E-UPDates—A Monthly Statistical Bulletin of Economic Indicators

EUpDates
April 2017
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E-UpDates April 2017
Surge Research Support
2
A Quick Review of the Economy
Global economic recovery continued supported by the upturn in manufacturing activity, which increased by 6%(saar)in
January recording the highest pace in five years. With continued impact of energy prices, global inflation rose to 2.3% in
January. Food prices have been firming up globally, driven by cereals. Crude prices touched a three-month low in March
on rising shale output and US inventories. Global trade growth rebounded to a high of almost 10% in January and PMI
surveys confirm continued momentum in export orders in February in both AEs and EMDEs. EME currencies initially
rose on optimism on the global outlook, but some of them have weakened in recent days with the fall in commodity
prices. The riskiest bonds outperformed sharply, with particularly strong performances coming from funds in the
emerging-markets bond and emerging-markets local-currency bond categories. The markets had widely priced in the
Fed rate hike and, as a result, yields on intermediate- and long-term bonds barely moved over the quarter after seeing a
sharp increase in the second half of 2016. The yield on the 10-year finished the quarter at 2.4%, down just a few basis
points from where it finished 2016, and with an increase in short-term yields, which are most sensitive to Fed policy, led
to a flattening of the yield curve. A gauge of globalequity price movements, the MSCI World equity index reached a High
of 453.22 and a Low of 442.23 in March.
High frequency US data indicate that the labour market, industrial production and retail sales are till catalysing a
recovery,though private consumption has slowed despite very high consumer confidence. The Fed hiked policy rates by
25 bps in March as nonfarm payroll employment increased at a brisk pace in January and February, while core PCE for
January reached 1.7%.The Euro area manufacturing PMI rose to a six-year high in March amidst improving consumer
confidence and steadily strengthening employment conditions. Inflation reached 2% in January. In Japan, nascent signs
of economic revival are evident from falling unemployment, improving business sentiment on fixed investment, and
rising exports helped by the depreciation of the yen; however, deflation risks linger.
IIP recovered in January to grow 2.7% from a contraction in the previous month, helped by a broad-based turnaround in
manufacturingas well as mining and quarrying. Capital goods production improved appreciably,although this largely
reflected the waning of unfavourable base effects. Consumer non-durables continued to contract. Thus, investment and
rural consumption demand remain muted. The output of core industries moderated in February due to slowdown in
production of all the components except coal. Core sector output slipped to a 15-month low of 1% in February 2017
compared to the 3.4% growth recorded in January and 9.4% a year earlier, pulled down by a sharp 15.8% decline in
cement output, while only Steel, Coal and Electricity output showed growth. The 77th round of the Reserve Bank’s
industrial outlook survey indicates that overall business sentiment is expected to improve in Q1 of 2017-18 on the back
of a sharp pick up in both domestic and external demand. Coincident indicators such as exports and non-oil non-gold
imports are indicative of a brighter outlook for industry, although the sizable under-utilisation of capacity in several
industries could operate as a drag on investment.
India’s trade deficit widened to US$8.89 billion for February 2017 as against US$6.57 billion in February 2016. Exports
grew 17.48% y-o-y in dollar terms (to US$24.5 billion) on the back of a 47% rise in engineering goods, however, imports
jumped 21.8% y-o-y in dollar terms (US$33.4 billion) driven by a 147% surge in gold imports. Exports of most of the key
commodities such as chemicals (11.27%), engineering goods (47.33%), ready- made garments (5.05%) and petroleum
products (27.57%) showed significant improvement.Imports of key items such as coal (32.87%), petroleum (60.02%),
chemicals (22.47%), and gold (147.6%) picked up while those of iron and steel (-12.7%), machinery (-28.84%) and
transport equipment (-15.75%) contracted.Oil imports during February, grew by 60% y-o-y to US$7681.2 million.
For the period April-February 2016-17 exports registered growth of 2.5% in dollar terms and 5.5% in rupee terms (to
US$245413.05 million or Rs. 1648743.26 crore), over the same period last year. For the period April-February 2016-17
imports declined by 3.7% in dollar terms and 0.8% in rupee terms (to US$340698.43 million or Rs. 2289598.48 crore),
over the same period last year.
Annual retail and wholesale inflation were both pushed up by fuel and food prices in February. WPI inflation shot up to a
39-month high of 6.55% (provisional), as inflation in “fuel and power” shot up by 21.02% in as against a decline of
7.06% a year ago. Inflation in manufactured commodities also rose to 3.66% from a contraction of 0.52% in February
2016. WPI inflation for December 2016 based on the final index was 3.17%, as compared with 0.61% a year ago. CPI
inflation rose to a three-month high of 3.6% in February, as prices of sugar, fruits, meat, fish, milk and processed foods
increased, generating a sizable jump in the momentum in the food group. Fuel inflation was driven by both international
crude prices, as well as, policy induced increases in prices with reduction of kerosene subsidy. Annual CPI and CFPI
inflation for January 2017 based on the final index were at 3.17% and 0.61%, respectively.
The Centre’s fiscal and revenue deficits between April and February touched Rs 6.06 lakh crore or 113.4% of Budget
estimates for 2016-17 - as against 107.1% of BE in the same period of last year. Tax revenue yielded Rs .8.85 lakh crore,
or 81.3% of the estimates. Total expenditure during the April-February period was Rs .17.53 lakh crore, or 87% of the
entire fiscal's estimate.
Overnight rates remained below the policy repo rate in March. Constant maturity yields (CMYs) of short-term GSecs
softened by over 20 bps. However, with rising inflation and inflation expectations and the neutral stance of RBI, CMYs of
long term GSecs have hardened by about 20 bps. In the First Bi-monthly Monetary Policy Statement for 2017-18 in early
April the RBI has kept the policy repo rate under the LAF unchanged at 6.25%. The policy rate corridor around the policy
repo rate has been narrowed to +/-25bps from +/- 50bps with immediate effect. Consequently, the reverse repo rate
under the LAF is at 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate are at 6.50 per cent.
Capital mobilisation in the primary equity market continued to show an upward trend. Total equity issues during
January 2017 was Rs. 14145 crore compared to Rs. 4581 crore in December 2016. In January 2017, Rs. 49725 crore was
raised through private placement route in the corporate bond market compared to Rs. 59,587 crore in December., also
Rs. 3768 crore was raised in January through public issues. The Sensex reached a high of 29825 and a low of 28716 in
March and closed the month at 29620 up from 28743 in the previous month. FPI and Mutual Fund investment in the
equity and debt markets remained positive in the month.

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Contents Page
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Special Feature — Highights of The RBI's First
Bi-monthly Monetary Policy Statement, 2017-18
Table of Contents
1. Key Rates to Remember
2. Indian Economy — Growth Indicators
3. Indian Economy — Price Indicators
4. Indian Economy — Banking Indicators
10. Global Economy — Economic Indicators
11. Global Economy — Stock Indices
12. Global Economy — Commodity Indices
5. Indian Economy — Exchange Rates
6. Indian Economy — Interest Rates
7. Indian Economy — Stock Markets
8. Indian Economy — Capital Flows
9. Indian Economy — Commodity Markets
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4
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2016-17* 7.20% Jan-17 2.70%
2015-16* 7.70% Jan-16 -1.60%
As on 31-Mar-17 31-Mar-16 As on 31-Mar-17 31-Mar-16
Repo rate 6.25% 6.75% CRR 4.00% 4.00%
Reverse repo rate 5.75% 5.75% Base rate 9.25-9.65% 9.30-9.70%
MSF rate 6.75% 7.75% CMR 5.90-12.00% 5.00-9.50%
Inflation CPI-C* CFPI-C* WPI
Feb-17 3.65% 2.01% 6.55% Mar-17 50.91
Feb-16 5.26% 5.30% -0.85% Mar-16 37.34
*Base: 2012=100 US$ per barrel
March
52.5 31-Mar-17 64.84
51.5 31-Mar-16 66.33
Rural Urban All India
95.81 91.86 94.01
99.82 95.18 98.24
*30-Days Moving Average
Consumer Sentiment Index*
GDP IIP
Base : 2004-05=100.
Oil Price (World Average)
Purchasing Managers Index US$/Rupee Rate
*April-December; New Series (at
2011-12 prices).
Nikkei Markit Mnfg. PMI
Nikkei Markit Services BAI
RBI Reference rate
31-Mar-17
31-Mar-16
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GDP Growth Rates
(at 2011-12 prices)
Q1 Q2 Q3 Q4 FY
2016-17 7.2 7.4 7.0 7.1 (2nd AE)
2015-16 7.5 7.6 7.2 7.9 7.6 (PE)
GVA at Basic Price by Economic
Activity
1 Agriculture, forestry & fishing 5,41,851 6.0 5,11,002 -2.2
2 Mining & quarrying 89,684 7.5 83,445 13.3
3 Manufacturing 4,75,618 8.3 4,39,181 12.8
4 Electricity, gas, water supply &
other utlility services
59,435 6.8 55,662 4.1
5 Construction 2,18,466 2.7 2,12,761 3.2
6 Trade, hotels, transport,
communication and services related
to broadcasting
5,15,009 7.2 4,80,428 9.6
7 Financial, real estate & professional
services
5,23,081 3.1 5,07,168 10.4
8 Public administration, defence and
Other Services
3,78,944 11.9 3,38,722 7.5
9 GVA at basic prices (1 to 8) 28,02,089 6.6 26,28,370 7.0
Estimates of Final Expenditures
on GDP
10 Private final consumption 17,78,353 ` (58.7) 16,15,790 ` (57.1)
11 Government final consumption 3,16,595 ` (10.5) 2,64,070 ` (9.3)
12 Gross fixed capital formation
(GFCF)
8,79,763 ` (29.1) 8,49,912 ` (30.0)
13 Changes in stocks (CIS) 73,070 ` (2.4) 61,988 ` (2.2)
14 Valuables 28,079 ` (0.9) 45,574 `(1.6)
15 Exports 5,99,231 ` (19.8) 5,79,567 `(20.5)
16 Less (-) Imports 6,40,432 ` (21.2) 6,12,954 ` (21.7)
17 Discrepancies (GDP less 10 to 16) -6767 - `(-0.2) 26,813 `(0.9)
18 GDP (10 to 17) 30,27,893 7.0 (100.0) 28,30,760 7.9 (100.0)
Growth Indicators
YoY Growth
(Share in
GDP) (%)
GDP
[at Constant(2011-12) prices]
2016-17
Q3
Rs.Crore YoY Growth
(Share in
GDP) (%)
2015-16
Q3
Rs.Crore

