Union Government Finances - ICRA

I C R A B U L L E T I N 

Money 

& 

Finance 

Union Government Finances 

MAY–JUNE 2000 

Aside from the issue 

of regaining investor 

confidence, 

Government had in 

any case its work 

cut out to push the 

fiscal consolidation 

agenda forward 

52 

Policy Developments 

The Union Budget 2000 had come as something of a dampener for 

most market participants. The more substantive issue was the perceived lack 

of teeth in expenditure control, but there were several minor irritants such as 

the increase in the rate of dividend tax that rubbed salt into the wounds. The 

lack of spirits that followed the February 2000 Budget could not be more in 

contrast to the bonhomie following upon the February 1999 Budget. Ever 

since March 2000, Government has been working at regaining investor 

confidence to recoup lost ground. It has not surprisingly, been a difficult 

task, with domestic political hurdles to the reform process compounded by 

weakness in world equity markets through April, May and June 2000. Aside 

from the issue of regaining investor confidence, Government had in any case 

its work cut out to push the fiscal consolidation agenda forward. This 

appears to be progressing along three principal prongs. Namely, expenditure 

control, divestment/ privatization and institution change. That is, 

besides pushing tax compliance and collections. 

Expenditure Control 

The Committee on Expenditure Reforms chaired by former Finance 

Secretary, Mr. K.P. Geethakrishnan submitted its first report on July 11, 

2000. This report reportedly focuses on the food subsidy mess and has restated 

the by now widely acknowledged causative link of unchecked farm 

lobby pressure working through the support price and procurement mechanism, 

coupled with systemic inefficiencies in the public distribution system, 

resulting in huge stocks and losses and therefore subsidies. It would appear 

that a consensus has arisen in regard of doing away with the present system 

of retention pricing and subsidies on nitrogenous fertilizers. It is reported 

that the Expenditure Reform Committee’s second report will deal with this 

issue and perhaps also touch on streamlining the excessive manning in select 

ministries. Budgeted subsidy in 2000-01 for food and nitrogenous fertilizers 

is over Rs 8,000 crore each. Drastic overhauling of these subsidy regimes 

can increase effectiveness manifold, but the objective of the subsidies—that 

is, food support to the poor and assistance to small farmers—are not being 

per se questioned. Therefore, while restructuring of the subsidy regimes will 

certainly improve the efficiency of the expenditure, one may not necessarily 

see a lower fiscal burden in financial terms.

In fact if we see the course of non-interest expenditure over the past 

10–15 years, it is quite clear that the major contributor to increase has been 

administrative expense, that is employment-related expenses and interest 

payments. It also becomes clear that with changes in the country’s demography, 

certain expenditures such as pensions which have shot up in the past 

five years, will continue to rise rapidly in the near future. The crux of 

expenditure control—aside from increasing of its efficiency—is to make 

those changes that are necessary to control future expense growth. Abolishing 

vacant positions and encouragement to retire through the use of financial 

incentives are not likely to generate any immediate significant savings. 

On the contrary packages to induce early retirement can temporarily push 

up expenses, but this is the only way to ensure that the natural tendency of 

the system to self-inflate in the years to come is made as difficult as possible. 

It remains to be seen what the Expenditure Reform Committee will 

come up with on these tough issues. 

Disinvestment / Privatization 

The merits of privatization is normally seen to flow from the 

efficiency gain through the transfer of asset control away from a moribund 

state ownership to (presumably) a more dynamic and efficient private 

owner. Divestment of minority stakes in public sector enterprises (PSE) to 

portfolio investors, while retaining majority ownership and full control with 

Government, has been regarded by both the critics and defendants of 

disinvestment as “creeping privatization”. The transition to an enterprise 

fully governed by commercial principles and independent of administrative 

control—though not stockholder control—can be conceived of in a company 

with large, even majority, government ownership. The issue is whether 

those who effectively exercise the rights of ownership over the PSEs, well 

beyond that of what a non-executive owner would be expected to, would 

voluntarily give up that power, which comes without the inconvenience of 

accountability 1 . The attempt to separate the politician–virtual CEO from 

the company in which his ministry exercises ownership on behalf of the 

President of the Republic, is a difficult one, and the pangs of pain are 

evident for all to see in PSE after PSE. 

In any event, the NDA government has clearly placed the divestment 

/ privatization process high on the agenda, as being relatively more 

‘do-able’, and with the added benefit of early completion and immediate 

fiscal benefits. The (financial) liabilities of the central government as on 

March 31, 2000 amounted to about Rs 1,030,000 crore. This is matched on 

the asset side by loans of about Rs 215,000 crore to state governments; 

Rs 1,000 crore to foreign governments; Rs 51,300 crore to central enterprises 

and Rs 1,700 crore to government servants, that is, total loan assets 

of Rs 267,000 crore. The Central government earned Rs 34,144 crore from 


Money 

& 

Finance 


The crux of 

expenditure 

control—aside from 

increasing of its 

efficiency—is to 

make those changes 

that are necessary to 

control future 

expense growth 

1 

The experience of Steel Authority of India Limited (SAIL) is an excellent, but 

perhaps something of an extreme example of what havoc unbridled powers to decide 

without the burden of continuing and clear accountability have wrought. 

53


Money 

& 

Finance 


It will certainly 

require divestment 

receipts of a for 

greater order of 

magnitude if the 

debt burden is to be 

sufficiently reduced 

so as to conceive of 

an elimination of the 

revenue deficit 

these loans assets, an (average) yield of 13.1 per cent, that is well over its 

average cost of liabilities, which is 9.5 per cent. 

A sum of Rs 311,000 crore is invested in departments of the Central 

government and as equity in Central PSEs. On these assets, the Centre 

earned dividend and profits of Rs 9,311 crore, out of which as much as 

Rs 4,479 crore was the surplus of the Reserve Bank of India (RBI). If we 

exclude RBI’s profits, the return on the Centre’s investment of Rs 311,000 

crore is a miserable 1.6 per cent. But the sum of the loan and direct capital 

assets add up to only Rs 578,000 crore. What about the balance liabilities of 

Rs 453,000 crore? Well these are “the excess of liabilities over capital 

outlay and loans advanced”—that is, there are no counterpart tangible 

assets. In business it is equivalent to the funded accumulated loss, in the case 

of government it is the accumulated revenue deficits funded from public debt 

and other (almost all interest bearing) liabilities. 

So, divestment—that is, selling the equity investment of government 

(which on the aggregate yields 1.6 per cent and costs 9.5 per cent)—is 

clearly integral to scaling down of government debt. But is divestment / 

privatization on the scale required—namely not in terms of the Rs 10,000 

crore indicated in the Budget for 2000-01, but in perhaps hundred thousand 

crore—on the cards? It will certainly take that kind of receipts to sufficiently 

reduce debt and the annual interest burden, in order to conceive of eliminating 

the revenue deficit. The current market value of many kinds of government 

investments such as in telecommunications, railways and other 

infrastructure are surely many times their book value, and to that extent the 

value of certain Union economic assets are understated. Further, changing 

technology and economics have imparted considerable market value to 

franchises—such as radio bandwidth—for which there are no counterpart 

financial liabilities. 

