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Annual Report 2024-2025

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Annual Report for the year 2023-24

Today, the Reserve Bank of India released its Annual Report for 2023-24, a statutory report of its Central Board of Directors. The Report covers the working and functions of the Reserve Bank of India for the period April 2023 - March 2024.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/401

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Annual Report for the year 2024-25

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Macroeconomic and Financial Indicators

Item	Average 2003-04 to 2007-08 (5 years)	Average 2009-10 to 2013-14 (5 years)	Average 2014-15 to 2018-19 (5 years)	2022-23	2023-24	2024-25
1	2	3	4	5	6	7
I. Real Economy
I.1 Real GDP at Market Prices (% change)*	7.9	6.7	7.4	7.6	9.2	6.5
I.2 Real GVA at Basic Prices (% change)*	7.7	6.3	7.0	7.2	8.6	6.4
I.3 Foodgrains Production (Million Tonnes)**	213.6	248.8	269.8	329.7	332.3	330.9
I.4 a) Food Stocks (Million Tonnes)***	18.6	50.1	44.6	51.7	60.7	74.9
b) Procurement (Million Tonnes)	39.3	61.3	66.5	73.1	78.7	77.9
c) Off-take (Million Tonnes)	41.5	57.0	61.5	93.1	67.7	64.9
I.5 Index of Industrial Production (% change)	11.2	4.6	4.0	5.2	5.9	4.0
I.6 Index of Eight Core Industries (% change)	5.9	4.9	4.3	7.8	7.6	4.5
I.7 Gross Domestic Saving Rate (% of GNDI at Current Prices)*	33.6	33.9	31.2	30.2	30.3	-
I.8 Gross Domestic Investment Rate (% of GDP at Current Prices)*	35.2	38.0	33.1	32.6	31.4	-
II. Prices
II.1 Consumer Price Index (CPI) Combined (average % change)	-	-	4.5	6.7	5.4	4.6
II.2 CPI-Industrial Workers (IW) [average % change]	5.0	10.3	4.9	6.1	5.2	3.4
II.3 Wholesale Price Index (WPI) [average % change]#	5.5	7.1	1.3	9.4	-0.7	2.3
III. Money and Credit^##
III.1 Reserve Money (% change)	20.4	12.1	10.7	7.8	5.6	3.3
III.2 Broad Money (M₃) [% change]	18.6	14.7	9.5	9.0	11.1	9.6
III.3 a) Aggregate Deposits of Scheduled Commercial Banks (% change)	20.2	15.0	9.5	9.6	12.9	10.6
b) Bank Credit of Scheduled Commercial Banks (% change)	26.7	16.7	9.6	15.0	16.3	12.1
IV. Financial Markets
IV.1 Interest rates (%)
a) Call/Notice Money rate	5.6	7.2	6.7	5.4	6.6	6.5
b) 10-year G-sec yield	7.0	8.0	7.6	7.3	7.2	6.9
c) 91-Days T-bill yield	5.8	7.1	7.0	5.6	6.8	6.6
d) Weighted Average cost of Central Government Borrowings	7.2	8.1	7.7	7.3	7.2	7.0
e) Commercial Paper	7.7	8.4	7.8	6.3	7.4	7.4
f) Certificates of Deposit	8.9^†	8.2	7.5	6.4	7.2	7.2
IV.2 Liquidity (₹ lakh crore)
a) LAF Outstanding~	-	-	-	1.3	0.6	1.3
b) MSS Outstanding~~	-	-	-	-	-	-
c) Average Daily Call Money Market Turnover	0.2	0.3	0.3	0.2	0.2	0.2
d) Average Daily G-sec Market Turnover	0.1	0.4	0.8	0.7	0.9	1.1
e) Variable Rate Repo~	-	-	-	0.0	1.0	2.7
f) Variable Rate Reverse Repo~	-	-	-	0.0	0.0	0.0
g) MSF~	-	-	-	0.3	0.9	0.1
h) SDF~	-	-	-	2.3	2.5	4.1
V. Government Finances
V.1 Central Government Finances (% of GDP)^$
a) Revenue Receipts	10.0	9.2	8.6	8.9	9.1	9.3
b) Capital Outlay	1.6	1.6	1.5	2.3	2.6	2.6
c) Total Expenditure	14.9	15.0	12.8	15.6	14.8	14.2
d) Gross Fiscal Deficit	3.7	5.4	3.7	6.5	5.5	4.7
V.2 State Government Finances^$$
a) Revenue Deficit (% of GDP)	0.3	-0.1	0.1	0.2	0.3	0.6
b) Gross Fiscal Deficit (% of GDP)	2.7	2.3	2.8	2.7	3.0	3.6
c) Primary Deficit (% of GDP)	0.3	0.6	1.2	1.0	1.3	1.8

