EUpDates—A Monthly Statistical Bulletin of Economic Indicators

mayday

2020

EUpDates

April 2020

A Monthly Statistical Bulletin of Economic &

Financial Market Indicators

Surge Research Support

www.ecofin-surge.co.in

A Quick Review of the Economy

GLOBAL ECONOMIC GROWTH is projected to fall to -3% in 2020 by the IMF in the April World

Economic Outlook, under the assumption that the pandemic and required containment peaks in the

second quarter for most countries in the world, and recedes in the second half of this year. A lot

depends on the epidemiology of the virus, the effectiveness of containment measures, and the

development of therapeutics and vaccines, all of which are hard to predict. Countries reliant on tourism,

travel, hospitality, and entertainment for their growth are experiencing particularly large disruptions.

Emerging market and developing economies face additional challenges with unprecedented reversals in

capital flows as global risk appetite wanes, and currency pressures, while coping with weaker health

systems, and more limited fiscal space to provide support. Moreover, several economies entered this

crisis in a vulnerable state with sluggish growth and high debt levels. For the first time since the Great

Depression both advanced economies and EMDEs are in recession. For this year, growth in AEs is

projected at -6.1%. EMDEs with normal growth levels well above AEs are also projected to have

negative growth rates of -1.0% in 2020. The OECD composite leading indicator posted its lowest

reading since the 2008 recession, coming in at 98.8 in March in amplitude-adjusted terms. The J. P.

Morgan Global PMI Composite Output Index fell to a 133-month low of 39.4 in March, as the global

service sector saw business activity, new business and new export business all contract at the steepest

rates in the survey history. New manufacturing order intakes contracted at the steepest pace since

early-2009, with new export orders falling at the quickest pace in almost 11 years. Output contracted

across all six of the sub-sectors covered by the survey.

UNITED STATES growth is projected by IMF to fall by 5.9% in 2020. Industrial production fell 5.4% in

March, as few parts of the U.S. economy have avoided the impact of COVID-19. Retail sales plunged

8.7% in March as store closures and stay-at-home orders impacted a growing number of consumers

through the month. The producer price index slipped 0.2% in March but the disinflationary pressures

will intensify over the next couple of months. The incredibly high level of initial claims for

unemployment insurance benefits continues to hurt, but at least claims appear to be flattening. The

federal government has incurred a cumulative budget deficit of $743.6 billion in the first six months of

fiscal 2020, compared with $691.2 billion over the same period last fiscal year. The four-week moving

average in our U.S. policy uncertainty index increased from 166.2 to 174.2 in the week ended April 10.

EURO AREA growth is projected by IMF to contract by 7.5% in 2020, with growth n Germany falling

7%, in France 7.2%, in Italy 9.1% and in Spain by 8%. Industrial production fell by 0.1% m/m in

February after surging by 2.3% in January, beating the consensus for a sharper decline. Inflation

plunged to 0.7% y/y in March from 1.2% in February, its joint-lowest since November 2016. A report

by McKinsey and Co. showed that as many as 59 million European jobs could be at risk due to the

coronavirus, about 27% of the continent’s workforce between the European Union and the United

Kingdom. With economic activity in many sectors having ground to a near standstill, many businesses

are struggling to uphold their financial obligations. Rifts between the nations have opened up during

recent negotiations over an economic rescue package, which pitted richer countries against poorer ones

— just like during the debt crisis at the beginning of the previous decade. the ECB currently has three

main tools at its disposal. The first is the European Investment Bank guarantee, which has €25 billion

available. The second is the European instrument for temporary Support to mitigate Unemployment

Risks in an Emergency (SURE) program, which will provide lending of €100 billion to avoid job losses.

The third is the European Stability Mechanism (ESM), which provides low-conditionality precautionary

credit lines and already has €240 billion available, which can be increased up to €400 billion. Following

the agreement the Eurogroup reached, governments will be able to use the ESM to access the equivalent

of 2% of their GDP. UNITED KINGDOM growth is projected by IMF to contract by 6.5% in 2020. UK

joblessness rose to 4% in the February quarter from 3.8% in the November stanza, worse than

expectations. The economy could shrink by 35% this spring and unemployment soar by more than 2

million due to the coronavirus crisis, the the Office for Budget Responsibility said. GDP could plunge by

13% for 2020 as a whole according to OBR estimates, while public borrowing could rise to around

£273bn, or 14% of GDP.

JAPAN’s growth is projected by IMF to contract by 5.2% in 2020. Business sentiment among large

manufacturers fell into negative territory in March for the first time in seven years. The key index,

measuring confidence among companies such as automobile and electronics makers, fell to minus 8

from zero in December. Among the measures taken in March included a pledge for the BOJ to spend up

to 2 trillion yen ($18.56 billion) by September to increase its holdings of corporate bonds and CP.

China’s is estimated to maintain positive growth of 1.2% in 2020, a reduction from 6% growth in the

IMF’s January forecast. China’s GDP shrank 6.8% in the first quarter from a year earlier, missing the

consensus forecast of a 6% drop and logging the worst performance since at least 1992 when official

releases of quarterly GDP started. Factory output fell 1.1% in March, retail sales slid 15.8% and

investment decreased 16.1% in the first three months of the year. EMDEs face a health crisis, severe

external demand shock, dramatic tightening in global financial conditions, and a plunge in commodity

prices, which will have a severe impact on economic activity in commodity exporters according to the

April WEO.

The COVID-19 pandemic has created severe disruption in the global financial system, with many EMDEs

facing liquidity shortages. Countries have taken fiscal measures and central banks together injected a

whopping US$14 trillion as part of their efforts to mitigate the challenges posed by the novel

coronavirus pandemic, the IMF said and has called for central bank liquidity swap lines to be extended

to more emerging market countries, which face a double problem of locked-down activity and

tightening financial conditions caused by a massive outflow of funds to save-haven assets such as U.S.

Treasuries. The fund has doubled access levels to emergency facilities, expanded the use of

precautionary lines, established a new short-term liquidity line andis considering other options to help

countries meet their financing needs.

E-UpDates April 2020

2


INDIA’s INDUSTRIAL PRODUCTION expanded 4.5%, the fastest pace in seven months during February, compared to

0.2% recorded in the same month last year. This improvement in factory output was led by growth in mining,

manufacturing and electricity sector, which rose to 10%, 3.2% and 8.1%, respectively. In terms of industries, 13 out of

the 23 industry groups in the manufacturing sector have shown positive growth during February 2020 versus

February 2019. The industry group manufacture of basic metals showed the highest growth rate of 18.2%, followed by

chemicals, which recorded 8% growth. The manufacturing of vehicles dropped 15.6%. Primary goods grew by 7.4% in

February, intermediate goods output expanded by 22.4%. Capital goods and consumer durables production

contracted 9.7% and 6.4%, respectively. The cumulative growth for April-February 2019-20 decelerated to 0.9%, over

the corresponding period of the previous year, from 4% expansion in the corresponding period of 2018-19.. The

cumulative yearly growth for the mining, manufacturing and electricity sectors stood at 1.9%, 0.6% and 1.5%,

respectively.

An indefinite nationwide lockdown has impaired industrial activity along with normal functioning across the services

sector. The Purchasing Managers’ Index captures this to some extent. The IHS Markit India Manufacturing PMI fell to

51.8 in March on a seasonally adjusted basis, from 54.5 in February. The Services PMI fell to 49.3 in March, down from

February's 85-month high of 57.5.

MERCHANDISE EXPORTS stood at $21.41 billion dropping by a 61-month record of 34.57% in March, from $32.72

billion in the same month last year. Among the major export commodities, oil meals recorded a fall of 69.9%, meat,

dairy and poultry products of 45.5%, engineering goods of 42.3%, gems and jewellery of 41.1%, leather and leather

products of 36.8%, and petroleum products of 31.1%. MERCHANDISE IMPORTS declined 28.7% in March as

countries sealed their borders to combat the covid-19 outbreak. Crude oil imports fell by 15% while non-oil imports

declined by 33.8%. The non-oil oil commodities that recorded a fall in imports include pearls, precious and semi-

precious stones (-53.5%), machinery, electrical and non-electrical (-31.7%), electronic goods (-29.1%) and coal,

coke and briquettes (-23.5%). Of the 30 major items each in India’s export and import baskets, 29 saw a contraction

in March, signalling the severity of the impact of the pandemic on global demand. Only iron ore exports (58.4%) and

import of transport equipment (11.9%) recorded a growth during the month.

Merchandise exports during 2019-20 declined by nearly 5% to $314.3 billion from $330.1 billion in 2018-19 -

registering its first contraction in four years. Imports too fell by 9.1% in 2019-20 after a growth of 10.5% in the

previous fiscal. With this, the TRADE DEFICIT narrowed to $152.9 billion during the period from $184 billion in

2018-19.

WPI annual inflation stood at 1% (provisional) for March 2020 (over March 2019) as compared to 2.26% (provisional)

for the previous month and 3.10% during the corresponding month of the previous year. The rate of inflation based on

WPI Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products

group decreased from 7.31% in February to 5.49% in March. Food Articles inflation for the month of March fell to 4.91%

from 7.79% in the previous month. Inflation in vegetables fell sharply to 11.90% in March from a high of 29.97% in the

previous month. Meanwhile, the price of potatoes rose by 62% and inflation in onion prices continued to rule high at

112.31% during March. Fuel and power basket witnessed deflation of 1.76% compared to 3.38% in February, while

manufactured products, which have a combined weight of 65% in the index, witnessed inflation of 0.34% compared to

0.42% a month before. Eleven of the 17 components within manufactured products recorded a contraction in March.

Consumer Price Index-based inflation stood at a four month low of 5.91% in March compared with 6.58% in February.

The drop was led by continued easing in vegetable prices. Vegetables inflation stood at 18.63% in March against 31.61%

in February. Inflation in food and beverages eased to 7.82% from 9.45% in February. Agricultural commodities continued

to see supply-side side disruptions amid the lockdown. While inflation in fuel and light rose in March to 6.59% in March from

6.36% in February, it is expected to fall in April because of low demand, along with a deflationary pressure on prices of

non-essential items. Clothing and footwear inflation stood at 2.11% compared with 2.05% in February. Inflation in

housing stood at 4.23% in March compared with 4.24% in the preceding month. Household goods and services inflation

stood at 1.81% against 1.88% in February. Health inflation stood at 4.17% against 4.19%. Inflation in recreation and

amusement stood at 4.36% against 4.45% in February. In view of the preventive measures taken by the NSO and a

nationwide lockdown, the estimates are based on about 66% of price quotations.


3


FISCAL DEFICIT, or gap between Union government expenditure and revenue, was Rs 10.36 trillion, or 135.2% of the full-

year target at February-end end mainly due to slower pace of revenue collections. Direct taxes were short by a little over Rs 2

trillion as on March 16. Given the subdued tax collections, financing some part of the relief package announced by the

government through 2019-20 resources would mean India will have to rely on stretching fiscal deficit limits significantly

above the FRBM limit which was already relaxed in the budget. The government’s revenue during April-Feb was Rs 13.78

trillion—or or 74.5% of the revised target for 2019-20. 20. Tax revenue was 74.1% of the target at Rs. 11.14 trillion. Non-tax

revenue was Rs 2.63 trillion, or 74% of the revised target. Total expenditure during the same period was Rs 24.65 trillion,

or 91.4% of the revised BE. Capital expenditure stood at 87.5% of revised target of Rs. 3.48 trillion.

RBI advanced its meeting from March 31 and April 3, and held its meetings on March 24, 26 and 27 and announced several

steps to significantly enhance systemic liquidity. MPC reduced the policy repo rate by 75 basis points to 4.4%. Policy rate

corridor widened from 50 basis points to 65 bps. The fixed rate reverse repo rate, which sets the floor of the LAF corridor,

was reduced by 90 basis points to 4.0%, thus creating an asymmetrical corridor. The purpose of this measure relating to

reverse repo rate is to make it relatively unattractive for banks to passively deposit funds with the RBI and instead, to use

these funds for on-lending to productive sectors of the economy. Cash reserve ratio has been reduced for all banks by 100

basis points to 3% for one year. This reduction in the CRR would release primary liquidity of about Rs.1,37,000 crore.