6
1 GVA at basic prices 111,68,315 6.7 104,69,720 7.8
2 Net Taxes 9,97,166 12.3 8,87,809 9.2
3 GDP (1+2) 121,65,481 7.1 113,57,529 7.9
4 Net Domestic Product (GDP less
Consumption of Fixed Capital)
108,03,651 7.2 100,80,883 8.0
5 Net factor income from abroad -1,37,347 -1,34,596
6 Gross National Income (4+6) 120,28,134 7.2 112,22,933 7.9
7 Net National Income (GNI less
Consumption of Fixed Capital)
106,66,303 7.2 99,46,287 8.0
8 Population (in million) 1,299 1.2 1,283 1.3
9 Per capita GDP (Rs.) 93,653 5.8 88,523 6.6
10 Per capita GNI (Rs.) 92,595 5.9 87,474 6.6
11 Per capita NNI (Rs.) 82,112 5.9 77,524 6.6
12 Per capita PFCE (Rs.) 52,545 5.9 49,618 6.0
AE : Advance Estimates; PE : Provisional Estimates; RE : Revised Estimates.
Index of Industrial Production Jan-17 Jan-16 Jan-17 FY2016-17* FY2015-16*
General Index 191.3 186.2 2.7 0.6 2.7
1. Mining 146.1 138.8 5.3 1.4 2.1
2. Manufacturing 199.2 194.8 2.3 -0.2 2.5
3. Electricity 195.6 188.3 3.9 5.0 4.7
*April-January.
Index 2004-05 =100 Change (YoY, %)
Rs.Crore YoY Growth
(%)
GDP
[at Constant(2011-12) prices]
2016-17
(2nd AE)
Rs.Crore YoY Growth
(%)
2015-16
(1st RE)
126.5
129.3
128.4
186.0
189.8
187.3
178.6
188.6
198.0
176.8
181.1 180.0
100
110
120
130
140
150
160
170
180
190
200
210
2014-15 2015-16 2016-17
IIP-Annual Averages (Base : 2004-05=100) Mining &
Quarrying
(141.75)
Manufacturing
(755.27)
Electricity (103.16)
General Index
(1000.0)

7
Wholesale Price Index
(Base: 2004-05=100)
(Inflation %)
All
Commodities
Primary Articles Food Articles Non-food
Articles
Crude
Petroleum
Manufactured
Products
December– 2016 182.8 (3.39) 256.3 270.1 225.6 189.7 158.0
January– 2017 184.6 (5.25) 255.7 267.2 231.3 182.3 158.8
February– 2017 185.5 (6.55) 258.1 267.5 234.8 205.4 158.8
Consumer Price Index
(Inflation %)
All India
General Index
(All Groups
combined)
Base 2010=100
Rural Areas (All
Groups) Base
2010=100
Urban Areas
(All Groups)
Base 2010=100
Industrial
Workers Base
2001=100
Rural
Labourers
Base 1986-
87=100
Agricultural
Labourers
Base 1986-
87=100
December– 2016 130.4 (3.41) (F) 132.8 (3.83) (F) 127.6 (2.90) (F) 275 (2.23) 881 (2.80) 876 (2.70)
January– 2017 130.3 (3.17) (F) 132.4 (3.36) (F) 127.8 (2.90) (F) 274 (1.86) 876 (2.58) 870 (2.47)
February– 2017 130.6 (3.65) (P) 132.6 (3.67) (P) 128.2 (3.55) (P) 274 (2.62) 874 (2.94) 869 (3.08)
Price Indicators
Build up of inflation in the financial year so far is 5.82% compared to a build up of -1.14% in the corresponding period of the previous year.
F: Final; P: Provisional.
180.2
181.7
182.6
184.6
185.7
185.0
183.9
181.5
179.8
178.3
175.8
176.1
176.0
177.7
178.6
177.5
176.7
176.6
176.7
177.6
177.4
175.7
174.0
174.6
177.0
179.4
182.0 183.9 183.1 182.8 182.9 183.1 182.8 184.6 185.5
120
130
140
150
160
170
180
190
200
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
WPI (Base 2004-05=100) New Series
2014-15 2015-16 2016-17
CPI Inflation –February 2017 Rural Urban Combined
Cereals & Pdcts. 4.88 6.41 5.30
Pulses & Pdcts. -3.56 -18.88 -9.02
Oils etc 3.04 5.44 3.83
Meat & Fish 3.52 3.48 3.50
Milk & Pdcts. 4.97 3.01 4.22
Vegetables -9.01 -6.97 -8.29
Food & Beverages 2.61 2.32 2.46
Fuel & Light 4.47 2.76 3.90
Clothing etc 5.10 3.19 4.38

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March 31, 2016 January 2017 February 2017
Reserve Money : 21,80,740 14,97,170 16,46,070
% change during the month 4.29 9.95
% change since March 31 (31.35) (24.52)
(A) Components of Reserve Money (1+2+3)
1 Currency in circulation 16,63,460 10,16,720 11,64,150
2 Banker's deposits with RBI 5,02,560 4,65,110 4,66,140
% change during the month (3.30) 0.22
3 "Other" deposits with RBI 15,080 15,340 15,770
% change since March 31 1.72 4.58
(B) Sources of Reserve Money (4+5+6+7-8)
4 Net RBI credit to Government 4,25,330 2,10,250 5,45,690
% change since March 31 (50.57) 28.30
5 RBI credit to Banks & Commercial Sector 3,04,540 (2,47,100) (4,40,740)
5.1 RBI credit to banks(including NABARD) 2,84,450 (2,51,900) (4,45,350)
5.2 RBI credit to Commercial Sector 20,090 4,800 4,610
% change during the month (18.64) (3.96)
6 Net Foreign Exchange Assets of RBI 23,83,480 24,65,950 24,27,310
% change during the month 0.65 (1.57)
7 Govt's Currency Liabilities to the Public 21,910 24,620 24,620
% change during the month - -
8 Net Non-monetary Liabilities of RBI 9,54,170 9,56,510 9,10,810
% change since March 31 0.25 (4.54)
Note: (i) Figures in parentheses denote negative numbers.
Banking Indicators
COMPONENTS & SOURCES OF RESERVE MONEY AND THEIR VARIATIONS (Rs. crore)

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March 31, 2016 January 2017* February 2017#
M3 116,54,340 121,56,100 123,08,280
(A) Components of M3 ( 1+2+3+4)
1 Currency with the public 15,98,100 9,12,680 10,63,530
2 Demand deposits with banks 9,97,020 11,77,810 11,79,870
3 Time deposits with banks 90,43,770 100,50,080 100,49,250
4 Other deposits with RBI 15,450 15,530 15,630
(B) Sources of M3 (5+6+7+8-9)
5 Net bank credit to govt.(i+ii) 32,41,030 39,29,350 40,41,240
i RBI's credit 4,25,000 1,39,080 4,92,170
% change during the month 3,700.00 253.88
% change since March 31 (67.28) 15.80
ii Other banks' credit 28,16,030 37,90,260 35,49,070
6 Bank credit to commercial sector (i+ii) 78,21,910 79,67,160 80,46,290
i RBI's credit 20,080 4,940 4,770
ii Other banks' credit 78,01,830 79,62,220 80,41,520
7 Net foreign exchange assets of the banking sector 24,90,710 26,44,410 26,21,840
8 Government's currency liabilities to the public 21,910 24,620 24,620
9 NNML of the banking sector (i+ii) 19,21,210 24,09,430 24,25,710
i RBI's NNML 9,54,170 9,48,270 9,19,300
ii Other bank's NNML(Residual) 9,67,040 14,61,160 15,06,410
COMPONENTS & SOURCES OF MONEY STOCK (M3) AND THEIR VARIATIONS (Rs. crores)
Note: (i) Figures in parentheses denote negative numbers; (ii) *: Data are of January 20, 2017; (iii) #
: Data are of February
17, 2017.