APPENDIX TABLE 1: MACROECONOMIC AND FINANCIAL INDICATORS (Concld.)
Item	Average 2003-04 to 2007-08 (5 years)	Average 2009-10 to 2013-14 (5 years)	Average 2014-15 to 2018-19 (5 years)	2022-23	2023-24	2024-25
1	2	3	4	5	6	7
VI. External Sector
VI.1 Balance of Payments^@
a) Merchandise Exports (% change)	25.3	12.2	1.6	6.3	-3.2	1.8
b) Merchandise Imports (% change)	32.3	9.7	2.7	16.6	-4.9	7.8
c) Trade Balance/GDP (%)	-5.5	-9.1	-6.2	-7.9	-6.7	-7.9
d) Invisible Balance/GDP (%)	5.2	5.8	4.8	5.9	6.0	6.6
e) Current Account Balance/GDP (%)	-0.3	-3.3	-1.4	-2.0	-0.7	-1.3
f) Net Capital Flows/GDP (%)	4.7	3.8	2.7	1.8	2.5	0.8
g) Reserve Changes (BoP basis) [US $ billion] [Increase (-)/Decrease (+)]	-40.3	-6.6	-28.2	9.1	-63.7	13.8
VI.2 External Debt Indicators^@@
a) External Debt Stock (US$ billion)	156.5	359.0	500.6	623.9	668.8	717.9
b) Debt-GDP Ratio (%)	17.8	20.9	21.4	19.1	18.5	19.1
c) Import Cover of Reserves (in Months)	14.0	8.5	10.3	9.6	11.3	10.5
d) Short-term Debt to Total Debt (%)	13.6	21.3	18.6	20.6	19.1	19.4
e) Debt Service Ratio (%)	8.3	5.6	7.7	5.3	6.7	6.6
f) Reserves to Debt (%)	113.7	84.8	76.2	92.7	96.7	88.6
VI.3 Openness Indicators (%)^@
a) Export plus Imports of Goods/GDP	30.7	41.0	32.0	35.2	31.0	30.4
b) Export plus Imports of Goods & Services/GDP	41.3	53.2	43.7	50.4	45.3	45.5
c) Current Receipts plus Current Payments/GDP	47.1	59.4	49.4	57.1	52.5	53.5
d) Gross Capital Inflows plus Outflows/GDP	37.3	50.4	45.2	38.4	44.4	58.9
e) Current Receipts & Payments plus Capital Receipts & Payments/GDP	84.4	109.8	94.6	95.5	96.9	112.3
VI.4 Exchange Rate Indicators
a) Exchange Rate (Rupee/US Dollar)
End of Period	43.1	51.1	65.6	82.2	83.4	85.6
Average	44.1	51.2	65.6	80.4	82.8	84.6
b) 40-Currency REER (% change)	3.1^{^}	0.8	1.8	-1.8	0.9	1.5
c) 40-Currency NEER (% change)	1.7^{^}	-4.9	0.2	-2.1	-0.5	0.3
d) 6-Currency REER (% change)	5.7^{^}	2.3	2.0	-0.4	-0.1	1.1
e) 6-Currency NEER (% change)	2.6^{^}	-5.1	-1.1	-1.3	-2.7	-1.5
- : Not Available/Not Applicable. * : Data are at 2011-12 base year series. : Data for 2024-25 are for kharif and rabi crops only (excluding summer crops) as per second advance estimates for agriculture production. * : Data pertain to stocks of rice and wheat as on March 31 for all years. # : Data for 2024-25 are provisional. ## : Data for 2024-25 for Reserve Money pertain to March 28, 2025, while that of Money Supply relate to March 21, 2025. † : Data in column 2 pertains to April 13, 2007 to March 28, 2008. ~ : Outstanding as on March 31. ~~ : Outstanding as on last Friday of the financial year. $ : Data for 2024-25 are revised estimates. Ratios may vary from those published in the Union Budget due to revision in GDP numbers. $$ : Data pertains to 28 states and 3 union territories (UTs). Data for 2023-24 and 2024-25 are accounts data and revised estimates, respectively. @ : Data for 2024-25 are provisional and pertain to April-December 2024. @@ : Data for 2024-25 are provisional and pertain to end-December 2024. ^ : Data in column 2 is average of period 2005-06 to 2007-08. Note : 1. For Index of Industrial Production and Index of Eight Core Industries, data in columns 2, 3 and 4 are at 2011-12 base year. 2. Base year for CPI (All India) is 2012=100; base year for WPI is 2011-12=100 for annual data and 2004-05=100 for average of 5 years inflation; base for CPI-IW is 2001=100 till August 2020 and 2016=100 from September 2020 onwards. 3. For Average Daily G-sec Market Turnover, outright trading turnover is in central government dated securities (based on trading days). 4. LAF positive value means absorption. 5. Base year for 6- and 40-currency NEER/REER indices is 2015-16=100. REER figures are based on CPI. Source : RBI, National Statistical Office (NSO), Ministry of Agriculture & Farmers Welfare, Ministry of Commerce and Industry, Food Corporation of India (FCI), Labour Bureau and Budget documents of the central and state governments.

