The Reserve Bank of India today released the August issue of its Monthly RBI Bulletin. The August Bulletin carries four special articles:
Highlights of the special articles are:
1. Developments in India’s Balance of Payments during Fourth Quarter (January-March) of 2010-11
This article covers the analysis of major developments in India’s Balance of Payment during the fourth quarter of 2010-11. The data are presented for the first time in a revised format as per the International Monetary Fund’s (IMF) Balance of Payment Manual, Sixth Edition (BPM6). In the new format, capital account has been bifurcated into two separate heads, namely, ‘capital account’ and ‘financial account’.
The Reserve Bank has been compiling and publishing the data on India’s Balance of Payments (BoP) on a quarterly basis with a lag of one quarter. The compilation of BoP data is based on the IMF guidelines set out in its Balance of Payments Manual (BPM). The IMF has recently brought out revised Balance of Payment Manual – BPM6, suggesting revised compilation procedure as well as new format of standard presentation of BoP statistics. A working group under the chairmanship of Shri Deepak Mohanty, Executive Director, Reserve Bank of India, in November, 2010 had recommended that the BoP data for India should be presented in the new format of standard presentation of BoP as suggested by the IMF’s BPM6.
The article also gives the Balance of Payments statistics in the old format for 2007-08 to 2010-11 in Annex 1. Further, the correspondence between the old and new format in terms of various components of balance of payments have been given in Annex 2. In addition, the disaggregated data on invisibles for all the quarters of 2010-11, are also published as part of this article.
2. India‘s External Debt as at end-March 2011
The article on India’s External Debt places India’s external debt, as at end-March 2011, at US$ 305.9 billion or 17.3 per cent of GDP. The article also provides tables and charts on various details on external debt like External Debt Outstanding, External Debt by Component, Currency Composition, Instrument-wise classification, Short-Term Debt by Original Maturity and Residual Maturity. A detailed account of external debt as compiled in the standard format as at end-March 2011 in Rupee and US Dollar terms and revised data for the earlier quarters are provided in Statements 1 and 2. The article also provides a cross-country comparison of external debt among select developing countries.
3. Inflation Expectations Survey of Households: June 2011 (Round 24)
This article presents the findings of Inflation Expectations Survey of Households conducted in the April-June 2011 quarter, the 24th round in the series. The survey captures the inflation expectations of 4,000 urban households across 12 cities for the next three months and for the next one year.
These expectations are based on households’ individual consumption baskets and hence, these rates are not to be considered as predictors of any official measure of inflation. The households’ inflation expectations provide useful directional information on near-term inflationary pressures and also supplement other economic indicators to get a better indication of future inflation. The survey reflects expectations of the respondents and not of the Reserve Bank of India.
4. Quarterly Industrial Outlook Survey: April-June 2011 (Round 54)
This article presents the survey findings of the 54th round of the Industrial Outlook Survey. The survey was conducted for the April-June 2011 quarter and gives the assessment of business situation of companies in manufacturing sector, for the quarter April-June 2011, and their expectations for the ensuing quarter July-September 2011.
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