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Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month
1-Mar-17 Wed 66.84 67.14 67.73 68.54 70.40 70.75 71.53 72.68
2-Mar-17 Thu 66.72 67.04 67.61 68.43 70.20 70.59 71.34 72.49
3-Mar-17 Fri 66.82 67.14 67.71 68.52 70.45 70.83 71.58 72.71
6-Mar-17 Mon 66.73 67.07 67.61 68.42 70.63 71.02 71.75 72.88
7-Mar-17 Tue 66.68 67.00 67.54 68.37 70.53 70.91 71.64 72.80
8-Mar-17 Wed 66.71 67.03 67.58 68.36 70.46 70.84 71.58 72.69
9-Mar-17 Thu na na
10-Mar-17 Fri 66.62 66.96 67.47 68.25 70.68 71.10 71.79 72.89
13-Mar-17 Mon na na
14-Mar-17 Tue 65.73 66.17 66.70 67.51 70.01 70.43 71.14 72.29
15-Mar-17 Wed 65.70 66.02 66.56 67.33 69.81 70.19 70.94 72.04
16-Mar-17 Thu 65.43 65.75 66.28 67.07 70.18 70.58 71.30 72.42
17-Mar-17 Fri 65.49 65.83 66.36 67.14 70.35 70.75 71.49 72.61
20-Mar-17 Mon 65.38 65.74 66.26 67.04 70.31 70.74 71.46 72.58
21-Mar-17 Tue 65.31 65.66 66.19 67.00 70.58 71.02 71.75 72.91
22-Mar-17 Wed 65.46 65.79 66.36 67.12 70.62 71.02 71.80 72.91
23-Mar-17 Thu 65.54 65.86 66.39 67.16 70.69 71.10 71.83 72.94
24-Mar-17 Fri 66.71 67.03 67.58 68.36 70.46 70.84 71.58 72.69
27-Mar-17 Mon 65.05 65.36 65.91 66.69 70.70 71.07 71.82 72.95
28-Mar-17 Tue na na
29-Mar-17 Wed na na
30-Mar-17 Thu 64.93 65.24 65.77 66.56 69.76 70.13 70.85 71.98
31-Mar-17 Fri 64.86 65.17 65.70 66.48 69.30 69.66 70.38 71.49
Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month
1-Mar-17 Wed 82.32 82.72 83.54 84.72 58.75 59.06 59.70 60.64
2-Mar-17 Thu 81.91 82.34 83.13 84.31 58.40 58.72 59.35 60.28
3-Mar-17 Fri 81.66 82.07 82.86 84.02 58.35 58.68 59.30 60.22
6-Mar-17 Mon 81.80 82.24 82.99 84.15 58.62 58.96 59.56 60.48
7-Mar-17 Tue 81.30 81.71 82.46 83.65 58.55 58.88 59.48 60.43
8-Mar-17 Wed 81.05 81.46 82.23 83.35 58.53 58.87 59.47 60.38
9-Mar-17 Thu na na
10-Mar-17 Fri 80.91 81.36 82.07 83.19 57.73 58.08 58.64 59.53
13-Mar-17 Mon na na
14-Mar-17 Tue 79.86 80.30 81.03 82.18 57.26 57.61 58.19 59.10
15-Mar-17 Wed 80.12 80.53 81.30 82.41 57.27 57.60 58.20 59.10
16-Mar-17 Thu 80.27 80.71 81.46 82.59 57.71 58.06 58.64 59.55
17-Mar-17 Fri 80.84 81.28 82.04 83.18 57.88 58.23 58.82 59.72
20-Mar-17 Mon 81.13 81.61 82.34 83.49 57.93 58.31 58.88 59.79
21-Mar-17 Tue 81.36 81.82 82.58 83.76 58.03 58.40 58.99 59.92
22-Mar-17 Wed 81.55 81.98 82.78 83.91 58.82 59.18 59.80 60.70
23-Mar-17 Thu 81.93 82.36 83.11 84.24 59.01 59.35 59.94 60.83
24-Mar-17 Fri 81.05 81.46 82.23 83.35 58.53 58.87 59.47 60.38
27-Mar-17 Mon 81.91 82.31 83.10 84.25 59.00 59.31 59.92 60.83
28-Mar-17 Tue na na
29-Mar-17 Wed na na
30-Mar-17 Thu 80.99 81.39 82.14 83.30 58.46 58.77 59.36 60.28
31-Mar-17 Fri 80.91 81.31 82.06 83.21 58.01 58.33 58.91 59.82
Exchange Rates
Movement of the Rupee (INR) (Average of Buying & Selling Rates)
Dollar Euro
Pound Yen

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Euro
Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month
1-Mar-17 Wed 5.52 5.43 5.15 6.13 6.61 6.58
2-Mar-17 Thu 6.00 5.48 5.21 6.78 6.66 6.62
3-Mar-17 Fri 5.90 5.40 5.14 6.67 6.57 6.53
6-Mar-17 Mon 6.29 5.35 5.11 6.92 6.50 6.47
7-Mar-17 Tue 5.82 5.26 5.12 6.75 6.48 6.54
8-Mar-17 Wed 5.82 5.32 5.01 6.76 6.54 6.45
9-Mar-17 Thu na na
10-Mar-17 Fri 6.39 5.23 4.97 7.37 6.46 6.37
13-Mar-17 Mon na na
14-Mar-17 Tue 8.34 6.00 5.47 7.44 6.64 6.62
15-Mar-17 Wed 5.91 5.34 5.02 6.73 6.63 6.49
16-Mar-17 Thu 6.13 5.33 5.08 7.06 6.57 6.50
17-Mar-17 Fri 6.41 5.42 5.10 7.13 6.64 6.54
20-Mar-17 Mon 6.81 5.49 5.14 7.68 6.74 6.58
21-Mar-17 Tue 6.62 5.50 5.24 7.74 6.83 6.71
22-Mar-17 Wed 6.22 5.61 5.14 7.01 6.82 6.58
23-Mar-17 Thu 6.02 5.29 5.01 7.10 6.58 6.47
24-Mar-17 Fri 5.82 5.32 5.01 6.76 6.54 6.45
27-Mar-17 Mon 5.77 5.36 5.09 6.55 6.52 6.48
28-Mar-17 Tue na na
29-Mar-17 Wed na na
30-Mar-17 Thu 5.78 5.24 5.07 6.46 6.37 6.47
31-Mar-17 Fri 5.79 5.25 5.04 6.42 6.38 6.44
Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month
1-Mar-17 Wed 5.91 6.06 5.90 6.52 6.63 6.54
2-Mar-17 Thu 6.49 6.12 5.96 6.89 6.67 6.56
3-Mar-17 Fri 6.19 6.01 5.86 7.00 6.64 6.51
6-Mar-17 Mon 6.73 5.97 5.84 7.30 6.57 6.46
7-Mar-17 Tue 6.22 5.83 5.85 6.98 6.51 6.53
8-Mar-17 Wed 6.24 5.93 5.74 7.09 6.58 6.42
9-Mar-17 Thu na na
10-Mar-17 Fri 6.80 5.86 5.70 7.41 6.46 6.33
13-Mar-17 Mon na na
14-Mar-17 Tue 6.74 5.99 5.89 7.47 6.62 6.53
15-Mar-17 Wed 6.24 6.00 5.80 7.03 6.66 6.47
16-Mar-17 Thu 6.70 6.04 5.86 7.41 6.60 6.48
17-Mar-17 Fri 6.73 6.05 5.86 7.50 6.69 6.48
20-Mar-17 Mon 7.41 6.13 5.92 8.16 6.76 6.53
21-Mar-17 Tue 7.00 6.11 5.99 7.93 6.78 6.62
22-Mar-17 Wed 6.51 6.20 5.87 7.60 6.87 6.51
23-Mar-17 Thu 6.48 5.91 5.73 7.14 6.42 6.25
24-Mar-17 Fri 6.24 5.93 5.74 7.09 6.58 6.42
27-Mar-17 Mon 6.10 5.94 5.80 6.60 6.39 6.32
28-Mar-17 Tue na na
29-Mar-17 Wed na na
30-Mar-17 Thu 6.01 5.80 5.79 6.55 6.30 6.32
31-Mar-17 Fri 6.10 5.83 5.77 6.71 6.32 6.32
Pound Yen
Dollar
Annualised Forward Premia

12
RBI
LAF
Net Injection(+)/
Absorption(-) of Liquidity
(Rs. billion)*
Repo Rates
(Repo/Reverse
Repo)
Over-
night
Rates
(%)
Call
Money**
CBLO** Mibor USD Libor
01-Mar-17 -1689.5 6.25/5.75 6.04 5.87 0.682
02-Mar-17 -1785.7 5.96 5.88 6.12 0.683
03-Mar-17 -2239.6 5.79 4.79 6.08
04-Mar-17 6.05 6.09 6.08 0.683
06-Mar-17 -2908.9 5.94 5.66 6.11 0.683
07-Mar-17 -1877.2 5.98 5.72 6.14 0.683
08-Mar-17 -1705.3 5.92 5.82 6.13 0.682
09-Mar-17 -1621.1 5.99 5.93 6.17 0.682
10-Mar-17 -1501.7 6.01 6.01 6.24 0.682
13-Mar-17 -75.3 - - 0.683
14-Mar-17 -2919.4 5.92 5.98 6.20 0.687
15-Mar-17 -2326.0 5.97 6.09 6.21 0.687
16-Mar-17 -1351.8 6.01 6.10 6.24 0.926
17-Mar-17 -1249.6 5.91 5.28 6.24 0.924
18-Mar-17 6.12 6.18
20-Mar-17 -1209.9 5.99 5.96 6.21 0.926
21-Mar-17 -1562.2 5.92 5.88 6.22 0.925
22-Mar-17 -1548.4 5.97 5.84 6.21 0.927
23-Mar-17 -1676.2 5.92 5.81 6.18 0.926
24-Mar-17 -1578.4 5.88 5.80 6.15 0.927
25-Mar-17 17.3 - -
27-Mar-17 -1222.5 5.96 5.83 6.10 0.924
29-Mar-17 -2877.3 5.94 5.73 6.11 0.926
30-Mar-17 -2772.5 5.99 5.90 6.10 0.92667
31-Mar-17 -1942.4 6.25/5.75 6.04 5.47 7.37 0.922
*Includes liquidity provided under MSF at 6.75%; **Weighted average rates.
Money Market Rates & Liquidity
Interest Rates
0.670
0.720
0.770
0.820
0.870
0.920
5.20
5.60
6.00
6.40
6.80
7.20
1-Mar-17
2-Mar-17
3-Mar-17
4-Mar-17
5-Mar-17
6-Mar-17
7-Mar-17
8-Mar-17
9-Mar-17
10-Mar-17
11-Mar-17
12-Mar-17
13-Mar-17
14-Mar-17
15-Mar-17
16-Mar-17
17-Mar-17
18-Mar-17
19-Mar-17
20-Mar-17
21-Mar-17
22-Mar-17
23-Mar-17
24-Mar-17
25-Mar-17
26-Mar-17
27-Mar-17
28-Mar-17
29-Mar-17
30-Mar-17
31-Mar-17
Repo ReverseRepo Call Money Mibor USD Libor

