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Legal Aspects Economic Indicators from 1991

Investment Opportunities and
Incentives
National Income Sector
Trade The Indian economy has undergone substantial changes since the introduction of
economic reforms in 1991. These reforms were a comprehensive effort consisting Agriculture Sector
Industry and Services of three main components namely, liberalisation, privatisation and globalisation.
They included various measures like deregulating the markets and encouraging Industrial Sector
Growing a Business private participation; trade liberalisation; dismantling the restrictions on domestic
and foreign investments; reforming the financial sector and the tax system, etc. Money & Banking Sector
Business Financing All such policy initiatives radically changed the economic set-up of the country
and integrated it with the rest of the world. Thus, India was placed in a globally Price Trends
competitive position so as to fully utilise its potentials and opportunities for rapid
Closing or Changing a Business growth of the economy.

Net National Product (NNP) at factor cost (at 1993-94 prices) increased from 0.5 per cent in 1991-92 to 6.3 per cent in 1
Infrastructure 2000. It increased to 8.8 percent in 2003-04 at 1999-2000 prices. Similarly, per capita NNP increased from -1.5 per cent
percent and then to 7.0 percent during the same period. Gross National Product (GNP) at factor cost (at 1993-94 prices)
Indian Economy increased from 1.1 per cent in 1991-92 to 6.2 percent in 1999-2000. It increased to 8.7 percent in 2003-04 at 1999-200
Gross Domestic Product (GDP) at factor cost ( at 1999-2000 prices) has increased from 4.4 percent in 2000-01 to 7.5 pe
Taxation 2004-05.

Consumer Rights The industrial sector has been going through a process of restructuring and consolidation after liberalisation
responded to the reforms through mergers and acquisitions, adoption of cost cutting measures, foreign collaboration, tec
upgradation and outward orientation in sectors such as cement, steel, aluminium, pharmaceuticals, and automobiles. Ind
Corporate Governance
growth increased sharply in the first five years after the reforms, but then slowed to an annual rate of 4.5 percent in the
Entrepreneurship in Agriculture & Allied years. From low growth rate of 2.7 per cent in 2001-02, the industry sector grew at a rate of 7.1 per cent in 2002-03 and
Sectors to 9.8 per cent in 2004-05.

Opportunities for Overseas Indians
Problems Relating to MSMEs
There has been steady and continuous rise in supply of money in the economy since initiation of reforms. Reserve
increased from Rs.99,505 crores in 1991-92 to Rs.573066 crores (Provisional) in 2005-06. Narrow money (M1) has incre
from Rs.114406 crores to Rs. 825245 crores (Provisional), while, broad money (M3) has increased from Rs.317049
Rs.2729535 crores (Provisional) during the same period.

Low and volatile growth rates in Indian agriculture and allied sectors was reflected in the average annual growth rate of v
Land Acquisition, Resettlement and added in the sector declining from 4.7 per cent during the Eighth Plan (1992-1997) to 2.1 per cent during the Ninth Plan
Rehabilitation 2002). From negative growth rate of -7.2 percent in 2002-03, the agriculture sector grew at a rate of 10.0 per cent in 20
and at a rate of 6.0 per cent in 2005-06.
Outsourcing Industry
As a proportion of GDP, the share of exports, which had grown from 5.8 per cent in 1990-91 to 12.2 per cent in 2004-05
further to 13.1 per cent in 2005-06. The corresponding rise in imports was from 8.8 per cent in 1990-91 to 17.1 per cent
FAQs 2004-05 and further to 19.5 per cent in 2005-06. Thus, trade deficit as a proportion of GDP, which had declined from 3.0
cent in 1990-91 to 2.1 per cent in 2002-03, widened to 4.9 per cent in 2004-05 and further to 6.4 per cent in 2005-06.

Performance of the Indian economy on the inflation front, with price stability as one of the prime objectives of the reform
has been satisfactory, particularly after the mid 1990s. The annual average inflation rate based on Wholesale Price Index
was 10.6 per cent between 1991-96, which fell down to 5.1 per cent in the period 1996-2001 and then to 4.7 per cent in
06.