Notwithstanding the obvious differences within the ruling alliance, 

the Union Cabinet has continued to move forward. Global advisors have 

been appointed for 16 PSEs, including Air India, Indian Airlines, National 

Fertilizer and Indian Tourism Development Corporation. The attitude 

towards sale to foreign companies—‘strategic partners’—has also become 

somewhat more relaxed with a foreign partner being sought for Air India. In 

the case of the latter company a deadline (March 2001) has reportedly been 

given. 

Fiscal Responsibility Act 

The Bill for instituting a Fiscal Responsibility Act designed to 

institutionalize a degree of fiscal prudence and lay down clear-cut parameters 

governing the conduct of financial management has reportedly been 

finalized and is likely to be tabled in the forthcoming monsoon session of 

Parliament. 

54

Union Government Finances 

Fiscal 1999-2000 

For the record, the ‘actual’ financial numbers for the completed 

year 1999-2000, has after the closing of accounts on April 24, 2000, turned 

out to be better than the revised estimates presented in the Union Budget. 

The ‘actuals’ are the unaudited provisional figures and ought not to be at 

significant variance with the audited ‘actuals’. The principal differences 

with respect to 2000-01 RE are summarized: 

• Tax revenues ↑: 

• Non-interest revenue 

expenditure ↓: 

• Interest expenses ↓: 

• Revenue expenditure ↓: 

• Revenue deficit ↓: 

• Capital expenditure and 

net lending ↑: 

• Gross fiscal deficit ↓: 

• Disinvestment proceeds ↓: 

• Fiscal deficit ↓: 

• Primary deficit ↓: 

Up by Rs 2,042 crore (1.6 per cent) 

Lower by Rs 2,877 crore (1.8 per cent) 

Up by Rs 436 crore (0.5 per cent) 

Down by Rs 2,441 crore (1.0 per cent) 


Higher by Rs 1,317 crore (3.5 per cent) 

Lower by Rs 3.054 crore (2.7 per cent) 

Lower by Rs 880 crore (33.8 per cent) 



Fiscal 2000-01 

The summary of the financial position of the Union government is 

provided on a monthly basis by the Controller General of Accounts (CGA) 

of the Ministry of Finance and is currently available up to May 2000. It has 

been reported that tax collections—indirect and especially direct—have 

increased by a record proportion of 23.8 per cent in the first quarter of 

2000-01. It is necessary to point out that in 1999, tax collections had 

actually fallen in the first quarter compared to the previous year, on account 

of large refunds in the month of April which resulted in negative net tax 

collections to the Centre for the month. To what extent the 23.8 per cent rise 

in gross tax collections translate into receipts to the Union can only be seen 

in end-July/early-August when the Union accounts for June 2000 will 

become available. 

However we can compare the growth in gross tax collections for 

the period April to May with the movement in net tax receipts to the Centre. 

In the two month period of April and May 2000, tax collections at Rs 

21,103 crore were higher than in the previous year by 21.7 per cent. The net 

tax receipts to the Centre for this period at Rs 10,428 crore were higher only 

by 12.4 per cent. That too was on account of the 20 per cent fall in net tax 

receipts in the April–May period of 1999 compared to 1998. Thus, the 

April–May 2000 amount of Rs 10,428 crore is actually lower than that 

received during April–May of 1998 (Rs 11,588 crore) and even that of 1997 

(Rs 10,898 crore). It is of course possible that devolution to the States has 

been stepped up in line with the 29 per cent of ‘net’ collection formula, but 

the amount is not likely to be more than a few hundred crore. There does 

not appear to be any strong reason to believe that the record 23.8 per cent 


Money 

& 

Finance 


The actual 

unaudited numbers 

for 1999–2000 has 

turned out to be 

better than in the 

Revised Estimates 

presented in the 

Union Budget in 

February 2000 

55


Money 

& 

Finance 


rise in gross tax in the first quarter will translate into net tax receipts 

qualitatively superior to that during the April–May period. 

Financial position April–May 2000 

The highlights of the financial position for the period April–May 

2000 (Table-1) indicate that: 

• Net tax receipts to Centre are still running short of BE growth, 

despite that fact that tax growth was actually negative in the 

corresponding period of 1999. It is to be seen as to what extent this 

deficiency is compensated for by the June 2000 numbers 

• Huge surge in non-tax revenues by 106 per cent. Perhaps on 

account of early payment of dividends by central PSEs which have 

also sought to save the higher rate of dividend tax applicable after 

June 2000. 

• Because of the doubling of non-tax revenues, current receipts rise by 

31 per cent 

• This is however more than compensated for by the sharp growth in 

Plan revenue expenditure (73 per cent) and continued expansion on 

the non-Plan side 

TABLE 1 

Change in Principal Fiscal Indicators for the Central Government 

Up to the end of May 2000 

Items 

Actuals* 

Budget 

Change proposed in 

for 1999- 

Estimates 

Budget Estimates over 

2000 2000-01 Actuals* 1999-00 

Rs Crore 

percent 

Quantum of change in 

April-May 2000 compared 

to April-May 1999 – Period 

of 2 months 

Rs crore 

per cent 

Tax Revenue (net to the Centre) 

e) 128,511 146,209 17,698 13.8% 1,151 12.4% 

Non-tax revenue Receipts 52,923 57,464 4,541 8.6% 2,491 104.5% 

Total Receipts (net) 181,434 203,673 22,239 12.3% 3,642 31.2% 

Non-Plan Revenue Expenditure 203,454 228,768 25,314 12.4% 1,360 5.5% 

Plan Revenue Expenditure 47,141 52,330 5,189 11.0% 3,159 72.9% 

Revenue Expenditure 250,595 281,098 30,503 12.2% 4,519 15.5% 

Primary Revenue Surplus 22,700 23,841 1,141† 5.0% 1,319† 24.3% 

Revenue Deficit 69,161 77,425 8,264† 11.9% 877† 5.0% 

Capital Expenditure + Net Lending 39,283 43,850 4,567 11.6% 532 10.9% 

Gross Financing Deficit 108,444 121,275 22,357† 11.8% 1,409† 6.3% 

Other non-debt capital receipts 1,720 10,000 346 481.4% –101 –29.2% 

Fiscal Deficit 106,724 111,275 22,011 4.3% 1,510† 6.9% 

Primary Deficit 14,863 10,009 –4,854# –32.7% –686# –6.9% 

Source: Annual data from Union Budget and April-November data from Controller General of Accounts, Ministry of 

Finance, website: www.cga.nic.in 

Note: * ‘Actuals’ are the Unaudited Provisional figures finalized after the closing of accounts on April 24, 2000. 

