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CONTENTS

Page No. PART ONE: THE ECONOMY: REVIEW AND PROSPECTS I. ECONOMIC REVIEW ............................................................................................................ Macroeconomic Policy Environment ............................................................................ Real Sector Policies ......................................................................................................... Fiscal Policy ...................................................................................................................... External Sector Policies ................................................................................................... Monetary Policy Framework ............................................................................................. Financial Sector Policies .................................................................................................. The Real Economy ......................................................................................................... Aggregate Supply ............................................................................................................. Agriculture ........................................................................................................................ Industrial Performance ..................................................................................................... Services Sector ................................................................................................................ Aggregate Demand .......................................................................................................... Money, Credit and Prices ............................................................................................... Reserve Money ................................................................................................................ Monetary Survey .............................................................................................................. Price Situation .................................................................................................................. Government Finances .................................................................................................... Central Government Finances ­ 2006-07 ........................................................................ State Government Finances ­ 2006-07 ........................................................................... Combined Budgetary Position of the Centre and States ­ 2006-07 ................................ Fiscal Outlook ................................................................................................................... Financial Markets ........................................................................................................... International Financial Markets ........................................................................................ Domestic Financial Markets ............................................................................................. Money Market ................................................................................................................... Foreign Exchange Market ................................................................................................ Government Securities Market ......................................................................................... Credit Market .................................................................................................................... Equity and Debt Markets .................................................................................................. External Sector ............................................................................................................... International Developments .............................................................................................. Balance of Payments ........................................................................................................ External Debt .................................................................................................................... Foreign Exchange Reserves ............................................................................................ International Investment Position ..................................................................................... i 1 1 2 6 10 11 12 16 17 17 22 29 31 33 33 35 41 53 54 56 56 58 69 69 72 72 74 77 78 79 84 84 87 97 98 100

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Page No. II. ASSESSMENT AND PROSPECTS ....................................................................................... Assessment of 2006-07 .......................................................................................................... Outlook for 2007-08 ................................................................................................................ Real Sector ............................................................................................................................. Fiscal Policy ............................................................................................................................ External Sector ....................................................................................................................... Financial Sector ...................................................................................................................... Monetary Policy ...................................................................................................................... PART TWO : THE WORKING AND OPERATIONS OF THE RESERVE BANK OF INDIA III. MONETARY AND CREDIT POLICY OPERATIONS ............................................................. Monetary Policy Operations ................................................................................................... Credit Delivery ........................................................................................................................ IV. DEVELOPMENT AND REGULATION OF FINANCIAL MARKETS ..................................... Money Market ......................................................................................................................... Government Securities Market ............................................................................................... Foreign Exchange Market ...................................................................................................... V. FINANCIAL REGULATION AND SUPERVISION ................................................................. Regulatory Framework for the Indian Financial System ........................................................ Regulatory and Supervisory Initiatives ................................................................................... Commercial Banks ................................................................................................................. Cooperative Banks ................................................................................................................. Financial Institutions ............................................................................................................... Non-Banking Financial Companies ........................................................................................ VI. PUBLIC DEBT MANAGEMENT ............................................................................................ Central Government ............................................................................................................... State Governments ................................................................................................................. VII. CURRENCY MANAGEMENT ................................................................................................ Banknotes in Circulation ......................................................................................................... Currency Operations .............................................................................................................. VIII. PAYMENT AND SETTLEMENT SYSTEMS AND INFORMATION TECHNOLOGY ........................................................................................... Payment and Settlement Systems ......................................................................................... Developments in Payment and Settlement Systems ............................................................. Information Technology ........................................................................................................... ii 120 121 136 147 147 148 150 157 157 159 159 170 173 173 181 181 191 200 200 202 102 102 105 109 114 115 117 118

