India's Monthly Economic Report July07

Ministry of Finance Department of Economic Affairs Economic Division 8(2)/Ec. Dn./2007 MONTHLY ECONOMIC REPORT JULY, 2007 HIGHLIGHTS • • • • • • • • • • • • • The overall growth of GDP during 2006-07 (as per the Revised Estimates of CSO) has been placed 9.4 per cent. The Monsoon Season rainfall from June l, 2007 to August 8, 2007 was normal/excess in 89 per cent of meteorological sub-divisions. Food grain stocks were 25.92 million tonnes as on June 1, 2007. Overall industrial growth was 11.0 per cent during April-June, 2006-07 as compared with 10.5 per cent in April-June, 2005-06. Core infrastructure sectors achieved an average growth rate of 8.1 per cent during AprilMay, 2006-07 as compared with 7.2 per cent in April-May, 2005-06. Broad Money (M3) growth (year-on-year) was 21.7 per cent as on July 20, 2007 as compared with 19.4 per cent last year. Exports grew by 18.11 per cent in dollar terms during April-June, 2007. Imports increased by 34.30 per cent in April-June, 2007. Forex reserves (excluding Gold and SDRs) stood at $219.75 billion at the end of July, 2007. Rupee appreciated against US Dollar, stable against Japanese Yen and depreciated against Pound Sterling and Euro in July, 2007. The annual inflation rate in terms of WPI (Base 1993-94=100) was 4.45 per cent for the week ended July 28, 2007 as compared with 4.72 per cent a year ago. Tax revenue (net to Centre) during April-June, 2006-07 was higher by 29.3 per cent compared with corresponding period 2005-06. In terms of value, Fiscal deficit during April-June, 2006-07 was increased by 44.6 per cent over corresponding period last year. In terms of value, Revenue deficit during April-June, 2006-07 was lower by 2.9 per cent over corresponding period last year. (M. C. Singhi) Adviser 2 Economic growth As per the Quick Estimates released by the Central Statistical Organization, the economic growth is estimated at 9.0 per cent in 2005-06. The overall growth of GDP during 2006-07 (as per the Revised Estimates of CSO) has been placed 9.4 per cent. At disaggregated level the growth during 2006-07 (R) was 2.7 per cent in Agriculture, 10.9 per cent in Industry and 11.0 per cent in Services as compared 6.0 per cent, 9.6 per cent and 9.8 per cent respectively during 2005-06 (Q). Growth of GDP at factor cost by Economic Activity (at constant 1999-2000 prices) Industry Growth Percentage share in GDP 2005-06 (Q) 2005-06 (Q) 2006-07 (R) 1 Agriculture, forestry & fishing 2 Industry a Mining & quarrying b Manufacturing c Electricity, gas & water supply d Construction 3 Services a Trade, hotels, transport & communication b Financing , insurance, real estate &business services c Community, social & personal services 4 GDP at factor cost 10.0 7.4 3.1 6.6 4.8 12 8.5 12.1 5.6 5.4 8.5 0.0 9.8 7.5 8.7 7.5 14.1 9.6 10.9 8.7 7.9 7.5 6.0 9.6 3.6 9.1 5.3 14.2 9.8 10.4 10.9 7.7 9.0 2.7 10.9 5.1 12.3 7.4 10.7 11.0 13.0 10.6 7.8 9.4 21.7 25.6 2.2 15.0 2.3 6.1 52.7 25.0 13.4 14.3 100 20.2 26.1 2.2 15.1 2.3 6.5 53.7 25.8 13.5 14.4 100 19.7 26.2 2.1 15.1 2.2 6.8 54.1 26.1 13.8 14.2 100 (P) Provisional, (Q): Quick estimates (R) Revised Estimates 2006-07 (R) 18.5 26.6 2.0 15.5 2.2 6.9 54.9 27.0 13.9 14.0 100 2004-05 (P) 2004-05 (P) 2003-04 2003-04 3 AGRICULTURE MONSOON SEASON RAINFALL* In the Monsoon Season (June-September), the rainfall from June 1, 2007 to August 8, 2007 was normal/excess in 32 meteorological sub-divisions (89 per cent) and deficient/scanty in the remaining 4 (11 per cent). The annual average for 2002-2006 was normal/excess in 25 (71 per cent) meteorological sub-divisions and deficient/scanty in the remaining 11 (29 per cent). 