Minimum daily CRR balance requirement reduced from 90% to 80%, a one-time dispensation up to June 2020. MSF

reduced to 2% of SLR allowing banks to avail an additional Rs.1,37,000 crore of liquidity under the LAF window. RBI to

conduct TLTROs of up to three years tenor of appropriate sizes for a total amount of up to Rs.1,00,000 crore at a floating

rate, linked to the policy repo rate. Interbank call money rates mostly remained much below the RBI’s repo rate of 5.15%,

and fell even below the floor rate on several occasions in the month of March, taking a few days to adjust to the fall in

policy rate before falling back into the rate corridor at the end of the month. The MIBOR too remained aligned to the policy

repo rate in line with a flat LIBOR till mid-month month after which the LIBOR fell sharply. The MIBOR moved lower towards the

end of the month with lower LIBOR and policy rates. RBI has removed investment limit for non-residents for some dated

securities, with effect from April 1. Constant maturity yields (CMYs) of government securities fell across the maturity

spectrum in March, reflecting RBI’s policy measures. Very short-term term yields dipped sharply by about 30 bps, while,

medium term yields or 5- to 10-year CMYs fell marginally by 1 to 3 bps. Longer term yields fell by 7 to 17 bps.

INDIAN EQUITY INDICES plunged in March 2020 as fallout of the pandemic, recording the steepest monthly fall after

October 2008 during the financial crisis. Benchmarks S&P BSE Sensex and Nifty 50 fell 23.5% and 23.1%, respectively,

even after gaining 10% and 9% in a week's session. However, wealth destruction to tune of Rs. 14.6 trillion on the Sensex

in March was much higher than that of Rs. 4.4 trillion in October 2008. The decline was mainly led by media, banking and

financial stocks. YTD these major indices have fallen about 30%, while Auto, PSU Banks, Metals, Realty and Media, stocks

have declined more than 40%. PSU banks have in fact plunged nearly 60% during the financial year 2019-20, initially

affected by banking crisis. The Sensex reached a High of 39,083.17 and a Low of 25,638.90 in March and closed the month

at 29,468.49, down from 38,297.29 in the previous month. The Nifty reached a High of 11,433.00 and a Low of 7,511.10 in

March and closed the month at 8,597.75, down from 11,201.75 in the previous month. A gauge of global equity price

movements, the MSCI All Country World equity index plunged 8.2% in the month reaching a High of 538.02 and a Low of

379.00 in March.

Massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in the month of March. The rupee hit a

record low of 76.32 earlier in March before recovering. Net FPI flows to India’s stock market contracted massively in

March and outflows worth Rs. 61972.8 crore ($8.4 billion) were recorded as compared with inflows of Rs. 1819.8 crore

($0.26 billion) in the previous month. FPI net investment in the Indian debt market also contracted by Rs. 56211 crore

($7.6 billion) in March, following inflows of Rs. 2096.76 crore ($0.3 billion) in the previous month. MF investment in the

Indian equity market, however, jumped from inflows worth Rs. 9863.22 crore in February to Rs. 30055.96 crore in March,

as domestic funds moved in to take advantage of the lower valuations. MF net investment in the Indian debt market,

however, decreased from inflows worth Rs. 18026.73 crore in February to outflows to the tune of Rs. 17890.23 crore in

March. As per the AMFI, the total assets of mutual fund industry stood at Rs 22.26 trillion as on March 31, 2020. Out of this

debt funds had an exposure of 10.29 trillion. Overall debt funds saw a net outflow of Rs 1.94 trillion in March 2020, due to

huge redemption pressures for short term liquidity.


4


Table of Contents

Contents

1. Key Rates

2. Indian Economy — Growth Indicators

3. Indian Economy — Price Indicators

4. Indian Economy — Banking Indicators

5. Indian Economy — Exchange Rates

6. Indian Economy — Interest Rates

7. Indian Economy — Stock Markets

8. Indian Economy — Capital Flows

9. Indian Economy — Commodity Markets

10. Global Economy — Economic Indicators

11. Global Economy — Stock Indices

12. Global Economy — Commodity Indices

Page

………… 6

………… 7

………… 9

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………… 14

………… 17

………… 20

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………… 26

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Special Feature—Highlights of the RBI

Governor’s Statement, April 17, 2020

………… 28


Researchers interested in publishing abstracts of their work in “E-Updates”

can send them in at: ecofin.surge@gmail.com.


5


KEY RATES

2020:02

(FEB)

2020:01

(JAN)

2019:12

(DEC)

2019:11

(NOV)

2019:10

(OCT)

Index of Industrial Production

(yoy % Change)

General Index 2.0 -0.3 1.8 -3.8 -4.3 -1.1 4.6 1.2 4.5 3.2 2.7 0.2 1.6

Manufacturing 1.5 -1.2 2.7 -2.1 -3.9 -1.2 4.5 0.2 4.4 2.5 3.1 -0.3 1.3

Capital Goods -4.3 -18.2 -8.6 -21.9 -20.7 -21.0 -7.2 -6.8 -2.1 -1.4 -9.1 -9.3 -3.6

Domestic New Vehicle Sales -19.1 -13.8 -13.1 -12.1 -12.8 -27.5 -33.2 -29.9 -16.3 -18.4 -14.9 -2.1 -0.9 -0.9

Inflation (%)

Wholesale Price Index 2.26 3.10 2.59 0.58 0.00 0.33 1.17 1.17 2.00 2.80 3.20 3.10 2.93 2.80

All India Consumer Price Index 6.58 7.59 7.35 5.54 4.62 3.99 3.28 3.15 3.18 3.05 2.99 2.86 2.57 1.97

Rural 6.67 7.73 7.33 5.27 4.29 3.24 2.25 2.19 2.21 1.86 1.87 1.8 1.81 1.22

Urban 6.57 7.39 7.46 5.76 5.11 4.78 4.49 4.22 4.33 4.51 4.3 4.1 3.43 2.91

All India Consumer Food Price Index 10.81 13.63 14.19 10.01 7.89 5.11 2.99 2.36 2.25 1.83 1.1 0.3 -0.73 -2.24

Rural 10.37 13.02 13.04 8.83 6.42 3.22 0.85 0.57 0.43 -0.22 -0.8 -1.46 -1.75 -2.94

Urban 11.51 14.77 16.12 12.26 10.87 8.76 7.07 5.61 5.63 5.87 4.64 3.47 1.27 -0.88

Interest Rates (%, as of last Friday)

Policy Repo Rate 5.15 5.15 5.15 5.15 5.15 5.40 5.40 5.75 5.75 6.00 6.00 6.25 6.25 6.50

Reverse Repo Rate 4.90 4.90 4.90 4.90 4.90 5.15 5.15 5.50 5.50 5.75 5.75 6.00 6.00 6.25

Marginal Standing Facility (MSF) 5.40 5.40 5.40 5.40 5.40 5.65 5.65 6.00 6.00 6.25 6.25 6.50 6.50 6.75

Base Rate 8.45/9.40 8.45/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.40 8.95/9.45 8.95/9.45

Call Money Rate (Weighted Average) 4.96 4.94 5.05 5.03 5.07 5.31 5.36 5.59 5.78 5.90 6.16 6.35 6.29 6.43

10-Year G-Sec Par Yield (FBIL) 6.65 6.86 6.73 6.65 6.58 6.85 6.70 6.62 6.93 7.07 7.44 7.34 7.42 7.35

10-year CMY (for traded Gsecs) 6.69 6.79 6.84 6.64 6.62 6.84 .. 6.85 7.11 7.38 7.40 7.37 7.38 7.44

INR-Euro Spot Rate (Rs. Per USD) 72.19 71.51 71.69 71.73 70.96 70.84 71.76 69.06 68.92 69.81 70.14 69.17 71.22 71.11

Foreign Trade (% Change)

7.1 Imports 2.5 -0.8 -8.8 -12.7 -16.3 -13.9 -13.5 -10.4 -9.1 3.3 3.6 1.5 -4.3 0.9

7.2 Exports 2.9 -1.7 -1.8 -0.3 -1.1 -6.6 -6.1 2.0 -9.7 4.0 0.5 11.8 2.5 3.7

Crude oil, average ($/bbl) 53.4 61.6 63.4 60.4 57.3 60.0 57.7 61.5 59.8 66.8 68.6 63.8 61.1 56.6

Leading Economic Indicators

Global Composite PMI, IHS Markit 46.1 52.2 51.7 51.5 50.8 51.2 51.3 51.6 51.2 49.8 50.4 52.8 52.6 52.1

India Manufacturing PMI, IHS Markit 54.5 55.3 52.7 51.2 50.6 51.4 51.4 52.2 52.1 52.7 51.8 52.6 54.3 53.9

2019:09

(SEP)

2019:08

(AUG)

2019:07

(JUL)

2019:06

(JUN)

2019:05

(MAY)

2019:04

(APR)

2019:03

(MAR)

2019:02

(FEB)

2019:01

(JAN)

India Services Business Activity Index,

IHS Markit

57.5 55.5 53.3 52.7 49.2 48.7 52.4 53.8 49.6 50.2 51.0 52.0 52.5 52.2

Composite Leading Indicators (CLI)

104.0

103.0

102.0

101.0

100.0

99.0

98.0

102.9

103.1 103.1 103.0

102.7

102.1 102.1 102.2 102.3

102.5

102.6

101.8

100.5

100.4

100.3

100.2

100.1

100.0

100.0

99.9

99.8

99.7

99.7

99.6

99.5 99.5 99.4 99.4 99.4 99.4 99.5 99.5 99.6 99.6 99.6 99.5

98.7 98.7 98.8 98.9 98.9 99.0 99.1 99.1 99.2 99.3 99.4

99.1

100.8

99.5

98.9

98.8

OECD + Major

Six NME

China (PRC)

India

Brazil

Mar-2019

Apr-2019

May-2019

Jun-2019

Jul-2019

Aug-2019

Sep-2019

Oct-2019

Nov-2019

Dec-2019

Jan-2020

Feb-2020

Mar-2020

For more indicators click:

http://www.ecofin-surge.co.in/index.html

For explanations click:

http://www.ecofin-surge.co.in/terminology.html


6


GDP Growth Rates

(at 2011-12 prices for IIP & WPI)

Growth Indicators

Q1 Q2 Q3 Q4 FY

2019-20 5.6 5.1 4.7 5.0 (1st AE)

2018-19 7.1 6.2 5.6 6.1 (1st RE)

GDP [at Constant(2011-12) prices]

(using the new series of IIP and WPI with base

2011-12 released on 12th May, 2017.)

2019-20

(Q3)

Rs.Crore

YoY Growth

(Share in

GDP) (%)

2018-19

(Q3)

Rs.Crore

YoY Growth

(Share in

GDP) (%)

GVA at Basic Price by Economic

Activity

1 Agriculture, forestry & fishing 6,09,105 3.5 5,88,679 2.0

2 Mining & quarrying 85,429 3.2 82,797 -4.4

3 Manufacturing 5,59,335 -0.2 5,60,719 5.2

4 Electricity, gas, water supply &

72,817 -0.7 73,338 9.5

other utlility services

5 Construction 2,60,170 0.3 2,59,449 6.6

6 Trade, hotels, transport,

6,45,479 5.9 6,09,595 7.8

communication and services related

to broadcasting

7 Financial, real estate & professional

6,43,389 7.3 5,99,505 6.5

services

8 Public administration, defence and

4,74,947 9.7 4,32,842 8.1

Other Services

9 GVA at basic prices (1 to 8) 33,50,669 4.5 32,06,925 5.6

Estimates of Final Expenditures

on GDP

10 Private final consumption 21,66,235 (59.1) 20,46,415 (58.5)

11 Government final consumption 3,82,338 (10.4) 3,41,988 (9.8)

12 Gross fixed capital formation

10,71,887 (29.2) 11,30,201 (32.3)

(GFCF)

13 Changes in stocks (CIS) 64,668 (1.8) 63,999 (1.8)

14 Valuables 41,824 (1.1) 39,252 (1.1)

15 Exports 7,07,407 (19.3) 7,48,505 (21.4)

16 Less (-) Imports 7,57,896 (20.7) 8,53,085 (24.4)

17 Discrepancies (GDP less 10 to 16) -11,460 (-0.3) -17,242 (-0.5)

18 GDP (10 to 17) 36,65,003 4.7 (100.0) 35,00,033 5.6 (100.0)


7


GDP [at Constant(2011-12) prices] 2019-20 Rs.Crore YoY Growth 2018-19 Rs.Crore YoY Growth

using the new series of IIP and WPI with base (2nd AE)

(%) (1st RE)

(%)

2011-12 released on 12th May, 2017.