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Page No. IX. HUMAN RESOURCE DEVELOPMENT AND ORGANISATIONAL MATTERS ................... Human Resource Initiatives ................................................................................................... Customer Service and Grievance Redressal System ............................................................ Central Board and its Committees ......................................................................................... X. THE RESERVE BANK'S ACCOUNTS FOR 2006-07 ........................................................... Income and Expenditure ......................................................................................................... Expenditure ............................................................................................................................. Balance Sheet ........................................................................................................................ Liabilities ................................................................................................................................. Assets ..................................................................................................................................... Annex I : List of Speeches by Governor and Deputy Governors .................................. Annex II : List of Reports of Groups/Committees Submitted ......................................... Annex III : Visits of Foreign Delegations to the Reserve Bank ........................................ Annex IV : Chronology of Major Policy Announcements ................................................. BOXES I.1 I.2 I.3 I.4 I.5 I.6 I.7 I.8 I.9 I.10 I.11 I.12 I.13 I.14 I.15 I.16 I.17 III.1 III.2 National Development Council: Resolution on Agriculture ............................................... Goods and Services Tax .................................................................................................. Legislative Amendments for Conduct of Monetary Policy ................................................ Government Securities Act, 2006 .................................................................................... National Commission on Farmers .................................................................................... Capacity Addition in Indian Industry: Role of the Capital Goods Sector .......................... Economic Growth and Employment Linkages in India ..................................................... Globalisation and Inflation ................................................................................................ Inflation Targeting Framework: Institutional Arrangements .............................................. Petroleum Product Prices and Subsidies : Cross-country Experience ............................ Fiscal Consolidation and Plan Expenditure under the Eleventh Plan .............................. Fiscal Responsibility Legislations and State Finances .................................................... National Small Savings Fund (NSSF) and Fiscal Deficit of State Governments ........................................................................................... Non-Deliverable Forward Market ..................................................................................... Asia in the Global Economy ............................................................................................. Slowdown in the US Housing Market ............................................................................... Workers' Remittance Inflows to India ............................................................................... Counter-cyclical Prudential Measures and Monetary Policy ............................................ Overheating and Monetary Policy .................................................................................... iii 3 9 13 14 21 24 26 43 47 48 62 64 67 76 85 86 92 122 124 216 216 224 234 239 239 242 243 243 244 251 253 254 256

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Page No. III.3 III.4 III.5 III.6 III.7 III.8 IV.1 V.1 V.2 V.3 V.4 V.5 V.6 V.7 V.8 VI.1 VI.2 VI.3 VI.4 VI.5 VII.1 VIII.1 VIII.2 VIII.3 IX.1 IX.2 IX.3 X.1 Stance of Monetary Policy in India ................................................................................... Surveys as Analytical Inputs for Monetary Policy ............................................................ Revised Guidelines on Priority Sector Lending ................................................................ Financial Inclusion ............................................................................................................ Financial Education .......................................................................................................... Credit Counselling Centres .............................................................................................. Committee on Fuller Capital Account Convertibility ......................................................... Supervisory Review Process ........................................................................................... Protected Disclosures Scheme for Private Sector and Foreign Banks ............................ Basel II - Implementation of the New Capital Adequacy Framework by Banks in India: Salient Features ....................................................................................... Evolving Framework for Financial Conglomerate Supervision in India ............................ Customer Service Department ........................................................................................ Reasonable Service Charges by Banks to Customers .................................................... Report of the Working Group on Issues Concerning Raising of Capital by UCBs ........................................................................................................... Banks and Financial Regulation of Systemically Important NBFCs ................................ Auction Calendar for Dated Securities : Underlying Considerations ............................... Primary Auctions of Government Securities in 2006-07 ­ An Analysis .......................... Ownership Pattern of Government Securities .................................................................. Pre-payment of Debt by State Governments ................................................................... Standing Technical Committee on Borrowings of State Governments ............................ Printing Cost of Banknotes ............................................................................................... General Principles for International Remittance Services ............................................... Centralised Databases with Decentralised Operations ................................................... Outsourcing: Features and Safeguards ........................................................................... Major Decisions of Central Information Commission (CIC) ............................................. Coverage of Database on Indian Economy (DBIE) ......................................................... Central Bank Governance: Global Best Practices and the Reserve Bank ...................... Transfer of Reserve Bank's Share Holding in State Bank of India to Government of India ......................................................................................................... 127 130 137 138 139 140 151 158 162 165 166 167 169 172 174 185 186 189 193 198 204 212 213 215 230 233 236 239