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Growth Rates and Composition of Real Gross Domestic Product (At 2011-12 prices)

(Per cent)
Sector	Growth Rate				Share
Sector	Average 2017-18 to 2024-25	2022-23	2023-24	2024-25*	2022-23	2023-24	2024-25*
1	2	3	4	5	6	7	8
GDP at Market Prices (Expenditure Side)
1. Private Final Consumption Expenditure	5.7	7.5	5.6	7.6	58.1	56.1	56.7
2. Government Final Consumption Expenditure	4.8	4.3	8.1	3.8	9.6	9.5	9.2
3. Gross Fixed Capital Formation	6.7	8.4	8.8	6.1	33.6	33.5	33.4
4. Change in Stocks	71.0	24.3	53.4	4.3	1.2	1.7	1.7
5. Valuables	9.6	-16.9	14.4	1.0	1.5	1.5	1.4
6. Net Exports	-60.0	22.6	-384.8	56.9	-0.7	-3.2	-1.3
a) Exports	6.9	10.3	2.2	7.1	23.2	21.7	21.8
b) Less Imports	7.1	8.9	13.8	-1.1	23.9	24.9	23.1
7. Discrepancies	13.5	-4.3	128.7	250.5	-3.2	0.8	-1.2
8. GDP	5.5	7.6	9.2	6.5	100.0	100.0	100.0
GVA at Basic Prices (Supply Side)
1. Agriculture, Forestry and Fishing	4.6	6.3	2.7	4.6	15.5	14.7	14.4
2. Industry	4.3	0.0	11.0	4.3	21.4	21.9	21.5
of which:
a) Mining and Quarrying	-0.3	3.4	3.2	2.8	2.1	2.0	2.0
b) Manufacturing	4.7	-1.7	12.3	4.3	16.9	17.5	17.2
c) Electricity, Gas, Water Supply and Other Utility Services	6.5	10.8	8.6	6.0	2.4	2.4	2.4
3. Services	6.1	10.2	9.2	7.5	63.1	63.4	64.1
of which:
a) Construction	7.1	9.1	10.4	8.6	8.8	8.9	9.1
b) Trade, Hotels, Transport, Communication and Services Related to Broadcasting	5.6	12.3	7.5	6.4	18.7	18.5	18.5
c) Financial, Real Estate and Professional Services	6.4	10.8	10.3	7.2	23.3	23.6	23.8
d) Public Administration, Defence and Other Services	5.8	6.7	8.8	8.8	12.3	12.4	12.7
4. GVA at Basic Prices	5.4	7.2	8.6	6.4	100.0	100.0	100.0
*: Second advance estimates of national income for 2024-25. Source: NSO and RBI staff estimates.