There are various economic indicators which highlight the performance of the economy since 1991
Economic Indicators from 1991

Current State of the Indian Economy

Studies/Surveys/ Reports

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Trade

Industry and Services Year GDP at factor NDP at factor GNP at factor NNP at factor
Cost cost cost cost
Growing a Business
1 2 3 4 5
Business Financing

Closing or Changing a Business

1991-92 701863 628092 691143 617372

Infrastructure 1992-93 737792 659599 726375 648182

1993-94 781345 697992 769265 685912

Indian Economy
1994-95 838031 747573 824816 734358
Taxation
1995-96 899563 800411 886961 787809
Consumer Rights
1996-97 970082 862807 959359 852084

Corporate Governance

Entrepreneurship in Agriculture & Allied

Sectors 1998-99 1082747 960554 1070773 948580

1999-00 1148367 1019296 1137185 1008114

Opportunities for Overseas Indians

Problems Relating to MSMEs

1999-00 1792292 1605643 1776861 1590212
Land Acquisition, Resettlement and
Rehabilitation 2000-01 1870387 1675632 1847842 1653087

2001-02 1978055 1775951 1957384 1755280

Outsourcing Industry
2002-03 2052586 1841931 2033781 1823126

FAQs 2003-04 (P) 2226041 2004703 2208196 1986858

2004-05 (QE) 2393671 2158718 2376729 2141776

2005-06 (RE) 2595339 2349311 2571310 2325282

P : Provisional
QE: Quick Estimates
RE: Revised Estimates
Source: Central Statistical Organisation (CSO), Government of India
Economic Indicators from 1991

Current State of the Indian Economy

Studies/Surveys/ Reports

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Economic Indicators from 1991:
Legal Aspects
Agricultural Sector
Investment Opportunities and
Incentives
1. Index Numbers of Area, Production and Yield of All Crops In India
Trade
All crops
Industry and Services A Pr

Growing a Business 1 2 3

(Base: Triennium ending 1981-82 = 100)

Business Financing
1991-92 102.7 145.5
Closing or Changing a Business 1992-93 103.1 151.6

(Base: Triennium ending 1993-94 = 100)

Infrastructure
1993-94 121.9 123.0
Indian Economy
1994-95 123.8 130.1
Taxation
1995-96 123.0 126.8

Consumer Rights 1996-97 125.6 137.8

Corporate Governance 1997-98 125.3 120.6

Entrepreneurship in Agriculture & Allied 1998-99 126.6 141.1
Sectors
1999-00 124.3 138.5
Opportunities for Overseas Indians
2000-01 121.8 130.2

2001-02 122.7 140.1

Problems Relating to MSMEs
2002-03 (P) 113.1 121.6
Land Acquisition, Resettlement and
Rehabilitation 2003-04 (P) 118.4 141.2

2004-05 (AE) 121.8 140.8

Outsourcing Industry
A: Area.
Pr: Production.
FAQs Y : Yield.
P: Provisional for non-foodgrains and all crops
AE: Advance Estimates
Source : Ministry of Agriculture, Government of India.

2. Agricultural Production - Foodgrains

Year Rice Cereals Wheat Coarse Total(2 to 4)

Cereals

1 2 3 4 5

1991-92 74.68 55.69 25.99 156.36

1992-93 72.86 57.21 36.59 166.66

 1993-94 80.30 59.84 30.82 170.95
Economic Indicators from 1991
1994-95 81.81 65.77 29.88 177.46
Current State of the Indian Economy 1995-96 76.98 62.10 29.03 168.11

1996-97 81.74 69.35 34.10 185.19

Studies/Surveys/ Reports
1997-98 82.53 66.35 30.40 179.29

1998-99 86.08 71.29 31.33 188.70

1999-00 89.68 76.37 30.34 196.39

2000-01 84.98 69.68 31.08 185.74

2001-02 93.34 72.77 33.37 199.48

2002-03 71.82 65.76 26.07 163.65

2003-04 88.53 72.15 37.60 198.28

2004-05 83.13 68.64 33.46 185.28

2005-06 (AE) 91.04 69.48 34.67 195.19

AE: Advance Estimates

Source : Ministry of Agriculture, Government of India

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Economic Indicators from 1991:
Legal Aspects
Industrial Sector
Investment Opportunities and
Incentives
1. Index Numbers Of Industrial Production
Year Mining & quarrying Manufacturing Electricity
Trade

Industry and Services 1 2 3 4

Base : 1980-81 = 100

Growing a Business

Business Financing Weight 011.46 077.11 011.43

1991-92 222.50 206.20 257.00

Closing or Changing a Business
1992-93 223.70 210.70 269.90
Infrastructure 1993-94 231.50 223.50 290.00

Indian Economy 1994-95 248.80 245.40 314.60

Taxation 1995-96 267.30 278.80 340.10

1996-97 268.40 302.80 353.40

Consumer Rights
1997-98 281.50 313.70 377.60
Corporate Governance
Base : 1993-94 = 100
Entrepreneurship in Agriculture & Allied
Sectors
Weight 010.47 079.36 010.17

Opportunities for Overseas Indians 1994-95 109.80 109.10 108.50

1995-96 120.50 124.50 117.30

Problems Relating to MSMEs
1996-97 118.20 133.60 122.00
Land Acquisition, Resettlement and 1997-98 126.40 142.50 130.00
Rehabilitation
1998-99 125.40 148.80 138.40
Outsourcing Industry
1999-00 126.70 159.40 148.50

2000-01 130.30 167.90 154.40

FAQs
2001-02 131.90 172.70 159.20

2002-03 139.60 183.10 164.30

2003-04 146.90 196.60 172.60

2004-05 153.40 214.60 181.50

2005-06 (P) 154.90 234.20 190.90

P: Provisional
Source : Central Statistical Organisation, Government of India.