CHARTS I.1 I.2 I.3 I.4 Sectoral Growth of Index of Industrial Production ............................................................ Sector-wise Infrastructure Industries Growth ................................................................... Gross Domestic Saving .................................................................................................... Reserve Money ................................................................................................................ iv 23 27 31 34

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Page No. I.5 I.6 I.7 1.8 I.9 1.10 1.11 I.12 I.13 I.14 I.15 I.16 I.17 I.18 I.19 I.20 I.21 I.22 I.23 I.24 I.25 I.26 I.27 I.28 I.29 I.30 I.31 III.1 III.2 V.1 VI.1 VI.2 Monetary Aggregates ....................................................................................................... Fortnightly variation in Currency in Circulation ................................................................ Time Deposits and Small Savings ................................................................................... Bank Credit and Investment in Government Securities ................................................... Incremental Credit-Deposit Ratio ..................................................................................... SLR Investments of Scheduled Commercial Banks ........................................................ Global Inflation ................................................................................................................. Inflation Movements ......................................................................................................... Debt Service Burden of the Central Government ............................................................ Major Deficit Indicators of State Governments ................................................................ 10-year Government Bond Yields .................................................................................... Liquidity Adjustment Facility and the Call Rate ................................................................ Money Market ­ Interest Rates and Turnover .................................................................. Movement of Rupee vis-à-vis Major Currencies .............................................................. Foreign Exchange Market Intervention and Exchange Rate ........................................... Movement in Forward Premia .......................................................................................... Turnover in the Foreign Exchange Market ....................................................................... Yields on Central Government Securities ........................................................................ Turnover and Yields in Government Securities Market .................................................... Resource Mobilisation in the Primary Market .................................................................. Indian Stock Markets ........................................................................................................ Growth in World Output and Trade ................................................................................... India's Invisible Receipts .................................................................................................. India's Exports of Goods and Services ............................................................................ India's Current Account .................................................................................................... Foreign Investment into India ........................................................................................... Foreign Investment Flows to India and Developing Countries ......................................... Cash Reserve Ratio ......................................................................................................... Repo(+)/Reverse Repo(-) under LAF ............................................................................... Frequency Distribution of CRAR of Reporting NBFCs .................................................... Cash Balances of the Central Government ..................................................................... Primary Market Yields of Treasury Bills ............................................................................ v 36 36 37 38 38 40 42 50 55 56 71 72 73 75 75 76 77 77 78 80 82 84 90 90 93 94 95 128 131 177 182 183

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Page No. VI.3 VII.1 VII.2 VII.3 IX.1 X.1 X.2 X.3 Modified Duration and Secondary Market Yields ............................................................. Share of Currency in Broad Money .................................................................................. Banknotes in Circulation: March 2007 ............................................................................. Currency Management Cycle ........................................................................................... Total Staff Strength of the Reserve Bank ......................................................................... Sources of Income ........................................................................................................... Major Expenditure Items .................................................................................................. Trends in Foreign Currency and Domestic Assets ........................................................... 187 200 201 202 222 240 243 245

