RESTRICTED Statistical Appendix to Report No. AS 80a FILE COPY This report was prepared for use within the Bank. It may not be publish4 nor may it be quoted as representing the Bank's views. The Bank accepts no responsibility for the accuracy or completeness of the contents of the report. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INDIA'S THIRD FIVE-YEAR PLAN REPORT OF BANK MISSION TO INDIA STATISTICAL APPENDIX August 10, 1960 Department of Operations South Asia and Middle East CURRENCY EQUIVALENTS 1 Indian Rupee = U.S. $0. 21 1 U.S. Dollar = Rs. 4. 762 Rs. 1 billion = $210 million 100 Naye Paise = One Rupee WEIGHTS AND MEASURES All tonnages in long tons unless otherwise stated. LIST OF TABLES A. PRODUCTION 1. Net Domestic Product by Industry of Origin 2. Growth of Per Capita Output 3. Index Numbers of Agricultural Production 4. Area Planted to Principal Crops 5. Production of Principal Crops 6. Average Yield per Acre of Principal Crops 7. Wholesale Prices of Selected Agricultural Commodities 8. Industrial Production 9. Production, Imports, Exports and Apparent Consumption for Selected Industries B. MONEY AND PRICES 10. Wholesale Prices 11. Working Class Consumer Prices 12. Prices of Gold and Silver 13. Security Yields 14. Money Supply and Allied Data 15. Causes of Variations in Money Supply C. PUBLIC FINANCE 16. Budget of Central Government 17. Tax and Non-Tax Revenue of Central Government 18. Expenditures on Revenue and Capital Account of Central Government 19. Consolidated Budgets of State Governments 20. Tax and Non-Tax Revenue of State Governments 21, Expenditures on Revenue and Capital Account of State Governments 22. Debt Position of Government of India 23. Debt Position of States D. EXTERNAL TRADE AND PAYMENTS 24. India's Balance of Payments, 1950/1 and 1955/56 - 1959/60 25. India's Foreign Exchange Reserves 26. Import and Export Indices 27. Payments for Imports 28. Imports of Selected Commodities by Value 29. Imports by Source 30. Export Earnings by Principal Commodities 31. Exports of Selected Commodities by Quantity 32. Exports by Destination 33. Composition of India's External Public Debt 34. Projected External Debt Service Table 1 Net Domestic Product by Industry of Origin (Rs. billion: current prices) 1950/51 1955/56 1956/57 1957/58 1958/59 Agriculture 48.9(51%) 45.2(45%) 55.2(49%) 52.9(46%) 61.9(50%) (inc. mining & forestry) Mining 0.7(1%) 1.0(1%) 1.2(1%) 1.4(1%) 1.3(1%) Factory establishments 5.5(6%) 7.8(8%) 9.0(8%v) 9.8(9%) 10.0(8%) Small enterprises 9.1(10%) 9.7(10%) 9.8(9%) 10.0(9%) 10.1(8%) Commerce, transport and 16.9(18%) 18.8(19%) 19.6(17%) 20.7(18%) 21.1(17%) communications Professions and liberal 4.7(5%) 5.6(6%) 5.8(5%) 6.2(5%l) 6.4(5%) arts Government administration 4.3(5%) 5.7(6%) 6.1(5%) 6.6(6%) 7.3(6%) House property 4.1(4%) 4.6(5%) 4.8(4%) 4.9(4%) 5.0(4%) Domestic service 1.3(1%) 1.4(1%) 1.5(1%0) 1.6(1%) 1.7(1%) Net domestic product at factor cost 95.5 99.8 113.0 114.1 124.8 Source: Central Statistical Organization Al Preliminary estimates Table 2 Growth of Per Capita Output 1950/51 1955/56 1956/57 1957/58 1958/592/ Net output at current prices (Rs.billion) 95.5 99.8 113.0 114.1 124.8 Net output at 1948/49 prices (Rs.billion) 88.5 104.8 110.0 108.9 116.9 Population (millions - calendar years)j2/ 355 384 391 399 407 Per capita output at current prices (Rs) 265 262 286 285 306 Per capita output at 1948/49 prices (Rs) 249 273 281 273 287 Percentage change in real per capita out- - +10% +3% -3% +6% put over previous year quoted Source: Central Statistical Organization _/ Preliminary estimates. ,/ Based on latest official projections. Table 3 Index Numbers of A ricultural Production (Agricultural years beginning July: 1949/50=100) Weight 1950/51 1955/56 1956/57 1957/58 1958/59 FOODGRAINS Rice 35.3 88 114 119 105 125 Wheat 8.5 101 131 142 116 146 Barley 2.0 106 118 121 95 112 Jowar 5.0 90 97 106 120 127 Bajra 2.7 84 108 92 112 121 Maize 2.1 84 112 132 133 131 Ragi 1.2 88 120 113 112 116 Small millets 1-5 89 10J 101 88 108 Total cereals 58.3 90 115 120 109 127 Gram 3.7 98 139 163 130 178 Tur 1.1 92 99 106 77 90 Other pulses 8 104 ._2 87 104 Total pulses 11 892 1 124 104 134 Total foodgrains 66-9 g0 115 120 108 128 NON-FOODGRAINS Groundnut 5.7 101 112 124 129 141 Sesamuma 1.2 102 105 101 81 112 Rape and mustard 2.0 95 106 128 115 134 Linseed 0.8 88 97 90 58 101 Castorseed 0.2 80 87 69 87 Total oilseeds 9.9 98 109 119 114 131 Cotton 2.8 111 154 182 180 178 Jute 1.4 106 136 139 131 167 Me sta 0.3 100 175 22-4 196 239 Total fibres 4.5 109 150 171 166 179 Tea 3.3 104 108 113 115 120 Coffee 0.2 112 196 204 212 223 Rubber .0.1 94 1 1"A 1 1 Total plantation crops 3.6 104 114 119 121 127 Sugarcane 8.7 114 120 135 135 141 Tobacco 1.9 97 113 11.1 95 97 Potato 1.0 107 120 112 130 145 Pepper (black) 1.2 97 133 132 128 123 Chillies (dry) 2.0 119 123 118 125 115 Ginger (dry) 0.3 .9 106 101 102 Total miscellaneous .5.1 1 120 127 127 130 Total non-foodgrains 33.1 106 120 130 128 137 AL COMMODITIES 100.0 96 117 124 115 131 Source: Ministry of Food and Agriculture a/ The indices for 1956/57, 1957/58 and 1958/59 are all subject to revision. Table 4 Area Planted to Principal Crops 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 (million acres) Rice 76.1 77.9 79.3 79.4 81.4 81.3 Wheat 24.1 30.6 33.6 29.3 31.1 31.5 Coarse grains 9107.3 104.2 10 4.4 2 Total cereals 193.3 215.8 217.1 213.1 220.0 218.5 Pulses 2 57. 