Complete report of our Economic Outlook Survey for fiscal 13-14 indicates a a moderation in growth going ahead. The survey results indicate GDP growth to slow down to 5.0% in the current fiscal year. This is a downward revision from the 6.0% growth estimate that was reported in the previous round of the survey.
This survey was conducted in the months of August / September 2013 and drew responses from leading economists primarily from the banking and financial services sector.
ChoiceBroking - Q2FY16 GDP growth at 7.4%; robust manufacturing expansion indicates revival in economic scenario. To read our monthly economic outlook please click here http://bit.ly/1QTqJKI
It gives me a pleasure to present the summary and analysis of Union Budget 2016.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2016 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
The 90th Business Outlook Survey is based on responses received from over 150 industry members. Majority of respondents (48%) belonged to large-scale sector, while medium and small scale companies comprised of 17 per cent and 35 per cent respectively. Further, the largest 50 per cent of respondents were from services, followed by 44 per cent from manufacturing and 6 per cent from primary sector.
A majority (55%) of the respondents expect GDP growth to settle in the range of 6.5-7.5 per cent in FY15. This is directly in line with 7.4 per cent GDP growth in FY15 as per the revised estimates of CSO. In a welcome sign, while GDP is expected to register high growth rate, inflationary expectations have moderated. A considerable proportion (72%) of respondents believe that wholesale inflation will remain below 6.0 per cent level in FY15, which should provide legroom to RBI to soften the monetary policy in favour of growth.
In further indication of macro-economic strengthening, around 72 per cent of respondents expected current account deficit (CAD) to be less than 2.5 per cent (of GDP) in FY15. India’s CAD stood at 1.8 per cent in first three quarters of FY15, after it narrowed sharply to 1.7 per cent in FY14 from 4.7 per cent in FY13.
FICCI's latest Economic Outlook Survey puts across the GDP growth estimate for the year 2014-15 at 5.3%, with a minimum and a maximum range of 4.9% and 5.8%. This is a tad lower than the 5.5% growth estimate put out by the economists in the previous survey round and is mainly on account of bleak prospects for performance of the agriculture sector due to sub-par monsoon forecast.
Regarding the performance of the industrial sector this year. The median forecast for industrial growth for 2014-15 is pegged at 3.1% and for agricultural sector at 2.1%. Further, services sector growth is expected at 7.0% this year and is only marginally higher than 6.8% growth recorded in 2013-14.
On Inflation, the El Nino effect is expected to fuel inflationary pressure going ahead.
Index of Industrial Production (IIP), on the domestic front, moved into the positive territory in November 2014, signalling improvement in growth momentum. We hope that going forward, the incipient signs of revival would transform into a firm recovery especially as there is some progress in investment intentions and business confidence is on the ascendant. On the global front, slowing growth in Japan and Euro Area has increased the uncertainties in global growth.
In the current issue of Economy Matters, we analyse the economic data coming out of Japanese and Euro Area economies, in the section on Global Trends. In Domestic Trends, we analyse the trends emanating out of the recent releases on IIP, Inflation, and Balance of Payments. The Sectoral Spotlight for this issue is on the topic “Enabling 'Make in India' Through Effective Tax Reforms”. In Focus of the Month, we look at the year gone by and list out the challenges which await us in 2015.
Appended below is the link to download the November-December 2014 of Economy Matters for your ready reference:
Mega Ace Consultancy - Update on Indian Economy November 2013mega-ace
Update on Indian Economy is a Monthly Report that provides a snapshot of the economy and an overview of the capital markets, corporate updates, sectoral analysis as also important policy pronouncements and their likely impact on the Indian business scenario. An additional feature includes a comparative analysis of the macro economic variables in select industrialized countries and the emerging markets.
Visit www.mega-ace.com for past/future updates.