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Combined Receipts and Disbursements of the Central and State Governments

(Amount in ₹ thousand crore)
Item	2019-20	2020-21	2021-22	2022-23	2023-24 RE	2024-25 BE
1	2	3	4	5	6	7
1 Total Disbursements	5,411	6,353	7,098	7,881	9,111	9,801
1.1 Developmental	3,074	3,823	4,189	4,702	5,515	5,863
1.1.1 Revenue	2,447	3,150	3,255	3,575	3,965	4,195
1.1.2 Capital	588	550	862	1,042	1,454	1,527
1.1.3 Loans	40	123	72	85	95	141
1.2 Non-Developmental	2,253	2,443	2,810	3,070	3,467	3,800
1.2.1 Revenue	2,110	2,272	2,603	2,896	3,267	3,537
1.2.1.1 Interest Payments	956	1,061	1,227	1,378	1,563	1,712
1.2.2 Capital	141	169	176	171	196	259
1.2.3 Loans	2	2	32	3	5	4
1.3 Others	83	87	99	109	129	137
2 Total Receipts	5,734	6,397	7,156	7,855	9,055	9,650
2.1 Revenue Receipts	3,852	3,688	4,824	5,448	6,379	7,210
2.1.1 Tax Receipts	3,232	3,193	4,160	4,809	5,457	6,142
2.1.1.1 Taxes on Commodities and Services	2,013	2,076	2,627	2,866	3,248	3,632
2.1.1.2 Taxes on Income and Property	1,216	1,115	1,531	1,940	2,204	2,506
2.1.1.3 Taxes of Union Territories (Without Legislature)	3	3	3	4	4	5
2.1.2 Non-tax Receipts	620	495	663	639	922	1,067
2.1.2.1 Interest Receipts	31	33	35	43	50	57
2.2 Non-debt Capital Receipts	110	65	44	63	87	118
2.2.1 Recovery of Loans & Advances	60	17	28	16	56	45
2.2.2 Disinvestment Proceeds	51	48	16	47	31	73
3 Gross Fiscal Deficit [1 - (2.1 + 2.2)]	1,449	2,600	2,231	2,370	2,645	2,473
3A Sources of Financing: Institution-wise
3A.1 Domestic Financing	1,441	2,530	2,194	2,333	2,620	2,457
3A.1.1 Net Bank Credit to Government	572	890	627	688	346	…
3A.1.1.1 Net RBI Credit to Government	190	107	351	1	-258	…
3A.1.2 Non-Bank Credit to Government	869	1,640	1,567	1,645	2,273	…
3A.2 External Financing	9	70	36	37	25	16
3B Sources of Financing: Instrument-wise
3B.1 Domestic Financing	1,441	2,530	2,194	2,333	2,620	2,457
3B.1.1 Market Borrowings (net)	971	1,696	1,213	1,651	1,963	1,984
3B.1.2 Small Savings (net)	209	459	527	359	434	448
3B.1.3 State Provident Funds (net)	38	41	28	14	21	20
3B.1.4 Reserve Funds	10	5	42	69	52	-34
3B.1.5 Deposits and Advances	-14	26	42	52	36	-10
3B.1.6 Cash Balances	-323	-44	-58	25	56	150
3B.1.7 Others	549	348	400	163	57	-101
3B.2 External Financing	9	70	36	37	25	16
4 Total Disbursements as per cent of GDP	26.9	32.0	30.1	29.3	30.2	30.0
5 Total Receipts as per cent of GDP	28.5	32.2	30.3	29.2	30.1	29.6
6 Revenue Receipts as per cent of GDP	19.2	18.6	20.4	20.3	21.2	22.1
7 Tax Receipts as per cent of GDP	16.1	16.1	17.6	17.9	18.1	18.8
8 Gross Fiscal Deficit as per cent of GDP	7.2	13.1	9.5	8.8	8.8	7.6
…: Not Available. RE: Revised Estimates. BE: Budget Estimates. Note: 1. GDP data are as per 2011-12 base. GDP for 2024-25 (BE) is from Union Budget 2024-25. 2. The revision of general government fiscal data will be undertaken after all states present their final budget and they are tabulated, consolidated and disseminated by the Reserve Bank through its annual publication - ‘State Finances: A Study of Budgets’. 3. Figures in the columns might not add up to the total due to rounding of numbers. Source: Budget Documents of the central and state governments.

