Data updated in the textbook ‘Introductory Macroeconomics’ Class XII Economics Pg 31-32 This table has been further updated till 2010-2011 Table 2.2: Different Macroeconomic Aggregates of India at constant prices (Base Year: 2004-05; unit: Rupees crores); Source: Reserve Bank of India: Handbook of Indian Economy ( ). GDP at Market Prices Net factor income from abroad GNP at Market Prices Consumption of Fixed Capital NNP at Market Prices Indirect Taxes less Subsidies NNP at Factor Cost 2004-05 -22375 3219834 319891 2899943 270745 2629198 2005-06 -24920 3519428 350886 3168542 290132 2878410 - 3872974 -29515 3843459 385592 3457867 306963 3150904 - 4253184 -17179 4236005 427515 3808490 354226 3454264 4462967 -25384 4437583 467235 3970348 300458 3669890 4869317 -28889 4840428 518314 4322114 375574 3946540 5298129 -43083 5255046 574977 4680069 420286 4259782 Table 2.3: Different Macroeconomic Aggregates of India at constant prices (Base Year: 2004-05; unit: Rupees crores); Source: Reserve Bank of India: Handbook of Indian Economy ( ). Private Final Consumption Expenditure Government Final Consumption Expenditure Gross Fixed Capital Formation Change in Stock Exports of Goods and Services Imports of Goods and Services Discrepencies 2004-05 1917508 354518 931028 80150 569051 625945 -25155 2005-06 2081126 385947 1081791 101694 716014 829081 -33616 2006-07 2253702 400294 1231250 133769 859010 1005526 -45556 2007-08 2462318 438351 1430636 175377 909865 1108250 -102426 2008-09 2652273 485212 1452474 90168 1040765 1359886 41899 2009-10 2846410 564835 1559126 172083 983508 1335211 -14060 2010-11 3091328 591761 1693284 184800 1159818 1457870 -80568 On page 32-33, there were in all three tables which were merged into two tables . Data on Personal Disposable income and Gross domestic capital formation were not available so they have been deleted. Updated data on gross fixed capital formation, change in stock, exports of goods and services and discrepancies have been added In the chapter on Money and Banking Page No 47 has a table on money supply in India Page No 48 table has been replaced and a new table incorporates data from official site of Reserve bank of India Appendix 3.2 Money Supply in India Table 3.5: Change in M1 and M3 Over Time Year M1 M3 1999-00 341,796 1,124,174 2000-01 379,450 1,313,220 2001-02 422,843 1,498,355 2002-03 473,581 1,717,960 2003-04 578,716 2,005,676 2004-05 649,790 2,245,677 2005-06 826,415 2,719,519 2006-07 967,955 3,310,068 2007-08 1,155,837 4,017,882 2008-09 1,259,707 4,794,812 2009-10 1,489,301 5,602,731 2010-11 1,635,569 6,499,548 Source: Handbook of Statistics on Indian Economy, Reserve bank of India. Unit: Rs.crore The difference in values between the two columns is attributable to the Time Deposits held by the commercial banks. Appendix 3.3 Changes in the Composition of the Sources of Monetary Base Over Time Table 3.6 : Sources of Changes in the Monetary Base Year Percentage Changes in RBI Loans to Govt. RBI Loans to Commercial Sector RBI Foreign Assets 1999-00 -3 25 20 2000-01 4 -13 19 2001-02 -1 -55 34 2002-03 -21 -49 36 2003-04 -63 -32 35 2004-05 -140 -33 27 2005-06 -137 -0.22 10 2006-07 -63 11 29 2007-08 -4772 16 43 2008-09 -154 673 4 2009-2010 244 -90 -4 2010-11 87 63 8 Source: Handbook of Statistics on Indian Economy, Reserve Bank of India Note that RBI has been tightening