2002 11 25 36 Number of Meteorological Sub-divisions 2003 2004 2005 2006 2002-2006+ 33 27 30 26 25 03 09 06 10 11 36 36 36 36 36 + Annual Average 2007 32 04 36 Excess/Normal Deficient/Scanty/Nil Total *(June-September) PROCUREMENT Wheat procurement as on June 30, 2007 in the current marketing year (i.e. 2006-07) increased by 20.0 per cent at 11.08 million tonnes as compared with 9.23 million tonnes in the corresponding period of 2005-06. Procurement of rice during the marketing year 2006-07 (as on June 30, 2007) at 24.14 million tonnes was declined by 4.9 per cent than the level of 25.39 million tonnes during the corresponding period of 2005-06. 2003-04 Rice(Oct-Sept.) Wheat(Apr-Mar) Total 22.83 15.80 38.63 Full Marketing Year 2004-05 2005-06 2006-07 Million Tonnes 24.68 27.66 16.80 14.79 9.23 41.48 42.45 9.23 As on June 30 2006 2007 25.39 9.23 34.62 24.14 11.08 35.22 % change -4.9 20.0 1.7 . OFF-TAKE Off-take from the Public Distribution System from Central Pool during April-May, 2007 was 3.03 million tonnes as against 3.30 million tonnes during April-May, 2006. 2004-05(P) Rice Wheat Total P : Provisional 23.20 18.27 41.47 2005-06(P) 24.74 17.16 41.90 2006-07(P) 25.04 17.16 42.20 2006 2.09 1.21 3.30 Million Tonnes April-May 2007 2.02 1.01 3.03 4 STOCKS Stocks of food-grains as on June 1, 2007 was 25.92 million tonnes, which was higher by 21.9 per cent than the level of 21.27 million tonnes as on June 1, 2006. Million Tonnes As on June 1 Rice Wheat Total 2006 11.95 9.32 21.27 2007 12.61 13.31 25.92 Stocks, Procurement and Off-Take of Foodgrains 60 50 Million Tonnes 40 30 34.62 35.22 25.92 21.27 20 10 0 3.30 3.03 Procurement as on June 30 Off-take during April-May 2006-07 2007-08 Stocks as on June 1 [Rice–Kharif marketing year (October-September)] [Wheat – Rabi marketing year (April-March)] INDEX OF INDUSTRIAL PRODUCTION The overall growth rate of index of industrial production (IIP) during April-June, 2006-07 was 11.0 percent as compared to 10.5 percent in April-June, 2005-06. The growth rate achieved by the mining, manufacturing and electricity sectors during April-June, 2007 was 3.2 percent, 11.9 percent and 8.3 percent respectively as compared to 3.6 percent, 11.7 percent and 5.3 percent during corresponding period last year. As per the use-based classification, growth rate of basic goods, capital goods and consumer goods showed higher growth whereas intermediate goods showed lower growth as compared to April-June, 2005-06. 5 (PERCENTAGE CHANGE IN SECTORWISE INDEX OF INDUSTRIAL PRODUCTION (Base: 1993-94=100) 2005-06 General Mining Manufacturing Electricity Use-Based Classification Basic goods Capital goods Intermediate goods Consumer goods Of which Consumer durables Consumer non-durables 15.3 11.0 9.2 10.4 19.9 1.8 0.6 5.4 15.0 6.3 3.0 12.4 6.7 15.8 2.5 12.0 10.3 18.2 12.0 10.1 8.5 21.6 11.2 6.1 9.6 29.0 8.3 4.2 9.0 21.0 10.8 8.5 9.5 22.3 9.5 9.9 8.2 1.0 9.1 5.2 2006-07 11.6 5.4 12.5 7.2 Jun '06 9.7 4.7 10.7 4.9 Jun '07 9.8 3.6 10.6 6.8 April-June 2006-07 2007-08 10.5 11.0 3.6 11.7 5.3 3.2 11.9 8.3 Sectorwise Industrial Production Growth in Per cent 20.0 15.0 Per cent 10.0 5.3 5.0 0.0 Mining Manufacturing April-June, 2006-07 April-June, 2007-08 11.7 11.9 8.3 10.5 11.0 3.6 3.2 Electricity General 6 INFRASTRUCTURE The six core infrastructure industries registered a growth of 8.1 per cent during April-May, 2007 as