1

GVA at basic prices 134,34,606 4.9 12,803,128 1 6.0

2 Net Taxes 12,49,229 6.0 11,78,298 7.0

3

GDP (1+2) 146,83,835 5.0 139,81,426 6.1

4 Net Domestic Product (GDP less

Consumption of Fixed Capital)

129,95,082 5.0 123,72,051 5.9

5 Net factor income from abroad -1,60,904 -1,52,358

6 Gross National Income 145,22,931 5.0 138,29,068 6.1

7 Net National Income (GNI less

128,34,178 5.0 122,19,693 5.9

Consumption of Fixed Capital)(4+5)

8 Population (in million) 1,341 1,327 1.1

9 Per capita GDP (Rs.) 1,09,499 3.9 1,05,361 5.1

10 Per capita GNI (Rs.) 1,08,299 3.9 1,04,213 5.1

11 Per capita NNI (Rs.) 95,706 3.9 92,085 4.8

12 Per capita PFCE (Rs.) 62,120 4.2 59,594 6.1

AE: Advance Estimates; PE: Provisional Estimates; RE: Revised Estimates.

Index of Industrial Production Nov-19 Feb-19 Feb-20

FY2019-20* FY2018-19*

Index 2011-12 =100

Change (YoY, %)

General Index 128.8 127.6 133.3 4.5 0.9 4.0

1. Mining 112.7 112.5 123.7 10.0 1.9 3.0

2. Manufacturing 130.6 129.3 133.5 3.2 0.6 3.9

3. Electricity 139.9 137.9 149.1 8.1 1.5 5.5

1. Capital goods 91.1 107.7 97.3 -9.7 -11.4 4.1

2. Primary goods 124.5 121.1 130.1 7.4 1.1 3.6

3. Infrastructure/ Construction goods 134.5 141.1 141.2 0.1 -2.1 7.5

4. Consumer durables 116.7 125.1 117.7 -6.4 -6.2 6.4

Final indices for November 2019; *April–February.

180

170

160

150

IIP-Annual Averages (Base : 2011-12=100)

Mining & Quarrying

(14.373)

Manufacturing (77.633)

Electricity (7.994)

140

130

120

129.8 129.9

156.9

159.0

General Index (100.0)

Primary goods (34.048)

110

131.0

131.1

Capital goods (8.223)

100

90

107.9

126.1

108.6

141.9

130.2

107.6

126.2

2018-19 2019-20

95.2

137.4

122.2

Infrastructure goods

(12.338)

Consumer durables

(12.893)


8


Wholesale Price Index

(Base: 2011-12=100)

(Annual Inflation %)

All

Commodities

100.00%

Primary Articles

22.62%

Price Indicators

Food Articles

15.26%

Non-food

Articles

4.12%

Fuel&Power

13.15%

Manufactured

Products

64.23%

January-2020 122.9 (3.1) 147.2 (9.10) 160.8 (10.32) 132.1 (6.59) 102.7 (3.31) 118.5 (0.34)

February-2020 122.2 (2.26) 143.1 (6.29) 154.9 (7.23) 131.6 (6.38) 103.9 (3.27) 118.7 (0.42)

March-2020 121.1 (1.0) 139.5 (3.58) 151.6 (4.68) 126.1 (1.90) 100.7 (-1.79) 118.7 (0.34)

Build up of inflation in the financial year so far is 1.00% compared to a build up of 3.10% in the corresponding period of the previous year.

Consumer Price Index

(Inflation %)

All India

General Index

(All Groups

combined)

Base 2010=100

Rural Areas (All

Groups) Base

2010=100

Urban Areas

(All Groups)

Base 2010=100

Industrial

Workers Base

2001=100

Rural

Labourers

Base 1986-

87=100

Agricultural

Labourers

Base 1986-

87=100

January-2020 150.2 (7.59) (F) 151.9 (7.73) (F) 148.2 (7.39) (F) 330.0 1021 (10.62) 1016 (11.04)

February-2020 149.1 (6.58) (F) 150.4 (6.67) (F) 147.7 (6.57) (F) 328.0 1016.0 1010.0

March-2020 148.7 (5.91) (P) 149.8 (6.09) (P) 147.4 (5.66) (P) 1013.0 1007.0

126.0

124.0

122.0

120.0

118.0

116.0

114.0

112.0

110.0

108.0

106.0

104.0

102.0

100.0

WPI (Base 2011-12=100)

2017-18 2018-19 2019-20

121.1

121.2

121.5

121.2

121.4

121.3

122.2

122.3

122.8

122.9

122.2

121.1

116.8

117.9

119.2

119.7

120.1

120.8

122.0

121.6

120.1

119.2

119.5

120.0

113.2

112.8

112.7

113.9

114.8

114.3

115.5

116.3

115.7

115.8

115.8

116.0

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

CPI Inflation –March 2020 Rural Urban Combined

Cereals & Pdcts. 5.48 4.87 5.30

Pulses & Pdcts. 15.94 15.74 15.85

Oils etc 7.41 7.69 7.54

Meat & Fish 8.24 10.85 9.15

Milk & Pdcts. 6.46 6.48 6.47

Vegetables 18.80 18.27 18.63

Food & Beverages 7.94 7.52 7.82

Fuel & Light 4.78 9.78 6.59

Clothing etc 1.60 2.82 2.11


9


Banking Indicators

COMPONENTS & SOURCES OF RESERVE MONEY AND THEIR VARIATIONS (Rs. crore)

March 31, 2019 March 31, 2020

Reserve Money : 27,70,481 30,29,674

% change during the month

% change since March 31

(A) Components of Reserve Money (1+2+3)

1 Currency in circulation 21,36,770 24,47,279



2 Banker's deposits with RBI 6,01,969 5,43,888



3 "Other" deposits with RBI 31,742 38,507



(B) Sources of Reserve Money (4+5+6+7-8)

4 Net RBI credit to Government 8,01,951 9,92,192



5 RBI credit to Banks & Commercial Sector 1,52,851 (2,00,893)



5.1 RBI credit to banks(including NABARD) 1,37,488 (2,14,059)



5.2 RBI credit to Commercial Sector 15,363 13,166



6 Net Foreign Exchange Assets of RBI 28,48,587 35,90,402



7 Govt's Currency Liabilities to the Public 25,887 26,315



8 Net Non-monetary Liabilities of RBI 10,58,795 13,78,342

% change during the month 2.85

% change since March 31 3.51

Note: (i) Figures in parentheses denote negative numbers.


10


COMPONENTS & SOURCES OF MONEY STOCK (M 3 ) AND THEIR VARIATIONS (Rs. crores)

March 31, 2019 March 27, 2020

M3 154,32,067 167,95,276



(A) Components of M3 ( 1+2+3+4)

1 Currency with the public 20,52,209 23,41,851



2 Demand deposits with banks 16,26,512 17,37,659



3 Time deposits with banks 117,21,603 126,77,590



4 Other deposits with RBI 31,742 38,177



(B) Sources of M3 (5+6+7+8-9)

5 Net bank credit to govt.(i+ii) 43,88,490 50,08,351



i RBI's credit 8,01,951 10,94,134



ii Other banks' credit 35,86,539 39,14,217



6 Bank credit to commercial sector (i+ii) 103,82,719 110,38,144



i RBI's credit 15,363 11,613



ii Other banks' credit 103,67,356 110,26,531



7 Net foreign exchange assets of the banking sector 30,70,841 37,54,433



8 Government's currency liabilities to the public 25,887 26,315



9 NNML of the banking sector (i+ii) 24,35,870 30,31,966



i RBI's NNML 10,58,795 13,44,671



ii Other bank's NNML(Residual) 13,77,075 16,87,295

E-UpDates % change April during 2020 the month

11



Note: Figures in parentheses denote negative numbers.

Exchange Rates

Movement of the Rupee (INR)

