Markets Actual Q4 Q1 Q2 Q3 2023
Currency 81.64 82.4 83.11 83.83 84.57 86.05
Stock Market (points) 62504.80 60437 58637 56887 55192 51952
Government Bond 10Y (%) 7.27 7.37 7.43 7.5 7.57 7.7

Overview Actual Q4 Q1 Q2 Q3 2023
GDP Growth Rate (%) -1.40 1 1.4 2 0.8 1
GDP Annual Growth Rate (%) 13.50 4.1 4 4.6 5.9 4.5
Unemployment Rate (%) 6.40 7.5 8.3 8 7.9 7.5
Inflation Rate (%) 6.77 6.7 5.7 4.9 5.1 4.9
Interest Rate (%) 5.90 6.15 6.4 6.25 6.25 6.25
Cash Reserve Ratio (%) 4.50 4.5 4.5 4.5 4.5 4.5
Balance of Trade (USD Billion) -26.91 -36.1 -35 -33 -29 -17
Current Account (USD Million) -23871.72 -4300 -5000 -2000 -2000 1200
Current Account to GDP (% of GDP) -1.70 -2.6 -2 -2 -2 -2.6
Government Debt to GDP (% of GDP) 89.26 84 84 84 84 84
Government Budget (% of GDP) -6.90 -6.9 -6.4 -6.4 -6.4 -6.4
Business Confidence (points) 134.70 102 120 115 115 102
Manufacturing PMI (points) 55.30 53 52 51 52 52.5
Services PMI (points) 55.10 52.8 52.2 51 54 51.2
Consumer Confidence (points) 80.60 75 78 85 85 90
Corporate Tax Rate (%) 34.94 34.94 34.94 34.94 34.94 34.94
Personal Income Tax Rate (%) 42.74 42.74 42.74 42.74 42.74 42.74

GDP Actual Q4 Q1 Q2 Q3 2023
GDP Growth Rate (%) -1.40 1 1.4 2 0.8 1
GDP Annual Growth Rate (%) 13.50 4.1 4 4.6 5.9 4.5
GDP (USD Billion) 3173.40 2980 3000 3000 3000 3000
GDP Constant Prices (INR Billion) 36851.25 39786 42411 38546 39025 41576
Gross National Product (INR Tens Of Million) 14536732.00 15132738 15118201 15205422 15394399 15813711
Gross Fixed Capital Formation (INR Billion) 12778.06 11992 14259 13366 13532 12532
GDP per Capita (USD) 1961.42 1850 1850 1850 1850 1920
GDP per Capita PPP (USD) 6675.35 6700 7400 7400 7400 7400
Full Year GDP Growth (%) 8.70 6.7 5.7 5.7 5.7 5.7
GDP from Agriculture (INR Billion) 4933.25 6899 5916 5160 5224 7209
GDP from Construction (INR Billion) 2629.18 2780 3518 2750 2784 2905
GDP from Manufacturing (INR Billion) 6051.04 6166 7035 6329 6408 6443
GDP from Mining (INR Billion) 854.23 834 1030 894 905 871
GDP from Public Administration (INR Billion) 4663.80 5291 5137 4878 4939 5529
GDP from Utilities (INR Billion) 886.40 773 818 927 939 807

Labour Actual Q4 Q1 Q2 Q3 2023
Unemployment Rate (%) 6.40 7.5 8.3 8 7.9 7.5
Labor Force Participation Rate (%) 47.50 48.3 48.3 48.1 48.1 50.5
Population (Million) 1380.00 1373 1373 1373 1373 1386
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 60.00 60 60 60 60 60
Minimum Wages ( INR/Day) 178.00 178 185 185 185 185

Prices Actual Q4 Q1 Q2 Q3 2023
Inflation Rate (%) 6.77 6.7 5.7 4.9 5.1 4.9
Consumer Price Index CPI (points) 176.70 177 177 181 184 186
GDP Deflator (points) 160.10 156 154 153 154 168
Producer Prices (points) 152.50 155 159 163 161 163
Producer Prices Change (%) 8.39 8 7.1 6 6 5.2
Export Prices (points) 143.80 143 138 138 138 130
Import Prices (points) 133.70 107 107 107 107 110
Food Inflation (%) 7.01 7.5 7.2 6.3 5.2 5.3
Inflation Expectations (%) 11.00 8.7 8 7.8 7.8 8.7
Inflation Rate MoM (%) 0.80 0.5 0.2 0.5 0.4 0.6
CPI Housing Utilities (points) 171.10 174 175 175 178 183
CPI Transportation (points) 162.90 164 164 165 166 167