58...25j 5 9 5.5 ..5 Total foodgrains 240.5 273.2 275.3 268.6 279.1 278.3 Groundnuts 11.1 12.7 13.5 14.9 14.6 15.3 Castor 1.4 1.4 1.4 1.2 1.2 1.2 Sesamum 5.4 5.7 5.4 5.1 5.5 5.5 Rape and mustard 5.1 6.3 6.3 6.0 6.3 7.2 Linseed 3.1 27 3.8 Total oilseeds 26.5 29.9 30.8 30.3 31.3 32.0 Sugarcane 4.2 4.6 5.1 5.1 4.8 5.2 Cotton 14.5 20.0 19.9 20.0 19.8 19.0 Jute 1.4 1.7 1.9 1.7 1.8 1.7 Mesta . . .6 .7 .8 .8 .7 Tobacco .9 1.0 1.0 .9 .9 *9 Chillies 1.5 1.5 1.5 1.6 1.5 1.5 (thousand acres) Tea 777 780 781 788 * * * * Coffee 224 249 232 244 . * Rubber 144 174 184 262 287 * Coconut 1,536 1,580 1,582 1,580 1,590 1,600 Source: Ministry of Food and Agriculture a/ The indices for 1956/57, 1957/58 and 1958/59 are all subject to revision. All estimates for 1959/60 are highly provisional. Table 5 Production of Principal Crops 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 (million tons) Rice 20.2 27.1 28.3 24.9 30.4 29.3 Wheat 6.4 8.6 9.3 7.7 9.8 9.7 Coarse grains 1591 1202 1.4 22.5 21.4 Total cereals 41.7 54.9 57.2 53.0 ;1.7 60.h Pulses 8.3 10.9 11-5 9-5 12.3 10.5 Total foodgrains 62.0 65.8 68. 62-5 l5d 7QL2 (thousand tons except where stated otherwise) Groundnuts 3,426 3,801 4,200 4,436 4,812 4,390 Castor 101 123 124 89 112 108 Sesamum 438 460 442 354 511 392 Rape and mustard 750 846 1,026 923 1,025 1,037 Linseed 361 2 43 0 Total oilseeds 5.076 5.643 Sugarcane b/ 5,615 5,979 6,752 6,871 7,113 7,579 Cotton c/ 583 811 889 948 878 703 Jute 586 750 766 724 921 812 Mesta . . 206 264 231 266 196 Tobacco 257 298 294 237 263 271 Chillies (dry) 345 355 342 362 326 339 Tea d/ 607 637 668 679 709 720 Coffee 24 34 42 43 46 44 Rubber 14 22 24 24 25 24 Coconuts e/ 3,582 4,297 4,217 4,152 4,300 Source: Ministry of Food and Agriculture a/ The indices for 1956/57, 1957/58 and 1958/59 are all subject to revision. All estimates for 1959/60 are highly provisional. / Yield expressed in terms of gur. / Trade estimates, which are substantially higher than the Ministry's figures. d/ Million pounds. e/ Million nuts. Table 6 Average Yield per Acre of Principal Crons (1bs) 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 Rice 596 780 799 702 837 807 Wheat 592 632 621 592 703 692 Coarse grains 163 401 42 438 h68 65L Total cereals 484 570 591 557 37 Z19 Pulses 393 424 44 284 h66 395 Total foodgrains 466 539 559 521 602 571 Groundnut (nuts in shell) 691 671 699 668 740 643 Castorseed 165 194 199 168 209 202 Sesamum 180 182 182 153 208 160 Rape and mustard 328 300 364 346 381 324 Linseed 233 245 207 178 260 236 Total oilseeds 429 423 449 447 500 441 Sugarcane (Gur) 2,983 2,934 2,991 3,030 3,316 3,279 Cotton (Lint) b/ 90 91 100 106 99 83 Jute 931 966 899 930 1,139 1,070 Tobacco 652 659 637 609 658 674 Chillies (dry) 528 533 519 515 496 506 Tea 842 864 950 949 . . . Coffee 266 370 382 413 . . . Source: Ministry of Food and Agriculture a/ The indices for 1956/57, 1957/58 and 1958/59 are all subject to revision. All estimates for 1959/60 are highly provisional. b/ Trade estimates. Table 7 Wholesale Prices of Selected Agricultural Commodities (Index numbers: 1952/53=100) 1950 1955 1956 1957 1958 1959 Rice 91 76 93 104 108 102 Wheat 94 70 86 90 96 102 Coarse grains 97 65 105 116 109 118 Pulses 86 56 78 84 94 100 Groundnuts 127 71 107 110 113 126 Sugarcane 106 92 91 91 91 93 Tea 172 206 155 169 168 177 Coffee 75 80 81 87 86 89 Tobacco (raw) 97 78 79 89 91 iCO Cotton 105 95 109 108 100 1('3 Jute 128 122 122 136 121 118 Source: Office of the Economic Adviser to the Government of India Table 8 Industrial Production (Index numbers: 1951=100) Weight 1950 1955 1956 1957 1958 1959 Coal 6.69 93 111 115 127 132 137 Iron ore 0.47 . . 117 116 126 156 211 Sugar 4.27 88 143 166 185 175 187 Tea 5.94 97 106 106 107 114 113 Salt 0.82 96 109 119 133 151 115 Vegetable oil products 0.62 100 151 148 175 171 184 Cigarettes 1.50 110 106 123 135 139 150 Cotton textiles 36.10 90 112 117 116 109 111 Jute textiles 11.91 96 119 127 120 124 125 Footwear: leather 0.85 118 97 114 130 132 144 rubber 0.80 72 151 157 160 159 170 Paper and Board 1.57 83 140 147 159 192 223 Cement 1.85 82 140 154 175 190 214 Finished steel 4.23 93 117 124 125 121 161 Non-ferrous metals 1.20 91 124 125 152 166 213 Automobiles 2.69 66 104 144 143 120 163 All industries 100 90 122 133 137 140 151 Source: Ministry of Commerce and Industry; Central Statistical Organization Cabinet Secretariat Table 9 Production, Imports, Exports and Apparent Consumption for Selected Industries Production Imports Exports Apparent Consumption I. PRIMARY PRODUCTS Coal ('000 tons) 1950 31,992 1 911 31,082 1955 38,208 - 1,497 36,711 1956 39,432 - 1,805 37,627 1957 43,500 - 1,599 41,901 1958 45,336 1 1,715 43,622 1959 47,030 2 1,375 45,657 Iron Ore ('000 tons) 1950 .. - 55 1955 4,260 1 1,277 2,984 1956 4,248 1 1,703 2,546 1957 4,620 1 2,216 2,405 1958 5,713 1 1,866 3,848 1959 7,728 1 2,471 5,253 Suga ('000 tons) 1950 972 7 2 977 1955 1,595 235 29 1,801 1956 1,856 23 21 1,858 1957 2,039 15 194 1,860 1958 1,957 - 119 1,838 1959 2,083 2 78 2,007 Salt ('000 tons) 1950 2,620 147 8 2,759 1955 2,978 - 202 2,777 1956 3,265 - 261 3,005 1957 3,626 - 379 3,247 1958 4,135 - 256 3,879 1959 3,129 - 340 2,789 Table 9 cont'd 1. Production Imports Exports Apparent Consumption II. INDUSTRIAL MATERIALS Jute Textiles ('000 tons) 1950 835 - 288 547 1955 1,027 - 826 201 1956 1,093 - 817 276 1957 1,030 - 738 292 1958 1,062 - 655 407 1959 1,052 - 842 210 Cotton Yarn (mn. ibs) 1950 1,175 . . 