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Gross Savings

(Per cent of GNDI)
Item	2020-21	2021-22	2022-23	2023-24
1	2	3	4	5
I. Gross Savings	28.7	30.8	30.2	30.3
I.1 Non-financial Corporations	10.4	11.4	10.9	10.9
I.1.1 Public Non-financial Corporations	1.2	1.3	1.2	1.5
I.1.2 Private Non-financial Corporations	9.2	10.1	9.7	9.4
I.2 Financial Corporations	2.6	2.5	2.8	2.5
I.2.1 Public Financial Corporations	1.4	1.5	1.7	1.4
I.2.2 Private Financial Corporations	1.2	1.0	1.1	1.1
I.3 General Government	-6.6	-2.9	-1.9	-0.9
I.4 Household Sector	22.4	19.8	18.3	17.9
I.4.1 Net Financial Saving	11.6	7.2	4.9	5.1
Memo: Gross Financial Saving	15.2	10.9	10.7	11.2
I.4.2 Saving in Physical Assets	10.6	12.4	13.2	12.6
I.4.3 Saving in the Form of Valuables	0.2	0.3	0.2	0.2
GNDI: Gross national disposable income. Note: Net financial saving of the household sector is obtained as the difference between gross financial savings and financial liabilitiesduring the year. Source: NSO.

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Inflation, Money and Credit

(Per cent)
Inflation
Consumer Price Index (CPI) [All India]	Rural			Urban			Combined
Consumer Price Index (CPI) [All India]	2022-23	2023-24	2024-25	2022-23	2023-24	2024-25	2022-23	2023-24	2024-25
1	2	3	4	5	6	7	8	9	10
General Index (All Groups)	6.8	5.6	5.0	6.4	5.1	4.1	6.7	5.4	4.6
Food and Beverages	6.8	6.9	6.9	6.5	7.3	6.5	6.7	7.0	6.7
Housing	…	…	…	4.3	3.9	2.8	4.3	3.9	2.8
Fuel and Light	9.6	1.8	-0.9	11.6	0.3	-5.1	10.3	1.2	-2.5
Miscellaneous	5.9	4.6	4.2	6.6	4.4	4.0	6.3	4.5	4.1
Excluding Food and Fuel	6.3	4.5	3.7	5.9	4.2	3.4	6.1	4.3	3.5
Other Price Indices	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23	2023-24	2024-25
1. Wholesale Price Index (2011-12=100)^#
All Commodities	1.7	2.9	4.3	1.7	1.3	13.0	9.4	-0.7	2.3
Primary Articles	3.4	1.4	2.7	6.8	1.7	10.2	10.0	3.5	5.1
of which : Food Articles	4.0	2.1	0.3	8.4	3.2	4.1	7.3	6.6	7.3
Fuel and Power	-0.3	8.2	11.5	-1.8	-8.0	32.5	28.1	-4.7	-1.3
Manufactured Products	1.3	2.7	3.7	0.3	2.8	11.1	5.6	-1.7	1.7
Non-food Manufactured Products	-0.1	3.0	4.2	-0.4	2.2	11.0	5.8	-1.4	0.7
2. CPI- Industrial Workers (IW) [2001=100]	4.1	3.1	5.4	7.5	5.0	5.1	6.1	5.2	3.4
of which : CPI- IW Food	4.4	1.5	0.6	7.4	5.8	4.7	6.1	7.3	6.0
3. CPI- Agricultural Labourers (1986-87=100)	4.2	2.2	2.1	8.0	5.5	4.0	6.8	7.1	5.7
4. CPI- Rural Labourers (1986-87=100)	4.2	2.3	2.2	7.7	5.5	4.2	7.0	6.9	5.7
Money and Credit
	2016-17^	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23	2023-24	2024-25^^
Reserve Money (RM)	-12.9	27.3	14.5	9.4	18.8	13.0	7.8	5.6	3.3
Currency in Circulation	-19.7	37.0	16.8	14.5	16.6	9.8	7.8	3.9	5.8
Bankers’ Deposits with RBI	8.4	3.9	6.4	-9.6	28.5	25.4	6.1	10.2	-6.5
Currency-GDP Ratio^$	8.7	10.7	11.3	12.2	14.4	13.3	12.6	11.7	11.2
Narrow Money (M₁)	-3.9	21.8	13.6	11.2	16.2	10.7	6.9	7.3	7.9
Broad Money (M₃)	6.9	9.2	10.5	8.9	12.2	8.8	9.0	11.1	9.6
Currency-Deposit Ratio	11.0	14.4	15.4	16.3	17.2	17.4	17.3	16.0	15.4
Money Multiplier*	6.7	5.8	5.6	5.5	5.2	5.0	5.1	5.4	5.7
GDP-M₃ Ratio^$*	1.2	1.2	1.2	1.2	1.1	1.2	1.2	1.2	1.2
Scheduled Commercial Banks
Aggregate Deposits	11.3	6.2	10.0	7.9	11.4	8.9	9.6	12.9	10.6
Bank Credit	4.5	10.0	13.3	6.1	5.6	9.6	15.0	16.3	12.1
Non-food Credit	5.2	10.2	13.4	6.1	5.5	9.7	15.4	16.3	12.0
Credit-Deposit Ratio	72.9	75.5	77.7	76.4	72.4	72.2	75.8	78.1	79.1
Credit-GDP Ratio^$	50.9	50.5	51.7	51.6	55.1	50.4	50.9	52.8	53.8
# : Data for 2024-25 are provisional. … : CPI Rural for Housing is not compiled. ^ : March 31, 2017, over April 1, 2016, barring RM and its components. ^^ : Data for Reserve Money pertain to March 28, 2025, while that of Money Supply relate to March 21, 2025. $ : GDP data from 2011-12 onwards are based on new series i.e., base: 2011-12. GDP refers to GDP at Current Market Prices. * : Not expressed in per cent. Note: 1. Data refers to y-o-y change in per cent unless specified otherwise. 2. Base for CPI (All India) is 2012=100 whereas base for CPI-IW is 2001=100 till August 2020 and 2016=100 from September 2020 onwards. Source: RBI, NSO, Labour Bureau and Ministry of Commerce and Industry.