Dollar

Euro

Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month

2-Mar-20 Mon 72.75 73.03 73.50 74.21 80.89 81.37 82.13 83.26

3-Mar-20 Tue 73.33 73.60 74.08 74.81 81.51 81.97 82.74 83.93

4-Mar-20 Wed 73.23 73.52 74.01 74.70 81.66 82.10 82.87 83.95

5-Mar-20 Thu 73.33 73.59 74.07 74.77 81.98 82.41 83.16 84.24

6-Mar-20 Fri 73.80 74.12 74.59 75.32 83.64 84.15 84.88 85.98

9-Mar-20 Mon 73.99 74.32 74.80 75.54 84.41 84.92 85.66 86.77

10-Mar-20 Tue na na

11-Mar-20 Wed 73.65 73.94 74.44 75.15 83.46 83.91 84.66 85.70

12-Mar-20 Thu 74.22 74.52 74.99 75.71 83.28 83.76 84.53 85.61

13-Mar-20 Fri 73.92 74.22 74.71 75.42 82.51 83.00 83.76 84.80

16-Mar-20 Mon 74.28 74.65 75.14 75.86 82.91 83.50 84.26 85.30

17-Mar-20 Tue 74.00 74.37 74.86 75.59 82.78 83.40 84.19 85.25

18-Mar-20 Wed 74.25 74.59 75.13 75.87 81.58 82.11 82.90 83.93

19-Mar-20 Thu 75.07 75.43 75.96 76.76 80.74 81.38 82.25 83.40

20-Mar-20 Fri 75.04 75.40 75.93 76.73 80.80 81.38 82.21 83.30

23-Mar-20 Mon 76.36 76.96 77.54 78.37 81.55 82.34 83.21 84.36

24-Mar-20 Tue 76.19 76.79 77.40 78.20 82.29 83.08 83.97 85.09

25-Mar-20 Wed na na

26-Mar-20 Thu 75.17 75.80 76.36 77.15 82.43 83.23 84.06 85.16

27-Mar-20 Fri 74.94 75.54 76.10 76.88 82.48 83.27 84.10 85.21

30-Mar-20 Mon 75.43 75.79 76.33 77.12 83.38 83.92 84.72 85.84

31-Mar-20 Tue 75.69 75.97 76.49 77.24 83.54 83.97 84.74 85.81

Pound

Yen

Date Day Spot 1 Month 3 Month 6 Month Spot 1 Month 3 Month 6 Month

2-Mar-20 Mon 92.98 93.43 94.14 95.16 70.22 70.61 71.27 72.18

3-Mar-20 Tue 93.79 94.22 94.94 96.02 69.84 70.30 71.00 71.96

4-Mar-20 Wed 93.69 94.11 94.83 95.82 68.93 69.62 70.33 71.27

5-Mar-20 Thu 94.78 95.18 95.88 96.87 68.51 69.21 69.92 70.86

6-Mar-20 Fri 96.04 96.51 97.19 98.19 69.15 69.88 70.62 71.54

9-Mar-20 Mon 96.69 97.17 97.85 98.85 68.95 69.69 70.40 71.35

10-Mar-20 Tue na na

11-Mar-20 Wed 95.17 95.60 96.28 97.24 68.32 68.87 69.52 70.43

12-Mar-20 Thu 94.50 94.96 95.63 96.57 68.40 69.05 69.69 70.61

13-Mar-20 Fri 92.76 93.24 93.91 94.84 69.10 69.58 70.18 71.04

16-Mar-20 Mon 91.24 91.79 92.47 93.39 69.49 70.00 70.60 71.48

17-Mar-20 Tue 90.78 91.39 92.11 93.04 70.09 70.60 71.21 72.10

18-Mar-20 Wed 88.66 89.19 89.88 90.79 69.37 69.81 70.42 71.31

19-Mar-20 Thu 86.61 87.21 87.94 88.90 71.50 71.91 72.52 73.42

20-Mar-20 Fri 87.60 88.17 88.93 89.91 70.31 70.69 71.29 72.15

23-Mar-20 Mon 87.93 88.69 89.47 90.50 72.01 72.44 73.05 73.98

24-Mar-20 Tue 88.65 89.44 90.25 91.27 70.11 70.52 71.13 72.04

25-Mar-20 Wed na na

26-Mar-20 Thu 90.03 90.86 91.61 92.62 68.60 68.95 69.56 70.43

27-Mar-20 Fri 91.85 92.67 93.43 94.45 68.09 68.45 69.06 69.94

30-Mar-20 Mon 93.84 94.37 95.13 96.17 67.93 68.30 68.92 69.86

31-Mar-20 Tue 94.22 94.65 95.38 96.37 67.58 67.97 68.58 69.48


12


Annualised Forward Premia

Dollar

Euro

Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month

2-Mar-20 Mon 4.80 4.19 4.06 7.28 6.28 5.94

3-Mar-20 Tue 4.64 4.16 4.10 6.96 6.20 6.02

4-Mar-20 Wed 4.73 4.29 4.06 6.67 6.06 5.69

5-Mar-20 Thu 4.47 4.15 3.99 6.39 5.88 5.57

6-Mar-20 Fri 5.33 4.35 4.15 7.51 6.04 5.65

9-Mar-20 Mon 5.40 4.43 4.23 7.42 6.03 5.67

10-Mar-20 Tue na

11-Mar-20 Wed 4.87 4.35 4.11 6.74 5.89 5.46

12-Mar-20 Thu 4.83 4.22 4.05 7.16 6.17 5.68

13-Mar-20 Fri 5.07 4.34 4.11 7.29 6.17 5.63

16-Mar-20 Mon 6.10 4.70 4.31 8.95 6.69 5.86

17-Mar-20 Tue 6.12 4.74 4.34 9.39 7.01 6.07

18-Mar-20 Wed 5.64 4.81 4.42 8.13 6.61 5.85

19-Mar-20 Thu 5.91 4.83 4.54 10.00 7.71 6.70

20-Mar-20 Fri 5.91 4.85 4.55 8.91 7.15 6.28

23-Mar-20 Mon 9.76 6.35 5.34 12.21 8.36 7.00

24-Mar-20 Tue 9.83 6.50 5.33 12.11 8.40 6.91

25-Mar-20 Wed na

26-Mar-20 Thu 10.58 6.51 5.34 12.42 8.18 6.75

27-Mar-20 Fri 10.17 6.37 5.27 12.10 8.09 6.71

30-Mar-20 Mon 6.01 4.89 4.55 8.00 6.59 5.98

31-Mar-20 Tue 4.58 4.30 4.14 6.33 5.89 5.51

Pound

Yen

Date Day 1 Month 3 Month 6 Month 1 Month 3 Month 6 Month

2-Mar-20 Mon 5.94 5.07 4.74 6.87 6.12 5.66

3-Mar-20 Tue 5.67 4.99 4.81 8.20 6.81 6.16

4-Mar-20 Wed 5.53 4.94 4.59 12.70 8.38 6.90

5-Mar-20 Thu 5.19 4.74 4.46 12.97 8.49 6.98

6-Mar-20 Fri 6.09 4.89 4.54 13.43 8.78 7.03

9-Mar-20 Mon 6.03 4.86 4.51 13.67 8.68 7.08

10-Mar-20 Tue na na

11-Mar-20 Wed 5.58 4.75 4.39 10.10 7.21 6.27

12-Mar-20 Thu 5.93 4.86 4.44 12.02 7.76 6.57

13-Mar-20 Fri 6.35 5.07 4.54 8.66 6.40 5.69

16-Mar-20 Mon 7.56 5.51 4.79 9.17 6.54 5.81

17-Mar-20 Tue 8.38 5.97 5.04 9.09 6.55 5.82

18-Mar-20 Wed 7.38 5.59 4.86 7.88 6.19 5.67

19-Mar-20 Thu 8.66 6.32 5.36 7.10 5.83 5.44

20-Mar-20 Fri 8.07 6.21 5.35 6.68 5.69 5.30

23-Mar-20 Mon 10.97 7.18 5.93 7.41 5.90 5.55

24-Mar-20 Tue 11.20 7.39 5.99 7.25 5.95 5.58

25-Mar-20 Wed na na

26-Mar-20 Thu 11.54 7.18 5.82 6.30 5.72 5.41

27-Mar-20 Fri 11.26 7.08 5.75 6.53 5.82 5.51

30-Mar-20 Mon 7.04 5.61 5.04 6.74 5.96 5.76

31-Mar-20 Tue 5.56 5.01 4.62 7.15 6.05 5.70


13


RBI

LAF

Net Injection(+)/

Absorption(-) of Liquidity

(Rs. billion)*

Interest Rates

Money Market Rates & Liquidity

Repo Rates

(Repo/Reverse

Repo)

Overnight

Rates

(%)

Call Money**

CBLO/

Triparty

Repo**

Mibor

USD Libor

01-Mar-20 -23.0 5.15/4.90

02-Mar-20 2317277.0 4.96 4.69 1.575

03-Mar-20 -201232.0 4.91 4.66 1.576

04-Mar-20 -178682.0 4.96 4.81 1.088

05-Mar-20 -185391.0 4.94 4.78 1.082

06-Mar-20 -169592.0 4.52 3.39 5.19 1.080

07-Mar-20 -9119.0 4.84 4.99 5.14

08-Mar-20 -836.0 - - 5.10

09-Mar-20 2315116.2 4.96 4.86 5.15 1.081

10-Mar-20 -13449.0 - - 5.15 1.082

11-Mar-20 -222044.9 4.95 4.88 5.15 1.084

12-Mar-20 -223301.0 4.93 4.70 1.087

13-Mar-20 -373615.0 4.96 4.69 5.14 1.085

14-Mar-20 518.0 5.15

15-Mar-20 218.0 5.15

16-Mar-20 -169868.0 4.97 4.88 5.15 0.239

17-Mar-20 -254918.0 4.97 4.55 0.258

18-Mar-20 2206980.0 4.98 4.44 5.14 0.380

19-Mar-20 -291353.0 4.96 4.39 5.13 0.298

20-Mar-20 -233289.0 4.70 4.56 5.13 0.212

21-Mar-20 -13039.0 5.04 4.82

22-Mar-20 -9140.0

23-Mar-20 -300863.5 4.99 3.48 5.27 0.207

24-Mar-20 -307630.5 5.10 1.10 5.39 0.178

25-Mar-20 -32304.5 - - 0.201

26-Mar-20 -372554.0 5.35 0.91 5.48 0.150

27-Mar-20 1956809.4 4.40/4.00 4.68 0.85 5.36 0.136

28-Mar-20 -97780.0

29-Mar-20 -13.0

30-Mar-20 -610574.0 4.23 0.48 4.80 0.121

31-Mar-20 -378984.7 4.40/4.00 4.29 0.55 4.81 0.119

*Includes liquidity provided under MSF at 5.40%/4.65%; **Weighted average rates.

5.50

5.25

5.00

4.75

4.50

4.25

4.00

3.75

Repo ReverseRepo Call Money Mibor USD Libor

1.610

1.410

1.210

1.010

0.810

0.610

0.410

0.210

0.010

1-Mar-20

2-Mar-20

3-Mar-20

4-Mar-20

5-Mar-20

6-Mar-20

7-Mar-20

8-Mar-20

9-Mar-20

10-Mar-20

11-Mar-20

12-Mar-20

13-Mar-20

14-Mar-20

15-Mar-20

16-Mar-20

17-Mar-20

18-Mar-20

19-Mar-20

20-Mar-20

21-Mar-20

22-Mar-20

23-Mar-20

24-Mar-20

25-Mar-20

26-Mar-20

27-Mar-20

28-Mar-20

29-Mar-20

30-Mar-20

31-Mar-20

USDLibor


14


Debt Market Yields

Constant Maturity Yields for Government Bonds Traded in the Secondary Market

3 months 6 months 1 year 2 Year 3 Year 4 Year 5 Year 7 Year 10 Year >10

Year &

<=15

Year

YTM (%)

>15

Year &

<= 20

Year

2-Mar-20 5.43 5.64 5.80 6.16 6.46 6.64 6.71 6.79 6.75

3-Mar-20 5.23 5.41 5.64 5.81 6.16 6.48 6.66 6.76 6.76 6.83

4-Mar-20 5.03 5.02 5.03 5.28 5.47 5.65 6.04 6.37 6.57 6.69 6.73 6.78

5-Mar-20 4.87 5.01 5.31 5.47 5.65 6.04 6.38 6.56 6.66 6.69

6-Mar-20 4.97 4.94 4.95 5.23 5.40 5.62 6.02 6.33 6.51 6.59 6.66 6.64

9-Mar-20 4.80 4.86 5.16 5.37 5.54 5.91 6.28 6.43 6.52 6.56 6.56

10-Mar-20

11-Mar-20 4.90 4.93 4.95 5.21 5.47 5.66 6.33 6.53 6.58 6.65 6.66

12-Mar-20 4.94 4.89 5.32 5.53 5.77 6.43 6.61 6.65 6.69

13-Mar-20 5.02 4.89 5.41 5.67 5.91 6.30 6.60 6.74 6.79 6.83 6.79

16-Mar-20 4.88 4.83 5.15 5.31 5.60 5.90 6.23 6.53 6.66 6.68 6.74 6.71

17-Mar-20 4.95 4.85 5.34 5.64 5.99 6.23 6.57 6.70 6.74 6.76

18-Mar-20 4.93 4.98 5.14 5.36 5.76 6.05 6.29 6.67 6.74 6.80 6.79 6.81

19-Mar-20 4.92 5.09 5.19 5.34 5.98 6.15 6.38 6.79 6.82 6.90 6.92 6.74

20-Mar-20 5.16 4.93 5.00 5.41 5.69 6.02 6.35 6.72 6.82 6.90 6.89 6.88

23-Mar-20 5.31 5.92 6.08 6.41 6.80 6.91 6.96 6.85

24-Mar-20 4.97 4.85 5.35 5.34 5.78 6.07 6.47 6.78 6.88 6.92 6.84 6.84

25-Mar-20

26-Mar-20 5.01 5.08 5.06 5.36 5.74 6.04 6.47 6.75 6.82 6.75 6.87 6.76

27-Mar-20 4.23 4.60 5.34 5.40 5.69 6.13 6.46 6.60 6.69 6.73 6.71

30-Mar-20 4.30 4.60 4.82 5.45 5.75 6.20 6.52 6.66 6.68 6.73

31-Mar-20 4.27 4.55 4.75 5.09 5.39 5.67 6.16 6.49 6.60 6.69 6.82 6.74

>20

Year

March 2020 4.85 4.87 5.03 5.31 5.60 5.84 6.22 6.54 6.66 6.73 6.78 6.75

Constant Maturity Yields relates the yield on a security to its time to maturity. The usual practice worldwide is to

provide yields of traded bonds for finely defined residual maturity brackets. The monthly CMYs given here provide

information on (Indian government) bond yields for several chosen residual maturities, like 3 & 6 months,

1/2/5/10/12/15 years. Say, the market determined YTMs for all traded Gilts with 340 to 380 days left to mature

would give the CMY for the 1 year maturity bracket. The monthly CMYs are estimated from marketwide data. For the

estimation methodology see:

On Developing Constant Maturity Yield Curves for India:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=300052


15


Debt Market Yields

8.00

Yields of G-Secs Traded in March 2020

7.50

Weighted Average YTMs

7.00

6.50

6.00

5.50

5.00

April 2020

May 2020

June 2020

December 2020

January 2021

April 2021

May 2021

July 2021

November 2021

February 2022

May 2022

June 2022

August 2022

September 2022

December 2022

April 2023

April 2023

May 2023

November 2023

December 2023

January 2024

June 2024

July 2024

November 2024

November 2024

May 2025

September 2025

January 2026

April 2026

July 2026

September 2026

November 2026

February 2027

May 2027

September 2027

January 2028

January 2029

March 2029

October 2029

December 2029

March 2030

May 2030

September 2030

December 2030

September 2031

August 2032

June 2033

November 2023

December 2033

August 2034

December 2034

September 2035

January 2039

September 2039

December 2041

December 2042

December 2044

June 2045

October 2046

June 2049

November 2051

5.13

5.05

5.01

5.15

5.00

5.10

5.19

5.21

5.28

5.28

5.29

5.34

5.38

5.41

5.44

5.73

5.60

5.64

5.86

5.86

5.82

5.87

5.93

5.84

6.08

6.22

6.31

6.38

6.31

6.50

6.33

6.53

6.58

6.53

6.57

6.59

6.62

6.60

6.23

6.61

6.67

6.68

6.83

6.75

6.62

6.73

6.69

6.80

6.64

6.72

6.76

6.79

6.76

6.78

6.78

6.78

6.74

6.74

6.73

6.77

6.66

Maturity Year

Yields of Corporate Bonds (AAA) Traded in March 2020

Weighted Average YTM

12.00

10.00

8.00

6.00

4.00

2.00

7.37

6.75

6.12

7.35

6.95

6.47

7.02

7.74

7.38

7.13

7.52

7.10

7.15

7.63

6.93

7.46

7.54

18.48

7.35

6.54

7.00

5.59

7.36

6.80

6.94

7.08

8.04

7.38

7.48

7.07

7.03

7.03

6.77

7.29

6.60

7.17

7.65

6.81

6.76

7.17

7.91

6.79

7.28

7.22

7.32

7.24

5.61

7.64

6.33

7.76

6.79

7.15

11.71

9.11

7.45

7.46

7.68

8.13

11.62

11.24

0.00

February 2020

June 2020

July 2020

September 2020

September 2020

November 2020

December 2020

March 2021

September 2021

November 2021

January 2022

March 2022

May 2022

June 2022

June 2022

August 2022

August 2022

Maturity Year

August 2022

September 2022

October 2022

November 2022

January 2023

February 2023

February 2023

April 2023

June 2023

October 2023

May 2024

September 2024

October 2024


16


Yields of Corporate Bonds (AAA) Traded in March 2020

Weighted Average YTM

12.00

10.00

8.00

6.00

4.00

2.00

11.64

7.69

7.50

9.06

8.58

6.38

7.27

5.79

11.61

10.74

7.34

6.96

5.44

5.53

11.65

5.46

5.43

7.15

7.82

7.68

10.34

8.09

7.30

7.60

7.19

11.39

7.31

7.33

7.82

7.32

5.41

7.81

7.20

7.22

8.00

8.71

7.93

8.23

8.13

8.01

7.44

7.30

7.29

8.08

7.19

8.29

7.36

7.28

8.34

7.37

8.00

7.54

7.25

7.40

7.55

7.76

7.59

7.31

7.35

7.47

5.59

5.64

5.58

7.47

7.52

0.00

January 2025

February 2025

March 2025

March 2025

October 2025

March 2026

January 2027

June 2027

January 2028

September 2028

November 2028

November 2028

December 2028

January 2029

February 2029

March 2029

March 2029

March 2029

March 2029

Maturity Year

May 2029

June 2029

August 2029

October 2029

November 2029

December 2029

January 2030

January 2030

February 2030

February 2030

April 2030

April 2030

December 2030

March 2031

December 2049

BSE Equity Market S&P BSE Sensex (30 Scrips) (1978-79=100)

