- Indian economy is estimated to grow at 8.6 percent in 2010-11 as compared to the growth rate of 8.0 percent in 2009-10. The growth rate of 8.6 per cent in GDP during 2010-11 has been due to the robust growth rates of over 8 per cent in the sectors of manufacturing, construction, trade, hotels, transport and communication, financing, insurance, and, real estate and business services.A growth rate of 18.3 percent is estimated for GDP at current prices in the year 2010-11.
- The agriculture, forestry and fishing sector is likely to show a growth of 5.4 per cent in its GDP during 2010-11, as against the previous year's growth rate of 0.4 per cent.The estimate of GDP from agriculture in 2010-11,according to the Department of Agriculture and Cooperation (DAC),production of foodgrains and oilseeds is expected to grow by 6.5 per cent and 11.9 per cent, respectively, as compared to the previous agriculture year. The production of cotton and sugarcane is also expected to rise by 41.2 per cent and 15.2 per cent, respectively, in 2010-11. Among the horticultural crops, production of fruits and vegetables is expected to increase by 4.1 per cent and 3.8 per cent, respectively, during the year 2010-11.
- The growth in GDP for mining and quarrying and manufacturing sectors during 2010-11 is expected to be 6.2 and 8.8 percent respectively over previous year. According to the latest estimates available on the Index of Industrial Production (IIP), the index of mining and manufacturing registered growth rates of 8.0 per cent and 10.0 per cent during April-November, 2010. The estimated growth rate for construction sector is 8.0 percent in 2010-11. The key indicators of construction sector, namely, cement production and steel consumption have registered growth rates of 4.4 per cent and 8.8 per cent, respectively during April- December, 2010.
- The estimated growth in GDP for the trade, hotels, transport and communication sectors during 2010-11 is placed at 11.0 per cent, mainly on account of growth during April- November, 2010-11 of 14.9 per cent in passengers handled in civil aviation,21.3 per cent in air cargo handled and 40.9 per cent in stock of telephone connections. The sales of commercial vehicles witnessed an increase of 34.1 per cent per cent in April-December, 2010. The financing, insurance, real estate and business services sector is expected to show a growth rate of 10.6 per cent during 2010-11, on account of 14.0 per cent growth in aggregate deposits and 22.6 per cent growth in bank credit during April- November 2010 (against the respective growth rates of 18.6 per cent and 10.1 per cent in the corresponding period of previous year). The growth rate of community, social and personal services during 2010-11 is estimated to be 5.7 per cent.
- Per capita Income of Indians is estimated to rise by 17.3 per cent during 2010-11, as per the revised data released by the Government. Per capita income means earnings of each Indian if the national income is evenly divided among the country's population.However, the increase in per capita income is estimated at at 6.7 percent during 2010-11, if it is calculated in real terms i.e on 2004-05 prices.
Table for the annual growth by economic activity in Gross Domestic Product (GDP) for the year 2010-11, released by the Central Statistics office (CSO):
| S.No. | Industry | at Constant (2004-05) Prices | at Current Prices | ||
| (US$ billion) | (%) | (US$ billion) | (%) | ||
| 1 | Agriculture, forestry & fishing | 152.42 | 5.4 | 295.25 | 23.2 |
| 2 | Mining & quarrying | 24.32 | 6.2 | 40.13 | 18.2 |
| 3 | Manufacturing | 170.87 | 8.8 | 228.09 | 14.5 |
| 4 | Electricity, gas & water supply | 20.49 | 5.1 | 22.15 | 8.6 |
| 5 | Construction | 84.57 | 8.0 | 129.21 | 17.0 |
| 6 | Trade, hotels, transport & communication | 291.36 | 11.0 | 379.65 | 16.7 |
| 7 | Financing, insurance, real estate & business services | 187.89 | 10.6 | 285.97 | 26.5 |
| 8 | Community, social & personal services | 141.87 | 5.7 | 216.87 | 11.3 |
Total GDP | 1073.79 | 8.6 | 1597.49 | 18.3 | |
Source: Central Statistics Office (CSO), Ministry of Statistics & Programme Implementation, Government of India
- During 2010-11, on a financial-year basis, Reserve Money (M0) expanded by 8.4 per cent (up to 10 December 2010), compared to an increase of 1.6 per cent during the corresponding period of the preceding year.The net foreign assets (NFA) of the RBI increased by 6.1 per cent during this period, as against an increase of 1.5 per cent during the corresponding period of the previous year. On a year on-year basis,(as on 11 December 2010), the NFA of the RBI marginally increased by 0.6 per cent compared to a 6.8 per cent increase a year earlier.