ChoiceBroking - Q2FY16 GDP growth at 7.4%; robust manufacturing expansion indicates revival in economic scenario. To read our monthly economic outlook please click here http://bit.ly/1QTqJKI
It gives me a pleasure to present the summary and analysis of Union Budget 2016.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2016 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
The 90th Business Outlook Survey is based on responses received from over 150 industry members. Majority of respondents (48%) belonged to large-scale sector, while medium and small scale companies comprised of 17 per cent and 35 per cent respectively. Further, the largest 50 per cent of respondents were from services, followed by 44 per cent from manufacturing and 6 per cent from primary sector.
A majority (55%) of the respondents expect GDP growth to settle in the range of 6.5-7.5 per cent in FY15. This is directly in line with 7.4 per cent GDP growth in FY15 as per the revised estimates of CSO. In a welcome sign, while GDP is expected to register high growth rate, inflationary expectations have moderated. A considerable proportion (72%) of respondents believe that wholesale inflation will remain below 6.0 per cent level in FY15, which should provide legroom to RBI to soften the monetary policy in favour of growth.
In further indication of macro-economic strengthening, around 72 per cent of respondents expected current account deficit (CAD) to be less than 2.5 per cent (of GDP) in FY15. India’s CAD stood at 1.8 per cent in first three quarters of FY15, after it narrowed sharply to 1.7 per cent in FY14 from 4.7 per cent in FY13.
FICCI's latest Economic Outlook Survey puts across the GDP growth estimate for the year 2014-15 at 5.3%, with a minimum and a maximum range of 4.9% and 5.8%. This is a tad lower than the 5.5% growth estimate put out by the economists in the previous survey round and is mainly on account of bleak prospects for performance of the agriculture sector due to sub-par monsoon forecast.
Regarding the performance of the industrial sector this year. The median forecast for industrial growth for 2014-15 is pegged at 3.1% and for agricultural sector at 2.1%. Further, services sector growth is expected at 7.0% this year and is only marginally higher than 6.8% growth recorded in 2013-14.
On Inflation, the El Nino effect is expected to fuel inflationary pressure going ahead.
Index of Industrial Production (IIP), on the domestic front, moved into the positive territory in November 2014, signalling improvement in growth momentum. We hope that going forward, the incipient signs of revival would transform into a firm recovery especially as there is some progress in investment intentions and business confidence is on the ascendant. On the global front, slowing growth in Japan and Euro Area has increased the uncertainties in global growth.
In the current issue of Economy Matters, we analyse the economic data coming out of Japanese and Euro Area economies, in the section on Global Trends. In Domestic Trends, we analyse the trends emanating out of the recent releases on IIP, Inflation, and Balance of Payments. The Sectoral Spotlight for this issue is on the topic “Enabling 'Make in India' Through Effective Tax Reforms”. In Focus of the Month, we look at the year gone by and list out the challenges which await us in 2015.
Appended below is the link to download the November-December 2014 of Economy Matters for your ready reference:
Mega Ace Consultancy - Update on Indian Economy November 2013mega-ace
Update on Indian Economy is a Monthly Report that provides a snapshot of the economy and an overview of the capital markets, corporate updates, sectoral analysis as also important policy pronouncements and their likely impact on the Indian business scenario. An additional feature includes a comparative analysis of the macro economic variables in select industrialized countries and the emerging markets.
Visit www.mega-ace.com for past/future updates.
Euro Area is recovering slowly, with its major member countries registering lower-than-expected growth rates in the third quarter. Major Asian economies have shown diverse growth trends in the last few quarters. We cover this in the section on Global Trends in this month’s issue of Economy Matters.
In the section on Domestic Trends, we discuss the trends emanating out of the recent releases on GDP, Current Account, IIP and Inflation data during the month of December 2013.
The Sectoral spotlight for this issue is on Electricity, which remains an important contributor to GDP growth. We evaluate the impact of the Electricity Act, 2003 on the sector’s performance.
In the Special Article, we provide a snapshot of India’s exports sector along with analyzing the important sectors in exports such as services and tourism.
From the Desk of the CEO.
The heat is on. While many of us have been vacationing in cooler climes, the Sensex has kept itself rather busy, gaining another 4% during the month of May. The upmove has come largely on the back of better-than-expected corporate results and expectations of a good monsoon. Markets are also taking cognisance of various indicators like improved auto sales, higher steel and cement offtake, public infrastructure spending, etc. which are positive signs of an imminent economic recovery.