compared to 7.2 per cent in corresponding period last year. May Industry/Infrastructure Coal Electricity Generation Crude petroleum Petroleum Products Finished steel Cement Average growth rate* Unit Mn tonnes Mn Gwh 000 tonnes 000 tonnes 000 tonnes 000 tonnes Full Year 2005-06 64.76 109026 5615 20903 7490 27220 2006-07 65.23 118841 5609 24038 8250 29235 - 2006-07 33.23 55631 2863 10784 3732 13490 7.2 2007-08 33.54 60814 2818 12396 4171 14760 8.7 % Change April-May 2006-07 2007-08 5.9 0.7 5.5 -0.3 12.6 10.4 9.4 7.2 9.0 -0.1 15.0 10.1 7.4 8.1 Performance of Basic Infrastructure Industries (Growth in Per cent) 20.0 12.6 10.0 Per cent 9.0 5.9 0.7 0.0 Coal Electricity Crude Petro. -0.1 -0.3 Petroleum Products Steel Cement 5.5 15.0 10.4 10.1 9.4 7.4 -10.0 April-May, 2006 April, May2007 7 MONEY AND BANKING During the current financial year 2007-08, broad money stock (M3) (up to July 20, 2007) increased by 4.3 per cent as compared with the growth rate of 3.9 per cent registered during the corresponding period of the last year. The year-on-year growth, as on July 20, 2007, was 21.7 per cent as compared with 19.4 per cent on the corresponding date of last year. Net foreign exchange assets (NFA) of banking sector (up to July 20, 2007) have increased by 3.0 per cent as compared to 10.2 per cent in the same period last year. The year on year growth rate of NFA, as on July 20, 2007, was 17.6 per cent as against 27.5 per cent on the corresponding date of last year. Items Outstanding as on ( Rs. crore) March 31, 2007 3310278 483471 474228 2345083 7496 838177 5752 832425 2123362 913179 8286 572727 July 20, 2007 3451070 495814 436312 2505853 13090 912604 21884 890720 2117917 940914 8457 528822 % Variations Financial year so far 2006-07 2007-08 3.9 5.3 -9.6 6.6 -16.1 5.0 6.3 2.6 10.2 -9.9 10.5 4.3 2.6 -8.0 6.9 74.6 8.9 7.0 -0.3 0.3 2.1 -7.7 Year-on-year 2006 19.4 17.3 22.7 19.3 16.3 4.4 3.6 28.0 27.5 -3.7 32.4 2007 21.7 13.9 18.8 23.5 127.2 13.4 10.5 21.9 17.6 7.3 2.9 M3(I+II+III+IV) I. Currency with the public II. Demand deposits with banks III. Time deposits with banks IV. Other deposits with RBI Sources (1+2+3+4-5) 1. Net bank credit to Govt. (A+B) A. RBI’s net credit to Govt. B. Other bank credit to Govt. 2. Bank credit to commercial sector 3. Net foreign exchange assets of banking sector 4. Government’s currency liabilities to the public 5. Banking sector’s net non-monetary liabilities other than time deposits Scheduled Commercial Banks (SCBs): Business in India During the current financial year (up to July 20, 2007) gross bank credit declined to 0.7 per cent as compared with 2.7 per cent during the same period of the previous year. The year-onyear growth of gross bank credit as on July 20, 2007 was 23.7 per cent as against 31.7 per cent on the corresponding date of last year. Non-Food credit during the financial year so far (up to July 20, 2007), declined by 0.5 per cent as compared an increase of 3.1 per cent during the same period of the last year. The year-on-year growth rate of non-food credit, as on July 20, 2007, was 23.9 per cent as compared with 33.1 per cent on the corresponding date of last year. 8 The year-on-year growth of time deposits with SCBs as on July 20, 2007 was 25.1 per cent as compared with 19.0 per cent on the corresponding date of last year. Select Scheduled Commercial banks – Business in India Items Outstanding as on ( Rs. Crore) Mar 31, 2007 1. Bank credit Food credit Non-Food credit 2. Aggregate deposit Demand deposit Time deposits 3. Investments in