13
On Developing Constant Maturity Yield Curves for India:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=300052
Date 3 months 6 months 1 year 2 Year 3 Year 4 Year 5 Year 7 Year 10 Year >10
Year &
<=15
Year
>15
Year &
<= 20
Year
>20
Year
1-Mar-17 6.05 6.22 6.63 6.63 6.92 7.12 7.39 7.42 7.51 7.61
2-Mar-17 6.00 6.10 6.21 6.44 6.62 6.62 6.96 7.11 7.40 7.43 7.51 7.57
3-Mar-17 6.00 6.44 6.60 6.60 7.00 7.12 7.37 7.40 7.53 7.56
6-Mar-17 5.96 6.07 6.20 6.45 6.63 6.63 6.91 7.16 7.42 7.49 7.55
7-Mar-17 5.93 6.48 6.68 6.68 6.98 7.17 7.42 7.44 7.59 7.58
8-Mar-17 5.92 6.11 6.49 6.70 6.70 7.18 7.42 7.43 7.54 7.56
9-Mar-17 5.89 6.12 6.16 6.48 6.62 6.62 7.17 7.43 7.44 7.53 7.63
10-Mar-17 5.90 6.04 6.46 6.65 6.65 7.08 7.20 7.43 7.46 7.55 7.63
13-Mar-17
14-Mar-17 5.89 6.01 6.54 6.74 6.74 7.27 7.49 7.52 7.54 7.71
15-Mar-17 5.90 6.05 6.23 6.50 6.71 6.71 7.07 7.20 7.45 7.47 7.53 7.66
16-Mar-17 5.92 6.00 6.22 6.49 6.69 6.69 7.02 7.15 7.36 7.41 7.44 7.57
17-Mar-17 5.88 6.23 6.45 6.69 6.69 7.07 7.18 7.39 7.44 7.62
20-Mar-17 5.88 6.02 6.21 6.43 6.64 6.64 6.97 7.17 7.40 7.43 7.57 7.56
21-Mar-17 5.84 6.29 6.47 6.65 6.65 7.00 7.14 7.38 7.39 7.57 7.61
22-Mar-17 5.81 6.01 6.28 6.50 6.62 6.62 6.95 7.08 7.32 7.37 7.49 7.57
23-Mar-17 5.76 6.43 6.60 6.60 6.95 7.01 7.30 7.33 7.45 7.55
24-Mar-17 5.97 5.95 6.45 6.58 6.58 6.95 7.06 7.30 7.34 7.49 7.56
27-Mar-17 5.82 6.20 6.40 6.54 6.54 6.83 6.95 7.28 7.26 7.36 7.47
28-Mar-17
29-Mar-17 5.78 5.90 6.17 6.45 6.56 6.56 6.83 6.92 7.27 7.27 7.35 7.48
30-Mar-17 5.73 5.80 6.18 6.43 6.57 6.57 6.85 6.93 7.27 7.30 7.36 7.49
31-Mar-17 6.17 6.47 6.54 6.54 6.93 7.24 7.30 7.36 7.51
March-2017 5.89 6.01 6.01 6.21 6.46 6.63 6.63 7.10 7.37 7.39 7.49 7.57
Constant Maturity Yields for Government Bonds—March 2017
Debt Market Yields
Constant Maturity Yields relates the yield on a security to its time to maturity. The usual practice worldwide is to
provide yields of traded bonds for finely defined residual maturity brackets. The monthly CMYs given here provide
information on (Indian government) bond yields for several chosen residual maturities, like 3 & 6 months,
1/2/5/10/12/15 years. Say, the market determined YTMs for all traded Gilts with 340 to 380 days left to mature
would give the CMY for the 1 year maturity bracket. The monthly CMYs are estimated from marketwide data. For the
estimation methodology see:

14
Debt Market Yields
6.14
6.24
6.31
6.37
6.46
6.45
6.47
6.48
6.48
6.58
6.64
6.69
6.64
6.73
6.80
6.83
6.90
6.92
6.96
6.99
6.98
7.00
6.83
7.08
7.15
7.05
7.14
7.15
7.24
7.20
7.28
7.01
7.31
6.82
7.33
7.38
7.42
7.38
7.47
7.40
7.17
7.44
7.27
7.50
7.54
7.47
7.48
7.55
7.52
7.13
7.47
7.52
7.40
7.52
7.64
7.68
7.62
7.62
7.63
7.59
7.41
7.36
7.57
6.00
6.20
6.40
6.60
6.80
7.00
7.20
7.40
7.60
7.80
April2017
July2017
January2018
April2018
September2018
January2019
February2019
June2019
June2019
July2019
January2020
January2020
May2020
June2020
December2020
April2021
May2021
November2021
February2022
May2022
June2022
August2022
September2022
December2022
May2023
November2023
December2023
June2024
July2024
November2024
May2025
September2025
January2026
July2026
September2026
November2026
February2027
August2027
September2027
June2028
March2029
December2029
March2030
May2030
September2030
December2030
August2032
August2032
September2032
November2033
December2033
August2034
December2034
September2035
June2036
July2040
December2041
December2042
December2043
December2044
June2045
October2046
November2051
October2055
WeightedAverageYTMs
Maturity Year
Yields of G-Secs Traded in March 2017
6.53
6.71
7.34
8.91
7.80
7.05
7.67
8.47
7.92
7.47
7.85
7.25
7.82
8.45
7.47
7.83
6.18
6.25
8.40
6.29
6.17
6.23
8.48
8.06
8.69
7.71
6.19
8.78
8.86
7.78
7.73
6.02
8.68
8.51
9.02
7.98
7.67
7.99
8.02
8.01
8.91
8.62
6.29
6.25
6.30
6.26
7.73
6.21
6.26
6.38
7.66
6.24
6.28
7.68
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
March2017
October2017
March2018
February2019
March2019
March2019
July2019
April2020
April2020
September2020
October2020
December2020
March2021
May2021
May2021
July2021
February2023
February2023
June2023
December2023
February2024
March2024
August2024
October2024
December2024
March2025
July2025
August2025
September2025
October2025
December2025
March2026
March2026
May2026
May2026
May2026
May2026
June2026
June2026
June2026
June2026
June2026
February2027
September2028
June2029
October2030
December2030
December2030
March2031
March2031
April2031
June2031
June2031
July2031
WeightedAverageYTMs
MaturityYear
Yields ofTraded CorporateBonds(AAA)-March 2017

15
Month/
Year
No of
Companies
Listed*
No. of
Securities
Traded*
Turnover
(Rs.cr)
Average
Daily
Turnover
(Rs.cr)
Market
Capitalisation
(Rs.cr)*
Month
High
Month Low Month-
Closing
P/E P/B Dividend
Yield
Dec-16 5820 2978 53905.4 2450.2 10623347.1 26803.8 25753.7 26626.5 20.56 2.68 1.49
Jan-17 5795 3119 64764.2 3084.0 11256330.3 27980.4 26447.1 27656.0 21.19 2.76 1.44
Feb-17 5807 3177 68329.8 3596.3 11759366.9 29065.3 27590.1 28743.3 21.86 2.85 1.43
Month/
Year
No of
Companies
Listed*
No. of
Securities
Traded*
Turnover
(Rs.cr)
Average
Daily
Turnover
(Rs.cr)
Market
Capitalisation
(Rs.cr)*
Month
High
Month Low Month-
Closing
P/E P/B Dividend
Yield
Dec-16 1840 1939 342747.0 15579.0 10439621.0 8275.0 7893.8 8185.8 21.49 3.08 1.36
Jan-17 1847 1948 405119.0 19291.0 11047315.0 8672.7 8133.8 8561.3 22.44 3.18 1.32
Feb-17 1963 342747.0 15579.0 10439621.0 8982.2 8537.5 8879.6 23.23 3.34 1.25
*End of the Month.
No. of
contracts
Turnover
(Rs. cr.)
No. of
contracts
Turnover
(Rs. cr.)
No. of contracts Notional
Turnover
(Rs. cr.)
No. of
contracts
Notional
Turnover
(Rs. cr.)
No. of
contracts
Turnover
(Rs. cr.)
Dec-16 2 0.1 115 8.9 117 9.0 0.4
Jan-17 97 7.5 97 7.5 0.4
Feb-17 99 8.4 99 8.4 0.4
No. of
contracts
Turnover
(Rs. cr.)
No. of
contracts
Turnover
(Rs. cr.)
No. of contracts Notional
Turnover
(Rs. cr.)
No. of
contracts
Notional
Turnover
(Rs. cr.)
No. of
contracts
Turnover
(Rs. cr.)
Dec-16 5199107 338543.1 12269473 781055.3 95784703 6384802.2 6193728 420188.1 119447011 7924588.6 360208.6
Jan-17 4792429 324469.3 14512081 963574.0 92850779 6475081.5 7851266 541494.0 120006555 8304618.9 395458.0
Feb-17 4881690 351772.9 15436866 1088456.5 97659364 7285490.8 8540076 622619.2 126517996 9348339.3 492017.9
Total Average
Daily
Turnover
(Rs. cr.)
CNX Nifty (50 Scrips)(Nov.3, 1993=100)NSE Capital Market Segment
BSE Derivatives (F&O) Trades
NSE Derivatives (F&O) Segment
Month/
Year
Index Futures Stock Futures Index Options Stock Options
Derivatives Turnover
Month/
Year
Index Futures Stock Futures Index Options Stock Options Total Average
Daily
Turnover
(Rs. cr.)
STOCK MARKETS
Equity Market Turnover
S&P BSE Sensex (30 Scrips) (1978-79=100)BSE Equity Market

