Markets Actual Q1 Q2 Q3 Q4 2023
Stock Market (points) 57858.15 57484 55973 54503 53069 50314
Government Bond 10Y (%) 6.66 6.66 6.7 6.74 6.78 6.86

Overview Actual Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) 12.70 1.3 1.6 1.5 1 1
GDP Annual Growth Rate (%) 8.40 5.6 3.3 5.1 6 6.5
Unemployment Rate (%) 6.90 6.4 6.3 6 6.2 6.5
Inflation Rate (%) 5.59 5.9 5.2 5.5 5.1 4.6
Interest Rate (%) 4.00 4.25 4.5 4.5 4.75 5.5
Cash Reserve Ratio (%) 4.00 4 4 4 4 4
Balance of Trade (USD Billion) -21.68 -17 -9.6 -6.8 -7.2 -9.6
Current Account (USD Million) -9600.00 -4400 -5700 -6800 -8400 -7700
Current Account to GDP (% of GDP) 0.90 -2.6 -2.6 -2.6 -2.6 -2.6
Government Debt to GDP (% of GDP) 73.95 84 84 84 84 84
Government Budget (% of GDP) -9.40 -4 -4 -4 -4 -3.6
Business Confidence (points) 124.10 117 115 110 102 102
Manufacturing PMI (points) 55.50 52.3 54 53 51 50.9
Services PMI (points) 55.50 52 53 51 50.8 51.2
Consumer Confidence (points) 62.30 61 70 77 85 85
Corporate Tax Rate (%) 25.17 25.17 25.17 25.17 25.17 25.17
Personal Income Tax Rate (%) 42.74 35.88 35.88 35.88 35.88 35.88

GDP Actual Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) 12.70 1.3 1.6 1.5 1 1
GDP Annual Growth Rate (%) 8.40 5.6 3.3 5.1 6 6.5
GDP (USD Billion) 2622.98 3000 3000 3000 3000 3450
GDP Constant Prices (INR Billion) 35734.51 38127 41145 33449 37557 40415
Gross National Product (INR Tens Of Million) 13280223.00 13970795 14023915 13718470 13957514 14809042
Gross Fixed Capital Formation (INR Billion) 11429.07 12563 14132 10561 12012 13317
GDP per capita (USD) 1797.76 1850 1850 1850 1850 1920
GDP per capita PPP (USD) 6118.36 7500 7500 7500 8000 8000
GDP From Agriculture (INR Billion) 4076.41 6735 5750 5023 4284 7139
GDP From Construction (INR Billion) 2405.28 2879 3353 2286 2528 3052
GDP From Manufacturing (INR Billion) 5867.75 5848 6669 5618 6167 6199
GDP From Mining (INR Billion) 700.22 778 964 841 736 825
GDP From Public Administration (INR Billion) 4728.61 4700 4963 3917 4970 4982
GDP From Utilities (INR Billion) 863.30 796 840 847 907 844

Labour Actual Q1 Q2 Q3 Q4 2023
Unemployment Rate (%) 6.90 6.4 6.3 6 6.2 6.5
Labor Force Participation Rate (%) 47.30 48.5 49.5 50 50.3 50.5
Population (Million) 1347.12 1373 1373 1373 1373 1386
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 60.00 60 60 60 60 60
Minimum Wages ( INR/Day) 178.00 190 190 190 190 190
Youth Unemployment Rate (%) 24.40 26 26 26 26 26

Prices Actual Q1 Q2 Q3 Q4 2023
Inflation Rate (%) 5.59 5.9 5.2 5.5 5.1 4.6
Consumer Price Index CPI (points) 166.10 166 170 172 175 183
GDP Deflator (points) 146.10 148 147 147 154 161
Producer Prices (points) 142.40 144 146 145 148 154
Producer Prices Change (%) 13.56 11 8.9 5.2 4 4
Export Prices (points) 140.30 138 138 138 138 140
Import Prices (points) 105.50 107 107 107 107 110
Food Inflation (%) 4.05 5.1 4.9 5.1 5.5 5.5
Inflation Expectations (%) 12.60 11.2 9.5 9 8.7 8.7
Inflation Rate Mom (%) -0.36 0.5 0.7 0.3 0.7 0.7
CPI Housing Utilities (points) 163.40 169 169 171 172 180
CPI Transportation (points) 155.60 156 157 158 159 160