Crude prices have silently crept up and are currently hovering at the $50 level, almost double from the January lows. So despite the adverse implications of higher crude prices on the Indian economy, there seems to be some positive correlation between crude prices and the equity markets. Though this pattern may not have always played out in the last few decades, the first few months of 2016 certainly seem to indicate so. The main reason for this is the significantly high weightage that the Energy sector has in indices the world over. When oil plummeted to sub-$30 levels, it seriously impacted the profitability of some of the world’s biggest corporations, not only causing their stock prices to fall sharply, but also impacting the broader markets in general. It also indicated a global recessionary trend, thus affecting investor sentiment and causing them to become nervous and risk-averse. The bounce back in crude has brought the price to a level that makes it profitable for companies to drill, creating a sense of well-being for both, the Energy sector as well as the countries whose economies are dependent solely on oil. Where crude prices go from here remains to be seen.
After several quarters of benign inflation, the WPI rose to 0.34% while retail inflation soared to 5.39% in April 2016. This, coupled with higher oil prices would make it difficult for Governor Rajan to announce a rate cut at the next RBI policy meeting on 7th June. Across the globe however, Janet Yellen’s comments on improving economic data in the US has the markets believing that a rate hike by the US Federal Reserve is a high possibility during its next meeting in mid-June. The outcome of Britain’s referendum on Brexit is also an event that we will be closely watching.
With markets factoring in all the good news for now, conventional logic says that short term investors need to be cautious. But when the stock market catches momentum, all negative predictions may be proven wrong.
There are of course, many more bulls than bears when it comes to a 1 year plus view. Long term investors may continue their investments and look to buy into any dips.
Wish all of you a happy monsoon season.
It gives me a pleasure to present the summary of India Budget Synthesis 2014.
While you may already have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2014 on You, Your Company and Your Sector.
Hope you find this analysis useful in taking clearer business decisions and align your company's strategy with the overall economic climate in the balance part of financial year 2014-15.
Would love to hear your feedback on the usefulness of the same.
Similar to FICCI's Economic Outlook Survey 2013-14 - India (20)
FICCI's "One Year of GST" Survey 2018 finds that most respondents are happy with the implementation of this reform, with 76% respondents stating that GST has a positive impact on their businesses.
Trends & Opportunities for Indian Pharma is a knowledge paper highlighting the upcoming trends and related opportunities in Indian pharmaceuticals industry
For the forthcoming Union Budget, banks demand full tax deduction on the NPA provisioning; reduction in corporate tax rate; and accelerated investments in infrastructure sector
FICCI’s latest Quarterly Survey on Manufacturing suggests slight improvement in the manufacturing sector outlook in the first quarter (April – June 2017-18) of the fiscal as the percentage of respondents reporting higher production in first quarter have increased vis-à-vis previous quarter.
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Economists polled expect status quo in forthcoming monetary policy but rate cut likely in first half of FY 2017-18; Union Budget 2017-18 to be expansionary with fiscal stimulus to counter effects of demonetisation
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Improving profitability for small businessBen Wann
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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1. Economic Affairs and Research Division Page 1
Economic Outlook Survey
October 2013
Highlights
Results of FICCI’s latest Economic Outlook Survey show a moderation in growth going ahead. The survey results
indicate GDP growth to slow down to 5.0% in the current fiscal year. This is a downward revision from the 6.0%
growth estimate that was reported in the previous round of the survey. The participating economists have mentioned
that the overall economic situation in the country continues to remain weak.
Expectations with regard to performance of the industrial sector have also taken a hit. The participating economists
expect Index of Industrial Production to grow by 1.7% in FY14; this is half of the 3.5% growth anticipated in the
previous round of the survey. Also, inflation risks have emerged once again and the participating economists expect
inflation rate to be around 6.0% by end March 2014. The elevated food prices and sharp fall in the Rupee value
continue to put pressure on prices.