2. Index Numbers of Industrial Production - Use-Based Classification

Year Basic goods Capital goods Inter-mediate Consumer goods

 goods
Economic Indicators from 1991
1 2 3 4 5
Current State of the Indian Economy (Base : 1980-81 = 100)

Studies/Surveys/ Reports Weight 039.42 016.43 020.51 023.65

1991-92 226.90 266.80 173.20 190.80

1992-93 232.90 266.40 182.60 194.20

1993-94 254.90 255.40 203.90 202.00

1994-95 269.00 318.80 211.40 219.60

1995-96 291.40 376.00 236.30 251.00

1996-97 315.10 398.00 259.50 261.30

1997-98 337.30 382.20 277.40 273.30

(Base : 1993-94 = 100)

Weight 035.57 009.26 026.51 028.66

1994-95 109.60 109.20 105.30 112.10

1995-96 121.40 115.00 125.70 126.50

1996-97 125.00 128.20 135.90 134.30

1997-98 133.60 135.60 146.80 141.70

1998-99 135.80 152.70 155.80 144.80

1999-00 143.30 163.30 169.50 153.00

2000-01 148.60 166.20 177.40 165.20

2001-02 152.50 160.60 180.10 175.10

2002-03 159.90 177.40 187.10 187.50

2003-04 168.60 201.50 199.00 200.90

2004-05 177.90 229.60 211.10 224.40

2005-06 (P) 189.80 265.80 216.40 251.40

P: Provisional
Source : Central Statistical Organisation, Government of India.

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Economic Indicators from 1991:
Legal Aspects Industrial Sector
Investment Opportunities and
Incentives 1. Index Numbers Of Industrial Production
Trade Year Mining & Manufacturing Electricity
quarrying
Industry and Services

Growing a Business 1 2 3 4

Business Financing Base : 1980-81 = 100

Closing or Changing a
Weight 011.46 077.11 011.43
Business
Infrastructure 1991-92 222.50 206.20 257.00

Indian Economy 1992-93 223.70 210.70 269.90

Taxation 1993-94 231.50 223.50 290.00
Consumer Rights
1994-95 248.80 245.40 314.60
Corporate Governance
1995-96 267.30 278.80 340.10
Entrepreneurship in
Agriculture & Allied Sectors 1996-97 268.40 302.80 353.40
Opportunities for Overseas
Indians 1997-98 281.50 313.70 377.60

Problems Relating to MSMEs Base : 1993-94 = 100

Land Acquisition, Weight 010.47 079.36 010.17

Resettlement and
Rehabilitation 1994-95 109.80 109.10 108.50
Outsourcing Industry 1995-96 120.50 124.50 117.30

FAQs 1996-97 118.20 133.60 122.00

1997-98 126.40 142.50 130.00

1998-99 125.40 148.80 138.40

1999-00 126.70 159.40 148.50

2000-01 130.30 167.90 154.40

2001-02 131.90 172.70 159.20

Economic Indicators from 1991 2002-03 139.60 183.10 164.30

Current State of the Indian 2003-04 146.90 196.60 172.60

Economy
2004-05 153.40 214.60 181.50
Studies/Surveys/ Reports
2005-06 (P) 154.90 234.20 190.90

P: Provisional
Source : Central Statistical Organisation, Government of India.

2. Index Numbers of Industrial Production - Use-Based Classification

Year Basic goods Capital Inter- Consumer
goods mediate goods
goods

1 2 3 4 5

(Base : 1980-81 = 100)

Weight 039.42 016.43 020.51 023.65

1991-92 226.90 266.80 173.20 190.80

1992-93 232.90 266.40 182.60 194.20

1993-94 254.90 255.40 203.90 202.00

1994-95 269.00 318.80 211.40 219.60

1995-96 291.40 376.00 236.30 251.00

1996-97 315.10 398.00 259.50 261.30

1997-98 337.30 382.20 277.40 273.30

(Base : 1993-94 = 100)