86 1,089 1955 1,630 2 18 1,614 1956 1,671 4 12 1,663 1957 1,780 5 17 1,768 1958 1,685 3 31 1,657 1959 1,723 1 25 1,699 Rayon Yarn (tons) 1950 . . 9,244 - 9,244 1955 6,780 20,955 - 27,735 1956 8,715 26,727 - 35,442 1957 11,016 21,000 - 32,016 1958 14,940 15,180 - 30,120 1959 16,322 19,878 - 36,200 Cement ('000 tons) 1950 2,612 17 1 2,628 1955 4,487 15 92 4,410 1956 4,928 100 20 5,008 1957 5,602 308 34 5,876 1958 6,068 59 41 6,086 1959 6,830 10 155 6,685 Finished Steel ('000 tons) 1950 1,008 41 . . 1955 1,260 716 189 1,787 1956 1,338 1,622 . . 2,960 1957 1,346 1,783 . . 3,129 1958 1,300 1,217 . . 2,517 1959 1,737 1,100 . . 2,837 Table 9 cont'd 2 Production Imports Exports Apparent Consumption Aluminium (tons) 1950 3,596 141 . . 3,737 1955 7,225 16,000 1,000 22,225 1956 6,500 14,000 200 20,300 1957 7,784 21,000 20 28,764 1958 8,181 19,000 l 27,167 1959 17,053 19SO00 10 36,043 Copper (tons) 1950 6,612 715 2 7,325 1955 7,281 21,000 500 27,781 1956 7,628 50,000 1,000 56,628 1957 7,848 49,000 61 56,787 1958 7,841 51,000 94 58,747 1959 7,642 52,200 184 59,658 Lead (tons) 1950 628 10,000 450 15,178 1955 2,234 12,000 - 14,234 1956 2,497 16,000 - 18,497 1957 3,174 15,000 - 18,174 1958 3,334 22,000 - 25,334 1959 3,895 24,000 - 27,895 Antimony (tons) 1950 376 . . - 376 1955 504 . . - 504 1956 589 . . - 589 1957 502 37 - 8h9 1958 527 935 - 1,62 1959 663 1,579 - 2,242 III. MANUFACTURED CONSUMER GOODS Cotton Cloth (mn. yards) 1950 3,665 7 1,120 2,552 1955 5,094 7 752 4,39 1956 5,307 12 743 4,576 1957 5,317 12 878 4,451 1958 4,927 5 617 4,315 1959 4,925 5 638 4,293 Tgble 9 cont'd 3 Production Imports Exports Apparent Consumption Footwear ('000 pairs) 1950 Leather 4,824) 1,663 19,721 Rubber 16,560) 1955 Leather 55245) 5 4,114 36,336 Rubber 34,900) 1956 Leather 6,531) 15 4.,79 38,067 Rubber 36,100) 1957 Leather 7,407) 15 4,635 39,787 Rubber 37,000) 1958 Leather 7,564) Rubber 36,700) 3,857 40,508 1959 Leather 8,243) 5 4,792 42,713 Rubber 39,300) Cigarettes (millions) 1950 23,629 29 559 23,099 1955 22,830 61 3 22,870 1956 26,303 52 2 26,361 1957 28,892 45 995 27,089 1958 29,840 11 667 29,184 1959 32,143 3 10 26,171 Matches (1000 cases) 1950 523 - - 523 1955 616 - - 616 1956 616 - - 616 1957 578 - - 578 1958 626 - - 626 1959 648 - 1 647 Soap (r000 tons) 1950 73 - 2 71 1955 99 - - 99 1956 110 - - 110 1957 113 - - 113 1958 123 - - 123 1959 125 - - 125 Table 9 cont'd 4 Prodaction Imports Exports Apparent Consumption Bicycles (thousands) 1950 103 109 - 212 1955 491 134 - 625 1956 664 1514 - 818 1957 791 90 - 881 1958 913 7 - 920 1959 991 1 7 985 IV. VEHICLES AND MACHINERY Automobiles (numbers) 1950 14,600 . . * 114,600 1955 23,100 . . . . 23,100 1956 32,100 . . . . 32,100 1957 32,000 19,100 3,900 47,200 1958 26,800 114,600 1,300 60,100 1959 36,300 28,200.. 64500 Automobile Tires (thousands) 1950 638 9 51 596 1955 882 14 62 834 1956 938 81 38 981 1957 990 77 6 1,061 1958 1,006 78 14 1,070 1959 1,139 15 9 1,145 Railway Locomotives (numbers for fiscal years) 1950 . 118 - 1955 179 104 - 283 1956 223 178 - 401 19,7 249 394 - 643 1958 267 275 - 542 1959 273 224 - . Railway Wagons (numbers) 1950 2,900 - a * 1955 15,300 . . - * 1956 16,000 . . - * 1957 17,000 26,200 - 43,200 1958 13,500 1,800 - 15,300 1959 8,250 448 - 8,698 Table 9 cont'd 5 Production Imports Exports Apparent Consumption Electric Motors (thousands) 1950 . .2 1956 .- 1956 60 . . 60 1957 74 63 - 137 1958 95 33 - 128 1959 89 22 - 111 Electric Fans (thousands) 1950 192 . . . . 192 1955 282 . . 36 246 1956 338 * * 13 325 1957 524 3 15 512 1958 636 - 21 615 1959 727 2 40 689 Electric Lamps (millions) 1950 14.3 15.8 - 30.1 1955 24.2 26.9 - 51.1 1956 30.7 8.5 - 39.2 1957 33.1 20.4 - 53.5 1958 30.5 7.4 - 37.9 1959 34.8 9.7 - 44.5 Tea Processing Machinery (Rs. nn.) 1950 . . 7.8 * * 7.8 1955 6.75 10.1 . . 16.9 1956 7.93 11.2 , . 19.1 1957 5.78 13.8 0.1 19.5 1958 7.13 7.6 0.2 14.5 1959 8.20 4.0 0.2 12.0 Weighing Mrachinery (Rs. mn.) 1950 . . . * * * * 1955 .83 * * * * 1956 1.66 . . .* 1957 3.10 4.4 0.07 7.4 1958 3.70 2.5 0.1 6.1 1959 4.80 3.7 0.05 7.4 Table 9 cont'd 6 Production Imports Exports Apparent Consumption Sugar Machinery (Rs. mn.) 1950 . 10.2 . 1955 1.90 37.2 . . 39.1 1956 3.21 84.0 . . 87.2 1957 16.21 39.3 0.1 55. 1958 19.14 72.6 0.4 91.3 1959 25.00 22.7 0.4 47.3 Mining Machinery (Rs. mn.) 1950 * * 10.0 - 10.0 1955 . . 16.0 - 16.0 1956 , . 21.8 - 21.8 1957 0.89 7.6 - 8.5 1958 o.84 6.5 - 7.3 1959 1.20 11.5 - 12.7 Jute Mill Machinery (Rs. mn.) 1950 . . 20.0 . . 20.0 1955 1.15 39.5 . . 40.7 1956 2.96 60.6 . . 