16
Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield
01-Mar-17 28849.0 29029.2 28824.2 28984.5 22.00 2.87 1.42
02-Mar-17 29117.4 29145.6 28784.3 28839.8 21.91 2.86 1.43
03-Mar-17 28827.5 28860.1 28716.2 28832.5 21.92 2.86 1.43
06-Mar-17 28859.2 29070.2 28856.1 29048.2 22.10 2.89 1.41
07-Mar-17 29092.2 29098.2 28957.7 28999.6 22.08 2.88 1.41
08-Mar-17 29021.1 29022.3 28815.5 28901.9 21.96 2.87 1.42
09-Mar-17 28909.7 28986.7 28815.0 28929.1 21.95 2.87 1.43
10-Mar-17 29006.0 29076.6 28851.0 28946.2 22.06 2.88 1.42
14-Mar-17 29437.2 29561.9 29356.1 29442.6 22.54 2.94 1.39
15-Mar-17 29452.9 29500.1 29358.9 29398.1 22.68 2.96 1.38
16-Mar-17 29482.8 29614.8 29482.8 29585.9 22.90 2.99 1.37
17-Mar-17 29755.7 29824.6 29601.9 29649.0 22.92 2.99 1.37
20-Mar-17 29653.5 29699.5 29482.4 29518.7 22.54 2.94 1.40
21-Mar-17 29525.9 29585.1 29380.1 29485.5 22.55 2.94 1.40
22-Mar-17 29341.4 29341.4 29137.5 29167.7 22.20 2.90 1.42
23-Mar-17 29201.0 29373.8 29198.1 29332.2 22.36 2.92 1.41
24-Mar-17 29350.6 29539.9 29350.2 29421.4 22.45 2.93 1.40
27-Mar-17 29395.7 29420.7 29163.5 29237.2 22.43 2.93 1.40
28-Mar-17 29301.2 29442.2 29301.2 29409.5 22.59 2.95 1.39
29-Mar-17 29463.0 29554.4 29439.4 29531.4 22.60 2.95 1.39
30-Mar-17 29538.0 29684.5 29521.7 29647.4 22.68 2.96 1.35
31-Mar-17 29633.9 29687.6 29552.6 29620.5 22.63 2.95 1.36
Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield
01-Mar-17 8904.4 8960.8 8898.6 8945.8 23.30 3.39 1.24
02-Mar-17 8982.9 8992.5 8879.8 8899.8 23.11 3.37 1.25
03-Mar-17 8883.5 8907.1 8860.1 8897.6 23.10 3.37 1.25
06-Mar-17 8915.1 8967.8 8914.0 8963.5 23.27 3.40 1.24
07-Mar-17 8977.8 8977.9 8932.8 8946.9 23.23 3.39 1.24
08-Mar-17 8950.7 8957.1 8892.0 8924.3 23.17 3.38 1.24
09-Mar-17 8914.5 8945.8 8899.5 8927.0 23.18 3.38 1.24
10-Mar-17 8953.7 8975.7 8904.0 8934.6 23.20 3.39 1.24
14-Mar-17 9091.7 9122.8 9060.5 9087.0 23.59 3.44 1.22
15-Mar-17 9086.9 9106.6 9075.5 9084.8 23.59 3.44 1.22
16-Mar-17 9129.7 9158.5 9128.6 9153.7 23.77 3.47 1.21
17-Mar-17 9207.8 9218.4 9147.6 9160.1 23.78 3.47 1.21
20-Mar-17 9167.0 9167.6 9116.3 9126.9 23.70 3.46 1.22
21-Mar-17 9134.0 9147.8 9087.2 9121.5 23.68 3.46 1.22
22-Mar-17 9047.2 9072.9 9019.3 9030.5 23.45 3.42 1.23
23-Mar-17 9048.8 9099.1 9048.6 9086.3 23.59 3.44 1.22
24-Mar-17 9104.0 9133.6 9089.4 9108.0 23.65 3.45 1.22
27-Mar-17 9093.5 9094.9 9024.7 9045.2 23.49 3.43 1.23
28-Mar-17 9081.5 9110.4 9079.8 9100.8 23.63 3.45 1.22
29-Mar-17 9128.7 9153.2 9109.1 9143.8 23.74 3.47 1.21
30-Mar-17 9142.6 9183.2 9136.4 9173.8 23.82 3.48 1.21
31-Mar-17 9158.9 9191.7 9152.1 9173.8 23.26 3.50 1.25
Index Movements
BSE: S&P BSE Sensex (30 Scrips) (1978-79=100)
NSE: Nifty (50 Scrips) (Nov.3, 1993=100)

17
8850
8900
8950
9000
9050
9100
9150
9200
9250
28750
28950
29150
29350
29550
29750 01-Mar-17
02-Mar-17
03-Mar-17
06-Mar-17
07-Mar-17
08-Mar-17
09-Mar-17
10-Mar-17
14-Mar-17
15-Mar-17
16-Mar-17
17-Mar-17
20-Mar-17
21-Mar-17
22-Mar-17
23-Mar-17
24-Mar-17
27-Mar-17
28-Mar-17
29-Mar-17
30-Mar-17
31-Mar-17
Sensex High Low
Nifty High Low
FUTIDX-NIFTY Futures
(Expiry 30 March '17)
Open High Low Close No. of Contracts Turnover ('00,000) Change in OI
01-Mar-17 8924.0 8994.0 8921.7 8976.1 113075 760277 1144425
02-Mar-17 9001.0 9018.3 8898.3 8917.2 146853 987957 -336825
03-Mar-17 8884.0 8933.0 8872.7 8922.8 110827 739644 -585750
06-Mar-17 8935.0 8985.0 8928.5 8979.2 92519 622101 84075
07-Mar-17 8986.9 8988.9 8960.1 8974.1 59040 397274 227325
08-Mar-17 8974.0 8980.0 8907.7 8952.1 118774 796630 317175
09-Mar-17 8923.0 8977.8 8912.7 8954.5 93016 623951 588300
10-Mar-17 8975.0 9002.9 8916.4 8958.7 115008 772724 596475
14-Mar-17 9145.0 9158.0 9077.6 9103.0 190327 1299923 1843425
15-Mar-17 9116.2 9130.0 9101.5 9109.3 73550 502886 90375
16-Mar-17 9156.0 9181.3 9152.1 9176.2 99303 682613 763200
17-Mar-17 9212.9 9212.9 9165.3 9171.8 111152 765289 -1157100
20-Mar-17 9165.0 9165.0 9142.0 9153.6 73494 504491 681600
21-Mar-17 9165.2 9171.9 9113.7 9143.0 100487 688756 291975
22-Mar-17 9081.0 9130.0 9045.0 9050.4 142176 967501 323100
23-Mar-17 9068.3 9121.4 9061.1 9107.7 97203 662552 34725
24-Mar-17 9117.9 9146.6 9099.5 9118.3 93896 642829 -437100
27-Mar-17 9109.0 9111.1 9035.3 9068.0 171644 1166699 -4401375
28-Mar-17 9095.2 9123.8 9085.4 9109.6 136796 934146 -1745100
29-Mar-17 9140.6 9151.4 9118.8 9142.9 141173 967432 -3320475
30-Mar-17 9150.35 9178 9140.05 9171.95 156367 1074449.18 -3830475

18
Capital Flows
Equity Gross
Purchases (Rs
Crores)
Gross Sales
(Rs Crores)
Net Investment
(Rs Crores)
01-Mar-17 1732.7 1492.3 240.4
02-Mar-17 2040.8 2209.7 -168.9
03-Mar-17 1615.8 2035.8 -419.9
06-Mar-17 1517.3 1510.1 7.2
07-Mar-17 1207.9 2055.9 -848.0
08-Mar-17 1186.4 2030.8 -844.4
09-Mar-17 1956.7 1652.4 304.3
10-Mar-17 2107.5 1474.6 632.9
14-Mar-17 2565.1 2727.7 -162.6
15-Mar-17 2091.2 1855.7 235.4
16-Mar-17 1925.1 1811.9 113.2
17-Mar-17 2022.0 2308.6 -286.6
20-Mar-17 1585.9 1528.1 57.8
21-Mar-17 1813.2 1907.8 -94.6
22-Mar-17 1500.2 1799.4 -299.2
23-Mar-17 1658.4 1832.9 -174.5
24-Mar-17 2169.1 1477.3 691.8
27-Mar-17 1907.7 2331.4 -423.7
28-Mar-17 2296.9 1936.2 360.7
29-Mar-17 3020.9 1434.2 1586.7
30-Mar-17 5563.1 3703.5 1859.6
Total for March 43483.9 41116.3 2367.6
Debt Gross
Purchases (Rs
Crores)
Gross Sales
(Rs Crores)
Net Investment
(Rs Crores)
01-Mar-17 8699.5 3552.6 5146.8
02-Mar-17 7666.9 4431.8 3235.1
03-Mar-17 8871.5 3258.2 5613.4
06-Mar-17 3963.9 3757.2 206.7
07-Mar-17 4563.9 3200.9 1363.0
08-Mar-17 6336.4 4071.1 2265.3
09-Mar-17 6610.1 4056.3 2553.8
10-Mar-17 11802.9 5704.0 6099.0
14-Mar-17 9022.6 5415.4 3607.2
15-Mar-17 11093.1 8981.1 2111.9
16-Mar-17 6189.3 6554.0 -364.7
17-Mar-17 5862.7 4931.4 931.4
20-Mar-17 3967.2 12341.2 -8374.1
21-Mar-17 7313.0 11594.8 -4281.8
22-Mar-17 8002.4 4113.2 3889.2
23-Mar-17 6473.3 3221.6 3251.7
24-Mar-17 7791.8 5651.6 2140.2
27-Mar-17 10935.4 5632.1 5303.3
28-Mar-17 54.4 82.4 -28.1
29-Mar-17 12984.7 8929.2 4055.5
30-Mar-17 12704.9 11344.6 1360.3
Total for March 160909.9 120824.7 40085.1
Mutual Funds Investment Trends

19
Mutual Funds' Asset
Position (Rs. Crore)
April 2016 to March 2017
Private Sector
Mutual Funds
Public Sector
Mutual Funds (of which) UTI Total
14,50,322.6 3,04,296.5 1,28,183.0 17,54,619.1
82.66% 17.34% 7.31% 100.00%
3,43,048.92,79,388.2 63,660.7
Cumulative Position of Net Assets as on
31 March 31, 2017
176,15,548.9
Net Inflow/ Outflow (-ve) of funds
Mobilisation of Funds 142,47,937.3 33,67,611.6 16,09,663.5
20,146.2
ECB (& FCCB) Jan-17 Feb-17
Automatic Route 1,376,996,302 4558,57,673
Approval Route 4269,62,195 5529,40,601
Total ECB 1,803,958,497 1,008,798,274
01-Mar-17 1032.85 829.21 203.64 30.52
02-Mar-17 513.72 303.57 210.15 31.44
03-Mar-17 336.4 1109.86 -773.46 -115.89
06-Mar-17 576.41 531.84 44.57 6.67
07-Mar-17 456.67 194.11 262.56 39.33
08-Mar-17 265.04 59.13 205.91 30.9
09-Mar-17 1276.78 1135.76 141.02 21.16
10-Mar-17 755.56 652.67 102.89 15.41
14-Mar-17 1056 718.76 337.24 50.51
15-Mar-17 1144.6 1153.81 -9.21 -1.39
16-Mar-17 580.32 386.16 194.16 29.64
17-Mar-17 5220 1451.57 3768.43 576.35
20-Mar-17 1512.13 1175.91 336.22 51.3
21-Mar-17 2477.7 1221.79 1255.91 192.09
22-Mar-17 6250.91 1123.98 5126.93 784.99
23-Mar-17 5617.88 572.78 5045.1 770.38
24-Mar-17 408.55 946.11 -537.56 -82.17
27-Mar-17 1472.39 557.66 914.73 139.74
28-Mar-17
29-Mar-17 8211.75 1251.56 6960.19 1069.33
30-Mar-17 3013.44 1980.54 1032.9 159.02
31-Mar-17 1520.03 987.46 532.57 82.02
Total for March 43699.13 18344.24 25354.89 3881.35
Total for 2017 83379.94 54383.99 28995.95 4429.27
FPI Investments in Primary & Secondary Markets
Debt Gross
Purchases
(Rs Crores)
Gross Sales
(Rs Crores)
Net Investment
(Rs Crores)
Net
Investment
US$ million