Month/

Year

Turnover

(Rs.cr)

Month High Month Low Month-

Closing

No of

Companies

Listed*

No. of

Companies

Traded*

Average

Daily

Turnover

(Rs.cr)

Market

Capitalisation

(Rs.cr)*

P/E P/B Dividend

Yield

Dec-19 5352 3643 43560.1 2074.3 15553829.0 41810.0 40135.4 41253.7 27.95 3.04 1.10

Jan-20 5366 3592 55845.8 2428.1 15650981.7 42273.9 40476.6 40723.5 25.67 3.21 1.03

Feb-20 5352 3529 55710.0 2785.5 14687010.4 41709.3 38220.0 38297.3 24.64 3.16 1.05

NSE Capital Market Segment

Month/

Year

No of

Companies

Listed*

No. of

Companies

Traded*

Turnover

(Rs.cr)

Average

Daily

Turnover

(Rs.cr)

Market

Capitalisation

(Rs.cr)*

CNX Nifty (50 Scrips)(Nov.3, 1993=100)

Month High Month Low Month-

Closing

P/E P/B Dividend

Yield

Dec-19 1955 1880 681983.0 32475.4 15431966.6 12293.9 11832.3 12168.5 28.18 3.73 1.24

Jan-20 1959 1878 805347.0 35015.1 15517106.8 12430.5 11929.6 11962.1 27.96 3.62 1.24

Feb-20 1961 1886 796768.2 39838.4 14552074.0 12246.7 11175.1 11201.8 26.92 3.36 1.28

*End of the Month.

BSE Derivatives (F&O) Trades

Month/

Year

Index Futures Stock Futures Index Options Stock Options Total Average

No. of

contracts

Turnover

(Rs. cr.)

No. of

contracts

Turnover

(Rs. cr.)

No. of contracts Notional

Turnover

(Rs. cr.)

No. of

contracts

Notional

Turnover

(Rs. cr.)

No. of

contracts

Turnover

(Rs. cr.)

Daily

Turnover

(Rs. cr.)

Dec-19 37326 3835.8 216 13.3 164884 17173.6 0 0.0 202426 21022.6 1001.08

Jan-20 24081 2493.6 88 6.3 472796 49609.4 1 0.1 496966 52109.5 2265.63

Feb-20 22518 2287.7 88 5.8 673162 69499.9 0 0.0 695768 71793.4 3589.67

NSE Derivatives (F&O) Segment

Month/

Year

STOCK MARKETS

Equity Market Turnover

Derivatives Turnover

Index Futures Stock Futures Index Options Stock Options

Turnover

(Rs. cr.)

No. of

contracts

Turnover

(Rs. cr.)

No. of contracts Notional

Turnover

No. of

contracts

No. of

contracts

Notional

Turnover

No. of

contracts

Turnover

(Rs. cr.)

(Rs. cr.)

(Rs. cr.)

(Rs. cr.)

Dec-19 5400188 411240.9 18929870 1123917.5 369741497 26391539.1 14906876 931594.4 408978431 28858291.9 1374204.4

Jan-20 7217406 543290.3 20519117 1403775.7 498147694 35252404.3 18229630 1331128.6 544113847 38530598.8 1675243.4

Feb-20 7188853 539316.6 19762076 1309424.8 449362949 31706766.3 17833803 1273278.2 494147681 34828786.0 1741439.3

Total

Average

Daily

Turnover


17


Index Movements

BSE: S&P BSE Sensex (30 Scrips) (1978-79=100)

Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield

02-Mar-20 38911.0 39083.2 37786.0 38144.0 23.27 2.96 1.15

03-Mar-20 38480.9 38754.2 38142.3 38623.7 23.29 2.96 1.15

04-Mar-20 38715.7 38791.7 37846.1 38409.5 23.08 2.93 1.16

05-Mar-20 38604.3 38887.8 38386.7 38470.6 23.17 2.95 1.15

06-Mar-20 37614.0 37747.1 37011.1 37576.6 22.83 2.91 1.18

09-Mar-20 36950.2 36950.2 35109.2 35635.0 21.70 2.76 1.24

11-Mar-20 35468.9 36021.5 35261.9 35697.4 21.90 2.79 1.23

12-Mar-20 34472.5 34472.5 32493.1 32778.1 19.78 2.52 1.35

13-Mar-20 31214.1 34769.5 29389.0 34103.5 20.82 2.65 1.28

16-Mar-20 33103.2 33103.2 31276.3 31390.1 19.00 2.42 1.40

17-Mar-20 31611.6 32048.0 30394.9 30579.1 18.55 2.36 1.44

18-Mar-20 30968.8 31101.8 28613.1 28869.5 17.49 2.23 1.52

19-Mar-20 27773.4 29370.5 26714.5 28288.2 16.96 2.16 1.57

20-Mar-20 28460.8 30418.2 27932.7 29916.0 18.18 2.32 1.48

23-Mar-20 27608.8 27900.8 25880.8 25981.2 15.67 2.00 1.72

24-Mar-20 27056.2 27462.9 25638.9 26674.0 16.05 2.05 1.68

25-Mar-20 26499.8 28790.2 26359.9 28535.8 17.32 2.21 1.55

26-Mar-20 29073.7 30099.9 28566.3 29946.8 18.32 2.34 1.47

27-Mar-20 30747.8 31126.0 29347.0 29815.6 18.18 2.32 1.47

30-Mar-20 29226.6 29497.6 28291.0 28440.3 17.19 2.19 1.56

31-Mar-20 29294.9 29770.9 28667.4 29468.5 17.81 2.27 1.47

NSE: Nifty (50 Scrips) (Nov.3, 1993=100)

Open High Low Close Price/Earnings Price/Bookvalue Dividend Yield

02-Mar-20 11387.4 11433.0 11036.3 11132.8 25.34 3.13 1.37

03-Mar-20 11217.6 11342.3 11152.6 11303.3 25.73 3.18 1.35

04-Mar-20 11351.4 11356.6 11082.2 11251.0 25.61 3.17 1.35

05-Mar-20 11306.1 11389.5 11244.6 11269.0 25.65 3.17 1.35

06-Mar-20 10942.7 11035.1 10827.4 10989.5 25.01 3.09 1.39

09-Mar-20 10742.1 10751.6 10294.5 10451.5 23.79 2.94 1.46

11-Mar-20 10334.3 10545.1 10334.0 10458.4 23.80 2.94 1.46

12-Mar-20 10040.0 10040.8 9508.0 9590.2 21.83 2.70 1.59

13-Mar-20 9107.6 10159.4 8555.2 9955.2 22.66 2.80 1.53

16-Mar-20 9587.8 9602.2 9165.1 9197.4 20.93 2.59 1.66

17-Mar-20 9285.4 9403.8 8915.6 8967.1 20.41 2.52 1.70

18-Mar-20 9088.5 9127.6 8407.1 8468.8 19.27 2.38 1.80

19-Mar-20 8063.3 8575.5 7832.6 8263.5 18.63 2.36 1.84

20-Mar-20 8284.5 8883.0 8178.2 8745.5 19.72 2.49 1.74

23-Mar-20 7945.7 8159.3 7583.6 7610.3 17.15 2.17 2.00

24-Mar-20 7848.3 8037.0 7511.1 7801.1 17.58 2.22 1.95

25-Mar-20 7735.2 8376.8 7714.8 8317.9 18.74 2.37 1.83

26-Mar-20 8451.0 8749.1 8304.9 8641.5 19.47 2.46 1.76

27-Mar-20 8949.1 9038.9 8522.9 8660.3 19.52 2.47 1.76

30-Mar-20 8386.0 8576.0 8244.0 8281.1 18.66 2.36 1.84

31-Mar-20 8529.4 8678.3 8358.0 8597.8 19.38 2.45 1.77


18


39200

38400

37600

36800

36000

35200

34400

33600

32800

32000

31200

30400

29600

28800

28000

27200

26400

25600

Sensex High Low

Nifty High Low

11500

11000

10500

10000

9500

9000

8500

8000

7500

02-Mar-20

03-Mar-20

04-Mar-20

05-Mar-20

06-Mar-20

09-Mar-20

11-Mar-20

12-Mar-20

13-Mar-20

16-Mar-20

17-Mar-20

18-Mar-20

19-Mar-20

20-Mar-20

23-Mar-20

24-Mar-20

25-Mar-20

26-Mar-20

27-Mar-20

30-Mar-20

31-Mar-20

FUTIDX-NIFTY Futures

(Expiry 26 March, 2020)

Open High Low Close No. of Contracts Turnover ('00,000) Change in OI

02-Mar-20 11283.0 11418.0 11024.0 11123.7 277586 2349233 -1573725

03-Mar-20 11179.9 11326.8 11120.1 11294.8 300611 2531329 463275

04-Mar-20 11298.4 11337.9 11061.2 11247.1 247943 2083570 645825

05-Mar-20 11294.7 11382.0 11230.5 11255.4 220075 1865485 292350

06-Mar-20 10907.0 10998.9 10830.1 10939.9 271262 2219317 2273250

09-Mar-20 10634.4 10690.0 10266.0 10462.4 385030 3026463 -162975

11-Mar-20 10382.9 10513.0 10335.4 10450.8 283146 2216707 -336000

12-Mar-20 9941.4 10034.9 9412.9 9546.6 507968 3710261 -696300

13-Mar-20 8939.9 10129.8 8299.0 9897.7 688261 4929232 -761625

16-Mar-20 9514.4 9570.2 9055.0 9118.5 391714 2732559 1525950

17-Mar-20 9225.0 9357.8 8851.3 8915.6 396021 2716116 -1118100

18-Mar-20 9040.7 9070.9 8380.1 8433.7 380230 2468687 -691350

19-Mar-20 8111.1 8531.0 7816.5 8205.9 551142 3377113 -877200

20-Mar-20 8234.9 8854.6 8130.1 8723.1 524448 3351764 115425

23-Mar-20 7850.8 8189.0 7551.0 7581.6 295519 1724235 -2814675

24-Mar-20 7879.2 8008.3 7526.0 7849.9 376045 2204605 -2437875

25-Mar-20 7741.9 8423.5 7681.4 8362.2 254046 1538750 -443475

26-Mar-20 8389.8 8750.1 8293.5 8630.3 305044 1956679 -1657350


19


Equity/Trading Date

Capital Flows

Mutual Funds Investment Trends

Gross

Purchases (Rs

Crores)

Gross Sales

(Rs Crores)

Net Investment

(Rs Crores)

02-Mar-20 3620.3 3722.0 -101.7

03-Mar-20 4065.5 2489.1 1576.3

04-Mar-20 5249.5 6150.7 -901.1

05-Mar-20 3476.3 2393.6 1082.7

06-Mar-20 4718.8 3476.8 1242.1

09-Mar-20 7115.7 4199.9 2915.9

11-Mar-20 4943.7 3906.9 1036.8

12-Mar-20 8273.5 7358.8 914.7

13-Mar-20 10419.6 6125.5 4294.1

16-Mar-20 5842.5 4773.2 1069.4

17-Mar-20 6575.0 3691.8 2883.2

18-Mar-20 10723.3 8525.2 2198.1

19-Mar-20 6603.6 3245.5 3358.1

20-Mar-20 7269.2 5084.1 2185.1

23-Mar-20 4174.6 4234.8 -60.3

24-Mar-20 4660.5 2921.0 1739.5

25-Mar-20 4005.2 3760.1 245.1

26-Mar-20 7148.3 10060.5 -2912.2

27-Mar-20 4477.6 3182.2 1295.5

30-Mar-20 5218.9 2362.2 2856.7

31-Mar-20 5463.8 2325.6 3138.2

Total for March 124045.25 93989.29 30055.96

Debt/ Trading Date

Gross

Purchases (Rs

Crores)