On the external front, CAD to GDP ratio is expected to witness an improvement in second half of the current fiscal. The
ratio is estimated at 4.5% for Q3 FY14 and at 4.0% for the year 2013-14. Taking a long term view of the situation, it
will be important to look at both export and import side of the trade equation if the CAD is to be brought under
control.
With regard to outlook on the exchange rate, participating economists felt that Rupee is expected to remain weak in
the near future before recovering modestly. It is expected to remain in the range of 62-65 against US dollar in near
term. The expectation of reduced foreign capital inflows and high current account deficit would have a bearing on the
Rupee’s movement.
The participating economists were also asked about their outlook on the level of non-performing assets of the
banking sector. A majority of the participating economists felt that provisioning requirement of NPAs is likely to
increase by end of FY14. The respondents indicated that nonperforming assets would go up across a wide array of
sectors including iron & steel, power generation, automobiles and ancillaries, telecommunication, aviation,
construction, real estate and cement.
Further, with regard to the recent announcements on relaxing the FDI norms in various sectors, participating
economists said that it is a welcome step. However, majority of the respondents felt that these announcements will
have limited impact in near term.
Survey Profile
The present round of FICCI’s Economic Outlook Survey was conducted in the months of August / September 2013 and
drew responses from leading economists primarily from the banking and financial services sector. The economists
were asked to provide their forecast for key macro economic variables for the year 2013-14 as well as for Quarter 2
(Jul - Sept) and Quarter 3 (Oct – Dec) of 2013-14. In addition, FICCI sought views of the economists on some topical
issues like volatility in Rupee value, economizing gold demand and impact of recent announcements on revising and
raising FDI caps in sectors like retail, defence, telecom etc
2. Economic Affairs and Research Division Page 2
Economic Outlook Survey
Survey results indicate a GDP growth of 5.0% for FY 14 which is less than 6.0% growth indicated in last survey. The
estimate for GDP growth ranged from a minimum of 4.0% to a maximum of 5.6%.
While agricultural growth is expected to remain good, a sharp decline in industry growth has been indicated as per the
latest projections. The forecast for industry growth is pegged at 1.7% (for FY 14) in the present survey down from 4.5%
(for FY 14) indicated in the previous survey.
Economists expect IIP to grow at a rate of 1.7% in FY14, ranging from a minimum of (-) 1.1% to a maximum of 3.2%.
The forecast for Q2 FY14 is 1.0% (minimum of 0.2% and maximum at 3.1%) and for Q3 FY14 is 1.4% (minimum at (-)
0.1% and maximum at 3.8%).
*The findings of the survey represent views of leading economists and do not reflect views of FICCI. All forecasts represent median values.
Survey Results – Projections for key macro-economic variables*
Annual Q2 FY14 Q3 FY14
Growth Median Min Max Median Min Max Median Min Max
GDP 5.0 4.0 5.6 4.5 3.7 5.3 5.0 3.9 5.4
Agriculture & Allied 3.3 2.2 5.0 3.2 1.5 5.0 3.6 1.6 7.4
Industry 1.7 -1.0 3.5 1.5 -2.0 3.1 1.7 -1.9 3.3
Services 6.8 5.5 9.6 6.5 5.4 9.3 6.4 5.4 9.6
1.7
1.0
1.4
2013-14 Q2 FY14 Q3 FY14
Index of Industrial Production Growth Forecast (in %)
5.2
5.3
5.2
2013-14 Q2 FY14 Q3 FY14
Fiscal Defict as% of GDPForecast
3. Economic Affairs and Research Division Page 3
Economic Outlook Survey
Inflation rate is expected to be at 6.0% in FY14 (end-March 2014) with a lower and upper limit forecast of 5.3% and
7.1%. The forecast for this fiscal is lower than WPI inflation rate of 7.4% registered last year. However, volatility in
currency and higher food prices can put upward pressure on prices. WPI is expected to be around 5.5% in Q2 FY 14
(minimum at 4.9% and maximum 6.0%) and 5.5% during Q3 FY14 (minimum at 5.1% and maximum 6.5%).