20
01-Mar-17 9316.6 8282.6 1034.1 154.9
02-Mar-17 5237.0 5334.2 -97.2 -14.5
03-Mar-17 5034.6 5010.4 24.2 3.6
06-Mar-17 5308.6 3880.7 1427.9 213.7
07-Mar-17 4350.0 3929.5 420.5 63.0
08-Mar-17 4854.0 3965.2 888.7 133.4
09-Mar-17 7527.5 3954.7 3572.7 536.2
10-Mar-17 5792.6 3855.5 1937.2 290.1
14-Mar-17 4717.4 4373.4 344.0 51.5
15-Mar-17 10237.1 5927.6 4309.5 646.2
16-Mar-17 6066.9 4648.8 1418.1 216.5
17-Mar-17 5611.9 4187.7 1424.2 217.8
20-Mar-17 11445.1 9845.1 1600.0 244.1
21-Mar-17 5482.0 4863.1 618.9 94.7
22-Mar-17 8601.3 6984.0 1617.3 247.6
23-Mar-17 6619.9 6409.3 210.6 32.2
24-Mar-17 5977.0 4880.1 1096.9 167.7
27-Mar-17 5359.8 4776.2 583.6 89.2
28-Mar-17
29-Mar-17 21367.1 14015.2 7352.0 1129.5
30-Mar-17 9353.3 8673.3 680.1 104.7
31-Mar-17 12232.9 11790.2 442.8 68.2
Total for March 160492.5 129586.5 30906.0 4690.1
Total for 2017 345595.2 305963.6 39631.6 5992.6
Equity Gross
Purchases (Rs
Crores)
Gross Sales
(Rs Crores)
Net Investment
(Rs Crores)
Net
Investment
US$ Million
-850
-650
-450
-250
-50
150
350
550
750
950
1150
1350
1550
1750
1950
1-Mar-17
8-Mar-17
15-Mar-17
22-Mar-17
29-Mar-17
3572.73 4309.49 7351.95
NetFlows(Rs.Cr.)
FPI
Equity
MF
Equity
Foreign Investment
2015-16* 2016-17* Dec-16 Jan-17
Foreign Investment Inflows 38,773.0 37,449.0 3,812.0 4,242.0
Net Direct Investments 31,643.0 34,214.0 2,706.0 3,353.0
Net Portfolio Inflows –3,736.0 –3,614.0 –4,056.0 –414.0
*April-January; US$ million.

21
Turnover
(Rs. Crore)
Corporate
Bonds-NSE
Corporate
Bonds-BSE
Currency
Derivatives -
NSE
Currency
Derivatives-
BSE
Interest rate
Derivatives-
NSE
Interest rate
Derivatives-
BSE
Commodity
Dervatives-
MCX
Commodity
Dervatives-
NCDEX
Jan-17 1,03,252 30,903 3,91,194 2,35,905 25,514 7,011 4,11,220 27,466
Feb-17 83,928 23,691 3,53,643 2,19,015 26,180 8,149 3,92,398 31,329
Date Futures Spot Futures Spot Futures Spot Futures Spot Futures Spot
01-Mar-17 3562.0 3973.4 1640.0 1882.8 656.9 671.9 3644.0 3604.0 29428.0 29464.0
02-Mar-17 3560.0 3972.0 1647.0 1858.4 660.4 675.0 3581.0 3598.0 29170.0 29397.0
03-Mar-17 3640.0 3975.0 1651.0 1827.7 660.4 675.0 3597.0 3511.0 29020.0 29126.0
06-Mar-17 3588.0 3977.5 1654.0 1862.9 655.1 675.3 3594.0 3564.0 28945.0 29176.0
07-Mar-17 3588.0 3970.0 1657.0 1928.8 647.8 670.5 3600.0 3551.0 28751.0 28978.0
08-Mar-17 3590.0 3958.4 1655.0 1950.0 651.2 664.7 3475.0 3541.0 28629.0 28802.0
09-Mar-17 3595.0 3960.0 1644.0 1975.0 641.2 664.9 3324.0 3350.0 28446.0 28662.0
10-Mar-17 3595.0 3960.6 1648.0 1972.5 642.3 660.0 3282.0 3290.0 28366.0 28430.0
13-Mar-17 1648.0 632.0 3255.0 3234.0 28251.0
14-Mar-17 3586.0 3949.6 1639.0 1951.3 630.5 658.0 3193.0 3228.0 28076.0 28333.0
15-Mar-17 3701.0 3950.0 1639.0 1920.1 634.1 657.2 3231.0 3158.0 27985.0 28084.0
16-Mar-17 3728.0 3961.7 1637.0 1889.9 636.3 657.9 3242.0 3201.0 28411.0 28491.0
17-Mar-17 3719.0 3960.0 1641.0 1900.0 645.3 3245.0 3187.0 28509.0 28487.0
20-Mar-17 3736.0 3952.8 1644.0 1900.0 648.5 659.5 3218.0 3197.0 28505.0 28539.0
21-Mar-17 3733.0 3946.7 1646.0 1891.3 648.6 655.0 3168.0 3153.0 28851.0 28423.0
22-Mar-17 3650.0 3944.4 1663.0 1894.5 647.4 655.4 3164.0 3151.0 28885.0 28793.0
23-Mar-17 3671.0 3945.0 1675.0 1900.0 652.9 654.7 3143.0 3146.0 28800.0 28870.0
24-Mar-17 3749.0 3935.0 1660.0 1910.0 643.9 653.1 3142.0 3121.0 28793.0 28787.0
27-Mar-17 3662.0 3928.4 1650.0 1877.4 636.2 647.8 3112.0 3140.0 28807.0 28905.0
28-Mar-17 3662.0 1668.0 1848.3 643.6 645.0 3167.0 3107.0 28848.0 28834.0
29-Mar-17 3662.0 3940.0 1668.0 1820.0 639.8 645.0 3211.0 3148.0 28703.0 28733.0
30-Mar-17 3662.0 3934.5 1656.0 1816.7 637.5 644.2 3269.0 3216.0 28542.0 28697.0
31-Mar-17 3662.0 3928.0 1661.0 1800.0 635.1 643.4 3284.0 3269.0 28463.0 28527.0
*National Commodity & Derivatives Exchange Ltd. **Multi Commodity Exchange of India. Futures: April & Sugar: May contracts.
Commodity Futures & Spot Prices
Sugar* Wheat* Refined Soya Oil* Energy: Crude Oil** Bullion: Gold**
Commodity Futures & Spot Markets
(100 Kgs) (100 Kgs) (10 Kgs) (1 Bbl.) (10 Grams)

22
MCXCOMDEX MCXAGRI MCXMETAL MCXENERGY NCDEX-Dhaanya
01-Mar-17 3415.94 2647.45 4915.37 2642.36 3039.71
02-Mar-17 3375.41 2671.82 4834.55 2605.60 3062.06
03-Mar-17 3376.15 2663.95 4832.25 2613.77 3069.47
06-Mar-17 3371.52 2676.31 4802.93 2624.88 3070.12
07-Mar-17 3342.48 2661.48 4742.43 2617.29 3050.32
08-Mar-17 3300.98 2671.29 4700.20 2546.70 3057.31
09-Mar-17 3246.15 2643.65 4670.17 2448.00 3032.32
10-Mar-17 3227.82 2635.19 4650.16 2424.59 3024.11
13-Mar-17 3222.55 2616.42 4661.16 2409.26 3013.97
14-Mar-17 3192.31 2620.40 4631.89 2357.91 3002.78
15-Mar-17 3207.92 2635.03 4638.62 2384.46 3025.73
16-Mar-17 3223.39 2644.98 4671.06 2387.28 3027.84
17-Mar-17 3239.84 2648.72 4708.84 2390.39 3038.58
20-Mar-17 3225.26 2652.07 4680.78 2378.84 3041.92
21-Mar-17 3213.92 2628.49 4690.30 2351.65 3033.97
22-Mar-17 3219.78 2633.33 4709.15 2345.60 3044.91
23-Mar-17 3214.11 2627.60 4703.34 2339.56 3074.54
24-Mar-17 3213.00 2621.14 4693.43 2349.80 3051.06
27-Mar-17 3195.85 2595.20 4675.06 2336.56 3028.72
28-Mar-17 3230.77 2598.16 4718.98 2381.95 3054.22
29-Mar-17 3241.29 2585.76 4712.99 2421.49 3056.06
30-Mar-17 3245.03 2574.71 4698.50 2451.24 3060.19
31-Mar-17 3242.79 2569.98 4685.46 2460.80
Multi Commodity Exchange of India and National Commodity & Derivatives Exchange Ltd: Index Close
Commodity Futures Indices
2300.0
2500.0
2700.0
2900.0
3100.0
3300.0
3500.0
3700.0
3900.0
4100.0
4300.0
4500.0
4700.0
4900.0
1-Mar
2-Mar
3-Mar
4-Mar
5-Mar
6-Mar
7-Mar
8-Mar
9-Mar
10-Mar
11-Mar
12-Mar
13-Mar
14-Mar
15-Mar
16-Mar
17-Mar
18-Mar
19-Mar
20-Mar
21-Mar
22-Mar
23-Mar
24-Mar
25-Mar
26-Mar
27-Mar
28-Mar
29-Mar
30-Mar
MCXCOMDEX MCXMETAL MCXENERGY MCXAGRI NCDEX-Dhaanya