† Primary Revenue, Revenue and Gross Financing Balance: a negative number denotes a deficit and a positive 

number a surplus 

# The primary deficit has become larger in the April–May 2000 period over comparable period in the last fiscal. 

56

• In consequence the revenue deficit has gone up by 5 per cent—an 

expansion that is less than that estimated for the full year 

• Capital expenditure and net lending has gone up by 11 per cent, 

roughly in line with the Budget for the full year 

• Gross fiscal deficit has expanded by 6 per cent, again an expansion 

that is less than what has been estimated for the full year 

• Divestment proceeds have been much lower by as much as 29 per 

cent 

• This resulted in a fiscal deficit that increased by 7 per cent, more 

than the budgeted trend of 4 per cent for the full year 

On the whole the higher level of tax and non-tax receipts has gone 

to support an equally higher level of (primarily) Plan revenue and capital 

expenditure, leaving the deficit figures a little larger than in the corresponding 

period of the last financial year. This can also be observed from the 

borrowing position of the Union government in May (Table-2). Since the 

borrowing data is provided on a reporting Friday basis by the Reserve Bank 

of India it is generally not possible to obtain the end of month figures, till 

the CGA issues the account position. By picking a Friday closest to the end 

of the month, one misses out the working days in the following week and 

before the end of the calendar month, which is relevant on the receipt side. 

TABLE 2 

Increase in Funds Borrowed by the Central Government 

Over previous end-March 

Unit: : Rs crore 

Period / reference Net Amount of Treasury Bills Ways & Total Central 

date which is Long-term and of different Means Government 

reporting Medium-term Maturities Advances Borrowings 

Friday 

borrowings 

APRIL–MAY 2000 

May 26, 2000 22,707 –43 9,093 31,757 

May 28, 1999 22,273 87 3,464 25,824 

Increase in 2000 † 434 –130 5,629 5,933 

June 02, 2000 24,707 2,695 255 27,657 

June 04, 1999 27,273 2,266 4,910 34,449 

Increase in 2000 † –2,566 429 –4,655 –6,792 


Money 

& 

Finance 


For the first 2 

months of 2000-01, 

the higher level of 

tax and non-tax 

receipts has gone to 

support an equally 

higher level of 

(primarily) Plan 

revenue and capital 

expenditure, leaving 

the deficit figures a 

little larger 

APRIL–JUNE 2000 

June 30, 2000 28,500 –560 7,358 35,298 

June 25, 1999 30,273 1,243 4,755 36,271 

Increase in 2000 † –1,773 –1,803 2,603 –973 

June 30, 2000 28,500 –560 7,358 35,298 

July 02, 1999 34,903 2,041 7,720 44,664 

Increase in 2000 † –6,403 –2,601 –362 –9,366 

Note: † A negative sign denotes that the year-to-date increase in borrowings over 

previous March 31 is smaller than that for the comparable period in the last 

financial year. 

Source: Weekly Statistical Supplement, Reserve Bank of India, various issues 

57


Money 

58 

& 

Finance 


Based on data 

showing lower 

borrowing by the 

central government 

one can perhaps 

surmise that at the 

end of the first 

quarter of 2000-01, 

the fiscal deficit was 

lower than that for 

the first quarter of 

1999-2000 by at 

least a couple of 

thousand crore 

By picking a Friday just after the end of the month, the error comes from the 

salaries that have been paid out in the first few days of the new month. At 

Table-2, the borrowing position—or rather the increase in the borrowing 

position over preceding March 31– has been worked out for the April–May 

and for the April–June period, using both last reporting Friday of the month 

and the first reporting Friday of the next. As can be seen the choice of 

Friday makes for a large difference in both periods on account of the two 

sources of errors mentioned above. 

The CGA indicates that the fiscal deficit for April–May 2000 was 

higher by Rs 1,510 crore, which is rather different from either of the two 

estimates at Table-2, one based on the last Friday of May and the other on 

the first Friday of June. Clearly looking at the two estimates of increased 

borrowing levels the best that could be guessed is that the fiscal deficit up to 

the end of May 2000 would be somewhat less than Rs 5,000 crore compared 

to the first two month of the previous fiscal. 

Fortunately the last reporting Friday of June 2000 was also the last 

day of the month. However for 1999, June 25 leaves three working days out 

and July 2 includes two days. Nevertheless the alternate measures the 

increase in borrowings is negative in both cases. Therefore, one can perhaps 

surmise that at the end of the first quarter of 2000-01, the fiscal deficit was 

lower than that for the first quarter of 1999-2000 by at least a couple of 

thousand crore. 

Outlook 

The outlook for Union, and for that matter the combined Union and 

State finances, are certainly better than at any point in the previous four 

years. With the economic recovery still underway (notwithstanding the 

CSO’s July press note on Industrial Production), external conditions again 

better than in previous years, no cross-border conflict till date, and clear 

movement on the front of economic reforms, Union finances are quite likely 

to stay to the budgeted course. There might well be an increase in transfer 

payments to States on account of the recommendations of the Eleventh 

Finance Commission, but much of it has already been budgeted for and 

enhanced revenue collections in the year likely to finance a part of the 

incremental transfers. Thus, the Union may not have to finance the entirety 

of incremental transfers over the budgeted amount with additional debt. 

Movement on privatization of Union assets is also likely to encourage State 

governments to push ahead with the reform of their own public sector. Of 

particular importance is the power sector (state electricity boards and in 

some cases their progeny), which alone has been generating a massive hole 

in the finances of the States. In a federal set-up it is difficult for individual 

States to be greatly reform minded if the Union is equivocal about it. The 

greater focus of the Centre on these issues therefore imparts the necessary 

role of leadership and co-ordination that can sustain reform-minded States 

to press on with their agenda.