TEXT TABLES 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 Growth Rates of Real GDP .............................................................................................. Spatial Distribution of Rainfall .......................................................................................... Agricultural Production ..................................................................................................... Production of Major Crops ............................................................................................... Gross Capital Formation in Agriculture ............................................................................ Management of Food Stocks ........................................................................................... Index of Industrial Production : Sectoral and Use-Based Classification of Industries ............................................................................................... Capacity Utilisation ........................................................................................................... Target and Achievement of Infrastructure Industries ....................................................... Performance of Central Sector Projects ........................................................................... Industrial Investment Proposals ....................................................................................... Mergers and Acquisitions Announced ............................................................................. Performance of Small Scale Industries ............................................................................ Indicators of Service Sector Activity ................................................................................. Indian IT Industry ............................................................................................................. Financial Performance of the Corporate Sector ............................................................... Growth in Select Sources of Real Effective Demand ....................................................... Gross Capital Formation .................................................................................................. Household Saving in Financial Assets ............................................................................. Reserve Money ................................................................................................................ Monetary Indicators .......................................................................................................... Operations of Scheduled Commercial Banks .................................................................. Domestic Credit provided by the Banking Sector ............................................................ vi 17 18 19 19 20 22 23 25 27 27 28 28 28 29 29 30 31 32 32 34 35 37 38

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Page No. 1.24 1.25 1.26 1.27 1.28 1.29 1.30 1.31 1.32 1.33 1.34 1.35 1.36 1.37 1.38 1.39 1.40 1.41 1.42 1.43 1.44 1.45 1.46 1.47 1.48 1.49 1.50 1.51 1.52 1.53 1.54 1.55 1.56 1.57 Deployment of Non-food Bank Credit .............................................................................. Select Sources of Funds to Industry ................................................................................ Scheduled Commercial Banks' Non-SLR Investments .................................................... Deposit and Credit - Bank Group-wise and Population Group-wise ................................ Global Inflation Indicators ................................................................................................. Nominal and Real Policy Rates - Select Countries .......................................................... Headline and Core Inflation .............................................................................................. International Commodity Prices ....................................................................................... Wholesale Price Inflation in India ..................................................................................... Major Group-wise WPI Inflation ....................................................................................... Consumer Price Inflation - Major Groups ......................................................................... Major Fiscal Indicators : Combined Finances .................................................................. Major Fiscal Indicators of the Centre ............................................................................... Key Deficit Indicators of the Centre for 2006-07 : Provisional Accounts .......................... Average Interest Rates on Outstanding Domestic Liabilities of the Centre ..................... Indicators of Combined Finances of the Centre and States ............................................ Combined Liabilities of the Centre and States ................................................................. Outstanding Government Guarantees ............................................................................. Decomposition of the GFD of the Centre ......................................................................... Revenue Position of the Centre ........................................................................................ Gross Tax Revenues of the Centre .................................................................................. Expenditure Pattern of the Centre .................................................................................... Expenditure on Select Development Heads of the Centre .............................................. Financing Pattern of Gross Fiscal Deficit of the Centre ................................................... Eleventh Plan Projections vis-a-vis the Budget Estimates for 2007-08 ........................... Deficit and Debt indicators of the Central Government for Select Countries .................. Major Deficit Indicators of State Governments ................................................................ Aggregate Receipts of State Governments ..................................................................... Expenditure Pattern of State Governments ..................................................................... Decomposition and Financing Pattern of Gross Fiscal Deficit of States ......................... Measures of Deficit of the Central and State Governments ............................................ Combined Receipts and Disbursements of the Centre and States ................................. Financing of Gross Fiscal Deficit of the Centre and States ............................................. Combined Expenditure of the Centre and States on Social Sector ................................. 39 40 40 41 44 46 46 49 51 51 52 54 55 55 56 57 57 58 58 59 60 61 62 63 63 63 64 65 66 67 68 68 68 69