23
http://www.ecofin-surge.co.in/
Stock
Market
Country Risk
Indicator/
Country
(per US$)
Q4 February
USA 2.0 Feb 0.5 2.7 4.0 1.15 2.34 Feb -754.8 118.3 5.1 AA+/Stable
Canada 1.9 Jan 3.5 2.0 3.5 0.89 1.56 1.34 Feb -17.8 82.1 2.3 AAA/Stable
UK 1.9 Jan 3.2 2.3 3.7 0.33 1.06 0.71 Jan -181.4 142.3 3.6 AA/-ve
Euro area 1.7 Jan 0.6 2.0 4.5 -0.33 0.25 0.94 Jan 295.4 344.7 7.1 (EU)AA/Stable
Germany 1.8 Jan 0.0 2.2 3.1 -0.33 0.28 0.94 Jan 281.1 184.7 7.6 AAA/Stable
France 1.1 Jan -0.4 2.2 3.9 -0.33 0.95 0.94 Jan -59.2 5.9 AA/Stable
Italy 1.0 Jan -0.5 1.6 3.7 -0.33 2.28 0.94 Jan 56.4 6.4 BBB-/Stable
Spain 3.0 Jan 7.2 3.0 7.3 -0.33 1.64 0.94 Jan -21.4 12.3 BBB+/+ve
Russia 0.3 Feb -2.7 4.6 15.1 11.3 8.13 56.2 Jan 94.2 397.3 0.0 BB+/+ve
Japan 1.6 Feb 4.8 0.2 1.0 0.04 0.07 111.00 Jan 45.3 1232.3 3.5 A+/ Stable
China 6.8 Feb 6.3 0.8 7.8 4.32 3.12 6.90 Feb 467.9 3005.0 6.2 AA-/-ve
Hong Kong 3.1 Q4 -0.7 -0.1 0.92 1.61 7.77 Feb -56.8 390.5 10.7 AAA/-ve
Malaysia 4.5 Jan 3.5 4.5 3.43 4.12 4.43 Feb 21.1 95.0 7.6 A-/Stable
Singapore 2.9 Feb 12.6 0.7 .. 2.22 1.40 Feb 48.1 253.2 13.7 AAA/Stable
South Korea 2.4 Feb 6.6 1.9 4.2 1.40 2.14 1124.00 Mar 84.3 373.9 14.5 AA/Stable
Taiwan 2.9 Jan 2.8 -0.1 0.66 1.11 30.4 Feb 15.6 437.7 14.2 AA-/Stable
Thailand 3.0 Feb -1.5 1.4 1.35 2.59 34.5 Feb 17.9 183 6.3 BBB+/Stable
Brazil -2.5 Feb -0.8 4.8 10.9 9.8 3.09 Mar 53.7 369.0 13.1 BB/-ve
Chile 0.5 Feb -7.6 2.7 0.40 3.98 657.00 Feb 4.6 39.7 19.8 AA-/ -ve
Mexico 2.4 Jan -0.1 4.9 6.84 7.06 18.70 Feb -11.7 175.0 18.6 BBB+/-ve
South Africa 0.7 Jan 0.5 6.3 5.6 7.36 8.99 13.80 Feb 1.2 46.7 3.9 BB+/-ve
India 7.0 Jan 2.7 3.7 6.6 5.75 6.65 64.9 Feb -100.8 362.8 17.7 BBB-/Stable
Note: Trade balance for last 12 months. FX Reserves at end of period.
*Per cent change of the major index in US$ terms between December 30, 2016 and April 5, 2017. **Foreign Currency Ratings by S&P.
(% change on year ago) (%) (US$ bn.)
FX
Reserves
Economic & Financial Market Indicators for Major Global Economies
Growth Inflation Interest Rates External Sector
Global Economic Indicators
February 05-Apr
GDP Short-
term
Rate
Long-
term
Rate
Exchange
Rate
Trade BalanceIIP CPI PPI Share
Price
Growth*
Sovereign
Rating**
For more Countrywise Indicators and Updates visit:
3.2 3.1
3.4 3.6
2.8 2.9
3.3 3.3
2.7
1.9
3.8
4.1
1.8
2.3
2.8
3.3
3.8
2015 2016 2017 2018
World Output, Inflation& Trade (% change, IMF, WEO Database & Updates)
GDP Inflation Trade

24
S&P BSE
Sensex
(India)
DJI (US) S&P
500(US)
FTSE
100(UK)
FTSE 100
(Europe)
NIKKEI 225
(Japan)
HSI
(HongKong)
IPC
(Mexico)
BOVESPA
(Brazil)
01-Mar-17 28,984.49 21,115.55 2,395.96 7,382.90 2,916.20 19,393.54 23,776.49 47,467.95 66,989.00
02-Mar-17 28,839.79 21,002.97 2,381.92 7,382.35 2,918.41 19,564.80 23,728.07 47,288.66 65,855.00
03-Mar-17 28,832.45 21,005.71 2,383.12 7,374.26 2,918.87 19,469.17 23,552.72 47,414.57 66,786.00
06-Mar-17 29,048.19 20,954.34 2,375.31 7,350.12 2,900.65 19,379.14 23,596.28 47,883.59 66,341.00
07-Mar-17 28,999.56 20,924.76 2,368.39 7,338.99 2,893.33 19,344.15 23,681.07 47,419.16 65,742.00
08-Mar-17 28,901.94 20,855.73 2,362.98 7,334.61 2,894.08 19,254.03 23,782.27 47,539.22 64,718.00
09-Mar-17 28,929.13 20,858.19 2,364.87 7,314.96 2,896.11 19,318.58 23,501.56 47,263.92 64,585.00
10-Mar-17 28,946.23 20,902.98 2,372.60 7,343.08 2,897.15 19,604.61 23,568.67 47,102.31 64,675.00
13-Mar-17 20,881.48 2,373.47 7,367.08 2,908.31 19,633.75 23,829.67 47,101.14 65,534.00
14-Mar-17 29,442.63 20,837.37 2,365.45 7,357.85 2,899.90 19,609.50 23,827.95 47,087.97 64,699.00
15-Mar-17 29,398.11 20,950.10 2,385.26 7,368.64 2,910.47 19,577.38 23,792.85 47,470.31 66,235.00
16-Mar-17 29,585.85 20,934.55 2,381.38 7,415.95 2,931.78 19,590.14 24,288.28 48,056.56 65,783.00
17-Mar-17 29,648.99 20,914.62 2,378.25 7,424.96 2,935.78 19,521.59 24,309.93 48,593.44 64,210.00
20-Mar-17 29,518.74 20,905.86 2,373.47 7,429.81 2,927.84 24,501.99 64,884.00
21-Mar-17 29,485.45 20,668.01 2,344.02 7,378.34 2,913.74 19,455.88 24,593.12 48,589.05 62,980.00
22-Mar-17 29,167.68 20,661.30 2,348.45 7,324.72 2,903.06 19,041.38 24,320.41 48,487.30 63,521.00
23-Mar-17 29,332.16 20,656.58 2,345.96 7,340.71 2,924.71 19,085.31 24,327.70 48,676.91 63,531.00
24-Mar-17 29,421.40 20,596.72 2,343.98 7,336.82 2,916.16 19,262.53 24,358.27 49,083.85 63,854.00
27-Mar-17 29,237.15 20,550.98 2,341.59 7,293.50 2,907.21 18,985.59 24,193.70 49,312.99 64,308.00
28-Mar-17 29,409.52 20,701.50 2,358.57 7,343.42 2,925.12 19,202.87 24,345.87 49,339.24 64,640.00
29-Mar-17 29,531.43 20,659.32 2,361.13 7,373.72 2,938.94 19,217.48 24,392.05 49,036.52 65,528.00
30-Mar-17 29,647.42 20,728.49 2,368.06 7,369.52 2,950.28 19,063.22 24,301.09 48,863.30 65,266.00
31-Mar-17 29,620.50 20,663.22 2,362.72 7,322.92 2,952.71 18,909.26 24,111.59 48,541.56 64,984.00
Closing Values
International Stock Index Movements vs S&P BSE Sensex March-2017, with 1st Mar=100)
Global Stock Indices
Selected Indian & International Stock Indices
DJI (US) S&P 500 (US)
FTSE 100(UK) FTSE 100 (Europe)
NIKKEI 225
(Japan)
HSI (HongKong) IPC (Mexico) BOVESPA (Brazil)