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Capital Market - Primary and Secondary

(Amount in ₹ crore)
Item	2023-24		2024-25 (P)
Item	Number	Amount	Number	Amount
1	2	3	4	5
I. PRIMARY MARKET
A. Public and Rights Issues
1. Private Sector (a+b)	383	97,284.2	505	218,120.1
a) Financial	61	29,133.1	81	27,351.3
b) Non-financial	322	68,151.1	424	190,768.8
2. Public Sector (a+b)	2	4,974.7	…	…
a) Financial	2	4,974.7	…	…
b) Non-financial	…	…	…	…
3. Total (1+2, i+ii)	385	102,258.8	505	218,120.1
Instrument Type
(i) Equity	340	83,092.5	464	210,189.8
of which:
a) Initial Public Offers	272	67,955.3	320	172,328.1
b) Follow-on Public Offers	1	27.0	2	18,150.0
c) Rights	67	15,110.2	142	19,711.7
(ii) Debt	45	19,166.3	41	7,930.3
B. Euro Issues (ADRs and GDRs)	…	…	…	…
C. Private Placement
1. Private Sector (a+b)	7,300	771,393.0	7,865	936,710.6
a) Financial	3,952	367,052.9	3,547	348,354.1
b) Non-financial	3,348	404,340.0	4,318	588,356.5
2. Public Sector (a+b)	500	393,035.6	573	529,155.7
a) Financial	131	237,997.9	149	303,326.0
b) Non-financial	369	155,037.7	424	225,829.7
3. Total (1+2, i+ii)	7,800	1,164,428.6	8,438	1,465,866.3
(i) Equity	750	114,126.6	1079	219,681.1
of which:
a) Qualified Institutional Placement	61	68,971.5	91	135,597.2
b) Preferential Allotment	689	45,155.2	988	84,083.9
(ii) Debt	7,050	1,050,301.9	7,359	1,246,185.2
D. Mutual Funds Mobilisation (Net)^#
1. Private Sector		308,898.0		719,126.8
2. Public Sector		45,803.3		95,988.6
II SECONDARY MARKET
BSE
Sensex: End-Period	73,651.4		77,414.9
Period Average	66,822.7		78,211.9
Price Earnings Ratio^@	25.2		21.6
Market Capitalisation to GDP ratio (%)^$	128.5		124.7
Turnover Cash Segment		1,629,038.4		1,933,907.4
Turnover Equity Derivatives Segment		802,835,384.3		2,755,653,330.0
NSE
Nifty 50: End-Period	22,326.9		23,519.4
Period Average	19,978.3		23,776.7
Price Earnings Ratio^@	22.9		21.4
Market Capitalisation to GDP ratio (%)^$	127.5		124.1
Turnover Cash Segment		20,103,439.4		28,127,848.2
Turnover Equity Derivatives Segment		7,992,767,152.4		7,835,961,740.0
… : Nil. P: Provisional. #: Net of redemptions. @: As at the end of the period. $ : GDP for 2024-25 is as per second advance estimates. Note: Figures in the columns might not add up to the total due to rounding off of numbers. Source: SEBI, NSE, BSE, NSDL, CDSL and RBI staff estimates.

