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ASSOCHAM Economic Weekly 20 May, 2012 - The Associated ...

ASSOCHAM Economic Weekly 20 May, 2012 - The Associated ...

Index for ‘Minerals’

Index for ‘Minerals’ group rose by 5.6 percent to 362.1 from 343.0 for the previous month due to higher prices of gypsum (18%), copper ore (12%), crude petroleum (9%), steatite (6%) and chromite, sillimanite and magnesite (1% each). However, the prices of zinc concentrate (5%), barytes (4%) and manganese ore and iron ore (2% each) declined. The index for Fuel & Power group by 1.8 percent to 177.1 from 174.0 for the previous month due to higher prices of non-coking coal (33%), furnace oil and aviation turbine fuel (4% each), naphtha (3%), light diesel oil (2%) and lpg (1%). However, the prices of coking coal (4%) and bitumen (1%) declined. The index for manufacturing products rose by 1.0 percent to 143.6 from 142.2 for the previous month Please refer Table 1 for relevant figures Table 1: Wholesale Price Index and Rate of Inflation Commodities/Major Groups/Groups/Sub- Groups Weight WPI Apr., 2012 Month of April, 2012 Latest month Build up from Year on year over month March 2011- 2011- 2012-13 2011-12 2012-13 2012-13 12 12 Primary articles 20.1 215.9 4.57 4.65 4.57 4.65 15.09 9.71 Food Articles 14.3 206.4 4.36 4.88 4.36 4.88 10.66 10.49 Non-Food Articles 4.2 195.3 0.42 3.28 0.42 3.28 26.86 1.61 Minerals 1.5 362.1 13.79 5.57 13.79 5.57 23.57 19.27 Fuel & power 14.9 177.1 1.21 1.78 1.21 1.78 13.04 11.03 Manufactured products 64.9 143.6 0.74 0.98 0.74 0.98 6.80 5.12 ALL COMMODITIES 100 163.1 1.74 2.07 1.74 2.07 9.74 7.23 Source: Office of the Economic Adviser, Ministry of Commerce and Industry, Government of India. 1.2 Depreciation of Rupee The current account deficit CAD is financed by capital account surplus and drawdown of foreign exchange reserves when CAD exceeds capital account balance. 4

The main reasons for rupee depreciation are the supply-demand imbalance in the domestic foreign exchange market, mainly due to widening of CAD, slowdown in FII inflows, and heightened risk aversion due to the euro area sovereign debt crisis. The current account deficit (CAD) increased to 4.0 per cent of GDP in 2011-12 (upto December 2011) as compared to 3.3 per cent during the same period of 2010-11 due to widening of trade deficit on account of higher imports of POL and gold & silver. To lower the impact of gold imports on CAD under balance of payment (BoP), Government in the Union Budget 2012-13 has proposed to increase basic custom duty on standard gold bars; gold coins of purity exceeding 99.5 per cent and platinum from 2 per cent of 4 per cent and on non- standard gold from 5 per cent to 10 per cent. Further, the Reserve Bank of India has taken certain prudential measures in respect of Non- Banking Financing Companies (NBFCs) predominantly engaged in lending against collateral of gold jewellery, to restrict the loans against gold. Please refer Table 2 for relevant figures Table 2 Balance of Payment Deficit Year Current Account Capital Account BoP Accretion Foreign Deficit Balance Overall (-) /Drawdown (+) Exchange (inclusive errors Balance of Foreign Reserve (at end & omission) exchange reserve on BoP basis period) US$ as per cent US$ as per US$ US$ billion US$ billion billion of GDP billion cent of GDP billion 2008-09 27.9 2.3 7.8 0.5 (-)20.1 (+)20.1 252.0 2009-10 38.2 2.8 51.6 3.8 13.4 (-)13.4 279.1 2010-11 45.9 2.7 59.0 3.7 13.1 (-)13.1 304.8 2011-12 (upto Dec.2011) 53.6 4.0 46.5 3.5 (-)7.1 (+)7.1 296.7 Source: Ministry of finance, Govt. of India 5

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