Weight 035.57 009.26 026.51 028.66

1994-95 109.60 109.20 105.30 112.10

1995-96 121.40 115.00 125.70 126.50

1996-97 125.00 128.20 135.90 134.30

1997-98 133.60 135.60 146.80 141.70

1998-99 135.80 152.70 155.80 144.80

1999-00 143.30 163.30 169.50 153.00

2000-01 148.60 166.20 177.40 165.20

2001-02 152.50 160.60 180.10 175.10

2002-03 159.90 177.40 187.10 187.50

2003-04 168.60 201.50 199.00 200.90

2004-05 177.90 229.60 211.10 224.40

2005-06 (P) 189.80 265.80 216.40 251.40

P: Provisional
Source : Central Statistical Organisation, Government of India.
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Economic Indicators from 1991:
Legal Aspects
Money & Banking Sector
Investment Opportunities and
Incentives
Components of Money Stock
Trade
Year Reserve money (M0) Narrow money (M1)
Industry and Services
1 2 3
Growing a Business
1991-92 99505 114406
Business Financing 1992-93 110779 124066

1993-94 138672 150778

Closing or Changing a Business
1994-95 169283 192257
Infrastructure 1995-96 194457 214835

Indian Economy 1996-97 199985 240615

1997-98 226402 267844

Taxation
1998-99 259286 309068
Consumer Rights
1999-00 280555 341796
Corporate Governance
2000-01 303311 379450
Entrepreneurship in Agriculture & Allied
Sectors 2001-02 337970 422843

2002-03 369061 473581

Opportunities for Overseas Indians
2003-04 (P) 436512 578716

Problems Relating to MSMEs 2004-05 (P) 489135 647495

2005-06 (P) 573066 825245

Land Acquisition, Resettlement and
Rehabilitation P: Provisional

Outsourcing Industry
(M0):
Currency in circulation+ Other deposits with the RBI+ Banker deposits with the RBI
(M1):
FAQs Currency with the public+ Other deposits with the RBI+ Demand deposits
(M3)):
Time deposits+(M 1)

Source: Reserve Bank of India (RBI)

Economic Indicators from 1991

Current State of the Indian Economy

Studies/Surveys/ Reports

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Economic Indicators from 1991:
Legal Aspects
Price Trends
Investment Opportunities and
Incentives
(1) Wholesale Price Index - Annual Average
Index (Average of weeks)
Trade
of which
Industry and Services FA NF

Growing a Business 1 2 3 4 5

(Base : 1981-82 = 100)

Business Financing
1991-92 207.8 218.3 241.1 229.2
Closing or Changing a Business 1992-93 228.7 234.6 271.0 228.7

1993-94 247.8 250.9 284.4 249.1

Infrastructure
(Base : 1993-94 = 100)
Indian Economy
1993-94 100.0 100.0 100.0 100.0
Taxation
1994-95 112.6 115.8 112.8 124.2
Consumer Rights 1995-96 121.6 125.3 122.2 135.4

Corporate Governance 1996-97 127.2 135.8 137.3 134.2

Entrepreneurship in Agriculture & Allied 1997-98 132.8 139.4 141.4 137.5

Sectors
1998-99 140.7 156.2 159.4 151.8
Opportunities for Overseas Indians 1999-00 145.3 158.0 165.5 143.0

2000-01 155.7 162.5 170.5 146.5

Problems Relating to MSMEs
2001-02 161.3 168.4 176.1 152.9
Land Acquisition, Resettlement and
Rehabilitation 2002-03 166.8 174.0 179.2 165.4

Outsourcing Industry 2003-04 175.9 181.5 181.5 186.3

2004-05 187.3 188.1 186.3 187.6

FAQs
2005-06 195.5 193.6 195.3 179.2

AC: All commodities.

FA : Food articles.
PA : Primary articles.
NF: Non-food articles.
MP: Manufactured products.
FPL& L: Fuel, power, light & lubricants.
Source : Office of the Economic Adviser, Ministry of Commerce and Industry, Government of India.

(2) Consumer Price Index - Annual Average

Year Index (Average of months)

IW of which UNME
 Food
Economic Indicators from 1991
1 2 3 4

Current State of the Indian Economy (Base : 1982 = 100 for IW and 1984-85 = 100 for UNME)

1991-92 219 230 183

Studies/Surveys/ Reports
1992-93 240 254 202

1993-94 258 272 216

1994-95 284 304 237

1995-96 313 337 259

(Base :1986-87 = 100 for AL)

1996-97 342 369 283

1997-98 366 388 302

1998-99 414 445 337

1999-00 428 446 352

2000-01 444 453 371

2001-02 463 466 390

2002-03 482 477 405

2003-04 500 495 420

2004-05 520 506 436

2005-06 542# 527# 456

IW: Industrial workers.

UNME: Urban non-manual employees.
AL: Agricultural labourers
# From January 2006, the base is 2001=100; the conversion factor is 4.63 for the `General Index' and 4.58 for the `Fo
Group'.

Source : 1. Labour Bureau, Ministry of Labour, Government of India.

2. Central Statistical Organisation, Ministry of Statistics and Programme Implementation, Governmen

India.

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