Appendices 


Money 

& 

Finance 

MAY–JUNE 2000


Money 

& 

Finance 

Appendices 


Components and Sources of Money Stock (M 3 ) and their Variations (Rs cror 

ores): 1998–99, 1999–2000 and 2000–01 

March 31 April May June July 

1998 1999 2000 1999 2000 1999 2000 1998 1999 1998 1999 

M3 825,389 972,204 1,111,707 988,295 1,148,816 1,000,036 1,155,203 855,797 1,010,749 861,934 1,018,205 

a) % change during the month 1.7% 3.3% 1.2% 0.6% 1.0% 1.1% 0.7% 0.7% 

b) % change since March 31 1.7% 3.3% 2.9% 18.8% 3.7% 4.0% 4.4% 4.7% 

Components of M3 ( 1+2+3+4) 

1 Currency with public 145,182 169,382 189,319 179,549 201,549 185,289 201,071 158,098 185,317 150,509 177,075 

a) % change during the month 6.0% 6.5% 3.2% -0.2% -0.8% 0.0% -4.8% -4.4% 


2 Demand deposits with banks 118,435 135,111 147,353 130,016 149,775 126,694 148,595 112,053 124,873 114,792 127,378 

a) % change during the month -3.8% 1.6% -2.6% -0.8% -13.8% -1.4% 2.4% 2.0% 

b) % change since March 31 -3.8% 1.6% -6.2% 10.0% -5.4% -7.6% -3.1% -5.7% 

3 Time deposits with banks 558,167 663,890 771,930 675,522 794,852 685,064 803,120 581,237 695,652 592,303 709,125 



4 Other deposits with RBI 3,604 3,821 3,105 3,208 2,641 2,989 2,417 4,409 4,907 4,330 4,627 

a) % change during the month -16.0% -14.9% -6.8% -8.5% 77.0% 64.2% -1.8% -5.7% 

b) % change since March 31 -16.0% -14.9% -21.8% -36.7% 22.3% 28.4% 20.1% 21.1% 

Sources of M3 (5+6+7+8-9) 

5 Net bank credit to govt.(i+ii) 330,619 387,151 442,136 398,476 461,142 405,221 470,797 360,598 412,105 366,717 418,734 



i 

RBI’s credit 

135,160 152,539 149,029 155,963 144,642 155,179 152,893 150,342 155,968 150,672 156,263 

a) % change during the month 2.2% -2.4% -0.5% 5.7% 5.8% 0.5% 0.2% 0.2% 

b) % change since March 31 2.2% -2.4% 1.7% 0.2% 11.2% 2.2% 11.5% 2.4% 

ii 

Other banks’ credit 195,460 234,612 293,107 242513 250042 317,904 210256 256137 216045 262471 



6 Bank credit to commercial 

sector (i+ii) 432,190 490,363 575,921 490,832 582,929 491,691 582,760 428,206 489,356 432,953 495,489 

a) % change during the month 0.1% 1.2% 0.2% 0.0% -0.4% -0.5% 1.1% 1.3% 

b) % change since March 31 0.1% 1.2% 0.3% 18.8% -0.9% -0.2% 0.2% 1.0% 

i 

RBI’s credit 

8,186 12,226 15,270 10,269 8,591 10,200 10,632 8,439 9,332 8,469 9,231 

a) % change during the month -16.0% -43.7% -0.7% 23.8% 0.9% -8.5% 0.4% -1.1% 

b) % change since March 31 -16.0% -43.7% -16.6% -13.0% 3.1% -23.7% 3.5% -24.5% 

ii 

Other banks’ credit 424,004 478,137 560,651 480,563 574,338 481,491 572,128 419,767 480,024 424,484 486,258 

a) % change during the month 0.5% 2.4% 0.2% -0.4% -0.4% -0.3% 1.1% 1.3% 

b) % change since March 31 0.5% 2.4% 0.7% 19.7% -1.0% 0.4% 0.1% 1.7% 

7 Net foreign exchange assets 

of the banking sector 126,569 164,362 194,433 165,565 193,168 181,797 194,021 126,234 182,362 125,663 183,699 

a) % change during the month 0.7% -0.7% 9.8% 0.4% -0.6% 0.3% -0.5% 0.7% 

b) % change since March 31 0.7% -0.7% 10.6% 18.0% -0.3% 11.0% -0.7% 11.8% 

8 Government’s currency liabilities 

to the public 3,120 3,846 4,194 3,846 4,194 3,924 4,194 3,482 4,020 3,522 4,079 



9 NNML of the banking sector (i+ii) 67,110 73,518 104,977 70,424 92,617 82,597 96,569 62,723 77,094 66,921 83,796 

a) % change during the month -4.2% -11.1% 17.3% 4.3% -1.8% -6.7% 6.7% 8.7% 

b) % change since March 31 -4.2% -11.1% 12.3% 313.5% -6.5% 4.9% -0.3% 14.0% 

i 

RBI’s NNML 43,219 60,455 70,916 60,951 70,493 61,502 76,280 53,887 63,267 58,301 67,276 



ii 

Other bank’s NNML(Residual) 23,891 13,063 34,061 9,473 22,124 21,095 20,289 8,836 13,827 8,620 16,520 

a) % change during the month -27.5% -35.0% 122.7% -8.3% -39.8% -34.5% -2.4% 19.5% 

b) % change since March 31 -27.5% -35.0% 61.5% 55.3% -63.0% 5.8% -63.9% 26.5% 

Note: 

Source: 

For 1997& 1998 data taken from RBI Annual Report 1997-98 pg. Appendix 156; Figures within brackets indicate negative (-ve) numbers 

Reserve Bank of India, Monthly Bulletin and Weekly Statistical Supplement


Money 

& 

Finance 


August September October November December January February March 

1998 1999 1998 1999 1998 1999 1998 1999 1998 1999 1999 2000 1999 2000 1999 2000 

882,705 1,029,433 895,718 1,043,298 915,768 1,057,392 919,325 1,065,879 928,777 1,088,696 940,467 1,089,004 948,978 1,105,153 974,328 1,111,707 

2.4% 1.1% 1.5% 1.3% 2.2% 1.4% 0.4% 0.8% 1.0% 2.1% 1.3% 0.0% 0.9% 1.5% 2.7% 0.6% 

6.9% 5.9% 8.5% 7.3% 10.9% 8.8% 11.4% 9.6% 12.5% 11.98% 13.9% 12.0% 15.0% 13.7% 18.0% 14.3% 

0 0 0 

149,970 177,203 151,437 176,879 159,396 183,121 158,750 190,452 162,445 193,114 165,186 189,774 168,135 191,417 170,119 189,319 

-0.4% 0.1% 1.0% -0.2% 5.3% 3.5% -0.4% 4.0% 2.3% 1.4% 1.7% -1.7% 1.8% 0.9% 1.2% -1.1% 

3.3% 4.6% 4.3% 4.4% 9.8% 8.1% 9.3% 12.4% 11.9% 14.01% 13.8% 12.0% 15.8% 13.0% 17.2% 11.8% 

111,225 127,110 114,555 129,460 116,010 131,718 116,067 128,344 115,355 133,020 118,706 138,337 118,639 141,931 130,267 147,353 

-3.1% -0.2% 3.0% 1.8% 1.3% 1.7% 0.0% -2.6% -0.6% 3.6% 2.9% 4.0% -0.1% 2.6% 9.8% 3.8% 

-6.1% -5.9% -3.3% -4.2% -2.0% -2.5% -2.0% -5.0% -2.6% -1.55% 0.2% 2.4% 0.2% 5.0% 10.0% 9.1% 

616,754 720,801 625,953 732,419 636,843 739,534 640,916 743,799 646,987 759,290 653,465 757,760 659,002 769,144 670,130 771,930 

