The Nation is on the move - Things are fine as these details would show

By Vijay Kumar

Monthly Economic Report

January, 2005

Highlights

++ The winter season rainfall from January 1, 2005 to January 19, 2005 was normal / excess in 19 per cent meteorological sub-divisions.

++ Foodgrain stocks were 21.8 million tonnes as on December 1, 2004;

Overall industrial growth was 8.4 % in April-November, 2004 as compared with 6.4% in April-November, 2003;

++ Core infrastructure sectors achieved an average growth rate of 5.4% in April-December, 2004 as compared with 5.8% in Apri-December, 2003;

++ Broad Money (M3) growth (year-on-year) was 13.4% (net of conversion, 13.2%) as on January 7, 2005 as compared with 14.1% last year;

++ Exports grew by 23.4% in dollar terms in April-December, 2004 as compared with 12.7% in the corresponding period last year. Imports grew by 33.6% during April-December, 2004 as compared with 25 % last year;

++ Forex reserves (excluding Gold and SDRs) stood at $ 125.16 billion as on December 31, 2004;

++ Rupee appreciated against US Dollar and Japanese yen and depreciated against Pound Sterling and Euro in December, 2004;

++ The annual inflation rate in terms of WPI (Base 1993-94 = 1000) was 5.42% for the week ended January 15, 2005 as compared with 6.55% a year ago;

++ Tax revenue (net to Centre) in April-November 2004 (provisional) was higher by 18.5% over April-November 2003;

++ Fiscal deficit in Apil-November 2004 is 51.5% of BE compared with 61% of BE in corresponding period last year;

++ Revenue deficit is higher at 97.1% of BE compared with 68.3% in the corresponding previous period.