Govt. and other approved securities Government securities Other approved securities 774981 15451 834681 20568 1928914 46521 1882393 2608310 429138 2179172 790432 % Variations Financial year so far 2006-07 2007-08 2.7 -11.3 3.1 4.1 -10.4 7.1 6.4 -0.7 -11.2 -0.5 4.7 -8.4 7.2 8.2 Year-on-year 2006 2007 31.7 -9.0 33.1 21.2 24.0 20.7 3.1 23.7 14.4 23.9 24.4 20.3 25.1 12.0 July 20, 2007 1914456 41296 1873160 2729856 393046 2336810 855249 6.7 -3.4 7.7 33.1 3.6 -16.1 11.7 27.4 INTEREST RATES (PER CENT PER ANNUM) As on July 20, 2007 Bank Rate was 6.00 per cent, which is the same as on the corresponding date of last year. Call money rates (borrowing) were in the range of 0.20/0.65 per cent as compared with 4.65/6.25 per cent on the corresponding date of last year. Item/week ended Bank Rate IDBI1 Prime Lending Rate2 Deposit Rate3 Call Money Rate4(Low/High) Borrowings Lending 2006 July 21 6.00 10.25 10.75-11.25 6.25-7.00 4.65/6.25 4.65/6.25 2007 July 20 6.00 10.25 12.75-13.25 7.50-9.60 0.20/0.65 0.20/0.65 1. Minimum Term Lending Rate (MTLR) 2. Prime Lending Rate relates to five major Banks 3. Deposit Rate relates to major banks for term deposits of more than one-year maturity. 4. Call money rates are based on data covering 90-95 per cent of total transactions reported by major participants. 9 FOREIGN TRADE Exports, in dollar terms, during April-June, 2007 increased by 18.11 percent. Imports increased by 34.30 percent. Oil imports increased by 4.21 percent and Non-oil imports increased by 50.36 per cent. Million US Dollar % Change April-June 2007-08 18.11 34.30 4.21 50.36 - April-June (P) Item Exports Imports POL Non-POL Trade Balance 2005-06(P) 100607 140238 43951 99482 -39631 2006-07 (P) 124629 181368 57271 124097 -56739 2006-07 29045 40886 14231 26655 -11841 2007-08 34304 54909 14830 40079 -20605 Source: Provisional Data for April-June, 2007 as per the press note of the Ministry of Commerce and Industry. FOREIGN EXCHANGE RESERVES (EXCLUDING GOLD & SDRs) Amount Rs.Crore At the end of March, 1999 March, 2999 March, 2001 March, 2002 March, 2003 March, 2004 March, 2005 March, 2006 March, 2007 2007-2008 April May June July* 125412 152924 184482 249118 341476 466215 593121 647327 836597 812995 817440 839879 888680 $ Million 29522 35058 39554 51049 71890 107448 135571 145108 191924 196899 200697 206105 219753 Variation Rs.Crore $ Million (over last year) 22905 3547 27512 5536 31558 4496 64636 11495 92358 20841 124739 35558 126906 28123 54206 9537 7064 4713 (over last month) -23602 4975 4445 3789 22439 5408 48801 13648 * Provisional Source : RBI. 10 EXTERNAL ASSISTANCE AND DEBT SERVICE PAYMENTS Gross external aid during April-June, 2007 at Rs 4037 crore was 32.0 percent higher than that of Rs 3058 crore in April-June, 2006. Net disbursements were Rs 2022 crore as compared with Rs. 665 crore during same period last year. Net aid transfers were Rs 928 crore as compared with Rs (-)388 crore during corresponding period last year. EXTERNAL ASSISTANCE AND DEBT SERVICE PAYMENTS* Receipts 2006-07 2007-08 9 170 2335 258 15 217 8 3058 665 -388 2493 319 22 517 0 4037 2022 928 Repayment of Principal 2006-07 2007-08 0 0 1994 399 0 2393 1625 391 0 2016 (Rs crore) Payment of Interest 2006-07 2007-08 8 17 813 232 0 1053 829 247 0 1093 - Back- to- Back Loans External Assistance Govt A/C External Assistance – Non-Govt A/C Back- to -Back Grants Govt. Grant Non-Govt Grant Grand Total Net Disbursement Net Transfers * April-June Rupees per Unit of Foreign Currency The average market exchange rate of the