4.1% 1.6% 1.5% 1.6% 1.7% 1.0% 0.6% 0.6% 0.9% 2.1% 1.0% -0.2% 0.8% 1.5% 1.7% 0.4% 

10.5% 8.6% 12.1% 10.3% 14.1% 11.4% 14.8% 12.0% 15.9% 14.37% 17.1% 14.1% 18.1% 15.9% 20.1% 16.3% 

4,756 4,319 3,773 4,540 3,519 3,019 3,592 3,284 3,990 3,272 3,110 3,133 3,202 2,661 3,812 3,105 

9.8% -6.7% -20.7% 5.1% -6.7% -33.5% 2.1% 8.8% 11.1% -0.4% -22.1% -4.2% 3.0% -15.1% 19.1% 16.7% 

32.0% 13.0% 4.7% 18.8% -2.4% -21.0% -0.3% -14.1% 10.7% -14.37% -13.7% -18.0% -11.2% -30.4% 5.8% -18.7% 

0.00 0.00 

363,716 419,659 366,624 423,131 371,436 432,489 379,472 434,248 380,844 441,233 382,769 436,849 386,870 437,796 384,266 441,371 

-0.8% 0.2% 0.8% 0.8% 1.3% 2.2% 2.2% 0.4% 0.4% 1.6% 0.5% -1.0% 1.1% 0.2% -0.7% 0.8% 

10.0% 8.4% 10.9% 9.3% 12.3% 11.7% 14.8% 12.2% 15.2% 13.97% 15.8% 12.8% 17.0% 13.1% 16.2% 14.0% 

140,637 150,668 136,420 150,978 148,869 158,583 151,453 156,970 149,262 157,207 151,796 151,435 154,369 148,242 150,132 148,264 

-6.7% -3.6% -3.0% 0.2% 9.1% 5.0% 1.7% -1.0% -1.4% 0.2% 1.7% -3.7% 1.7% -2.1% -2.7% 0.0% 

4.1% -1.2% 0.9% -1.0% 10.1% 4.0% 12.1% 2.9% 10.4% 3.06% 12.3% -0.7% 14.2% -2.8% 11.1% -2.8% 

223079 268991 230204 272153 222567 273906 228019 277278 231582 284026 230973 285414 232501 289554 234133 293107 

3.3% 2.5% 3.2% 1.2% -3.3% 0.6% 2.4% 1.2% 1.6% 2.4% -0.3% 0.5% 0.7% 1.5% 0.7% 1.2% 

14.1% 14.7% 17.8% 16.0% 13.9% 16.7% 16.7% 18.2% 18.5% 21.06% 18.2% 21.7% 19.0% 23.4% 19.8% 24.9% 

433,804 498,361 437,192 503,966 448,431 520,120 447,729 521,729 452,367 540,309 465,782 546,676 468,857 561,129 486,942 575,921 

0.2% 0.6% 0.8% 1.1% 2.6% 3.2% -0.2% 0.3% 1.0% 3.6% 3.0% 1.2% 0.7% 2.6% 3.9% 2.6% 

0.4% 1.6% 1.2% 2.8% 3.8% 6.1% 3.6% 6.4% 4.7% 10.19% 7.8% 11.5% 8.5% 14.4% 12.7% 17.4% 

8,200 9,594 8,182 9,778 8,228 11,582 8,302 10,087 8,347 9,033 8,401 9,806 8,504 13,287 12,226 15,270 

-3.2% 3.9% -0.2% 1.9% 0.6% 18.4% 0.9% -12.9% 0.5% -10.4% 0.6% 8.6% 1.2% 35.5% 43.8% 14.9% 

0.2% -21.5% 0.0% -20.0% 0.5% -5.3% 1.4% -17.5% 2.0% -26.12% 2.6% -19.8% 3.9% 8.7% 49.4% 24.9% 

425,604 488,767 429,010 494,188 440,203 508,538 439,427 511,642 444,020 531,276 457,381 536,870 460,353 547,842 474,717 560,651 

0.3% 0.5% 0.8% 1.1% 2.6% 2.9% -0.2% 0.6% 1.0% 3.8% 3.0% 1.1% 0.6% 2.0% 3.1% 2.3% 

0.4% 2.2% 1.2% 3.4% 3.8% 6.4% 3.6% 7.0% 4.7% 11.11% 7.9% 12.3% 8.6% 14.6% 12.0% 17.3% 

128,157 182,401 134,620 182,322 136,042 182,396 135,995 175,143 137,050 180,461 139,985 180,561 141,342 183,826 148,633 194,433 

2.0% -0.7% 5.0% 0.0% 1.1% 0.0% 0.0% -4.0% 0.8% 3.0% 2.1% 0.1% 1.0% 1.8% 5.2% 5.8% 

1.3% 11.0% 6.4% 10.9% 7.5% 11.0% 7.4% 6.6% 8.3% 9.79% 10.6% 9.9% 11.7% 11.8% 17.4% 18.3% 

3,522 4,079 3,522 4,079 3,561 4,079 3,670 4,188 3,705 4,194 3,705 4,194 3,705 4,194 3,705 4,194 

0.0% 0.0% 0.0% 0.0% 1.1% 0.0% 3.1% 2.7% 1.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 

12.9% 6.1% 12.9% 6.1% 14.1% 6.1% 17.6% 8.9% 18.8% 9.05% 18.8% 9.0% 18.8% 9.0% 18.8% 9.0% 

46,494 75,067 46,240 70,200 43,702 81,692 47,541 69,429 45,189 77,501 51,774 79,276 51,796 81,792 49,218 104,212 

-30.5% -10.4% -0.5% -6.5% -5.5% 16.4% 8.8% -15.0% -4.9% 11.6% 14.6% 2.3% 0.0% 3.2% -5.0% 27.4% 

-30.7% 2.1% -31.1% -4.5% -34.9% 11.1% -29.2% -5.6% -32.7% 5.42% -22.9% 7.8% -22.8% 11.3% -26.7% 41.8% 

53,804 62,847 55,897 64,277 57,487 66,258 56,889 66,557 59,027 66,905 60,801 68,201 59,954 69,780 58,058 70,151 

-7.7% -6.6% 3.9% 2.3% 2.8% 3.1% -1.0% 0.5% 3.8% 0.5% 3.0% 1.9% -1.4% 2.3% -3.2% 0.5% 

24.5% 4.0% 29.3% 6.3% 33.0% 9.6% 31.6% 10.1% 36.6% 10.67% 40.7% 12.8% 38.7% 15.4% 34.3% 16.0% 

(7,310) 12,220 (9,657) 5,923 (13,785) 15,434 (9,348) 2,872 (13,838) 10,596 (9,027) 11,075 (8,158) 12,012 (8,840) 34,061 

-184.8% -26.0% 32.1% -51.5% 42.7% 160.6% -32.2% -81.4% 48.0% 268.9% -34.8% 4.5% -9.6% 8.5% 8.4% 183.6% 