Gross Sales

(Rs Crores)

Net Investment

(Rs Crores)

02-Mar-20 8712.7 7943.0 769.7

03-Mar-20 11600.3 8923.7 2676.7

04-Mar-20 20878.5 15222.2 5656.3

05-Mar-20 15844.4 14763.0 1081.4

06-Mar-20 12950.2 8415.0 4535.2

09-Mar-20 12515.7 9446.9 3068.9

11-Mar-20 12201.5 11598.3 603.3

12-Mar-20 11977.3 12778.6 -801.3

13-Mar-20 9138.4 8167.9 970.6

16-Mar-20 12431.3 12403.1 28.2

17-Mar-20 9792.8 10445.4 -652.6

18-Mar-20 8916.4 11779.8 -2863.3

19-Mar-20 7479.7 11294.8 -3815.1

20-Mar-20 7960.6 14231.9 -6271.2

23-Mar-20 4776.0 10663.7 -5887.7

24-Mar-20 4271.1 10358.8 -6087.7

25-Mar-20 0.4 4.1 -3.8

26-Mar-20 8464.6 18007.6 -9543.0

27-Mar-20 8814.0 8163.3 650.7

30-Mar-20 11477.7 12005.2 -527.5

31-Mar-20 8941.0 10419.0 -1478.1

Total for March 209144.8 227035.03 -17890.23


20


Mutual Funds' Asset

Position (Rs. Crore)

April 1, 2019 to March 31, 2020

Private Sector

Mutual Funds

Public Sector

Mutual Funds (of which) UTI Total

Mobilisation of Funds 149,89,990.5 38,23,467.3 13,60,899.8

188,13,457.8

Net Inflow/ Outflow (-ve) of funds 24,059.4 63,241.4 -7,716.5 87,300.8

Cumulative Position of Net Assets as on

March 31, 2020

17,59,175.3 4,67,027.6 1,17,806.1 22,26,202.9

79.02% 20.98% 5.29% 100.00%

ECB (& FCCB) Dec-19 Jan-20

Automatic Route 1,20,07,52,957 5,23,77,48,848

Approval Route 84,00,00,000 2,53,20,00,000

Total ECB 2,04,07,52,957 7,76,97,48,848

External Commercial Borrowings. Value in US$.

FPI Investments in Primary & Secondary Markets

Debt/Reporting Date Gross Gross Sales Net Investment

Net

Purchases (Rs Crores) (Rs Crores) Investment

02-Mar-20 1085.91 3283.13 -2197.22 -304.4

03-Mar-20 1957.45 4170.72 -2213.27 -306.4

04-Mar-20 692.69 2178.36 -1485.67 -203.9

05-Mar-20 2746.6 1317.18 1429.42 194.3

06-Mar-20 1855.9 1548.82 307.08 41.9

09-Mar-20 2137.78 2277.43 -139.65 -19.0

11-Mar-20 3251.88 1212.92 2038.96 275.7

12-Mar-20 1702.78 9653.18 -7950.4 -1077.1

13-Mar-20 855.55 3844.34 -2988.79 -403.0

16-Mar-20 316.89 6794.76 -6477.87 -874.6

17-Mar-20 987.36 12428.95 -11441.59 -1540.5

18-Mar-20 722.68 8918.85 -8196.17 -1107.1

19-Mar-20 3921.61 5010.92 -1089.31 -146.9

20-Mar-20 671.91 6239.04 -5567.13 -741.7

23-Mar-20 309.78 3780.04 -3470.26 -462.7

24-Mar-20 2052.95 3601.14 -1548.19 -204.0

25-Mar-20

26-Mar-20 450.71 1021.01 -570.3 -74.9

27-Mar-20 1199.63 2450.15 -1250.52 -166.2

30-Mar-20 407.33 2005.54 -1598.21 -213.6

31-Mar-20 1762.23 3564.18 -1801.95 -239.2

Total for March 29089.62 85300.66 -56211.04 -7572.96

Total for 2020 109930.19 172526.02 -62595.83 -8458.74


21


Equity/Reporting Date

Gross

Purchases (Rs

Crores)

Gross Sales

(Rs Crores)

Net Investment

(Rs Crores)

Net

Investment

US$ Million

02-Mar-20 12531.6 15872.5 -3340.9 -462.8

03-Mar-20 9274.0 9574.6 -300.6 -41.6

04-Mar-20 5694.9 8023.8 -2328.9 -319.6

05-Mar-20 8167.3 8956.7 -789.4 -107.3

06-Mar-20 6059.2 8296.8 -2237.7 -305.4

09-Mar-20 6760.9 10241.7 -3480.9 -472.5

11-Mar-20 6045.1 13057.3 -7012.3 -948.2

12-Mar-20 9688.7 13172.4 -3483.7 -472.0

13-Mar-20 11425.5 13227.6 -1802.1 -243.0

16-Mar-20 8436.6 15177.6 -6741.0 -910.1

17-Mar-20 6968.8 11668.6 -4699.9 -632.8

18-Mar-20 7047.9 10710.8 -3663.0 -494.8

19-Mar-20 6550.0 11594.6 -5044.6 -680.1

20-Mar-20 6761.4 11343.0 -4581.7 -610.4

23-Mar-20 9456.5 12909.7 -3453.3 -460.4

24-Mar-20 5767.3 8407.4 -2640.1 -347.9

25-Mar-20

26-Mar-20 16505.7 20294.2 -3788.5 -497.5

27-Mar-20 9480.6 9469.6 11.0 1.5

30-Mar-20 9616.4 8587.0 1029.4 137.5

31-Mar-20 6405.8 10030.5 -3624.7 -481.1

Total for March 168643.7 230616.4 -61972.8 -8348.4

Total for 2020 412660.4 460690.8 -48030.3 -6375.4

Net Flows (Rs. Cr.)

6000.0

4000.0

2000.0

0.0

-2000.0

-4000.0

-6000.0

-8000.0

-3,340.9

-101.7

-300.6

2-Mar-20

1,576.3

1,082.7

1,242.1

-2,328.9 -901.1

-789.4

-2,237.7

2,915.9

-3,480.9

-7,012.3

9-Mar-20

1,036.8

914.7

4,294.1

-3,483.7

-1,802.1

1,069.4

16-Mar-20 -6,741.0

-4,699.9

2,883.2

2,198.1

3,358.1

-3,663.0

-4,581.7

-5,044.6

2,185.1

-3,453.3 -60.3

1,739.5

-2,640.1

23-Mar-20

-3,788.5

245.1

-2,912.2 11.0

1,295.5

2,856.7

30-Mar-20

1,029.4

-3,624.7

3,138.2

FPI

Equity

MF

Equity

Foreign Investment

2018-19* 2019-20* Jan-20 Feb-20

Foreign Investment Inflows 40,063.0 52,090.0 6,742.0 4,533.0

Net Direct Investments 29,923.0 40,625.0 5,668.0 2,873.0

Net Portfolio Inflows -9,241.0 15,954.0 -227.0 1,033.0

US$ million; *April-February.


22


Turnover

(Rs. Crore)

Corporate

Bonds-NSE

Corporate

Bonds-BSE

Currency

Derivatives -

NSE

Currency

Derivatives-

BSE

Interest rate

Derivatives-

NSE

Interest rate

Derivatives-

BSE

Commodity

Dervatives-

MCX

Commodity

Dervatives-

NCDEX

Jan-20 1,34,636 62,925 8,45,443 4,82,786 26,807 6,208 8,80,816 37,714

Feb-20 1,19,569 63,973 7,88,013 4,39,996 30,880 5,829 8,26,256 27,400

Commodity Futures & Spot Markets

Commodity Futures & Spot Prices

Chana* Wheat* Refined Soya Oil* Energy: Crude Oil** Bullion: Gold**

(100 Kgs) (100 Kgs) (10 Kgs) (1 Bbl.) (10 Grams)

Date Futures Spot Futures Spot Futures Spot Futures Spot Futures Spot

02-Mar-20 3901.0 4201.8 2024.0 2200.0 750.6 795.0 3457.0 3231.0 41956.0 42232.0

03-Mar-20 3929.0 4188.5 1970.0 2200.0 770.4 794.9 3486.0 3377.0 43474.0 42315.0

04-Mar-20 3953.0 4210.5 1911.0 2200.0 785.2 805.0 3538.0 3438.0 43569.0 43146.0

05-Mar-20 3969.0 4200.0 1911.0 2200.0 787.6 813.1 3463.0 3441.0 44458.0 43294.0

06-Mar-20 3943.0 4182.5 1911.0 2200.0 777.2 810.2 3207.0 3364.0 44158.0 44315.0

09-Mar-20 3888.0 4098.4 1911.0 2200.0 756.4 790.0 2520.0 3041.0 44353.0 43750.0

10-Mar-20 2570.0 2302.0 43740.0

11-Mar-20 3925.0 4125.0 1855.0 2200.0 742.4 791.1 2544.0 2541.0 43355.0 43427.0

12-Mar-20 3768.0 4068.8 1855.0 2164.0 712.8 780.0 2392.0 2434.0 42206.0 43228.0

13-Mar-20 3787.0 4025.8 1855.0 2200.0 716.4 770.0 2458.0 2336.0 40348.0 41859.0

16-Mar-20 3794.0 4114.7 1855.0 2200.0 702.4 768.8 2224.0 2350.0 39518.0 39867.0

17-Mar-20 3818.0 4117.0 1855.0 2147.8 716.0 764.3 2173.0 2132.0 40244.0 39741.0

18-Mar-20 3905.0 4195.9 1855.0 2153.4 718.2 770.8 1739.0 1995.0 39723.0 40649.0

19-Mar-20 3912.0 4239.3 1855.0 2151.8 746.8 775.7 1980.0 1511.0 39831.0 40395.0

20-Mar-20 3969.0 4300.0 1855.0 2158.4 767.4 790.8 1938.0 1893.0 40358.0 40989.0

23-Mar-20 4127.0 1855.0 780.8 1814.0 1697.0 41163.0

24-Mar-20 4100.0 1855.0 783.0 1873.0 1773.0 41379.0

25-Mar-20 4264.0 1855.0 798.2 1959.0 1828.0 42217.0

26-Mar-20 4158.0 1855.0 799.8 1787.0 1865.0 43542.0

27-Mar-20 4222.0 1855.0 806.0 1699.0 1700.0 43571.0

30-Mar-20 4195.0 1855.0 837.6 1616.0 1610.0 43842.0

31-Mar-20 4136.0 1855.0 829.8 1680.0 1514.0 43255.0

*National Commodity & Derivatives Exchange Ltd. **Multi Commodity Exchange of India. Futures: April contracts.


23


Commodity Futures Indices

MCXiCOMDEX

MCX-

BaseMetal

MCX-Bullion MCX-CrudeOil NCDEX-

Agridex

02-Mar-20 9707.09 10152.68 12849.17 7697.23 855.85

03-Mar-20 9868.75 10071.65 13298.86 7755.56 873.05

04-Mar-20 9942.42 10136.09 13340.56 7867.73 884.25

05-Mar-20 10005.36 10252.07 13596.41 7697.23 893.75

06-Mar-20 9783.97 10239.06 13499.49 7087.01 890.45

09-Mar-20 9316.43 10173.80 13530.23 5514.36 863.45

10-Mar-20 9301.94 10139.31 13346.74 5631.02

11-Mar-20 9233.10 10081.59 13236.08 5570.45 854.55

12-Mar-20 8939.21 9903.10 12855.98 5222.72 825.15

13-Mar-20 8793.35 9943.68 12184.00 5375.27 837.95

16-Mar-20 8424.62 9742.05 11719.48 4848.06 818.00

17-Mar-20 8397.44 9653.20 11846.73 4718.71 821.25

18-Mar-20 7926.93 9228.29 11625.92 3776.27 831.30

19-Mar-20 8103.30 9239.99 11725.95 4299.61 837.65

20-Mar-20 8122.46 9225.13 11898.26 4208.40 845.55

23-Mar-20 8143.86 9107.25 12219.60 3939.13 861.30

24-Mar-20 8290.38 9191.85 12433.44 4067.25 870.45

25-Mar-20 8444.60 9274.04 12707.66 4254.00 892.75

26-Mar-20 8384.85 9284.84 12937.51 3880.50 883.35

27-Mar-20 8293.18 9216.42 12887.66 3689.41 891.20

30-Mar-20 8205.54 9192.31 12780.67 3509.17 895.70

31-Mar-20 8255.52 9339.26 12662.59 3648.15 888.30

Multi Commodity Exchange of India and National Commodity & Derivatives Exchange Ltd: Index Close

14000.0

13000.0

12000.0

940.00

920.00

MCXiCOMDEX

11000.0

10000.0

9000.0

8000.0

7000.0

6000.0

900.00

880.00

860.00

840.00

NCDEX-AGRIDEX

MCX-

BaseMetal

MCX-Bullion

MCX-

CrudeOil

5000.0

4000.0

820.00

NCDEX-

Agridex

3000.0

800.00

2-Mar

4-Mar

6-Mar

8-Mar

10-Mar

12-Mar

14-Mar

16-Mar

18-Mar

20-Mar

22-Mar

24-Mar

26-Mar

28-Mar

30-Mar


24


Indicator/

Country

Global Economic Indicators

Economic & Financial Market Indicators for Major Global Economies

Growth Inflation Interest Rates

Stock

Market

External Sector

Country Risk

GDP IIP CPI PPI Shortterterm

Long-

Share Exchange Trade Balance FX Reserves Sovereign Rating**

Price Rate

Rate Rate Growth*

(% change on year ago) (%)

(per US$)

(US$ bn.)