Forecast for fiscal deficit as a percentage of GDP for FY14 stood at 5.2%. This is not only higher than the ratio of 5.0%
indicated in the last survey but also higher than government’s target of 4.8%. The passage of the Food Security Bill is
expected to add pressure in containing the fiscal deficit to its targeted level.
Economists expect exports to rebound this fiscal aided by revival of demand in India’s major export markets.
Further, import growth is likely to ease further based on measures taken by the central government to curb gold
imports. The forecast for current account deficit as a percent of GDP for this fiscal was 4.0%. This is somewhat better
than the ratio of 4.5% indicated in the previous survey.
The Rupee is forecasted to touch 62.0 against US dollar by end March 2014. In the previous survey the projected
figure was 56.0 to a dollar by end March 2014. The sharp depreciation in the Rupee value over the past few months has
led to much uncertainty. The minimum and maximum forecast for the Rupee value by end March 2014 range between
57.3 and 70 respectively.
Survey Results
4.0
4.8
4.5
2013-14 Q2 FY14 Q3 FY14
Current Account Deficit as % of GDP
62.0
67.0
65.1
2013-14 (end March 2014) Q2 FY14 (end Sept 2013) Q3 FY14 (end Dec 2013)
Exchange Rate (Re/USD)
4. Economic Affairs and Research Division Page 4
Economic Outlook Survey
VIEWS OF THE ECONOMISTS
OUTLOOK ON NON PERFORMING ASSETS
A majority of the participating economists felt that provisioning requirement for NPAs is likely to increase by end of
FY14. Some of them felt that given the pressure on Rupee, interest rate is likely to remain high. This will put pressure
on leveraged companies’ balance sheet and this could drive the NPAs of the banking sector higher.
It was also indicated that besides bad loans, restructured advances also pose a threat to the banking system as a
major portion of these loans is likely to turn bad in the absence of a significant recovery in the economy. The RBI with
effect from June this year had increased the provision for new restructured loans to 5% as against the earlier
requirement of 2.75%.
The participating economists indicated that non-performing assets would go up across a wide array of
sectors, which included- Iron & steel, power generation, automobiles and ancillaries, telecommunication, aviation,
construction & real estate and cement.
O
OUTLOOK ON RUPEE
Participating economists felt that Rupee will remain weak in the immediate future before recovering modestly. It is
expected to be in the range of 62-65 against US dollar in near term. Various measures have been announced by the
Reserve Bank of India and Government to arrest the fall in the Rupee value. These have had some impact and the
Rupee did gain vis-a-vis the dollar in the past few weeks. Nevertheless, downside risks remain in the form of twin
deficits and sluggish economic growth. The participating economists noted that RBI has been very cautious in directly
intervening in the forex market, as the country’s foreign exchange reserves are sufficient to cover imports for only
about six to seven months. Therefore, without a significant improvement in trade deficit levels or capital inflow
acceleration, the Rupee may further depreciate in the immediate future.
Further, the economists felt that steps announced by Dr. Raghuram Rajan, Governor, Reserve Bank of India after
assuming office if taken up in the right earnest will prove to be beneficial.
The economists were also asked to indicate what measures should be undertaken to arrest the Rupee movement in
case of further volatility. The suggestions were broadly in line with measures FICCI has been advocating and include
issue of sovereign bonds, negotiating swap lines with foreign central banks, improving implementation of projects on
ground, limiting imports of electronics, oil, fertilizers etc. Economists also pointed out that mobilising resources from
NRIs should be considered more seriously. It was said that despite the near-zero interest rate prevailing in respect of
bank deposits in the West, till recently, the Indian banks have not collected as much NRI deposits as they should have
because of the lack of attractiveness of interest rates due to RBI restrictions. With RBI now taking steps to impart
greater flexibility to banks to mobilise NRI deposits, banks should pursue this route for attracting inflows with greater
zeal.
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5. Economic Affairs and Research Division Page 5
Economic Outlook Survey
ECONOMIZING GOLD DEMAND FURTHER
Gold is the second largest expense in country’s import bill. The overall import bill went up substantially over the past
couple of months mainly led by an increase in the gold and oil imports. This escalated the current account deficit to a
considerable extent.