- During 2010-11, on a financial-year basis, M0 expanded by 8.4 per cent (up to 10 December 2010), compared to an increase of 1.6 per cent during the corresponding period of the preceding year.The net foreign assets (NFA) of the RBI increased by 6.1 per cent during this period, as against an increase of 1.5 per cent during the corresponding period of the previous year. On a year on-year basis,(as on 11 December 2010), the NFA of the RBI marginally increased by 0.6 per cent compared to a 6.8 per cent increase a year earlier.
- Net RBI credit to the Central Government increased by US$ 15.8 billion ( Rs. 70,856 crore) during the financial year so far (up to 10 December 2010). This was mainly on account of increase in repo operations under the Liquidity Adjustment Facility (LAF) and open market purchases of the Bank, partly offset by increase in the cash balances of the Central Government. On a year-on-year basis, increase in the net RBI credit to the Central Government, as on 10 December 2010, was US$ 47.1 billion ( Rs. 2,10,714 crore) as against an increase of US$ 21.9 billion ( Rs. 98,273 crore) a year earlier.
- Narrow money (M1) increased by 18.6 per cent in 2009-10 as compared to an expansion of 9.0 per cent during 2008-09. During 2010-11, M1 growth has generally been higher than in 2009-10. On a financial-year basis, M1 increased by 3.1 per cent during the current year (up to 3 December 2010) compared to increase of 5.1 per cent during the corresponding period of the previous year.
- On a year-on-year basis, as on (3rd December 2010), M1 growth was 16.5 per cent as compared to 18.3 per cent a year earlier. During the current financial year (up to 3 December 2010), currency with the public expanded by 12.9 per cent US$ 22.2 billion ( Rs. 99,324 crore), compared to an increase of 9.8 per cent US$ 14.5 billion ( Rs. 64,962 crore) during the corresponding period of the previous year.
- Broad money (M3) supply increased by 16.8 per cent during 2009-10.On a year-on-year basis also, as on 3 December 2010, the growth in time deposits moderated to 14.9 per cent from 18.7 per cent a year earlier.
- During the current financial year 2010-11 (up to 3 December 2010) the growth in M3 was 8.2 per cent as compared to 9.6 per cent during the corresponding period of the previous year. On a year-on-year basis, M3 grew by 15.3 per cent on 3 December 2010, as against growth of 18.6 per cent on the corresponding date of the previous year. Among the sources of M3, however, bank credit to the commercial sector has been accelerating since November 2009.
- Broad money (M3) (up to February 25, 2011) increased by 13.6 per cent as compared to 13.8 per cent during the corresponding period of the last year. The year-on-year growth, as on February 25, 2011 was 16.5 per cent as compared to 17.0 per cent last year.
Infrastructure
The Index of Six core industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) with base 1993-94 stood at 268.9 (provisional) in February 2011 and registered a growth of 6.8% (provisional) compared to 4.2% registered in February 2010. During April- February 2010-11, s ix core industries registered a growth of 5.7% (provisional) as against 5.4% during the corresponding period of the previous year.
Crude Oil
Crude Oil production (weight of 4.17% in the IIP) registered a growth of 12.2% (provisional) in February 2011 compared to a growth rate of 4.0% in February 2010. The Crude Oil production registered a growth of 11.9% (provisional) during April- February 2010-11 compared to 0.3% during the same period of 2009-10.
Petroleum Refinery Products
Petroleum refinery production (weight of 2.00% in the IIP) registered a growth of 3.2% (provisional) in February 2011 compared to growth of 0.7 % in February 2010. The Petroleum refinery production registered a growth of 2.5% (provisional) during April- February 2010-11 compared to (-) 0.4% during the same period of 2009-10.
Coal
Coal production (weight of 3.2% in the IIP) registered a growth of (-) 5.7% (provisional) in February 2011 compared to growth rate of 6.7% in February 2010. Coal production grew by 0.1 % (provisional) during April- February 2010-11 compared to an increase of 7.9% during the same period of 2009-10.
Electricity
Electricity generation (weight of 10.17% in the IIP) registered a growth of 7.2 % (provisional) in February 2011 compared to growth rate of 6.9% in February 2010. Electricity generation grew by 5.4 % (provisional) during April- February 2010-11 compared to 6.0% during the same period of 2009-10.
Cement
Cement production (weight of 1.99% in the IIP) registered a growth of 6.5% (provisional) in February 2011 compared to 7.9% in February 2010. Cement Production grew by 4.3 % (provisional) during April- February 2010-11 compared to an increase of 10.8% during the same period of 2009-10.
Finished (carbon) steel
Finished (carbon) Steel production (weight of 5.13% in the IIP) registered a growth of 11.5% (provisional) in February 2011 compared to (-) 0.2% (estimated) in February 2010. Finished (carbon) Steel production grew by 8.1% (provisional) during April- February 2010-11 compared to an increase of 5.2% during the same period of 2009-10.
N.B: Data are provisional. Revision has been made based on revised data obtained.
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