domestic credit to Govt. of India. Chapter 5 : The Government: Function and Scope Up-date for Chp 5: Govt.and the Economy Section 5.1.3, Page 65: Para 1, Line 4: Item 3 in Table 5.1 shows that revenue deficit in 2010-11 was 3.1 percent of GDP [13.5 – 10.4]. Para 2, Line 6: From Table 5.1 we can see that non-debt creating capital receipts equals 0.5 per cent of GDP, obtained by subtracting, borrowing and other liabilities from total capital receipts (5.3 – 4.8). The fiscal deficit, therefore turns out to be 4.8 per cent of GDP, as given above [15.6 – (10.4+0.5)].1 Table 5.1: Receipts and Expenditures of the Central Government, 2010-11 (as percent of GDP) 1. Revenue Receipts (a+b) (a) Tax revenue (net of states’ share) (b) Non – tax revenue 10.4 7.5 2.9 2. Revenue Expenditure Of which (a) Interest payments (b) Major subsidies (c) Defence expenditure 13.5 3.1 1.7 1.2 3. Revenue Deficit (2-1) 3.2 4.Capital Receipts (a+b+c) Of which (a) Recovery of loans (b) Other receipts (mainly PSU disinvestment) (c) Borrowings and other liabilities 5.3 0.2 0.3 4.8 5. Capital Expenditure 2.1 6. Total Expenditure [2+5=6(a)+6(b)] (a) Plan expenditure (b) Non-plan expenditure 15.6 4.9 10.7 7. Fiscal deficit 4.8 8. Primary Deficit [7- 2(a)] 1.8 Source: Economic Survey 2011-12 1 1 We find that on subtracting we get 4.7 and not 4.8. However, the Economic Survey 2011-12 states in the second point in the Notes at the end of Table 3.2 on page 48 : “The figures may not add up to the total due to rounding and approximations.” Chapter 6 Open Economy Macroeconomics Data up-date: Chapter 6: Page 76: 2nd paragraph: In 2010-11, this was 37.4 per cent for the Indian economy (imports constituted 22.6 per cent and exports 14.8 per cent of GDP). Page 77: section 6.1: 1st para, 3rd line: Table 6.1 gives balance of payments summary for the Indian Economy for the year 2010-11. 2nd. Para, 5th line: In 2010-11, imports exceeded exports leading to a huge trade deficit in India of US$ 130.6 billion. 2nd para,19th line: This is referred to as the current account deficit and for 2010-11 it was 2.7 per cent of GDP. Page 78: subsection 6.1.1: 2nd Para, 8th line: In 2010-11, there was a balance of payments surplus of US$ 13.1 billion, shown in item 14 of Table 6.1. This was the amount of addition to official reserves and constituted 1 per cent of GDP. Table 6.1: Balance of Payments for India, 2010-11 (US $ billion) 1. Exports 250.5 2. Imports -381.1 3. Trade balance (2 – 1) -130.6 4. Invisibles (net) 84.6 (a)Non-factor income 48.8 (b)Income -17.3 (c)Pvt. Transfers 53.1 5. Current account balance (3 + 4) -45.9 6. External assistance (net) 4.9 7. Commercial borrowing (net) 12.5 8. Short-term debt 11.0 9. Banking Capital of which NR deposits (net) 4.9 3.2 10. Foreign investment (net) 39.7 Of which: (i) FDI (net) 9.4 (ii)Portfolio 30.3 11. Other flows (net) -11.0 12. Capital account total (net) 62.0 13. Errors and Omissions -3.0 14. Balance of payments [ 5 + 12+13] 13.1 15. Reserve use (- increase) -13.1 Source: Economic Survey 2011-12 1 We find that on subtracting we get 4.7 and not 4.8. However, the Economic Survey 2011-12 states in the second point in the Notes at the end of Table 3.2 on page 48 : “The figures may not add up to the total due to rounding and approximations.” Introductory Microeconomics Page 63 Q21) Col 1, Price has been replaced with output