Q4

March

15 April 2020

March

USA 2.3 Mar -5.5 1.5 1.3 1.13 0.63 -13.8 Feb -849.8 Feb/128.4 AA+/Stable

Canada 1.5 Jan -0.8 Feb/2.2 0.5 0.63 0.64 -18.2 1.41 Feb -10.4 86.5 AAA/Stable

UK 1.1 Feb -2.9 Feb/1.8 0.4 0.67 0.36 -25.8 0.80 Feb -145.8 175.1 AA/Stable

Euro area 1.0 Feb -1.9 0.7 Jan/-0.5 0.00 0.00 -25.0 0.92 Jan 250.8 Feb/73.7 (EU)AA/Stable

Germany 0.5 Feb -1.2 1.4 -0.1 0.00 0.00 -22.4 0.92 Feb 251.1 213.7 AAA/Stable

France 0.9 Feb -1.4 0.7 Jan/0.2 0.00 0.10 -27.2 0.92 Feb -68.1 AA/Stable

Italy 0.1 Feb -2.4 0.1 Jan/-2.3 0.00 1.89 -28.9 0.92 Jan 59.4 BBB/-ve

Spain 1.8 Feb 0.2 0.0 -2.2 0.00 0.82 -28.4 0.92 Jan -34.6 A/Stable

Russia 2.1 Feb 3.3 2.5 -1.2 6.38 6.87 -32.4 74.0 Feb 156.2 563.5 BBB-/Stable

Japan 0.7 Feb -4.7 Feb/0.5 0.8 0.00 0.00 -17.4 107.00 Feb 11.5 1366.0 A+/ +ve

China 6.0 Feb -13.5 4.3 -0.4 1.43 2.00 -7.8 7.06 Mar 361.8 3060.6 A+/Stable

Hong Kong -2.9 Q4 -0.5 Feb/2.2 1.90 0.75 -14.3 7.75 Feb -55.5 437.5 AA+/Stable

Indonesia 5.0 Feb 2.0 3.0 1.9 4.90 7.98 -26.6 15600.00 Mar -0.5 120.9 BBB/Stable

Malaysia 3.6 Feb 5.8 Feb/1.3 Jan/2.8 2.77 3.15 -12.6 4.34 Feb 33.6 Feb/105.9 A-/Stable

Singapore 1.0 Feb -1.1 Feb/0.3 Jan/0.8 1.03 -19.2 1.42 Feb 28.1 279.9 AAA/Stable

South Korea 2.3 Feb 11.4 1.0 0.7 1.04 1.46 -15.5 1217.00 Mar 38.8 400.2 AA/Stable

Thailand 1.6 Feb -5.2 -0.5 0.1 1.13 1.16 -21.8 32.00 Feb 11.8 227.2 BBB+/Stable

Brazil 1.7 Feb -0.5 3.3 7.7 5.07 3.09 -31.8 5.25 Mar 44.6 343.2 BB-/Stable

Chile -2.1 Feb 5.6 3.7 5.3 0.40 3.18 859.00 Mar 5.6 37.9 A+/ Stable

Mexico -0.5 Feb -1.9 3.2 1.5 6.63 6.93 -22.2 24.00 Feb 9.6 Feb/188.4 BBB/-ve

South Africa -0.5 Jan -2.1 Feb/4.5 Jan/4.6 4.60 10.00 -15.4 18.00 Feb 3.0 52.4 BB/-ve

India 4.7 Feb 4.5 5.9 2.3 4.08 6.43 -26.4 76.0 Mar -157.8 475.6 BBB-/Stable

Note: International MerchandiseTrade balance for last 12 months. FX Reserves at end of period.

*Per cent change of the major index in local currency YTD. **Foreign Currency Ratings by S&P.

For more Countrywise Indicators and Updates visit:

http://www.ecofin-surge.co.in/

8.0

3.0

-2.0

-7.0

-12.0

World Output, Inflation & Trade (% change, IMF, WEO Database & Updates)

8.4

5.7

3.6

5.8

3.9 3.6

3.6

3.0

3.6

3.2

2.9

3.3

0.9

-3.0

-11.0

GDP Inflation Trade

2017 2018 2019 2020 2021


25


S&P BSE

Sensex

(India)

DJI (US)

S&P

500(US)

Global Stock Indices

Selected Indian & International Stock Indices

FTSE

100(UK)

FTSE 100

(Europe)

NIKKEI 225

(Japan)

HSI

(HongKong)

IPC

(Mexico)

BOVESPA

(Brazil)

02-Mar-20 38,144.02 26,703.32 3,090.23 6,654.89 2,816.07 21,344.08 26,291.68 42,167.24 1,06,625.00

03-Mar-20 38,623.70 25,917.41 3,003.37 6,718.20 2,845.12 21,082.73 26,284.82 42,472.25 1,05,537.00

04-Mar-20 38,409.48 27,090.86 3,130.12 6,815.59 2,894.37 21,100.06 26,222.07 43,404.76 1,07,224.00

05-Mar-20 38,470.61 26,121.28 3,023.94 6,705.43 2,854.66 21,329.12 26,767.87 42,344.86 1,02,233.00

06-Mar-20 37,576.62 25,864.78 2,972.37 6,462.55 2,745.16 20,749.75 26,146.67 41,388.78 97,997.00

09-Mar-20 35,634.95 23,851.02 2,746.56 5,965.77 2,530.85 19,698.76 25,040.46 38,730.56 86,067.00

10-Mar-20 25,018.16 2,882.23 5,960.23 2,508.82 19,867.12 25,392.51 39,565.44 92,214.00

11-Mar-20 35,697.40 23,553.22 2,741.38 5,876.52 2,495.21 19,416.06 25,231.61 38,678.55 85,171.00

12-Mar-20 32,778.14 21,200.62 2,480.64 5,237.48 2,209.12 18,559.63 24,309.07 36,636.70 72,583.00

13-Mar-20 34,103.48 23,185.62 2,711.02 5,366.11 2,241.38 17,431.05 24,032.91 38,085.05 82,678.00

16-Mar-20 31,390.07 20,188.52 2,386.13 5,151.08 2,151.14 17,002.04 23,063.57 71,168.00

17-Mar-20 30,579.09 21,237.38 2,529.19 5,294.90 2,220.76 17,011.53 23,263.73 36,862.84 74,617.00

18-Mar-20 28,869.51 19,898.92 2,398.10 5,080.58 2,127.88 16,726.55 22,291.82 35,532.74 66,895.00

19-Mar-20 28,288.23 20,087.19 2,409.39 5,151.61 2,202.69 16,552.83 21,709.13 35,143.63 68,332.00

20-Mar-20 29,915.96 19,173.98 2,304.92 5,190.78 2,236.79 22,805.07 34,269.51 67,069.00

23-Mar-20 25,981.24 18,591.93 2,237.40 4,993.89 2,148.37 16,887.78 21,696.13 32,964.22 63,570.00

24-Mar-20 26,674.03 20,704.91 2,447.33 5,446.01 2,329.75 18,092.35 22,663.49 34,371.53 69,729.00

25-Mar-20 28,535.78 21,200.55 2,475.56 5,688.20 2,408.06 19,546.63 23,527.19 35,536.70 74,956.00

26-Mar-20 29,946.77 22,552.17 2,630.07 5,815.73 2,456.61 18,664.60 23,352.34 35,706.57 77,710.00

27-Mar-20 29,815.59 21,636.78 2,541.47 5,510.33 2,375.12 19,389.43 23,484.28 33,799.49 73,429.00

30-Mar-20 28,440.32 22,327.48 2,626.65 5,563.74 2,416.04 19,084.97 23,175.11 34,199.97 74,640.00

31-Mar-20 29,468.49 21,917.16 2,584.59 5,671.96 18,917.01 23,603.48 34,554.53 73,020.00

Closing Values

International Stock Index Movements vs S&P BSE Sensex, March-2020

DJI (US)

S&P 500 (US)

FTSE 100(UK)

FTSE 100 (Europe)

NIKKEI 225

(Japan)

HSI (HongKong) IPC (Mexico) BOVESPA (Brazil)


26


Global Commodity Prices

Primary Commodity Indices*/ Prices

Units Descriptor Jan-19 Feb-19 Mar-19 Jan-20 Feb-20 Mar-20

Index Number* Non-Energy Commodities 81.18 82.65 82.45 84.50 81.39 78.39

Index Number* Agriculture 83.50 83.76 83.00 88.57 86.05 83.39

Index Number* Food 86.97 87.45 86.20 93.89 90.51 88.07

Index Number* Grains 88.45 89.97 87.63 93.64 91.86 92.49

Index Number* Metals & Minerals 75.77 80.12 81.10 77.70 73.02 68.71

Index Number* Energy 73.80 77.39 79.95 74.45 64.98 42.02

USD per Barrel Crude Oil, Brent 59.27 64.13 66.41 63.60 55.00 32.98

USD per Barrel Crude Oil Dubai Fateh 58.96 64.32 66.80 63.76 54.51 33.75

USD per Barrel Crude Oil WTI 51.52 54.95 58.15 57.52 50.53 29.88

USD per Million Metric British Natural Gas, H H, Louisiana 3.08 2.72 2.94 2.03 1.92 1.79

Thermal Unit

USD per Metric Ton Coal, Australian Thermal 98.56 95.42 93.12 69.66 67.64 66.06

USD per Metric Ton Aluminum 1853.72 1862.99 1871.21 1773.09 1688.10 1610.89

USD per Metric Ton Copper 5939.10 6300.49 6439.46 6031.21 5687.75 5182.63

USD per Metric Ton Iron Ore 76.16 88.22 86.47 95.76 87.68 88.99

USD per Troy Oz. Gold 1291.75 1320.07 1300.90 1560.67 1597.10 1591.93

USD per Kg Rubber 1.59 1.65 1.72 1.68 1.61 1.50

USD per Kg Cotton 1.82 1.79 1.85 1.74 1.69 1.50

USD per Metric Ton Sunflower oil 688.13 700.00 711.71 806.91 823.00 730.00

USD per Metric Ton Groundnut oil 1379.77 1370.06 1370.38 1371.35 1393.46 1410.60

USD per Metric Ton Soybean Oil 747.79 772.82 750.33 875.64 800.41 747.75

USD per Metric Ton Soybeans 381.96 380.33 369.53 387.23 375.63 372.29

USD per Kg Sugar, EU 0.37 0.37 0.37 0.36 0.36 0.36

USD per Kg Sugar, U.S. 0.56 0.57 0.58 0.57 0.59 0.60

USD per Kg Sugar, World (ISA) 0.28 0.29 0.28 0.31 0.33 0.26

USD per Kg Tea*** 2.54 2.38 2.38 2.51 2.35 2.19

USD per Kg Coffee, Arabicas 2.83 2.83 2.73 3.13 2.99 3.26

USD per Metric Ton Rice, Bangkok 410.00 408.00 406.00 451.00 450.00 494.00

USD per Metric Ton Wheat, US 220.16 217.25 200.39 247.99 238.98 228.12

*World Bank commodity price indices for low and middle income countries (2010=100); ** Avg.of Colombo, Kolkata & Mombasa auctions.