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Page No. 1.58 1.59 1.60 1.61 1.62 1.63 1.64 1.65 1.66 1.67 1.68 1.69 1.70 1.71 1.72 1.73 1.74 1.75 1.76 1.77 1.78 1.79 1.80 1.81 1.82 1.83 1.84 1.85 1.86 1.87 1.88 1.89 1.90 1.91 Domestic Financial Markets at a Glance ......................................................................... Short-term Interest Rates ................................................................................................. International Stock Markets .............................................................................................. Appreciation (+)/Depreciation (-) of the US dollar vis-à-vis other Currencies ................. Activity in Money Market Segments ................................................................................. Commercial Paper ­ Major Issuers .................................................................................. Purchases and Sales of US dollars by the Reserve Bank ............................................... Yield Spreads ................................................................................................................... Deposit and Lending Rates .............................................................................................. Mobilisation of Resources from the Primary Market ........................................................ Resource Mobilisation by Mutual Funds .......................................................................... Funds Mobilised by Mutual Funds ­ Type of Schemes .................................................... Resources Raised by way of Bonds/Debentures by Select All-India FIs ......................... Trends in Institutional Investments ................................................................................... Stock Market Indicators .................................................................................................... BSE Sectoral Stock Indices .............................................................................................. Net capital Flows to Emerging Market and Developing Economies ................................ Direction of India's Exports .............................................................................................. Direction of India's Imports ............................................................................................... Balance of Payments ­ Key indicators ............................................................................. Structure of India's Services Exports ............................................................................... Computer and Information Services Exports, 2005 ......................................................... Foreign Tourist Arrivals in India and Outbound Tourist Traffic .......................................... Workers' Remittances ­ Top Ten Remittance Receiving Countries ................................. Trade and Current Account Balances in Select Countries ............................................... Foreign Investment Flows to India ................................................................................... Foreign Direct Investment to India: Country-wise and Industry-wise ............................... India's Direct Investment Abroad ..................................................................................... Foreign Direct and Portfolio Investment to Select Countries ........................................... Balances under NRI Deposit Schemes ............................................................................ India's Grants and Loans to Foreign Governments ......................................................... India's External Debt ........................................................................................................ External Debt Service Payments ..................................................................................... Foreign Exchange Reserves ............................................................................................ 70 71 71 71 73 74 75 78 79 80 80 81 82 82 83 83 84 87 88 89 90 91 91 91 93 94 95 96 96 97 97 97 98 99

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Page No. 1.92 1.93 1.94 1.95 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12 3.13 4.1 4.2 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 5.10 5.11 5.12 6.1 6.2 6.3 Deployment Pattern of Foreign Currency Assets ............................................................. International Investment Position of India ........................................................................ International Investment Position: Select Countries ......................................................... International Liabilities and Assets of Banks in India ....................................................... Movement in Key Policy Rates and Reserve Requirements ............................................ Interest Rate Structure for Non-Resident Deposits ......................................................... Liquidity Management ...................................................................................................... Monthly Primary Liquidity Flows and Open Market Operations ....................................... Reserve Bank's Liquidity Management Operations ......................................................... Reserve Bank's Holdings of Central Government Dated Securities ................................ Reverse Repo/Repo Bids under LAF ............................................................................... Priority Sector Advances .................................................................................................. Disbursements by Banks under Special Agricultural Credit Plans .................................. Outstanding Agricultural Advances .................................................................................. Public Sector Banks ­ Recovery of Direct Agricultural Advances ................................... Progress of SHG-Bank Linkage Programme ................................................................... Credit to Sick SSI Units .................................................................................................... When Issued Market ­ Open Position Limits ................................................................... Remittances under the Liberalised Remittance Scheme for Resident Individuals .......... Standard Asset Provisioning Requirements .................................................................... Offices of Indian Banks Opened Abroad: July 2006 to June 2007 .................................. Offices of Foreign Banks Opened in India: July 2006 to June 2007 ................................ Select Financial Indicators ............................................................................................... Scheduled Commercial Banks - Frequency Distribution of CRAR .................................. CRAR and Net NPAs of Select Financial Institutions ....................................................... Scheduled Commercial Banks - Performance Indicators ................................................ Net NPAs to Net Advances of Scheduled Commercial Banks ......................................... Net NPAs to Net Advances of Scheduled Urban Cooperative Banks .............................. Operational Results of Scheduled Commercial Banks - Key Ratios ............................... Operational Results of Scheduled Commercial Banks - 2006-07 ................................... Operational Results of Scheduled Urban Cooperative Banks - Key Ratios .................... Profile of Treasury Bills ..................................................................................................... Treasury Bills - Primary Market ........................................................................................ Gross and Net Market Borrowings of the Central Government ....................................... 100 100 101 101 123 126 131 131 132 133 134 143 143 143 144 144 145 149 152 159 163 163 176 177 177 178 178 179 179 179 180 183 184 184