-130.6% -6.5% -140.4% -54.7% -157.7% 18.2% -139.1% -78.0% -157.9% -18.89% -137.8% -15.2% -134.1% -8.0% -137.0% 160.7%


Money 

& 

Finance 


Movements of Selected Interest Rates and Rate of Inflation : 1998-99 and 1999-2000 

(Unit: percentage) 

Modal Call MIBOR 91-day T-Bills 364-day T-Bills Long Term Govern- 

Money Rate 

ment Securities 

Month 1998- 1999- 2000- 1998- 1999- 2000- 1998- 1999- 2000- 1998- 1999- 2000- 1998- 1999- 2000- 

99 2000 2001 99 2000 2001 99 2000 2001 99 2000 2001 99 2000 2001 

Apr 7.1 7.2 6.5 7.9 6.8 7.8 8.4 8.4 7.8 9.3 9.1 11.9 11.8 10.2 

M a y 6.8 8.7 7.5 9.0 7.6 8.7 8.5 8.2 8.4 9.7 9.2 11.8 11.6 10.3 

Jun 6.3 8.2 11.2 6.9 8.3 11.4 8.7 8.8 9.0 8.3 10.1 9.6 11.9 11.6 10.6 

Jul 5.9 8.2 6.4 8.4 7.7 8.9 8.2 9.7 12.0 11.6 

Aug 8.0 9.9 8.6 9.9 7.8 9.0 8.7 9.8 11.8 11.4 

Sep 8.5 9.8 8.7 10.1 8.8 9.4 9.4 10.4 12.1 11.3 

Oct 8.4 11.2 8.6 11.3 9.6 9.9 10.1 10.3 12.3 11.3 

Nov 8.1 8.2 8.1 8.2 9.0 9.1 9.8 9.7 12.1 11.2 

Dec 8.3 7.8 8.5 7.9 9.0 8.7 10.2 9.8 12.1 11.1 

Jan 10.2 8.0 10.8 8.1 9.0 8.9 10.3 10.8 12.1 10.9 

Feb 9.0 10.7 9.1 10.7 9.0 8.6 10.2 9.3 12.2 10.4 

Mar 8.6 9.6 8.8 9.8 8.6 9.1 9.9 9.5 11.9 10.6 

Note: 

Source: 

Long term govt securities—Average of 5-10 years GOI rates; 

Figures of Jun-00 are based on the data upto 15th June-00 

Business Standard, Business Line, RBI Bulletin-Weekly Statistical Supplement; MIBOR: NSE Website (Data 

available from June 15, 1998). 

Exchange Rate Movements of the Rupee 

Spot 

3 Month Forward 

Month USD Euro UKP DM JPY* USD Euro UKP DM JPY* 

Jan-99 42.52 49.40 70.16 25.27 37.62 43.22 50.33 71.15 25.75 38.54 

Feb-99 42.48 47.71 69.27 24.37 36.48 43.31 48.76 70.53 24.91 37.46 

Mar-99 42.45 46.23 68.75 23.64 35.48 43.19 47.16 69.87 24.11 36.38 

Apr-99 42.73 45.77 68.78 23.39 35.71 43.39 46.62 69.75 23.83 36.55 

May-99 42.79 45.51 69.08 23.27 35.12 43.35 46.24 69.90 23.64 35.86 

Jun-99 43.16 44.80 68.88 22.91 35.72 43.70 45.58 69.73 23.30 36.48 

Jul-99 43.29 44.82 68.17 22.92 36.21 43.78 45.49 68.92 23.26 36.93 

Aug-99 43.46 46.11 69.80 23.57 38.39 43.97 46.86 70.63 23.96 39.17 

Sep-99 43.55 45.70 70.66 23.37 40.68 44.04 46.41 71.46 23.73 41.50 

Oct-99 43.45 46.53 72.01 23.79 40.98 44.05 47.35 73.00 24.21 41.95 

Nov-99 43.41 44.92 70.45 22.97 41.45 43.85 45.54 71.19 23.29 42.27 

Dec-99 43.49 44.03 70.18 22.51 42.41 43.85 44.57 70.77 22.79 43.16 

Jan-00 43.56 44.24 71.43 22.62 41.63 43.87 44.69 71.92 22.85 42.28 

Feb-00 43.62 42.99 69.87 21.98 39.93 43.92 43.44 69.56 22.21 40.58 

Mar-00 43.64 42.12 68.92 21.52 41.00 44.06 42.61 69.45 21.77 41.75 

Apr-00 43.67 41.59 69.19 21.27 41.61 43.91 41.95 69.54 21.45 42.32 

May-00 44.01 39.93 66.31 20.42 40.68 44.24 40.29 66.69 20.58 41.34 

Jun-00 44.69 42.46 67.43 22.26 42.15 45.02 42.90 67.96 22.48 42.92 

Note: 

Source: 

*for 100 units 

Business Line


Money 

& 

Finance 


Interest Rate Differential and Forward Premia 

(Unit: Percentage) 

Month LIBOR 3 Month Forward YTM% of 3 Month Forward Premia 

USD Euro UKP DM JPY 91-day T-bill USD Euro UKP DM JPY 

Jan-99 5.00 3.16 5.87 0.39 8.98 6.71 7.81 5.75 7.80 10.11 

Feb-99 4.97 3.10 5.50 0.31 9.03 8.04 9.14 7.45 9.09 11.22 

Mar-99 4.99 3.06 5.38 0.21 8.62 7.16 8.27 6.64 8.27 10.58 

Apr-99 4.96 2.69 5.30 0.16 8.37 6.30 7.63 5.74 7.62 9.71 

May-99 5.00 2.59 5.32 0.11 8.49 5.31 6.59 4.83 6.53 8.67 

Jun-99 5.19 2.64 5.20 2.65 0.10 8.82 5.19 7.08 5.03 7.10 8.72 

Jul-99 5.31 2.70 5.14 2.68 0.12 8.93 4.55 6.13 4.52 6.13 8.17 

Aug-99 5.45 2.73 5.24 2.69 0.12 9.03 4.82 6.76 4.83 6.77 8.40 

Sep-99 5.55 2.75 5.39 2.69 0.11 9.39 4.57 6.32 4.60 6.32 8.29 

Oct-99 6.17 3.40 5.98 3.38 0.23 9.91 5.61 7.28 5.61 7.27 9.83 

Nov-99 6.10 3.48 5.88 3.47 0.32 9.11 4.13 5.66 4.23 5.72 8.20 

Dec-99 6.17 3.47 6.03 3.45 0.40 8.68 3.33 5.02 3.40 5.04 7.28 

Jan-00 6.05 3.36 6.11 3.34 0.20 8.90 2.88 4.22 2.77 4.15 6.47 

Feb-00 6.09 3.55 6.22 1.82 0.17 8.55 2.75 4.20 2.85 4.20 6.70 

Mar-00 6.20 3.77 6.20 1.93 0.19 9.08 3.41 4.78 3.14 4.84 7.55 

Apr-00 6.34 3.96 6.26 2.03 0.16 8.40 2.17 3.50 2.03 3.50 7.01 

May-00 6.77 4.38 6.27 2.24 0.14 8.24 2.09 3.68 2.33 3.32 6.62 

Jun-00 6.81 4.52 6.20 2.21 0.20 9.02 2.95 4.23 3.21 4.13 7.49 

Source: 