63.6 1957 10.63 8.1 0.1 18.63 1958 11.50 2.2 - 13.7 1959 17.80 9.6 0.03 27.37 Source: Monthly Statistics of the Production of Selected Industries of India, Central Statistical Organization; Monthly Trade Statistics Table 10 Wholesale Prices (Index numbers: 1952/53=100) Weight 1955/56 1956/57 1957/58 1958/59 1959/60 Cereals 192 76 96 101 107 104 Pulses 43 62 81 82 104 94 Fruit and vegetables 23 101 112 114 117 128 Milk and ghee 84 90 100 105 107 113 Edible oils 47 85 125 126 124 130 Fish, eggs and meat 17 96 97 98 108 112 Sugar and gur 48 89 98 108 127 147 Other foods _5Q 134 128 131 151 168 Total food 504 87 102 106 115 119 Liquor and tobacco 21 81 84 94 95 100 Industrial raw materials 155 99 116 117 116 124 Manufactures 290 100 106 108 108 112 Fuel, power, light, etc. 30 104 114 115 -17 All commodities 100 93 105 108 113 117 Source: Office of the Economic Adviser to the Government of India Table 11 Working Class Consumer Prices (Index numbers: 1949=100) 1951/52 1955/56 1956/57 1957/58 1958/59 1959/60 All India 105 96 107 112 118 123 Calcutta 106 93 102 105 109 112 Bombay 107 110 116 122 130 136 Delhi 108 100 112 112 117 119 Madras 104 100 113 117 126 135 Hyderabad 109 100 121 123 124 131 Bangalore 115 104 118 128 132 142 Kanpur 94 79 91 93 101 97 Ahmedabad 104 89 101 104 115 124 Source: Labor Bureau, Government of India a/ Provisional Table 12 Prices of Gold and Silver (Average spot prices in dollars per fine ounce) 1951/52 1955/56 1956/57 1957/58 1958/59 1959/60 Gold 61.04 53.76 58.80 60.48 62.72 69.44 Silver 1.05 0.94 0.98 1.03 1.06 1.15 Source: Reserve Bank of India Table 13 Security Yields (per cent) 1955/56 1956/57 1957/58 1958/59 1959/60 Government 3% Convers. 3.74 3.99 4.18 4.13 4.05 1986 or later Industrial debentures (tax- 3.82 3.96 4.11 4.18 4.08 (3.95) free rates) a/ Preference shares (tax-free 5.29 5.43 5.99 5.92 5.65 (5.44) rates) Variable dividend indus- 5.01 5.68 6.88 6.27 5.40 (5.27) trial securities (tax- free rates) Source: Reserve Bank of India a/ The figures in brackets show the yields for the nine months July 1959 to March 1960, as given in a revised series recently published by the Reserve Bank. Comparable figures for earlier years are not available. Table 14 Money Supply and Allied Data a/ (Rs. billion) 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 Currency with the public 13.39 15.05 15.57 16.07 17.24 18.61 Deposit money with the public 6.40 6.79 7.56 7.82 7.74 .32 Total money supply with the 19.79 21.84 23.13 23.89 24.98 27.00 public Rupee securities held by 5.94 7.38 10.09 14.18 15.48 17.29 RBI b/ Loans and advances to 0.02 - 0.08 0.21 0.25 0.22 Governments by RBI Banks' investments in govern- 3.47 3.98 3.87 4.67 6.41 7.44 ment securities Central Government's deposits 1.62 0.67 0.65 0.48 0.54 0.63 with RBI State Governmentts deposits 0.26 0.62 0.32 0.55 0.27 0.43 with RBI Foreign assets held by RBI 8.84 7.46 5.27 2.67 2.13 1.97 Bank credit 6.09 8.29 9.81 10.47 11.11 12.57 Time liabilities of banks 3.34 4.71 5.34 7.71 9.67 11.81 of which PL 480 deposits.c/ - - (0.44) (1.41) (2.28) (3.18) Source: Reserve Bank of India a/ Figures are with reference to the last Friday of each fiscal year. b/ Including rediscounts of Treasury bills by RBI. ./ The amounts shown here are the deposits made by the Government of India to the special account (Title Account) held by the U.S. authorities with the State Bank of India. The net increase in time deposits on account of PL 480 in each year will have been somewhat smaller since small amounts have been held as demand deposits, and there also have been small releases of PL 480 money (see also footnote(a)to Table 15). Table 15 Causes of Variations in Money Supply (Rs. biL.lion: expansionist effect +, contractionist effect -) April '51- April '56- March '56 1956/57 1957/58 1958/59 1959/60 March '60 Credit extension to +2.73 +2.61 +4.04 +2.53 +2.07 +11.25 Government s a/ Credit extension to others +2.20 +1.52 +0.66 +0.64 +1.46 +4.28 than Governments Effect of changes in time -1.37 -0.19 -1.40 -1.09 -1.24 -3.92 liabilities of banks b/ Effect of external trans- -0.97 -2.74 -2.94 -0.54 -0.05 -6.27 actions C/ Other causes -0.54 +0.09 +0.40 -0.45 -0.22 -0.18 Total variations in money supply with the public +2.05 +1.29 +0.76 +1.09 +2.02 +5.16 a/ Calculated from Table 14 by combining variations in the following items: Rupee securities held by RBI; loans and advances to Governments by RBI; banks' investments in government securities; Central and State Governments' deposits with RBI. Three corrections were made to the totals thus obtained: (a) deductions were made for the amounts of PL 480 deposits by the Government of India to the special account (Title Account) held by the U.S. authorities with the State Bank of India (in order to eliminate the effect on the calculation of the special sales of Treasury bills by the Government of India to the Reserve Bank in connection with these deposits); (b) additions were made on account of releases from the Title Account for spending on approved projects (Rs. 0.05 and 0.23 billion in 1958/59 and 1959/60 respectively); (c) added also was Rs. 0.05 billion annually to take account of the annual transfer to the Reserve Bank of equivalent rupee coins by the Central Government. Left out of consideration were accruals to the Title Account due to PL 665 deposits (some Rs. 0.08 billion net during the Second Plan) and releases from the Title Account for spending by the U.S. authorities themselves (roughly Rs. 0.10 billion during 1955/56 - 1959/60). g/ After deduction of increases in PL 480 time deposits. Deductions were based on the deposits made by the Government of India to the special account (Title Account) held by the U.S. authorities with the State Bank of India; this means that deductions are somewhat too large (see footnote (c) to Table 14). c/ Net of borrowings from and repayments to the IMF. Table 16 Budget of Central Government (Rs.billion) 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 1960/61 (Accounts) (Accounts) (Accounts) (Accounts) (Accounts) (Revised) (Budget) Revenue Account Revenue Tax revenue 4.05 4.85 5.73 6.96 7.15 7.82 8.20 Share of States 0.48 0.74 079 1.20 1.62 1.7O 4 Tax revenue retained by Centre 3.57 4.11 4.94 5.75 5.53 6.12 6.77 Non-tax revenue 0.4 0.70 0. 