The central bank had raised the import duty on gold from 6% to 8% in June 2013 and made it mandatory from July
2013 onwards for the importers to keep aside 20% of the imported gold for exporting back. No imports were to be
allowed if this stipulation was not met. In addition, imports of gold coins and bars were banned and the import duty
was increased to 10% in August 2013 and further to 15% (on gold jewellery) in September 2013.
The participants felt that Indian investors should be given robust alternatives to gold as a hedge against the inflation.
New and stable financial products that are lucrative enough for the households to shift their savings away from gold
should be provided. In India, inflation has been quite high for a pretty long period. Government should come up with
more financial products like Inflation Indexed Bonds (IIBs), Gold Accumulation Plan (GAP) etc which have an ability
to challenge gold from its dominant position as a hedge against inflation.
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IMPACT OF RECENT FDI ANNOUNCEMENTS
The participating economists were of the view that relaxing FDI norms in various sectors is a welcome step. The
country’s strategy of opening up economy in a calibrated manner will have a long term benefit, as we have seen in the
past.
However, majority of the economists felt that impact of recent announcements related to raising and revising the FDI
cap in sectors like telecom, retail, defence etc will have a little impact in near term. It will have a positive impact in the
medium to long term if regulations and guidelines are followed in true spirit and implementation at the ground level
is improved. Majority of the economists opined that a lot will depend on administration of the schemes and that
economic reforms cannot be successful until we remove procedural bottlenecks and improve ease of doing business.
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6. Economic Affairs and Research Division Page 6
Economic Outlook Survey
Appendix
Growth Outlook 2013-14
Key Macroeconomic variables Mean Median Min Max
GDP growth rate at factor cost (%)
5.0 5.0 4.0 5.6
Agriculture & Allied 3.4 3.3 2.2 5.0
Industry 1.7 1.7 -1.0 3.5
Services 6.7 6.8 5.5 9.6
Fiscal Deficit (as % to GDP) Centre 5.2 5.2 4.8 5.8
Growth in IIP (%) 1.6 1.7 -1.1 3.2
WPI Inflation rate (%) 6.1 6.0 5.3 7.1
Merchandise Export growth (%) 4.2 4.8 -0.4 8.3
Merchandise Import growth (%) 5.0 4.0 -1.0 12.5
Trade Balance (% to GDP) -7.9 -10.0 -10.0 -11.2
US$ / INR exchange rate 62.2 62.0 57.3 70.0
CAD (as % to GDP) 4.2 4.0 3.8 5.1
Prime lending rate 11.9 10.1 9.8 15.0
Money supply growth M3 (%) 12.9 13.0 12.0 15.0
Bank credit growth (%) 14.9 14.5 13.0 18.0
Growth Outlook Q2 FY 2013-14
Mean Median Min Max
GDP growth rate at factor cost (%) 4.5 4.5 3.7 5.3
Agriculture & Allied 3.2 3.2 1.5 5.0
Industry 1.2 1.5 -2.0 3.1
Services 6.5 6.5 5.4 9.3
Fiscal Deficit (as % to GDP) Centre 6.7 5.3 5.0 9.9
Growth in IIP (%) 1.3 1.0 0.2 3.1
WPI Inflation rate (%) 5.5 5.5 4.9 6.0
Merchandise Export growth (%) 1.9 1.5 -1.0 4.5
Merchandise Import growth (%) 3.2 5.3 -5.0 7.2
Trade Balance (% to GDP) -10.4 -11.0 -7.0 -12.0
US$ / INR exchange rate 66.1 67.0 62.5 68.3
Prime lending rate 12.5 12.5 10.0 15.0
CAD (as % to GDP) 3.6 4.8 -2.0 5.3
Money supply growth M3 (%) 12.8 12.6 12.3 13.5
Bank credit growth (%) 15.2 15.0 13.7 17.0
Growth Outlook Q3 FY 2013-14
Mean Median Min Max
GDP growth rate at factor cost (%) 4.9 5.0 3.9 5.4
Agriculture & Allied 3.9 3.6 1.6 7.4