All rates based on the daily data taken from Business Line & Business Standard 

Portfolio of Scheduled Commercial Banks 

(Rs crore) 

Investment in 

Non-Government Securities Food Credit Non-food Credit 

Month 1998-99 1999-00 2000-01 1998-99 1999-00 2000-01 1998-99 1999-00 2000-01 

April 32,196 32,936 31,038 12,920 20,063 27,790 309,926 349,851 418,706 

M a y 32,298 32,345 31,090 16,047 22,713 30,843 304,714 345,204 412,113 

June 31,954 32,795 31,002 17,683 22,412 32,081 304,311 344,023 414,830 

July 32,055 31,555 17,458 22,491 305,108 349,537 

August 32,291 31,484 16,698 21,688 306,972 352,894 

September 31,658 31,229 16,079 20,532 312,053 357,862 

October 32,058 31,447 16,728 22,163 320,442 369,747 

November 31,973 31,492 16,727 24,023 320,032 372,180 

December 31,597 31,266 16,215 25,598 324,086 384,865 

January 31,571 31,158 17,056 26,056 332,773 388,497 

February 31,531 30,973 17,336 25,927 334,711 398,010 

March 31,374 31,059 16,816 24,926 349,187 424,639 

Note: Figures for June 2000 are up to June 16 

Source: RBI Weekly Statistical Supplement


Money 

& 

Finance 


Economic Indicators in the OECD region 

Real Gross Domestic Product 

y-o-y percentage change 

Year/Quarter Germany France Italy Euro-11 UK Canada US Japan 

1995 1.9 2.1 2.9 2.2 2.8 2.8 2.3 1.5 

1996 1.1 1.3 0.8 1.3 2.6 1.4 3.5 5.1 

1997 1.6 2.0 1.5 2.2 3.9 3.9 4.5 1.4 

1998 2.0 3.4 1.6 2.7 2.2 3.1 4.3 -2.5 

1999 1.3 2.8 1.1 2.2 1.9 3.9 4.1 0.3 

1998 Q1 3.0 3.5 2.7 3.6 2.8 4.0 4.7 -2.9 

Q2 1.8 3.7 1.3 2.8 2.5 3.2 4.0 -1.1 

Q3 1.8 3.3 1.2 2.6 1.9 2.4 3.9 -3.2 

Q4 1.2 3.0 1.2 1.9 1.5 2.8 4.6 -3.1 

1999 Q1 0.8 2.5 0.3 1.7 1.5 3.1 3.9 -0.4 

Q2 0.8 2.4 0.9 1.8 1.6 3.6 3.8 0.6 

Q3 1.3 3.0 1.2 2.3 2.2 4.2 4.3 0.9 

Q4 2.3 3.2 2.1 3.0 3.0 4.7 4.5 0.0 

2000 Q1 3.3 3.3 3.2 3.1 4.9 5.5 0.7 

Consumer Price Index 



1995 1.8 1.8 5.2 2.5 3.4 2.2 2.8 -0.1 

1996 1.5 2.0 4.0 2.2 2.4 1.6 2.9 0.1 

1997 1.9 1.2 2.0 1.6 3.1 1.6 2.3 1.7 

1998 0.9 0.8 2.0 1.1 3.4 1.0 1.6 0.7 

1999 0.6 0.5 1.7 1.1 1.6 1.7 2.2 -0.1 

1998 Q1 1.2 0.9 2.0 1.1 3.4 1.1 1.5 2.0 

Q2 1.4 1.1 2.1 1.4 4.0 1.0 1.6 0.3 

Q3 0.7 0.7 2.1 1.1 3.3 0.9 1.6 -0.2 

Q4 0.4 0.4 1.7 0.8 2.9 1.1 1.5 0.5 

1999 Q1 0.3 0.3 1.4 0.8 1.6 0.8 1.7 -0.1 

Q2 0.5 0.4 1.5 1.0 1.4 1.6 2.1 -0.3 

Q3 0.6 0.5 1.7 1.1 1.2 2.2 2.3 0.0 

Q4 1.0 1.0 2.1 1.5 1.2 2.4 2.6 -1.0 

2000 Q1 2.4 2.0 0.8 3.2 0.7 

Unemployment Rate 

Percent of labour force 


1995 10.4 11.6 12.0 11.3 8.7 9.6 5.6 3.2 

1996 8.9 12.4 12.0 11.6 8.2 9.7 5.4 3.4 

1997 9.9 12.3 11.7 11.6 7.0 9.2 4.9 3.4 

1998 9.4 11.7 11.9 10.9 6.3 8.3 4.5 4.1 

1999 9.4 11.1 11.3 10.0 6.1 7.6 4.2 4.7 

1998 Q1 9.8 11.9 11.8 11.2 6.4 8.6 4.7 3.7 

Q2 9.5 11.7 11.9 11.0 6.3 8.4 4.4 4.1 

Q3 9.3 11.7 11.9 10.8 6.3 8.3 4.5 4.2 

Q4 9.2 11.6 11.8 10.6 6.3 8.0 4.4 4.4 

1999 Q1 9.1 11.4 11.6 10.3 6.3 7.8 4.3 4.6 

Q2 9.1 11.2 11.4 10.1 6.1 8.0 4.3 4.8 

Q3 9.2 11.0 11.2 10.0 5.9 7.7 4.2 4.7 

Q4 10.5 10.8 11.1 9.7 5.9 7.0 4.1 4.6 

2000 Q1 9.4 6.8 4.1 4.8

Short-T 

t-Ter 

erm Interest est Rates 

Percent 

Year/Quarter US Canada Euro-11 Japan UK Denmark Greece Sweden 

1995 5.4 5.5 0.5 6.2 16.1 8.8 

1996 5.4 4.4 4.1 0.6 6.0 4.0 13.5 6.0 

1997 5.6 3.5 4.1 0.6 6.8 3.7 12.5 4.4 

1998 5.5 5.0 3.8 0.7 7.3 4.3 13.5 4.4 

1999 5.3 3.0 0.2 5.4 3.4 10.1 3.3 

1998 Q1 5.6 4.8 4.0 1.0 7.5 3.9 16.3 4.7 

Q2 5.6 5.0 3.9 0.6 7.5 4.2 12.8 4.5 

Q3 5.5 5.3 3.8 0.7 7.6 4.5 13.2 4.3 

Q4 5.2 5.1 3.4 0.6 6.8 4.5 11.9 3.9 

1999 Q1 4.9 5.0 3.1 0.5 5.5 3.6 10.6 3.3 

Q2 5.0 4.7 2.6 0.1 5.2 3.1 9.8 3.1 

Q3 5.4 4.8 2.7 0.1 5.2 3.2 9.9 3.2 

Q4 6.1 3.4 0.3 5.9 3.8 10.1 3.8 

2000 Q1 6.1 3.5 0.1 6.2 4.0 8.7 4.0 


Money 

& 

Finance 


Long-Ter 

erm Interest est Rates 

Percent 


1995 8.7 6.7 3.3 

1996 6.2 6.5 9.4 7.2 7.8 7.5 6.8 3.1 

1997 5.7 5.7 6.8 6.0 7.0 6.5 6.7 2.1 

1998 4.6 4.8 4.9 4.7 5.5 5.5 5.7 1.3 