Rupee during July, 2007 appreciated against US Dollar, stable against Japanese Yen and depreciated against Pound Sterling and Euro as compared with average market exchange rate of the Rupee during June, 2007. Rupees Per Unit of Foreign Currency US Dollar March, 2003 March, 2004 March, 2005 March, 2006 March, 2007 2007-2008 April May June July 47.64 45.08 43.69 44.48 44.03 42.15 40.78 40.77 40.41 Pound Sterling 75.44 82.29 83.25 77.62 85.68 83.82 80.91 80.99 82.18 Japanese Yen 0.4015 0.4141 0.4152 0.3793 0.3754 0.3546 0.3377 0.3325 0.3325 (Market Rate)@ Euro 51.52 55.25 57.66 53.46 58.27 56.96 55.11 54.71 55.43 @ FEDAI Rates, Rupee- dollar rate as on 8/8/2007 was Rs. 40.575 11 INFLATION The annual rate of inflation based on Wholesale Price Index (WPI) stood at 4.45 per cent for week ended July 28, 2007 compared with 4.72 per cent a year ago. This rate was contributed by an increase of 9.83 per cent in Primary Articles, 1.74 per cent decrease in Fuel, Power, Lights and Lubricants and 4.86 per cent increase in Manufactured Products as against an increase of 4.79 per cent, 7.59 per cent and 3.51 per cent respectively on the corresponding date of last year. VARIATION IN WHOLESALE PRICE INDEX (Base: 1993-94) Percent variation during Items/Groups Weight (%) Month end Last year All Commodities 1.Primary articles 2. Fuel, Power, Light and Lubricants 3. Manufactured Products 100.00 22.03 14.23 63.75 0.25 0.00 0.34 0.34 Current year 0.42 0.81 -0.06 0.43 Year (Point to Point) (week ending 28-7-2007) Last year 4.72 4.79 7.59 3.51 Current year 4.45 9.83 -1.74 4.86 CONSUMER PRICE INDEX All India Consumer Price Index for Industrial Workers (CPI-IW) for June, 2007 stood at 602 (increased by previous month’s level of 597). The level of CPI-IW of June, 2007 was higher than the level of June, 2006 by 5.69 per cent. CONSUMER PRICE INDEX AND INFLATION RATE (%) (Base : 1982=100) Annual Inflation Financial Year Inflation % Change over last month Level of Index Average of Index for 12 months ending June 2006-07 (June, 2006) 7.65 3.36 1.65 569 550.77 2007-08 (June, 2007) 5.69 2.36 0.78 602 587.62 12 WORLD COMMODITY PRICE Quarterly Averages Monthly Averages Oct-Dec Jan-Mar Apr-Jun May June July 2006 2007 2007 2007 2007 2007 53.14 57.23 58.07 55.58 7.23 172.85 177.95 754.33 1170.00 608.67 677.67 255.67 709.67 170.88 292.56 198.38 173.66 820.56 23.49 264.83 629.49 727.38 128.86 241.55 223.28 565.00 344.49 45.50 175.63 297.35 2801.09 5932.86 650.27 77.35 178.66 41440.05 1332.49 650.00 550.00 1272.93 345.58 53.19 57.23 58.07 55.58 7.23 172.85 177.95 754.33 1170.00 608.67 677.67 255.67 709.67 170.88 292.56 198.38 173.66 820.56 23.49 264.83 629.49 727.38 128.82 241.55 223.28 565.00 344.49 45.50 175.63 297.35 2801.09 5932.86 650.27 84.70 178.66 41440.05 1332.49 650.00 550.00 1272.93 345.58 56.00 65.16 67.48 64.54 7.61 184.99 194.14 894.00 1159.00 772.00 863.00 258.00 788.00 160.23 295.80 195.72 180.78 886.84 20.79 261.95 641.10 748.92 122.47 253.09 239.48 565.00 426.38 54.13 180.00 296.25 2792.75 7681.42 667.31 84.70 210.13 52127.17 1314.78 650.00 550.00 1414.00 383.13 61.60 68.19 71.32 65.76 7.30 204.32 207.38 979.00 1209.00 805.00 969.00 270.00 833.00 165.25 300.50 223.04 205.03 935.34 20.48 257.91 642.65 761.35 133.60 252.98 226.72 565.00 434.50 80.00 196.88 289.00 67.94 73.60 77.20 69.46 6.22 203.95 212.29 922.50 1375.00 807.50 918.75 289.75 886.00 147.46 306.75 238.41 227.76 1118.58 22.44 263.05 649.73 761.35 150.36 232.21 210.09 565.00 436.25 80.00 203.13 267.88 Unit Commodity Energy