INDIAN ECONOMY â AN OVERVIEW - MCX

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DATABANK - NON-AGRI COMMODITIES DATABANK -- AGRI COMMODITIES COMMODITY www.mcxindia.com / www.pwc.com/in/en A PwC & MCX Joint Endeavour 55
EDITORIALS PROLOGUE EXPERTS' VIEWS INDIAN ECONOMY The Indian Economy An Overview As per the Revised Estimate (RE) of Central Statistics Offi ce (CSO), Ministry of Finance, the growth in India’s Gross Domestic Product (GDP) at factor cost at constant (2004-05) prices was estimated at 8.5% in 2010-11 compared with 8.0% in 2009-10. At disaggregated level, this (RE 2010-11) comprises growth of 6.6% in agriculture and allied activities, 7.9% in industry and 9.4% in services against a growth of 0.4%, 8.0% and 10.1%, respectively, during 2009-10. During 2010-11, IIP growth was 7.8% compared with 10.5% during 2009-10. The growth in India is second to China and way above the average growth rates for the world, OECD countries and the developing countries (see chart) The index for six core industries (comprising crude oil, petroleum refi nery products, coal, electricity, cement and fi nished carbon steel) with a weight of 26.68% in the IIP grew by 5.9% during April-March 2010-11, 15 compared with growth rate of 5.5% achieved during the corresponding period of 2009-10 (source: CSO). 10 Notably, according to India Brand Equity Foundation, India has entered the club of top 20 exporters of goods and reclaimed its position among top 10 services 5 exporters in 2010-11. While exports, in US dollar terms and customs basis, during 2010-11 increased 0 by 41.2% to US $252.35 billion, imports increased by 22.3% to $352.57 billion vis-a-vis the same period a -5 year ago. Further, while oil imports increased by 21.7%, non-oil imports too rose, by 22.5%, during 2010-11 over 2009-10. According to Ministry of Finance, in 2010-11, during the south west-monsoon period (June 1 to September 30), the cumulative rainfall received in the country as a whole was 912.8 mm, which is 2% above the normal. During this period, out of 36 meteorological sub-divisions in the country, 31 received excess/normal rainfall and fi ve received defi cient rainfall. The impact of good monsoon reflected in a robust growth in agriculture and allied activities. And the Indian growth story remained solid in 2010-11. Even though developments in the developed world, including Europe, do not paint a very rosy picture of world economic recovery, analysts and economists expect the momentum to continue in 2011-12 and beyond. Real GDP growth rates (%) 2008 2009 2010e 2011f World OECD Countries Developing countries China India Source: The Global Economic Outlook, World bank, June 2011, e-estimates, f-forecast 56 Commodity Insights Yearbook 2011
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304 Commodity Insights Yearbook 201
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INDIAN ECONOMY â AN OVERVIEW - MCX

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