0 8 1 1.4 1.48 Total revenue 4.0 4.81 6. O.4 8.25 Expenditure Defense 1.64 1.72 1.92 2.57 2.51 2.44 2.72 Debt service 0.37 0.43 0.39 0.42 0.49 0.65 0.75 Grants to States 0.16 a/ 0.87 0.68 1.01 1.25 1.68 2.17 Civil administration and miscellaneous 1 .A/ 2 2 O 28 3.22 Total expenditure 4.41 4.6 746 6 Surplus (+) or deficit (-) +9 52 +0.40 +0.89 +0.42 -00 -0.15 -0.60 Capital Account Receipts b/ 0 1.83 1.85 1.61 5.00 6.29 Disbursements Development 0.57 c/ 1.20 2.17 3.35 3.50 2.01 2.80 Non-development 0.14 -0.09 d/ 0.42 0.85 0.37 1.54 1.43 Grants to States . . 0.16 0.16 0.13 0.15 0.21 0.22 Loans to States (Net) 0.53 2.21 1.75 2.22 2.32 2.22 2.45 Other 005 0.25 0.49 0 0.89 1.90 Total disbursements b/ 1.29 L 4.99 .23 .8 8.44 Deficit (-) -0.8 -1. 0 -3.14 -L 4 -2.23 -1.60 Miscellaneous (Net) e/ +0.15 -0.10 +0.40 +0.45 +0.06 +0.01 - Balancing Items Treasury bills (increase (-)) L/ -0.16 -1.23 -2.40 -4.59 -2.05 -1.90 -1.53 Increase (+) or decrease (-) of cash +0.12 -0.36 +0.56 +0.01 -0.17 +0.16 -0.01 balances Source: Reserve Bank of India, Reports on Currency and Finance, and information received by Mission. A/ Part of grants to States included in item civil administration and miscellaneous b/ Some receipts have been netted out against disbursements; excludes receipts from Treasury bills. c/ Includes grants to States. d/ Mainly surplus from state trading. t/ Remittances and transfer of cash between United Kingdom and India. f/ Mostly sold to Reserve Bank of India. Table 17 Tax and Non-Tax Revenue of Central Government (Rs.billion) 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 1960/61 (Accounts) (Accounts) (Accounts) (Accounts) (Accounts) (Revised) (Budget) Tax Revenue a/ Taxes on income other than corporation tax 0.85 0.76 0.93 0.90 0.96 0.73 2/ 0.53 Corporation tax 0.40 0.37 0.51 0.56 0.54 0.78 b/ 1.35 Expenditure tax - - - 0.01 0.01 0.01 Total taxes on income and expenditure a/ 1.26 _1_ 1.44 _1_Z 151 1.52 1.89 Taxes on wealth - - 0.07 0.10 0.12 0.07 Gift tax - - - 0.01 0.01 0.01 Stamps and registration 0.02 0.02 0.02 0.03 0.03 0.03 0.03 Other a/c/ 0.02 0.01 0.00 0.00 0,01 0.01 0.01 Total taxes on property and capital 0.04 0.03 0.02 0.11 015 0.17 0.12 transactions a/ Customs (net) d/ 1.57 1.67 1.73 1.80 1.38 1.60 1.63 Excise duties a/.e/ 0.68 1.29 1.72 2.33 2.40 2.76 3.05 Othertaxes and duties af/S 0_0) 0.00 0.02 0 0.07 0.08 Total taxes on commodities and services a/ 227 2 4.18 3.87 4.43 Total tax revenue a/ 1.! 4.11 I L-.12 6.12 6 Non-Tax Revenue Administrative receipts 0.12 0.17 0.17 0.44 0.54 0.51 0.56 Net contribution of public enterprises g/ 0.23 0.29 0.32 0.36 0.36 0.55 0.52 Other 0.13 0.24 0.21 0.18 0.27 0.2 0.40 Total non-tax revenue 0.4 0.70 _9 0.98 1.17 1.4 1.48 Total revenue a/ 4.06 4.81 5.63 66 6.70 7_46 8.25 Source: Reserve Bank of India, Reports on Currency and Finance, and information received by Mission. a/ Net, i.e. exclusive of share of States. T/ Company income tax has been converted into corporation tax since 1959/60. c/ Land revenue plus estate duty (revenue from this last item accrued entirely to States). d/ Largely import duties. e/ Including additional excise duties (levied since 1957/58). f/ Including tax on railway passenger fares (levied since September 1957; revenue from this item accrued entirely to States). g/ Mainly profits of the Reserve Bank of India and contribution of Railways. Table 18 Expenditures on Revenue and Capital Account of Central Government (Rs. billion) 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 1960/61 (Accounts) (Accounts) (Accounts) (Accounts) (Accounts) (Revised) (Budget) Revenue Account Defense 1.64 1.72 1.92 2.57 2.51 2.44 2.72 Debt service a/ 0.37 0.43 0.39 0.42 0.49 0.65 0.75 Grants to States 0.16 b/ 0.87 0.68 1.01 1.25 1.68 2.17 Direct demands on revenue 0.10 0.13 0.14 0.17 0.19 0.21 0.23 Civil administration 0.21 0.34 0.38 0.42 0.48 0.53 0.61 Development services 0.40 b/ 0.39 0.75 1.10 1.16 1.32 1.50 Miscellaneous 0.58 b 0.5 0.46 0.63 0.6 0. 0.88 Total expenditure 3 4.41 4.74 6.31 75o2 Capital Account Railways 0.25 0.68 1.07 1.52 1.26 0.85 1.21 Posts and telegraphs 0.07 0.09 0.10 0.11 0.11 0.12 0.15 Civil works 0.09 0.25 0.23 0.18 0.20 0.25 0.30 Industrial development 0.09 0.11 0.66 1.48 1.87 0.64 0.95 Other 2/ 0.07 0.0? 0.11 0.06 0.07 0. 19 019 Total dvelopment 0Q5Z 1.20 21? 2 3.50 2.01 2.80 Defense 0.04 0.18 0.20 0.23 0.28 0.36 0.38 State trading -0.02 -0.30 0.12 0.47 0.23 0.09 0.27 Other 0.12 003 0.10 O1 0.14 12 d/ 0.78 Total non-development 0.14 -020 0.42 o.85 037 154 1.43 Grants to States 0.16 0.16 0.13 0 0.21 0.22 Loans to States (Net) 2.21 1.7 2.22 2.32 2.22 2.45 Other e/f/ 0.05 0.25 0.49 O.89 l. Total disbursements e/ 1.29 Z 4222.06 723 282 8.44 Source: Reserve Bank of India, Reports on Currency and Finance, and information received by Mission. a/ Includes appropriation for reduction or avoidance of debt. P art of grants to States included in items development services and miscellaneous. cIIncludes irrigation, multi-purpose river schemes and ports. / Includes the additinal contribution of about Rsa 0.7a billion to the IMF, but excludes Rs. 0.18 billion representing purchase of gold for part payment of the additional subscription to the IMF. Excludes items which have been netted out against receipts in Table 16. Mainly