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Page No. 6.4 6.5 6.6 6.7 6.8 6.9 6.10 6.11 6.12 6.13 6.14 6.15 6.16 6.17 6.18 6.19 6.20 6.21 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 8.1 8.2 8.3 8.4 8.5 9.1 9.2 Central Government's Market Loans - A Profile ............................................................... Primary Cut-off Yield and Prevailing Secondary Market Yield ......................................... Maturity Profile of Central Government Dated Securities ................................................ Repayment Schedule of the Centre's Outstanding Market Loans ................................... Interest Rate Profile of the Outstanding Stock of Central Government Securities .......... Indicative Calendar and Actual Borrowings of Central Government during 2007-08 ................................................................................................................. WMA/Overdrafts of State Governments ........................................................................... State-wise Availment of WMA/Overdraft .......................................................................... Investments of State Governments .................................................................................. Normal WMA Limits of States .......................................................................................... Annual Market Borrowings of the State Governments ..................................................... Month-wise Market Borrowings of the State Governments ............................................. Frequency Distribution of Tranches of Auctions during 2006-07 ...................................... Yield on State Government Securities ............................................................................. Weighted Average Spreads during 2006-07 .................................................................... Interest Rate Profile of the Outstanding Stock of State Government Securities ............. Maturity Profile of Outstanding State Government Securities ......................................... Maturity Profile of Outstanding State Loans and Power Bonds ....................................... Banknotes in Circulation .................................................................................................. Coins in Circulation .......................................................................................................... Currency Chests ............................................................................................................... Volume of Banknotes Indented and Supplied .................................................................. Value of Banknotes Indented and Supplied ..................................................................... Indent and Supply of Coins .............................................................................................. Denomination-wise Disposal of Soiled Notes .................................................................. Counterfeit Banknotes Detected ...................................................................................... Payment System Indicators .............................................................................................. Retail Electronic Funds Transfer Systems ........................................................................ Card Based Payments ...................................................................................................... Month-wise RTGS Transactions ....................................................................................... Critical IT Implementation Factors in 2006-07 ................................................................. Training Establishments of the Reserve Bank ­ Programmes Conducted ...................... New Programmes/Seminars/Workshops Conducted by Training Colleges during 2006-07 .................................................................................... 186 187 188 188 188 190 191 192 193 194 195 195 196 196 196 197 197 197 201 202 202 203 203 204 205 205 208 209 209 211 213 217 217

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Page No. 9.3 9.4 9.5 9.6 9.7 9.8 9.9 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 10.9 10.10 Number of Officers Trained in External Training Institutions in India and Abroad ............ Recruitment by the Reserve Bank ­ 2006 ....................................................................... Staff Strength of the Reserve Bank ................................................................................. Category-wise Actual Staff Strength ................................................................................ Reserve Bank's Department-wise Strength of Staff as on December 31, 2006 .............. Office-wise Strength of Staff ............................................................................................ Right to Information Act - Requests Received and Resolved .......................................... Trends in Gross Income, Expenditure and Net Disposable Income ................................ Gross Income ................................................................................................................... Contingency and Asset Developement Reserves and Surplus Transfer to the Government ...................................................................................................................... Earnings from Foreign Sources ....................................................................................... Earnings from Domestic Sources .................................................................................... Expenditure ...................................................................................................................... Balances in Currency and Gold Revaluation Account and Exchange Equalisation Account ............................................................................................................................. Balances in Contingency Reserve and Asset Development Reserve ............................. Outstanding Foreign Currency and Domestic Assets ...................................................... Investments in Shares of Subsidiaries/Associate Institutions .......................................... 218 221 221 222 223 224 229 240 240 241 241 242 242 244 244 244 245