Money Actual Q1 Q2 Q3 Q4 2023
Interest Rate (%) 4.00 4.25 4.5 4.5 4.75 5.5
Cash Reserve Ratio (%) 4.00 4 4 4 4 4
Interbank Rate (%) 3.69 3.94 4.19 4.19 4.44 4.44
Money Supply M1 (INR Billion) 48830.31 47000 45000 45000 41000 41000
Money Supply M2 (INR Billion) 51011.58 51000 48000 48000 42000 42000
Money Supply M3 (INR Billion) 198180.52 190000 176000 176000 175000 175000
Foreign Exchange Reserves (USD Million) 634965.00 630000 625000 625000 620000 610000
Central Bank Balance Sheet (INR Billion) 33049.98 33300 28800 26700 24200 20200
Loan Growth (%) 9.20 5.8 5.9 6 6.4 6.4
Reverse Repo Rate (%) 3.35 3.35 3.35 3.35 3.35 3.35

Trade Actual Q1 Q2 Q3 Q4 2023
Balance of Trade (USD Billion) -21.68 -17 -9.6 -6.8 -7.2 -9.6
Current Account (USD Million) -9600.00 -4400 -5700 -6800 -8400 -7700
Current Account to GDP (% of GDP) 0.90 -2.6 -2.6 -2.6 -2.6 -2.6
Imports (USD Billion) 59.48 49.1 41 39 40.1 43.5
Exports (USD Billion) 37.81 32.1 31.4 32.2 32.9 33.9
External Debt (USD Million) 593100.00 572000 572000 580000 580000 585000
Terms of Trade (points) 107.20 84.21 129 129 129 129
Capital Flows (USD Million) -20.32 27 85 90 110 110
Foreign Direct Investment (USD Million) 1641.00 2400 2400 2400 3600 4200
Remittances (USD Million) 13668.02 14800 13800 13800 13500 13500
Tourist Arrivals 29397.00 40000 450000 450000 510000 510000
Gold Reserves (Tonnes) 743.83 650 650 650 650 650

Government Actual Q1 Q2 Q3 Q4 2023
Government Debt to GDP (% of GDP) 73.95 84 84 84 84 84
Government Budget (% of GDP) -9.40 -4 -4 -4 -4 -3.6
Government Budget Value (INR Tens of Millions) -695614.00 -1000000 -1730000 -654800 -1379800 -1250000
Government Spending (INR Billion) 3616.16 3740 4815 4354 3801 3965
Government Revenues (INR Tens of Millions) 1378993.00 1720000 170200 170200 1150000 1230000
Fiscal Expenditure (INR Tens of Millions) 2074607.00 3450000 825000 1550000 2400000 2450000
Government Spending To GDP (% of GDP) 17.60 14 14 14 14 12

Taxes Actual Q1 Q2 Q3 Q4 2023
Corporate Tax Rate (%) 25.17 25.17 25.17 25.17 25.17 25.17
Personal Income Tax Rate (%) 42.74 35.88 35.88 35.88 35.88 35.88
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 24.00 24 24 24 24 24
Social Security Rate For Companies (%) 12.00 12 12 12 12 12
Social Security Rate For Employees (%) 12.00 12 12 12 12 12

Business Actual Q1 Q2 Q3 Q4 2023
Business Confidence (points) 124.10 117 115 110 102 102
Manufacturing PMI (points) 55.50 52.3 54 53 51 50.9
Services PMI (points) 55.50 52 53 51 50.8 51.2
Industrial Production (%) 1.40 3 3.3 3.1 3.2 4.8
Industrial Production Mom (%) -4.70 0.3 0.1 0.3 0.8 0.8
Manufacturing Production (%) 0.90 3.8 5.8 5.8 5.8 5.6
Car Production (Units) 164443.00 190000 179000 181000 200000 200000
Car Registrations 159360.00 177000 194000 194000 220000 220000
Mining Production (%) 5.00 3 -1.5 -1 2.4 2.4
Steel Production (Thousand Tonnes) 9800.00 9140 8900 8500 8650 8650
Composite PMI (points) 56.40 52 52 52 51.1 51.5

Consumer Actual Q1 Q2 Q3 Q4 2023
Consumer Confidence (points) 62.30 61 70 77 85 85
Consumer Spending (INR Billion) 19483.46 22220 22814 18425 20477 23553
Disposable Personal Income (INR Million) 199689740.00 210073606 210872365 206279501 209873917 222678023
Bank Lending Rate (%) 8.80 9.05 9.3 9.3 9.55 9.55
Gasoline Prices (USD/Liter) 1.28 1.22 1.16 1.1 1.04 0.99
Households Debt To GDP (% of GDP) 35.80 39.4 40 40.2 41 43

Housing Actual Q1 Q2 Q3 Q4 2023
Housing Index (points) 106.00 112 114 116 120 120
Construction Output (%) 3.10 2.5 2.5 2.9 2.9 3


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. India Forecast - was last updated on Wednesday, January 26, 2022.