various loans and advances. Table 19 a/ Consolidated Budgets of State Governments (Rs. billion) 1951/52 1955/56 1956/57 1957/58 1958/59 1959/60 1960/61 (Accounts) (Revised) (Budget) (Accounts) (Accounts) (Revised) (Budget) Revenue Account Revenue Tax revenue 2.81 3.50 3.67 4.72 5.37 5.54 5.54 Non-tax revenue 1.24 2.11 2.10 2.42 2.80 .4 )21 Total revenue 4.05 560 8.17 8.88 9 Expenditure Development 1.96 3.56 3.87 3.86 4.23 4.98 5.56 Non-development 1.96 2.7O 2.6 8 4 3.83 Total expenditure 2 .26 6.8 68 8 6H k 22 Surplus (+) or deficit (-) +0.12 -0.66 +0. O +0.48 +0.24 +0.06 Capital Account Receipts a 1.26 26 6 3 2.83 4.11 Disbursements Development 1.00 2.43 3.16 2.46 2.33 2.80 3.12 Non-development 0.27 -0.11 o/ 0.02 0.20 0.06 0.17 0.14 Loans and advances by States (Net) 0.24 0.78 0.64 0.43 0* 1.03 0 Total disbursements b/ 1.51 3.10 3.82 309 3.16 4.00 4.24 Surplus (+) or deficit (-) -0.25 +0.16 +0.16 -0.26 -0.43 -0 22 -0.13 Remittances (Net) +0t02 -0.01 +0.01 -0.16 -0.02 +0.02 +0.01 Balancing Item Increase (+) or decrease (-) of cash balances -0.11 -0.51 -0.61 -0.12 +0.04 -0.14 -0.06 Source: Reserve Bank of India, Reports on Currency and Finance, and information received by Mission. a/ Figures for 1951/52 do not include Part C States. For 1955/56 and 1956/57 revised and budget estimates respectively are used since later figures are not available due to reorganization of States. Figures from 1957/58 onwards relate to the reorganized States. Figures for State of Jammu and Kashmir have been included since 1957/58 only. Budget estimates for 1960/61 are before tax changes except in the case of Orissa. b/ Some receipts have been netted out against disbursements. e/ Negative sign explained by surplus from state trading. Table 20 Tax and Non-Tax Revenue of State Governments (Rs.billion) 1951/52 1955/56 1956/57 1957/58 1958/59 1959/60 1960/61 (Accounts) (Revised) (Budget) (Accounts) (Accounts) (Revised) (Budget) Tax Revenue Share of income tax 0.53 0.55 0.54 0.73 0.76 0.80 0.60 Other b/ 0.04 0.06 0.06 00290 0.08 Total taxes on income 0.6c 05,9 0.81 0.85 0.88 9 Land revenue 0.48 0.80 0.93 0.88 0.92 0.97 1.01 Stamps and registration 0.26 0.28 0.30 0.33 0.36 0.36 0.38 Other C/ 0.02 0.04 0.04 0.05 0.05 0.5 0.05 Total taxes on property and capital 0za 1.12 1.27 1 1.32 1.38 transactions * Union excise 0.01 0.17 0.17 0.40 0.73 0.75 0.75 State excise 0.49 0.43 0.43 0.46 0.47 0.46 0.47 General sales tax 0.54 0.68 0.71 1.07 1.12 1.11 1.18 Sales tax on motor spirit 0.05 0.08 0.09 0.10 0.12 0.13 0.14 Entertainment tax 0.06 0.07 0.07 0.09 0.11 0.10 0.11 Electricity duties 0.03 0.06 0.06 0.07 0.11 0.11 0.11 Motor vehicle taxes 0.10 0.14 0.15 0.21 0.24 0.25 0.27 Tax on railway fares - - - 0.05 0.11 0.13 0.13 Other taxes and duties d/ 0.20 01 0.14 0 20 0.20 0.23 0.2 Total taxes on commodities and services 1.4 1.6 1.81 2 3.20 3.28 3.41 Total tax revenue 2.81 12 )6 4.72 ltu .i .i Non-Tax Revenue Administrative receipts e/ 0.38 0.60 0.67 0.82 1.04 1.27 1.48 Net contribution of public enterprises f1 0.25 0.30 0.35 0.43 0.40 0.42 0.46 Other revenue K/ 0.36 0.52 0.44 0.43 0.54 0.56 0.63 Grants-in-aid and other contributions 02 68 0.65 0.74 19 L Total non-tax revenue 1.24 2 11 10 2 42 2 80 2. 3 122 Total Revenue 4.05 5.,60 z 7.14 8.17 8_8 2 Source: Reserve Bank of India, Reports on Currency and Finance, and information received by Mission. a/ Figures for 1951/52 do not include Part C. States. For 1955/56 and 1956/57 revised and budget estimates respectively are used since later figures are not available due to reorganization of States. Figures from 1957/58 onwards relate to the reorganized States. Figures for State of Jammu and Kashmir have been included since 1957/58 only. Budget estimates for 1960/61 are before tax changes except in the case of Orissa. b/ Almost entirely agricultural income tax. c/ Estate duty and urban immovable property tax. / Sugar cane cess, tax on passengers and goods, tobacco duties, taxes on price competitions and betting, inter-State transit duties, tax on raw jute, etc. e/ Includes receipts from civil works. fl Forests, irrigation, electricity schemes, road and water transport, etc. ,/ Receipts on account of debt services, stationery and printing, miscellaneous receipts and transfers from reserve funds. Table 21 a/ Expenditures on Revenue and Capital Account of State Governments (Rs.billion) 1951/52 1955/56 1956/57 1957/58 1958/59 1959/60 1960/61 (Accounts) (Revised) (Budget) (Accounts) (Accounts) (Revised) (Budget) Revenue Account Education 0.60 1.05 1.20 1.30 1.47 1.63 1.77 Health 0.29 0.49 0.54 0.52 0.58 0.74 0.82 Agriculture b/ 0.26 0.42 0.47 0.46 0.52 0.64 0.71 Irrigation 0.18 0.25 0.23 0.24 0.25 0.28 0.30 Rural and community development 0.01 0.31 0.33 0.32 0.39 0.41 0.52 Civil works 0.41 0.71 0.60 0.50 0.44 0.62 0.63 Industries and supplies 0.06 0.11 0.20 0.15 0.18 0.22 0.25 Other C/ 0.16 0.2 0.31 O 0.40 0.44 0. Total development expenditure 87 4.23 4.98 Direct demands on revenue 0.27 0.49 0.56 0.53 0.56 0.63 0.69 Debt serviced/ 0.08 0.19 0.23 0.37 0.55 0.64 0.72 Civil administration e/ 1.07 1.25 1.28 1.39 1.45 1.52 1.57 Miscellaneous f/ 0.18 0.28 0.26 0.29 0.36 0.38 0.41 Other g/ 00 .51 0.34 0.40 0.54 . 