Observed & Projected Price Movements, IMF WEO Database

88.50

108.44

2021

97.93

93.73

104.25

98.91

83.23

114.88

2020

97.51

94.37

109.05

96.43

143.45

135.11

2019

99.33

101.53

125.56

117.56

159.62

130.29

2018

102.51

107.34

123.76

128.19

Crude Oil Index(Petroleum), Brent, West

Texas Intermediate, and the Dubai Fateh

Metals Price Index, Copper, Aluminum, Iron

Ore, Tin, Nickel, Zinc, Lead, and Uranium

Price Indices

Food Price Index includes Cereal, Vegetable

Oils, Meat, Seafood, Sugar, Bananas, and

Oranges

Agricultural Raw Materials Index includes

Timber, Cotton, Wool, Rubber, and Hides

Price

Industrial Inputs Price Index includes

Agricultural Raw Materials and Metals

Fuel and Non-Fuel Price Indices

0.00 50.00 100.00 150.00 200.00


27


Highlights of the RBI Governor’s Statement, April 17, 2020

Since the nationwide lockdown was imposed by the Government of India from March 25, 2020, the RBI has taken a number of steps to ensure

normal business functioning by the entire banking sector. As a result, the payment infrastructure is running seamlessly. Regional offices of the

RBI have supplied fresh currency of ₹1.2 lakh crore from March1 till April 14, 2020 to currency chests across the country to meet increased

demand for currency in the wake of the COVID-19 pandemic. Surplus liquidity in the banking system has increased sharply in the wake of

sustained government spending. Systemic liquidity surplus, as reflected in net absorptions under the LAF, averaged ₹4.36 lakh crore during the

period March 27- April 14, 2020. As announced on March 27, the RBI undertook three auctions of targeted long term repo operations (TLTRO),

injecting cumulatively ₹75,041 crore to ease liquidity constraints in the banking system and de-stress financial markets. Another TLTRO auction

of ₹25,000 crore will be conducted on April 17. In response to these auctions, financial conditions have eased considerably, as reflected in the

spreads on money and bond market instruments. Moreover, activity in the corporate bond market has picked up appreciably, with several

corporates making new issuances. There are also indications that redemption pressures faced by mutual funds have moderated.

Additional Measures

Against this backdrop and based on continuing assessment of the macroeconomic situation and financial market conditions, we propose to take

further measures to (i) maintain adequate liquidity in the system and its constituents in the face of COVID-19 related dislocations; (ii) facilitate

and incentivise bank credit flows; (iii) ease financial stress; and (iv) enable the normal functioning of markets.

Liquidity Management

The RBI has moved in a calibrated fashion to ensure conducive financial conditions and normalcy in the functioning of financial markets and

institutions. The initial efforts to provide adequate system level liquidity are reflected in the sizable net absorptions under reverse repo

operations. With this achieved, the RBI has undertaken measures to target liquidity provision to sectors and entities which are experiencing

liquidity constraints and/or hindrances to market access. Long term repo operations (LTROs) to ensure adequate liquidity at the longer end of the

yield curve, exemptions from the cash reserve ratio for the equivalent of incremental credit disbursed by banks as loans in certain select

areas/segments and targeted LTROs or TLTROs fall in this class of sector-specific measures. It is, however, observed that the deployment of

TLTRO funds so far has largely been to bonds issued by public sector entities and large corporates, especially in primary issuances. The

disruptions caused by COVID-19 have, however, more severely impacted small and mid-sized corporates, including non-banking financial

companies (NBFCs) and micro finance institutions (MFIs), in terms of access to liquidity.

Targeted Long Term Operations (TLTRO) 2.0

It has been decided to conduct targeted long-term repo operations (TLTRO 2.0) for an aggregate amount of ₹50,000 crore, to begin with, in

tranches of appropriate sizes. The funds availed by banks under TLTRO 2.0 should be invested in investment grade bonds, commercial paper,

and non-convertible debentures of NBFCs, with at least 50 per cent of the total amount availed going to small and mid-sized NBFCs and MFIs.

The guidelines will spell out the details. These investments have to be made within one month of the availment of liquidity from the RBI. As in

the case of TLTRO auctions conducted hitherto, investments made by banks under this facility will be classified as held to maturity (HTM) even

in excess of 25 per cent of total investment permitted to be included in the HTM portfolio. Exposures under this facility will also not be reckoned

under the large exposure framework.

Refinancing Facilities for All India Financial Institutions (AIFIs)

All India financial institutions (AIFIs) such as the National Bank for Agriculture and Rural Development (NABARD), the Small Industries

Development Bank of India (SIDBI) and the National Housing Bank (NHB) play an important role in meeting the long-term funding

requirements of agriculture and the rural sector, small industries, housing finance companies, NBFCs and MFIs. These All India Financial

Institutions raise resources from the market through specified instruments allowed by the Reserve Bank, in addition to relying on their internal

sources. In view of the tightening of financial conditions in the wake of the COVID-19 pandemic, these institutions are facing difficulties in

raising resources from the market. Accordingly, it has been decided to provide special refinance facilities for a total amount of ₹50,000 crore to

NABARD, SIDBI and NHB to enable them to meet sectoral credit needs. This will comprise ₹25,000 crore to NABARD for refinancing regional

rural banks (RRBs), cooperative banks and micro finance institutions (MFIs); ₹15,000 crore to SIDBI for on-lending/refinancing; and ₹ 10,000

crore to NHB for supporting housing finance companies (HFCs). Advances under this facility will be charged at the RBI’s policy repo rate at the

time of availment.


28


Liquidity Adjustment Facility: Fixed Rate Reverse Repo Rate

As I have mentioned earlier, the surplus liquidity in the banking system has risen significantly in the wake of government spending and the

various liquidity enhancing measures undertaken by the RBI. On April 15, the amount absorbed under reverse repo operations was ₹6.9 lakh

crore. In order to encourage banks to deploy these surplus funds in investments and loans in productive sectors of the economy, it has been

decided to reduce the fixed rate reverse repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 4.0 per cent to 3.75 per

cent with immediate effect. The policy repo rate remains unchanged at 4.40 per cent, and the marginal standing facility rate and the Bank Rate

remain unchanged at 4.65 per cent.

Ways and Means Advances for States

On April 1, 2020 the RBI had announced an increase in the ways and means advances (WMA) limit of states by 30 per cent. It has now been

decided to increase the WMA limit of states by 60 per cent over and above the level as on March 31, 2020 to provide greater comfort to the

states for undertaking COVID-19 containment and mitigation efforts, and to plan their market borrowing programmes better. The increased limit

will be available till September 30, 2020.

Regulatory Measures

On March 27, 2020 the Reserve Bank had announced certain regulatory measures to mitigate the burden of debt servicing brought about by

disruptions on account of COVID-19 and to ensure the continuity of viable businesses. Based on a review of the rapidly evolving situation, and

consistent with the globally coordinated action committed to by the Basel Committee on Banking Supervision to alleviate the impact of Covid-19

on the global banking system, additional regulatory measures are being announced today.

Asset Classification

Economic activity has come to a standstill during the period of the lockdown, with consequential lingering effects which have unambiguously

affected the cash flows of households and businesses. On March 27, 2020 the RBI had permitted lending institutions (LIs) to grant a moratorium

of three months on payment of current dues falling between March 1 and May 31, 2020. It is recognized that the onset of COVID-19 has also

exacerbated the challenges for such borrowers even to honour their commitments fallen due on or before February 29, 2020 in Standard

Accounts. The Basel Committee on Banking Supervision (BCBS) has taken cognizance of the financial and economic impact of COVID-19 and

very recently announced that “………. the payment moratorium periods (Public or granted by banks on a voluntary basis) relating to the

COVID-19 outbreak can be excluded by banks from the number of days past due” in respect of NPA recognition.

Therefore, it has been decided that in respect of all accounts for which lending institutions decide to grant moratorium or deferment, and which

were standard as on March 1, 2020, the 90-day NPA norm shall exclude the moratorium period, i.e., there would an asset classification standstill

for all such accounts from March 1, 2020 to May 31, 2020. NBFCs, which are required to comply with Indian Accounting Standards (IndAS),

may be guided by the guidelines duly approved by their boards and as per advisories of the Institute of Chartered Accountants of India (ICAI) in

recognition of impairments. In other words, NBFCs have flexibility under the prescribed accounting standards to consider such relief to their

borrowers.

At the same time, we are cognizant of the risk build-up in banks’ balance sheets on account of firm-level stress and delays in recoveries. With the

objective of ensuring that banks maintain sufficient buffers and remain adequately provisioned to meet future challenges, they will have to

maintain higher provision of 10 per cent on all such accounts under the standstill, spread over two quarters, i.e., March, 2020 and June, 2020.

These provisions can be adjusted later on against the provisioning requirements for actual slippages in such accounts.

Extension of Resolution Timeline

Under RBI’s prudential framework of resolution of stressed assets dated June 7, 2019, in the case of large accounts under default, Scheduled

Commercial Banks, AIFIs, NBFC-ND-SIs and NBFC-D are currently required to hold an additional provision of 20 per cent if a resolution plan

has not been implemented within 210 days from the date of such default. Recognizing the challenges to resolution of stressed assets in the

current volatile environment, it has been decided that the period for resolution plan shall be extended by 90 days. Details will be spelt out in the

circular.

Distribution of Dividend

It is imperative that banks conserve capital to retain their capacity to support the economy and absorb losses in an environment of heightened

uncertainty. It has, therefore, been decided that in view of the COVID-19-related economic shock, scheduled commercial banks and cooperative

banks shall not make any further dividend payouts from profits pertaining to the financial year ended March 31, 2020 until further instructions.

This restriction shall be reviewed on the basis of the financial position of banks for the quarter ending September 30, 2020.


29


Liquidity Coverage Ratio

The Reserve Bank has been proactively taking measures to address the systemic liquidity issues through a slew of monetary and market

operations. In order to ease the liquidity position at the level of individual institutions, the LCR requirement for Scheduled Commercial Banks is

being brought down from 100 per cent to 80 per cent with immediate effect. The requirement shall be gradually restored back in two phases – 90

per cent by October 1, 2020 and 100 per cent by April 1, 2021.

NBFC Loans to Commercial Real Estate Projects

In terms of the extant guidelines for banks, the date for commencement for commercial operations (DCCO) in respect of loans to commercial

real estate projects delayed for reasons beyond the control of promoters can be extended by an additional one year, over and above the one-year

extension permitted in normal course, without treating the same as restructuring. It has now been decided to extend a similar treatment to loans

given by NBFCs to commercial real estate. This will provide relief to NBFCs as well as the real estate sector.


30


Sources:

Indian Data: Ministry of Statistics and Programme Implementation (MoSPI); Reserve Bank of India (RBI); Office of the Economic

Adviser, Ministry of Commerce & Industry; Union Budget, Ministry of Finance; Labour Bureau, Ministry of Labour and

Employment; BSE (Bombay Stock Exchange Ltd); National Stock Exchange of India Ltd. (NSE); Multi Commodity Exchange of

India (MCX); National Commodity & Derivatives Exchange Ltd (NCDEX); Securities and Exchange Board of India (SEBI); and

Estimation by Surge Research Support.

Global Indicators: International Monetary Fund (IMF); World Bank; Organisation for Economic Co-operation and Development

(OECD); National statistical agencies, Stock exchanges and Central banks of respective countries; IHS Markit Press Releases;

S&P Global Ratings; Yahoo Finance; Morgan Stanley Capital International (MSCI); Financial Times Stock Exchange (FTSE).

For more visit us at: www.ecofin-surge.co.in/

You can reach us at: ecofin-surge@gmail.com

Compiled by

Team SURGERS (Surge Research Support)

Edited by

Sakuntatala Sarkar: PGDCA from Indian Statistical Institute, Kolkata, formerly associated with ICRA Limited (Project on Money &

Finance) and a Consultant Trainer with Kotak Mahindra Life Insurance.

and

Suchismita Bose: PhD. from Indian Statistical Institute, Kolkata (Economic Research Unit) and formerly (Senior) Economist with

ICRA Limited (Project on Money & Finance) and a major contributor to the ICRA bulletin Money & Finance for almost two decades.

View my research on my SSRN Author page:

https://ssrn.com/author=242511

or at

https://www.researchgate.net/profile/Suchismita_Bose2/amp

Disclaimer: The information/data contained in this bulletin have been obtained from sources believed by Surge Research Support to be

reliable. Although reasonable care has been taken to ensure that the information/data herein are true and accurate at the time of

compilation, such information/data are provided “as is” without any warranty of any kind, and Surge Research Support makes no

representation or warranty as to the accuracy, timeliness or completeness of any such information/data. The contents of this

bulletin must be construed to be solely for informational purposes and Surge Research Support shall not be liable for any losses

incurred by users from any use of this bulletin or its contents.


31


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April 2020

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