Money Actual Q4 Q1 Q2 Q3 2023
Interest Rate (%) 5.90 6.15 6.4 6.25 6.25 6.25
Cash Reserve Ratio (%) 4.50 4.5 4.5 4.5 4.5 4.5
Interbank Rate (%) 6.62 6.87 7.12 6.97 6.97 6.97
Money Supply M1 (INR Billion) 52280.40 51000 51000 50000 50000 41000
Money Supply M2 (INR Billion) 55296.41 54000 55000 53000 53000 49000
Money Supply M3 (INR Billion) 214621.88 195000 1800000 1850000 1850000 175000
Foreign Exchange Reserves (USD Million) 547250.00 590000 610000 600000 600000 610000
Central Bank Balance Sheet (INR Billion) 26760.16 29200 28000 30000 30000 26200
Loan Growth (%) 17.00 10.4 10.8 10 10 9.4
Reverse Repo Rate (%) 3.35 3.35 3.35 3.35 3.35 3.35

Trade Actual Q4 Q1 Q2 Q3 2023
Balance of Trade (USD Billion) -26.91 -36.1 -35 -33 -29 -17
Current Account (USD Million) -23871.72 -4300 -5000 -2000 -2000 1200
Current Account to GDP (% of GDP) -1.70 -2.6 -2 -2 -2 -2.6
Imports (USD Billion) 56.69 69 70 71 68 57
Exports (USD Billion) 29.78 32.9 35 38 39 40
External Debt (USD Million) 617100.00 631000 632000 632000 632000 635000
Terms of Trade (points) 130.60 134 134 129 129 118
Capital Flows (USD Million) -88.21 -110 -20 -50 -50 110
Foreign Direct Investment (USD Million) 941.00 3600 3000 2000 2000 4200
Remittances (USD Million) 16284.80 13500 13500 13500 13500 13500
Tourist Arrivals 498243.00 510000 525000 540000 540000 600000
Gold Reserves (Tonnes) 785.35 740 730 730 730 700

Government Actual Q4 Q1 Q2 Q3 2023
Government Debt to GDP (% of GDP) 89.26 84 84 84 84 84
Government Budget (% of GDP) -6.90 -6.9 -6.4 -6.4 -6.4 -6.4
Government Budget Value (INR Tens of Millions) -619849.00 -595000 -1800000 -3550000 -3550000 -520000
Government Spending (INR Billion) 4142.10 3694 4808 4333 4386 3861
Government Revenues (INR Tens of Millions) 1203748.00 1805000 2000000 650000 650000 1930000
Fiscal Expenditure (INR Tens of Millions) 1823597.00 2400000 3300000 4200000 4200000 2450000
Government Spending to GDP (% of GDP) 15.93 14 14 14 14 12

Taxes Actual Q4 Q1 Q2 Q3 2023
Corporate Tax Rate (%) 34.94 34.94 34.94 34.94 34.94 34.94
Personal Income Tax Rate (%) 42.74 42.74 42.74 42.74 42.74 42.74
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 24.00 24 24 24 24 24
Social Security Rate For Companies (%) 12.00 12 12 12 12 12
Social Security Rate For Employees (%) 12.00 12 12 12 12 12

Business Actual Q4 Q1 Q2 Q3 2023
Business Confidence (points) 134.70 102 120 115 115 102
Manufacturing PMI (points) 55.30 53 52 51 52 52.5
Services PMI (points) 55.10 52.8 52.2 51 54 51.2
Industrial Production (%) 3.10 3.2 2 4 4 4.8
Industrial Production Mom (%) 1.50 0.8 -0.5 1.4 1.4 0.8
Manufacturing Production (%) 1.80 4 3 2 2 5.6
Car Production (Units) 179532.00 190000 200000 200000 210000 210000
Car Registrations 182905.00 200000 230000 250000 250000 220000
Mining Production (%) 4.60 2.4 2 3 2 2.4
Steel Production (Thousand Tonnes) 10500.00 9650 10000 10000 10000 8650
Composite PMI (points) 55.50 53 52 51.5 54 51

Consumer Actual Q4 Q1 Q2 Q3 2023
Consumer Confidence (points) 80.60 75 78 85 85 90
Consumer Spending (INR Billion) 22079.81 24260 23529 23095 23383 25351
Disposable Personal Income (INR Million) 238573760.00 248355284 248116710 249548153 252649612 259531272
Bank Lending Rate (%) 8.80 9.05 9.3 9.15 9.15 9.15
Gasoline Prices (USD/Liter) 1.18 1.26 1.31 1.36 1.41 1.52
Households Debt to GDP (% of GDP) 36.80 41 41 41 41 43

Housing Actual Q4 Q1 Q2 Q3 2023
Housing Index (points) 110.00 120 110 115 115 120
Construction Output (%) 7.90 6.8 4.2 6.9 6.9 3