

126.40

142.50

130.00

1998-99

125.40

148.80

138.40

1999-00

126.70

159.40

148.50

2000-01

130.30

167.90

154.40

2001-02

131.90

172.70

159.20

Economic Indicators from 1991

2002-03

139.60

183.10

164.30

Current State of the Indian Economy

2003-04

146.90

196.60

172.60

2004-05

153.40

214.60

181.50

2005-06 (P)

154.90

234.20

190.90

Studies/Surveys/ Reports

P: Provisional Source : Central Statistical Organisation, Government of India. 2. Index Numbers of Industrial Production - Use-Based Classification Year

Basic goods

Capital goods

Intermediate goods

Consumer goods

1

2

3

4

5

(Base : 1980-81 = 100) Weight

039.42

016.43

020.51

023.65

1991-92

226.90

266.80

173.20

190.80

1992-93

232.90

266.40

182.60

194.20

1993-94

254.90

255.40

203.90

202.00

1994-95

269.00

318.80

211.40

219.60

1995-96

291.40

376.00

236.30

251.00

1996-97

315.10

398.00

259.50

261.30

1997-98

337.30

382.20

277.40

273.30

(Base : 1993-94 = 100) Weight

035.57

009.26

026.51

028.66

1994-95

109.60

109.20

105.30

112.10

1995-96

121.40

115.00

125.70

126.50

1996-97

125.00

128.20

135.90

134.30

1997-98

133.60

135.60

146.80

141.70

1998-99

135.80

152.70

155.80

144.80

1999-00

143.30

163.30

169.50

153.00

2000-01

148.60

166.20

177.40

165.20

2001-02

152.50

160.60

180.10

175.10

2002-03

159.90

177.40

187.10

187.50

2003-04

168.60

201.50

199.00

200.90

2004-05

177.90

229.60

211.10

224.40

2005-06 (P)

189.80

265.80

216.40

251.40

P: Provisional Source : Central Statistical Organisation, Government of India.

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Economic Indicators from 1991:

Money & Banking Sector Components of Money Stock

Trade

Year

Reserve money (M0)

1

2

1991-92

99505

114406

1992-93

110779

124066

1993-94

138672

150778

1994-95

169283

192257

Infrastructure

1995-96

194457

214835

Indian Economy

1996-97

199985

240615

1997-98

226402

267844

1998-99

259286

309068

1999-00

280555

341796

2000-01

303311

379450

2001-02

337970

422843

2002-03

369061

473581

2003-04 (P)

436512

578716

2004-05 (P)

489135

647495

2005-06 (P)

573066

825245

Industry and Services Growing a Business Business Financing Closing or Changing a Business

Taxation Consumer Rights Corporate Governance Entrepreneurship in Agriculture & Allied Sectors Opportunities for Overseas Indians Problems Relating to MSMEs Land Acquisition, Resettlement and Rehabilitation Outsourcing Industry FAQs

Narrow money (M1) 3

P: Provisional (M0): Currency in circulation+ Other deposits with the RBI+ Banker deposits with the RBI (M1): Currency with the public+ Other deposits with the RBI+ Demand deposits (M3)): Time deposits+(M 1) Source: Reserve Bank of India (RBI)

Economic Indicators from 1991

Current State of the Indian Economy

Studies/Surveys/ Reports

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Economic Indicators from 1991:

Price Trends

(1) Wholesale Price Index - Annual Average Index (Average of weeks)

Trade

of which

Industry and Services

NF

2

3

4

5

1991-92

207.8

218.3

241.1

229.2

1992-93

228.7

234.6

271.0

228.7

1993-94

247.8

250.9

284.4

249.1

1993-94

100.0

100.0

100.0

100.0

1994-95

112.6

115.8

112.8

124.2

Consumer Rights

1995-96

121.6

125.3

122.2

135.4

Corporate Governance

1996-97

127.2

135.8

137.3

134.2

Entrepreneurship in Agriculture & Allied Sectors

1997-98

132.8

139.4

141.4

137.5

1998-99

140.7

156.2

159.4

151.8

Opportunities for Overseas Indians

1999-00

145.3

158.0

165.5

143.0

2000-01

155.7

162.5

170.5

146.5

2001-02

161.3

168.4

176.1

152.9

2002-03

166.8

174.0

179.2

165.4

Growing a Business Business Financing Closing or Changing a Business Infrastructure Indian Economy Taxation

Problems Relating to MSMEs Land Acquisition, Resettlement and Rehabilitation Outsourcing Industry

1

FA

(Base : 1981-82 = 100)

(Base : 1993-94 = 100)

2003-04

175.9

181.5

181.5

186.3

2004-05

187.3

188.1

186.3

187.6

2005-06

195.5

193.6

195.3

179.2

FAQs

AC: All commodities. FA : Food articles. PA : Primary articles. NF: Non-food articles. MP: Manufactured products. FPL& L: Fuel, power, light & lubricants. Source : Office of the Economic Adviser, Ministry of Commerce and Industry, Government of India.

(2) Consumer Price Index - Annual Average Year

Index (Average of months) IW

of which

UNME

Food

Economic Indicators from 1991

Current State of the Indian Economy

1

2

3

4

(Base : 1982 = 100 for IW and 1984-85 = 100 for UNME)

Studies/Surveys/ Reports

1991-92

219

230

183

1992-93

240

254

202

1993-94

258

272

216

1994-95

284

304

237

1995-96

313

337

259

1996-97

342

369

283

1997-98

366

388

302

1998-99

414

445

337

1999-00

428

446

352

2000-01

444

453

371

2001-02

463

466

390

2002-03

482

477

405

2003-04

500

495

420

2004-05

520

506

436

2005-06

542#

527#

456

(Base :1986-87 = 100 for AL)

IW: Industrial workers. UNME: Urban non-manual employees. AL: Agricultural labourers # From January 2006, the base is 2001=100; the conversion factor is 4.63 for the `General Index' and 4.58 for the `Fo Group'. Source :

1. Labour Bureau, Ministry of Labour, Government of India. 2. Central Statistical Organisation, Ministry of Statistics and Programme India.

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Implementation, Governmen