0.45 Total non-development expenditure 1i8 2.70 - 7 298 23.83 Total expenditure on revenue account 2-.U 6.26 6.54 6.84 7.68 8.65 9-39 Capital Account Multi-purpose river valley schemes 0.28 0.67 0.65 0.62 0.53 0.54 0.52 Irrigation and navigation 0.24 0.72 0.85 0.62 0.53 0.77 0.94 Electricity schemes 0.20 0.48 0.61 0.38 0.27 0.25 0.29 h/ Buildings, roads, water works 0.21 0.39 0.80 0.64 0.76 0.93 1.07 Industrial development 0.06 0.08 0.17 0.12 0.15 0.20 0.17 Other 0.02 0-02 0.08 0.08 0.09 0.11 0.12 Total development expenditure 1.00 2.43 _._Z 2 2.80 T12 Non-development expenditure 1/ 0.27 -0.11 0.02 0.20 0.06 0.17 0.14 Loans and advances by States (Net) 0.24 0.78 0.64 0.43 0 1.03 0.98 Total expenditure on capital account l/ 1.51 3.10 3.82 3.09 3.16 4,00 4.24 Source: Reserve Bank of India, Reports on Currency and Finance, and information received by Mission. a/ Figures for 1951/52 do not include Part C States. For 1955/56 and 1956/57 revised and budget estimates respectively are used since later figures are not available due to reorganization of States. Figures from 1957/58 onwards relate to the reorganized States. Figures for State of Jammu and Kashmir have been included since 1957/58 only. b/ Includes veterinary and cooperation. c/ Electricity schemes, miscellaneous and scientific departments, aviation, ports and pilotage. d/ Includes appropriation for reduction or avoidance of debt. e/ General administration, administration of justice, jails and convict settlements and police. fl/ Expenditure on displaced persons, grants and other contributions to local bodies and private parties, irrecoverable loans and advances, advanced technical training, scholarships. Z/ Famine, pensions, stationery and printing, extraordinary charges and transfers to funds. h/ Excludes an item of Rs. 0.69 billion in the budget of Uttar Pradesh on account of transfer of electricity schemes to Electricity Board; the same amount has been excluded fror loans and advances by States. Ji Mainly state trading and compensation to landholders. j/ Excludes items which have been netted out against receipts in Table 19. Table 22 Debt Position of Government of India (Rs. billion: end of fiscal years) 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 Internal Debt Undated 2.58 2.58 2.58 2.58 2.58 2.58 Over 10 years 5.19 2.41 2.46 2.59 6.062/ 7.08 Between 5 and 10 years 3.43 6.17 6.65 6.25 5.97 6.62 d/ Under 5 years 3.19 3.93 4.65 5.57 7.20 8.11 d/ Treasury Bills 3.65 b/ 5.95 8.36 12.95 12.25;P 12.83 d/ Small savings 3.26 5.73 6.32 7.01 7.72 8.65 Other obligations .43A. 3.90 4.2 _A2 42 _21 Total 24-2 30.67 35.08 411 4615 51.18 External Debt 50 139 1.61 2.11 3.91 6.10 Total Debt 25.22 32.06 36.69 43.29 50.06 57.2 Source: Reserve Bank of India, Reports on Currency and Finance, and information received by Mission. a/ Provisional. b/ Including Treasury Deposit Receipts. c/ In July 1958 Treasury Bills to the amount of Rs. 3 billion were converted into special long-term debt. This debt is held by the Reserve Bank of India as cover against note issue. d/ In December 1959 Treasury Bills to the amount of Rs. 1.5 billion were converted into long-term debt (of which Rs. 1.3 billion between 5 and 10 years and Rs. 0.2 billion under 5 years). Table 23 Debt Position of States (Rs. billion; end of fiscal years) a/ 1951/52 1955/56 1956/57 1957/58 1958/59 1959/60 Permanent debt 1.34 2.64 2.74 2.87 3.44 4.16 Floating debt 0.16 0.08 0.20 0.23 0.20 0.18 Loans from Central 2.39 8.76 10.95 13.31 15.54 17.80 Government Unfunded debt ]/ 0.57 0.83 0.94 1.03 1.08 1.17 Other debt C/ .02 0.09 0.27 0.36 Total debt 4.45 12.32 14.85 17.53 20.53 23.66 Source: Reserve Bank of India, Reports on Currency and Finance, and information received by Mission. a/ The figures for the years 1951/52 to 1957/58 are based on actual returns furnished by the States except in the case of certain States where they had to be estimated on the basis of budget data; the figures for 1958/59 and 1959/60 are based on budget data and are provisional. 2/ Non-public debt to provident funds, etc. c/ Includes loans from National Agricultural Credit (Long-Term Operations) Fund of the Reserve Bank of India, loans from National Cooperative Development and Warehousing Board, loans from Khadi and Village Industries Board, Employees' State Insurance Corporation, etc. Table 24 a/ Indiats Balance of Payments, 1950/51 and 1955/56 - 1959/60 (Rs. billion) 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60 Imports c.i.f. 6.50 7.51 11.00 12.34 10.30 9.33 Exports and re-exports, f.o.b. 647 6,1 .35 _.94 5.76 6.23 Trade balance -0.03 -1.10 -4.65 -6.40 -4.54 -3.00 Invisibles net (exc. official grants) +0.40 +0.85 +1.11 +1.02 +0.81 +0.65 Current balance (exc. official grants) +0.37 -0.25 -3.54 -5.38 -3.73 -2.35 Capital transactions (inc. errors and omissions) -0.20 +0.01 -0 -0.21 -0.22 - 52/ Total surplus or deficit of above +0.19 -0.24 -3.87 -5*59 zl -.2.87 Financed by: Foreign grants. +0.02 +0.42 +0.40 +0.34 +0.34 +0.36 Foreign loans cf +0.08 +0.04 +0.33 +1.30 +2.15 +1.62 P.L. 480 aid - - +0.40 +1.01 +0.92 +0.97 Transactions with IMF net (drawings +) - -0.07 +0.55 +0.34 - -0.24 Use of foreign exchange reserves (decrease +) -0.27 -0.15 +2.19 +2.60 +0.54 +0.16 a/ Figures for 1958/59 and 1959/60 provisional. U/ Includes payment of Rs. 0.24 billion in gold in respect of increase in India's subscription to the IMF. c/ Including aid under PL 665. Table 25 India's Foreign Exchange Reserves (Rs, billion: end of period) 1950/51 1955/56 1956/57 1957/58 1958/59 1959/60a/ 1. Gold held by R.BJ. 1.18 1.18 1.18 1.18 