25
Units Descriptor Jan-16 Feb-16 Mar-16 Jan-17 Feb-17 Mar-17
Index Number Fuel and Non-Fuel 83.20 83.98 92.39 117.14 118.71 114.16
Index Number Non-Fuel 121.80 121.44 128.09 143.33 145.25 142.73
Index Number Food 134.10 135.12 139.77 152.31 151.82 147.62
Index Number Agricultural Raw Materials 110.80 100.74 111.13 120.13 120.68 120.45
Index Number Industrial Inputs 106.93 105.55 114.20 133.54 138.22 137.27
Index Number Metals 104.13 109.03 116.42 143.21 150.89 149.42
Index Number Energy 60.61 62.07 71.50 101.82 103.18 97.44
Index Number Crude Oil 56.05 58.32 70.06 100.85 102.22 95.77
USD per Barrel Crude Oil, Brent 30.80 33.20 39.07 54.89 55.49 51.97
USD per Barrel Crude Oil Dubai Fateh 27.25 29.61 35.17 53.43 54.17 51.16
USD per Barrel Crude Oil WTI 31.70 30.35 37.77 52.56 53.40 49.58
USD per Million Metric British
Thermal Unit
Natural Gas, H H, Louisiana 2.27 1.96 1.70 3.26 2.82 2.87
USD per Metric Ton Coal, Australian Thermal 53.37 54.33 55.92 89.71 86.15 86.37
USD per Metric Ton Aluminum 1481.10 1531.26 1531.01 1791.24 1860.75 1901.47
USD per Metric Ton Copper 4471.79 4598.62 4953.80 5754.56 5940.91 5824.63
USD per Metric Ton Zinc 1520.36 1709.85 1801.69 2714.80 2845.55 2776.88
US Cents per Metric Ton Iron Ore 42.20 46.49 56.54 80.82 88.80 87.20
US cents per Pound Rubber 55.33 57.04 65.64 115.90 122.99 107.35
US cents per Pound Cotton 68.75 66.57 65.46 82.33 85.16 86.78
USD per Metric Ton Palm oil 531.62 595.90 633.07 726.49 706.79 663.30
USD per Metric Ton Sunflower Oil 1020.14 1039.58 1013.92 980.86 966.97 936.78
USD per Metric Ton Soybean Oil 659.90 686.90 713.86 771.88 742.92 723.40
USD per Metric Ton Soybeans 323.20 320.13 326.94 379.59 380.87 366.10
US cents per Pound Sugar, European 23.95 23.77 23.66 20.53 20.76 20.51
US cents per Pound Sugar, Free Market 14.36 14.01 15.95 20.54 20.35 18.06
US cents per Pound Sugar, U.S. 25.52 25.46 25.89 29.01 30.40 29.83
US cents per Kg. Tea 319.83 287.26 263.71 368.73 382.87 356.10
US cents per Pound Coffee, Arabicas 146.32 148.94 156.94 167.83 165.56 159.39
USD per Metric Ton Rice, Bangkok 359.48 373.19 370.48 372.55 368.50 367.78
USD per Metric Ton Wheat, US 164.56 159.25 164.03 137.09 147.31 146.39
*Base 2005=100
Primary Commodity Indices*/ Prices
Global Commodity Prices
0 50 100 150 200
2015
2016
2017
2018
Observed& ProjectedPrice Movements, IMF WEO Database Fuel and Non-Fuel Price Indices
Food Price Index includes Cereal, Vegetable
Oils, Meat, Seafood, Sugar, Bananas, and
Oranges
Industrial Inputs Price Index includes
Agricultural Raw Materials and Metals
Agricultural Raw Materials Index includes
Timber, Cotton, Wool, Rubber, and Hides
Price
Crude Oil Index(Petroleum), Brent, West
Texas Intermediate, and the Dubai Fateh
Metals Price Index, Copper, Aluminum, Iron
Ore, Tin, Nickel, Zinc, Lead,and Uranium
Price Indices

26
Following are the Highlights of RBI’s First Bi-monthly Monetary Policy Statement, 2017-18:
Policy Measures
The Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility
(LAF) unchanged at 6.25%.
With a view to ensuring finer alignment of the weighted average call rate (WACR), the operating target of monetary
policy, with the repo rate it has been decided to further narrow the policy rate corridor around the policy repo rate to +/-
25bps from +/- 50bps with immediate effect. Consequently, the reverse repo rate under the LAF is at 6.0%, and the
marginal standing facility (MSF) rate and the Bank Rate are at 6.50%.
The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of
achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while
supporting growth.
Assessment
Indicators of global growth suggest signs of stronger activity in most AEs and easing of recessionary conditions in commodity
exporting large emerging market economies (EMEs). For EMEs, the outlook is gradually improving, with indications that the
slowdown characterising 2016 could be bottoming out. Inflation is edging up in AEs to or above target levels on the back of
slowly diminishing slack, tighter labour markets and rising commodity prices. Among EMEs, there is a generalised softening of
inflation pressures.
International financial markets have been impacted by policy announcements in major AEs, geo-political events and country-
specific factors. Equity markets in AEs were driven up by reflation trade, stronger incoming data and currency movements.
Equity markets in EMEs had a mixed performance, reflecting domestic factors amidst a cautious return of investor appetite and
capital flows.
The CSO released its second advance estimates for 2016-17 on February 28, placing India’s real GVA growth at 6.7% for the
year, down from 7% in the first advance estimates released on January 6. Agriculture expanded robustly; in the industrial sector,
there was a significant loss of momentum across all categories, barring electricity generation; and the services sector also slowed,
pulled down by most categories of services.
Several indicators are pointing to a modest improvement in the macroeconomic outlook. Foodgrains production has touched an
all-time high. Industrial output, measured by the index of industrial production (IIP), recovered in January from a contraction in
the previous month, helped by a broad-based turnaround in manufacturing as well as mining and quarrying. The manufacturing
purchasing managers’ index (PMI) remained in expansion mode in February and rose to a five month high in March on the back
of growth of new orders and output. The 77th round of the Reserve Bank’s industrial outlook survey indicates that overall
business sentiment is expected to improve in Q1 of 2017-18 on the back of a sharp pick up in both domestic and external
demand. Coincident indicators such as exports and non-oil non-gold imports are indicative of a brighter outlook for industry,
although the sizable under-utilisation of capacity in several industries could operate as a drag on investment.
After moderating continuously over the last six months to a historic low, retail inflation measured by year-on-year changes in
the CPI turned up in February to 3.7%. While food prices bottomed out at the preceding month’s level, base effects pushed up
inflation in this category. Fuel inflation increased as the continuous hardening of international prices lifted domestic prices of
petroleum. Kerosene prices have also been increasing since July with the programmed reduction of the subsidy. Both three
months ahead and a year ahead households’ inflation expectations, reversed in the latest round of the Reserve Bank’s
survey. The 77th round of the Reserve Bank’s industrial outlook survey indicates that pricing power is returning to corporates as
profit margins get squeezed by input costs. Excluding food and fuel, inflation moderated in February by 20 basis points to 4.8%,
essentially on transient and specific factors in items like clothing and gold.
With progressive remonetisation, the surplus liquidity in the banking system declined from a peak of Rs.7,956 billion on January
4, 2017 to an average of Rs. 6,014 billion in February and further down to Rs. 4,806 billion in March. Currency in circulation

27
expanded during this period. Its impact on the liquidity overhang was, however, partly offset by a significant decline in cash
balances of the Government up to mid-March which released liquidity into the system. Thereafter, the build-up of Government
cash balances on account of advance tax payments and balance sheet adjustment by banks reduced surplus liquidity to Rs. 3,141
billion by end-March. Issuances of cash management bills (CMBs) under the MSS ceased in mid-January and existing issues
matured, with the consequent release of liquidity being absorbed primarily through variable rate reverse repo auctions of varying
tenors. Accordingly, the average net absorption by the Reserve Bank increased from Rs. 2,002 billion in January to Rs. 4,483
billion in March. The weighted average call money rate (WACR) remained within the LAF corridor. The maturing of CMBs and
reduced issuance of Treasury bills leading up to end-March has also contributed to Treasury bill rates being substantially below
the policy rate.
Merchandise exports rose strongly in February 2017 from a subdued profile in the preceding months. Growth impulses were
broad-based. The surge in imports in January and February 2017 largely reflected the effect of the hardening of commodity
prices such as crude oil and coal. With imports outpacing exports, the trade deficit widened in January and February from its
level a year ago, though it was lower on a cumulative basis for the period April-February 2016-17. Balance of payments data for
Q3 indicate that the current account deficit for the first three quarters of the financial year narrowed to 0.7% of GDP, half of its
level a year ago. For the year as a whole, the current account deficit is likely to remain muted at less than 1% of GDP.
Foreign direct investment (FDI) has dominated net capital inflows during April-December, with manufacturing, communication
and financial services being the preferred sectors. FPI flows turned positive in February and welled up into a surge in March,
especially in debt markets. This reversal appears to have been driven by stable domestic inflation, better than expected domestic
growth, encouraging corporate earnings, clarity on FPI taxation, pro-reform budget proposals and state election results. The level
of foreign exchange reserves was US$369.9 billion on March 31, 2017.
Outlook
GVA growth is projected to strengthen to 7.4% in 2017-18 from 6.7% in 2016-17, with risks evenly balanced. The pace of
remonetisation will continue to trigger a rebound in discretionary consumer spending. Significant improvement in transmission
of past policy rate reductions into banks’ lending rates post demonetisation should help encourage both consumption and
investment demand of healthy corporations. Various proposals in the Union Budget should stimulate capital expenditure, rural
demand, and social and physical infrastructure all of which would invigorate economic activity. The imminent materialisation of
structural reforms in the form of the roll-out of the GST, the institution of the Insolvency and Bankruptcy Code, and the abolition
of the Foreign Investment Promotion Board will boost investor confidence and bring in efficiency gains. The upsurge in IPOs in
the primary capital market augurs well for investment and growth. External demand should support domestic growth. Downside
risks to the projected growth path stem from the outturn of the south west monsoon; ebbing consumer optimism on the outlook
for income, the general economic situation and employment as polled in the March 2017 round of the Reserve Bank’s consumer
confidence survey; and, commodity prices, other than crude, hardening further.
Headline CPI inflation is set to undershoot the target of 5.0% for Q4 of 2016-17 in view of the sub-4% readings for January and
February. For 2017-18, inflation is projected to average 4.5% in the first half of the year and 5% in the second half. Aggregate
demand pressures could build up, with implications for the inflation trajectory.
Developmental and Regulatory Policies
The RBI also sets out new measures for further refining the liquidity management framework (Management of Surplus
Liquidity, Narrowing of the Monetary Policy Rate Corridor, Substitution of Collateral under the LAF Term Repos);
strengthening the banking regulation and supervision (Revised Prompt Corrective Action (PCA) Framework for Banks, Raising
the Minimum Level of Net Owned Funds for ARCs, Partial Credit Enhancement, Banking Outlets in underserved areas, banks’
participation in Real Estate Investment Trust (REITS) and Infrastructure Investment Trusts, Countercyclical Capital Buffer);
broadening and deepening financial markets (Draft Guidelines on Simplified Hedging Facility for Forex Exposure, Introduction
of Tri-party Repo, Introduction of Additional Settlement Batches for NEFT, Merchant Discount Rate rationalization, Issuance
and Operation of Pre-paid Payment Instruments); and extending the reach of financial services by enhancing the efficacy of the
payment and settlement systems (Pilot Project on Financial Literacy).

28
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