1999 4.5 4.9 4.8 4.7 5.1 5.7 6.1 1.7 

1998 Q1 5.0 5.1 5.3 5.1 6.0 5.6 5.9 1.7 

Q2 4.9 5.0 5.1 5.0 5.8 5.5 5.9 1.4 

Q3 4.4 4.6 4.8 4.6 5.5 5.5 5.6 1.1 

Q4 4.0 4.5 4.3 4.2 4.8 5.2 5.3 1.0 

1999 Q1 3.9 4.3 4.1 4.0 4.5 5.2 5.6 1.8 

Q2 4.1 4.6 4.4 4.3 4.9 5.5 6.0 1.4 

Q3 4.9 5.2 5.1 5.1 5.5 5.8 6.3 1.8 

Q4 5.2 5.7 5.4 5.3 5.5 6.2 6.6 1.8 

2000 Q1 5.5 5.9 5.7 5.6 5.6 6.2 6.5 1.8 

Industrial Production Index: Manufacturing 



1995 3.5 1.5 2.3 1.5 

1996 -1.2 0.1 0.4 1.6 3.4 5.1 

1997 3.3 3.5 3.4 5.0 1.3 4.6 3.9 1.4 

1998 3.5 4.6 1.6 4.6 0.4 2.2 4.4 -5.3 

1999 -0.9 2.0 0.3 1.6 -0.1 4.8 4.2 0.4 

1998 Q1 5.5 7.6 4.4 7.4 0.2 3.5 6.0 -4.2 

Q2 3.7 5.6 1.3 5.3 1.2 2.8 3.6 -1.7 

Q3 3.6 2.9 1.3 4.3 0.6 0.8 4.2 -8.5 

Q4 1.0 2.5 -0.7 1.4 -0.5 1.8 3.7 -6.8 

1999 Q1 -2.5 1.0 -0.4 0.2 -1.6 2.6 3.5 -3.8 

Q2 -1.5 0.2 -1.5 0.3 -1.7 2.6 4.1 -0.6 

Q3 -1.6 2.7 2.4 2.1 1.3 6.0 4.4 3.1 

Q4 2.0 4.0 0.8 3.6 2.4 5.9 4.8 4.8 

2000 Q1 4.5 4.4 5.2 5.1 1.9 5.8 6.2 

Note: Euro-11 refers to Euro Zone 

Source: Central bank of respective countries (websites) 

International Economic Trends, Federal Reserve Bank of St.Louis; 

Monthy Report of European Central bank; 

International Financial Statistics, IMF, 1999; 

BEA website; The Economist.

ICRA LIMITED 

CORPORATE & REGISTERED OFFICE 

NEW DELHI 

Kailash Building, 4 th Floor 

26, Kasturba Gandhi Marg, 

New Delhi 110 001 

Tel. : +(91 11) 335 7940-50 

Fax : +(91 11) 335 7014,3355293 

BRANCHES 

MUMBAI 

Electric Mansion, 3 rd Floor, 

Appasaheb Marathe Marg, 

Prabhadevi, Mumbai 400 025 

Tel. : +(91 22) 433 1046/53/62/74/86/87 

Fax : +(91 22) 433 1390 

CHENNAI 

Karumuttu Centre, 5 th Floor, 

498, Anna Salai, Nandanam, 

Chennai 600 035 

Tel. : +(91 44) 434 0043/9659/8080, 

433 0724,433 3293/94 

Fax : +(91 44) 434 3663 

KOLKATA 

FMC Fortuna, A-10&11, 3 rd Floor, 

234/3A, A.J.C. Bose Road, 

Kolkata 700 020 

Tel. : +(91 33) 287 0450,240 6617/8839,280 0008 

Fax : +(91 33) 247 0728 

BANGALORE 

Vayudooth Chambers, 2 nd Floor, 

Trinity Circle, 15-16 M.G. Road, 

Bangalore 560 001 

Tel. : +(91 80) 559 7401/4049/5320326 

Fax : +(91 80) 559 4065 

AHMEDABAD 

907-908 Sakar –ll, Ellisbridge, 

Opp. Town Hall, 

Ahmedabad 380 006 

Tel. : +(91 79) 658 4924/5049/2008/5494 

Fax : +(91 79) 658 4924 

HYDERABAD 

‘Greendale’, 1 st Floor, 

No. 7-1-24/2/D, 102, Ameerpet, 

Hyderabad 500 016 

Tel. : +(91 40) 373 5061/7251 

Fax : +(91 40) 373 5152 

CHANDIGARH 

SCO 24-25, 1 st Floor, 

Sector 9D, Madhya Marg, 

Chandigarh 160 017 

Tel. : +(91 172) 743 776, 743 882 

Fax : +(91 172) 746 068 

PUNE 

5A, 5 th Floor, Symphony, 

S. No. 210, CTS 3202, 

Rane Hills Road, Shivajinagar, 

Pune 411 007 

Tel. : +(91 20) 552 0194/95/96 

Fax : +(91 20) 5539231 

Copyright, ICRA Limited, 26 Kasturba Gandhi Marg, New Delhi – 110001 

None of the Information contained in the publication may be copied otherwise reproduced, repackaged, 

further transmitted, disseminated, redistributed, or resold, or stored for subsequent use for any such 

purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without ICRA’s 

prior written permission.

Disclaimer 

All information contained herein is obtained by ICRA from sources believed by it to be accurate and 

reasonable. Although reasonable care has been taken to ensure that the information herein is true, such 

information is provided ‘as is’ without any warranty of any kind and ICRA in particular, makes no 

representation or warranty, express or implied, as to the accuracy, timelines or completeness of any such 

information. All information contained herein must be construed solely as statements of opinion and ICRA 

shall not be liable for any loses incurred by users from any use of publication or its contents.

Union Government Finances - ICRA

Create successful ePaper yourself

Delete template?

Save as template?