Economic Development Monthly Report: Analysis of Indian Economy | IBEF

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August 01, 2018

During May 2018, eight core infrastructure industries grew by 3.6per cent year-on-year, as compared to 3.9per cent growth in May 2017. The growth of core industries duringApril – May 2018-19was4.1per cent, as compared to3.3per cent growth during April – May 2017-18.

Overall year-on-year growth in the Index of Industrial Production (IIP) was 3.2 per cent in May 2018, which was at 2.9 per cent in May2017. During April – May 2018-19, IIP growth was 4.0 per cent as compared to growth of 3.1 per cent during April – May 2017-18.

Foreign exchange reserves stood at US$ 406.1 billion as on 29th June 2018, as compared to US$ 424.5 billion at end March 2018.

Broad money supply (M3) on 22nd June 2018 stood at 9.8 per cent, as compared to a growth of 7.0 per cent recorded in the corresponding period in the previous year.

Wholesale Price Inflation (WPI) increased to 5.8 per cent in June 2018 as compared to4.4 per cent in May2018. Consumer Price Inflation (CPI) as per new series (combined) increased to 5.0per cent in June 2018 as compared to 4.9per cent in May 2018.

Gross Tax Revenue (GTR)collection grew by 29.9 per cent year-on-year in April-May 2018-19 to Rs2,14,098 crore (US$ 31.22 billion).

Provision estimates of Gross Domestic Product (GDP) released by the Central Statistics Office (CSO) in May 2018, estimated the growth rate of GDP at constant (2011-12) market prices for FY 2017-18 at 6.7 per cent. As per the first revised estimates of national income released by CSO in 2017-2018, growth rate of Gross Domestic Product (GDP) at constant (2011-12) market prices was 7.1 per cent in 2016-17 and 8.2 per cent in 2015-16.

The growth of Gross Value Added (GVA) at constant (2011-12) basic prices for agriculture and allied sectors, industry sector and services sector are estimated at 3.4 per cent, 5.5 per cent and 7.9 per cent respectively for 2017-18.

Note: Conversion rate used as on 31st July 2018, Rs 1 = US$ 0.01458

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