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Published on 29 May 2025

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Key Fiscal Indicators

(As per cent of GDP)
Year	Primary Deficit	Revenue Deficit	Primary Revenue Deficit	Gross Fiscal Deficit	Outstanding Liabilities^@	Outstanding Liabilities^$
1	2	3	4	5	6	7
Centre
1990-91	4.0	3.2	-0.5	7.6	54.6	60.6
1995-96	0.8	2.4	-1.7	4.9	50.3	58.3
2000-01	0.9	3.9	-0.7	5.5	54.6	60.4
2009-10	3.2	5.2	1.9	6.5	55.4	57.3
2010-11	1.8	3.2	0.2	4.8	51.6	53.2
2011-12	2.8	4.5	1.4	5.9	51.7	53.5
2012-13	1.8	3.7	0.5	4.9	51.0	52.5
2013-14	1.1	3.2	-0.2	4.5	50.5	52.2
2014-15	0.9	2.9	-0.3	4.1	50.1	51.4
2015-16	0.7	2.5	-0.7	3.9	50.1	51.5
2016-17	0.4	2.1	-1.1	3.5	48.4	49.5
2017-18	0.4	2.6	-0.5	3.5	48.3	49.5
2018-19	0.4	2.4	-0.7	3.4	48.5	49.6
2019-20	1.6	3.3	0.3	4.6	51.3	52.5
2020-21	5.7	7.3	3.9	9.2	61.4	62.6
2021-22	3.3	4.4	1.0	6.7	58.0	58.9
2022-23	3.0	4.0	0.5	6.5	57.1	58.1
2023-24	2.0	2.5	-1.0	5.5	56.8	57.6
2024-25 (RE)#	1.3	1.8	-1.6	4.7	55.3	56.0
2025-26 (BE)	0.8	1.5	-2.1	4.4	55.5	56.0
States*
1990-91	1.8	0.9	-0.6	3.3	22.2	22.2
1995-96	0.8	0.7	-1.1	2.6	20.8	20.8
2000-01	1.8	2.5	0.1	4.2	28.1	28.1
2009-10	1.2	0.4	-1.4	3.0	26.4	26.4
2010-11	0.4	-0.2	-1.8	2.1	24.4	24.4
2011-12	0.4	-0.3	-1.9	2.0	23.2	23.2
2012-13	0.4	-0.3	-1.8	2.0	22.6	22.6
2013-14	0.7	0.0	-1.5	2.2	22.3	22.3
2014-15	1.1	0.3	-1.2	2.6	22.0	22.0
2015-16	1.5	0.0	-1.6	3.0	23.7	23.7
2016-17	1.8	0.2	-1.4	3.5	25.1	25.1
2017-18	0.7	0.1	-1.6	2.4	25.1	25.1
2018-19	0.8	0.1	-1.6	2.4	25.3	25.3
2019-20	0.9	0.6	-1.1	2.6	26.6	26.6
2020-21	2.1	1.9	-0.1	4.1	31.0	31.0
2021-22	1.0	0.4	-1.4	2.8	29.1	29.1
2022-23	1.0	0.2	-1.5	2.7	28.2	28.2
2023-24	1.3	0.3	-1.4	3.0	…	…
2024-25 (RE)	1.8	0.6	-1.2	3.6	…	…
2025-26 (BE)	1.5	0.2	-1.5	3.3
... : Not Available. RE: Revised Estimates. BE: Budget Estimates. @ : Includes external liabilities of the centre calculated at historical exchange rates. $ : Includes external liabilities of the centre calculated at current exchange rates. # : Going by the principle of using latest GDP data for any year, GDP used for 2024-25 (RE) is the latest available which is the second advance estimates. In view of this, the fiscal indicators as per cent of GDP given in this table may at times marginally vary from those reported in the Union Budget documents. * : Data for 2023-24, 2024-25 and 2025-26 are accounts, revised estimates and budget estimates, respectively for 28 states and 3 UTs which have presented their budgets. Note: 1. Negative sign (-) indicates surplus in deficit indicators. 2. GDP figures used in this table are on 2011-12 base, which are the latest available estimates. 3. Columns 6 and 7 are outstanding figures as at end-March of respective years. Source: Budget documents of central and state governments, Status paper on government debt and Quarterly report on public debt management.