INDEX OF APPENDIX TABLES 1 2 3 4 5 6 7 8 9 10 11 12 Select Macroeconomic and Financial Indicators .............................................................. Growth Rates and Sectoral Composition of Real Gross Domestic Product .................... Quarterly Growth Rates and Composition of Real Gross Domestic Product .................................................................................................. Agricultural Production ..................................................................................................... Procurement, Off-take and Stocks of Foodgrains ............................................................ Trends in Index of Industrial Production ........................................................................... Growth in Index of Seventeen Major Industry Groups of Manufacturing Sector ............. Frequency Distribution of Growth Rates of Seventeen Major Industry Groups of Manufacturing Sector ................................................................................................... Use-based Classification of Industrial Production ........................................................... Growth of Six Infrastructure Industries ............................................................................. Gross Domestic Saving and Investment .......................................................................... Financial Saving of the Household Sector (Gross) .......................................................... 274 275 276 277 278 279 280 281 282 283 284 285

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Page No. 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Variations in Reserve Money ........................................................................................... Reserve Bank of India Survey .......................................................................................... Variations in Money Stock ................................................................................................ New Monetary Aggregates ............................................................................................... Liquidity Aggregates ......................................................................................................... Important Banking Indicators ­ Scheduled Commercial Banks ....................................... Commercial Bank Survey ................................................................................................. Sectoral Deployment of Gross Bank Credit ..................................................................... Industry-wise Deployment of Gross Bank Credit ............................................................. Reserve Bank's Accommodation to Scheduled Commercial Banks ................................ Variations in Index Numbers of Wholesale Prices ........................................................... Variations in Wholesale Prices ­ Weighted Contributions ............................................... Annualised Variations in Price Indices ............................................................................. Measures of Deficit of the Central Government ............................................................... Major Items of Receipts and Expenditures of the Central Government .......................... Financing of Gross Fiscal Deficit of the Central Government .......................................... Outstanding Liabilities of the Central Government .......................................................... Budgetary Operations of the State Governments ............................................................ Direct and Indirect Tax Revenues of the Central and the State Governments ................ Financing of Gross Fiscal Deficit and Outstanding Liabilities of State Governments ...................................................................................................... Combined Receipts and Disbursements of the Central and the State Governments ..... Market Borrowings of the Central and State Governments ............................................. Repo/Reverse Repo Auctions under Liquidity Adjustment Facility .................................. Issue of Certificates of Deposit by Scheduled Commercial Banks .................................. Commercial Paper ............................................................................................................ Indices of Real Effective Exchange Rate (REER) and Nominal Effective Exchange Rate (NEER) of the Indian Rupee ..................................... Inter-bank and Merchant Transactions in the Foreign Exchange Market ........................ Secondary Market Transactions in Government Securities ............................................. Interest Rate Structure of Scheduled Commercial Banks ............................................... New Capital Issues by Non-Government Public Limited Companies .............................. Assistance Sanctioned and Disbursed by Financial Institutions ...................................... Domestic Stock Indices .................................................................................................... Major Indicators of Domestic Equity Markets ................................................................... 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 318 319 320 321 322 323 324 325 326 327

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Page No. 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 Turnover in the Equity Derivatives Market ........................................................................ Select Economic Indicators - World ................................................................................. India's Overall Balance of Payments ................................................................................ India's Foreign Trade ........................................................................................................ India's Exports of Principal Commodities ......................................................................... India's Imports of Principal Commodities ......................................................................... Invisibles by Category of Transactions ............................................................................. Composition of Capital Inflows ......................................................................................... External Assistance .......................................................................................................... India's External Debt ........................................................................................................ India's Foreign Exchange Reserves ................................................................................. Interest Rates on Export Credit ........................................................................................ Profile of Treasury Bills ..................................................................................................... Issuances of Central Government Dated Securities ........................................................ A Profile of Central Government Dated Securities .......................................................... Market Borrowings Programme of the State Governments ............................................. Market Borrowings of the State Governments Raised Through Auctions ....................... 328 329 330 331 332 333 334 335 336 337 339 340 341 342 343 344 345

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