Coal, Australia $/mt 46.60 Crude oil, avg, spot $/bbl 59.02 Crude oil, Brent $/bbl 59.73 Crude oil, Dubai $/bbl 57.33 Natural gas, US $/mmbtu 6.66 Agriculture Coffee, robusta c/kg 168.23 Tea, auctions (3), average c/kg 182.35 Coconut oil $/mt 671.22 Groundnut oil $/mt 1120.44 Palm oil $/mt 542.78 Palmkernel oil $/mt 600.44 Soybean meal $/mt 230.11 Soybean oil $/mt 662.22 Maize $/mt 155.69 Rice, Thailand, 25% $/mt 275.56 Wheat, US, HRW $/mt 208.69 Wheat US SRW $/mt 193.52 Oranges $/mt 942.26 Sugar, world c/kg 26.03 Raw Materials Logs, Malaysia $/cum 256.60 Plywood c/sheets 637.17 Woodpulp $/mt 762.43 Cotton A Index c/kg 127.61 Rubber, US c/kg 199.38 Rubber, Singapore c/kg 173.30 Wool c/kg 565.00 Fertilizers DAP $/mt 254.21 Phosphate rock $/mt 45.50 Pottasium chloride $/mt 175.00 Urea, E. Europe, bulk $/mt 234.01 Metals and Minerals Aluminum $/mt 2723.67 Copper $/mt 7068.22 Gold $/toz 614.47 Iron ore c/dmtu 77.35 Lead c/kg 162.71 Nickel $/mt 33129.03 Silver c/toz 1263.27 Steel cr coilsheet $/mt 658.33 Steel hr coilsheet $/mt 558.33 Tin c/kg 1033.53 Zinc c/kg 420.35 Source : World Bank – Pink Sheet 2676.93 2732.44 7474.38 7972.57 655.66 665.38 84.70 84.70 242.52 308.28 41704.76 33416.59 1314.43 1290.93 650.00 650.00 550.00 550.00 1409.98 1473.78 360.29 354.56 13 PUBLIC FINANCE Trends in Central Government Finances: April-June 2007 Budget April-June Estimates 2007-08 2006-07 2007-08 (Rs. Crore) (1) 1. Revenue Receipts Gross tax revenue Tax (net to Centre) Non Tax 2. Capital Receipts of which: Recovery of loans Other Receipts Borrowings and other liabilities 3. Total Receipts (1+2) 4.Non-Plan Expenditure (a)+(b) (a) Revenue Account of which: Interest payments Major Subsidies Pensions (b) Capital Account 5.Plan Expenditure (i)+(ii) (i) Revenue Account (ii) Capital Account 6.Total Expenditure (4)+(5)=(a)+(b) (a)Revenue Expenditure (b)Capital Expenditure 7. Revenue Deficit 8. Fiscal Deficit 9. Primary Deficit 158995 50987 23488 91875* 205100 174354 30746 680521 557900 122621 71478 150948 -8047 29614 17155 4540 3151 38524 33262 5262 131470 123057 8413 70675 77740 48126 34274 21297 4442 38479** 47901 39554 8347 179900 133074 46826** 68646 112404 78130 21.2 38.5 23.2 6.7 22.3 23.1 18.2 23.3 25.2 11.1 83.4 52.3 543.0 21.6 41.8 18.9 41.9 23.4 22.7 27.1 26.4 23.9 38.2 96.0 74.5 -970.9 12.1 58.9 24.3 10.1 58.8 76.5 -2.7 40.5 44.2 1.7 49.4 42.6 71.3 15.7 24.1 -2.2 1121.2 24.3 18.9 58.6 36.8 8.1 456.6 -2.9 44.6 62.3 1500 41651* 150948 680521 475421 383546 1348 0 77740 131470 92946 89795 701 2367 112404 179900 131999 93520 52.3 23.3 23.8 26.1 16.9 46.7 5.7 74.5 26.4 27.8 24.4 26.8 -100.0 42.6 40.5 34.1 35.1 -48.0 44.6 36.8 42.0 4.1 (2) 486422 548122 403872 82550 194099 (3) 52382 69080 44463 7919 79088 (4) 64428 88495 57470 6958 115472 (5) 13.0 15.6 13.6 10.4 49.3 (6) 13.2 16.2 14.2 8.4 59.5 (7)) 37.8 32.1 40.4 25.0 42.3 (8) 23.0 28.8 29.3 -12.1 46.0 Col.3 as % of 2006-07 BE Col. 4 as % Change over % of proceeding year 2007-08 2006-07 2007-08 BE (4/3) * Includes an amount of Rs. 40,000 crore on account of transaction relating to transfer RBI’s stake in SBI to the Government. ** The increase in fiscal deficit is due to increased capital expenditure on ‘Acquisition of RBI stake in SBI’ (Rs. 35,531crore). This expenditure will be neutralized by realizing equal amount of receipts from RBI during the course of this financial year. After excluding transaction, the fiscal deficit up to June is Rs. 76,873 crore against Rs. 77,740 last year. 14 Source : Controller General of Accounts, MOF, GOI.