1.18 1.18 2. Fcreign assets of R.B.I. 8.84 7.46 5.27 2.67 2.13 1.97 3. Total R.B.I. holdings of gold and foreign exchange 10.02 8.64 6.65 3.85 3.31 3.15 4. Change over previous period - -1.38 -2.19 -2.60 -0.54 -0.16 5., Government balances ( ) 0.36 0.37 047 0.57 abroad ( 0.40 0.56) 6, Foreign assets of ( ) 0.20 0.21 0.18 0.18 commercial banks ( ) 7. Gioss foreign exchange reserve (3i-5+6) 10.42 9.20 7.01 4.43 3.96 3.90 8, Foreign excha ge liabilities 1 1.29 0.81 1.18 1.42 1.47 1.31 Net forcign exchange reseves (7-8) 9.13 8.39 5.83 3.01 2.L9 2.59 / Proisional b/ 3hor.t-tern liabilities of Reserve Bank and authorized dealers. Table 26 Import and Export Indices (1952/93 =100) Years Index Number of Average Terms of Volume Index Unit Declared Values Trade Exports imports Exports Imports (2))(3)x100 (2) (3) () (5) (6) 1950a/ 92 80 115.0 112J 106Y 1955 93 88 105.7 113 109 ,956 94 89 105.6 109cl 136c/ 1957 94 98 95.9 119 156 1958 93 92 101.1 108 140 1959 91 90 101.1 119 148 Source: Economic Adviser, Ministry of Commerce and Industry Figures for 1950 are linked estimates b/ Figures are for fiscal year 1950/51 9/ Figures are for January - November 1956. Table 27 Payments for Imports (Rs. billion c.i.f.) 1955/56 1956/57 1957/58a/ 1958/59a/ 1959/60 Mineral oils 0.72 0.89 0.79 0.71 0.83 Iron and steel 0.70 1.33 1.32 0.80 o.47 of which: (a) Private 0.58 1.18 0.83 0.42 0.31 (b) Government 0.12 0.15 0.49 0.38 0.16 Colombo Plan & IATCA ) ( 0.10 0.13 0.21 0.08 food imports ) ( ) 0.29 ( Other foodgrain imports) ( 0.54 0.45 0.37 0.46 Other government imports 0.95 1.65 2.98 3.38 2.45 of which: (a) Capital equipment for government projects 0.30 0.53 0.87 1.54 0.98 (b) Railway stores 02 3 0.33 0.50 0.58 0.17 (c) Others 0.42 0.79 1.61 1.26 1.30 All other private imports 4.84 6.05 5.33 4.06 3.94 of which: (a) Capital goods 1.53 2.16 2.06 1.2 1.35 (b) Raw materials 1.08 0.96 0.67 0.65 0.86 (c) Intermediate goods 0.94 1.22 0.96 0.84 0.82 (d) Others 1.29 1.71 1.64 1.15 0.91 Total excluding P.L. 480 foodgrains 7.51 10.56 11.00 9.53 8.23 P.L. 480 foodgrainsb/ - 0.44 1.0 0.94 1.00 Total imports 7.51 11.00 12.04 l0.47 9.23 Source: Reserve Bank of India. a! The totals for 1957/58 and 1958/59 differ from those in Table 24, because the latter is based on later revisions, of which the mission does not have a detailed breakdown. b/ Includes that part of freight costs which is met from India's own resources. Table 28 Imports of Selected Commodities by Value (Rs. million c.i.f.T 1954 1955 1956 1957 1958 1959 Industrial Materials Iron and steel 320 522 1,224 1,470 978 840 Copper 85 88 166 179 135 164 Aluminium 32 47 50 80 60 59 Lead 15 18 28 22 23 2L. Zinc 47 45 57 72 61 53 Tin 37 35 40 48 48 48 Raw cotton 575 535 536 485 306 347 Raw jute 124 174 138 71 34 14 Wcoland wool tops 80 89 99 125 107 92 Rayon yarn 129 143 174 130 85 112 Chemicals (exc. fertilizers) 170 200 242 292 284 110 Dyes and tanning materials 189 185 167 1146 92 95 Natural rubber 9 16 32 26 28 51 Newsprint 62 62 62 56 49 60 Other paper and board 68 81 88 75 33 33 Plastic materials and manufactures 28 29 45 51 34 b3a Vegetaole oils 74 75 59 59 Uh b. Copra 69 72 82 121 104 112 Capital Ecuipment 9/ Textile machinery 137 154 254 257 139 1L3 Iachine tools 26 38 59 102 116 110 Agricultural machinery and tractors 41 43 65 56 40 32 Metal-working machinery 11 13 22 109 148 167 Other non-electrical machinery 451 603 793 1,194 956 1,010 Electrical machinery 234 265 357 466 389 10 Cables and wires 53 55 92 109 73 60 Wireless apparatus 23 19 24 36 28 30 Steam locomotives 78 59 36 148 67 71 Railway rolling stock components 105 76 125 76 143 29L. Buses and trucks 34 61 84 146 92 66 Motor cars 53 68 50 55 30 40 Motor vehicle parts . . . . . . 155 84 154 Consumer Goods-and Miscellaneous .ruits, nuts and vegetabltz 156 168 206 210 173 165 Clocks and watches 17 33 39 33 3 4 Pharmaceuticals 139 148 177 16h 102 88 Photographic supplies 33 51 59 42 30 44 Source: Monthly Trade Statistics b/January - November. /Includes certain durable consumer goods. Table 29 Imports by Source (Rs.million) 1951/52 1955/56 1957 1958 1959 United Kingdom 1.623 (19%) 1.727 (25%) Z8M (23%) 1.685 (19%) 1.722 (19%) United States 2.28 (34%) 893 (13%) 1.703 (17%) 1.615 (19%) 1,2.4 (22%) Canada jU (2%) 68 (1 %) D6 (1%) )Z (4%) 222 (3%) European Economic Community (9) 118 (18%) 218 (20%) 1 7 (19%) 1.90 (21%) of which: Germany, Fed. Rep. 286 603 1,228 940 1,187 France 109 155 287 170 191 Italy 180 165 304 256 259 Belgium-Luxembourg 103 124 239 174 136 Netherlands 110 141 130 98 131 Rest of OEEC and Finland (3%) D6 (5%) LM (5%) )0t (4%) 278 (3%) of which: Ireland 0 0 1 0 0 Sweden 75 79 119 90 107 Switzerland 100 121 178 97 78 Soviet Bloc 2 (1%) 107 (2%) 360 (4%) )26 (4%) 1 (4%) of which: U.S.S.R. 14 62 227 217 167 Poland 3 4 49 23 40 Czechoslovakia 28 29 62 65 37 East Germany 1 4 7 11 31 Japan 2! (3) 2(5) '&4 (5%) M (5%) 410 (5%) Mainland China 12 (2%) 4 (1%) 2 (-) 52 (1%) 2 (1%) South Asia and Far East 80 (9%) 8 (11%) O07 (7%) 873 (10%) 502 (6%) of which: Burma 235 96 132 455 132 Ceylon 56 94 57 43 61 Indonesia 32 15 38 33 38 Malaya 221 183 269 200 196 Pakistan 105 271 134 63 55 Thailand 116 5 6 5 6 Africa and Middle East 1.391 (16%) 1.148 (17%) 1.456 (14%) 1.192 (14%) 1.260 (14%) of which: Aden 9 21 8 8 12 Bahrain 109 82 64 29 42 Iran 289 144 554 331 356 Kenya 186 219 94 115 116 Kuwait 1 0 114 83 52 Mozambique 34 45 69 57 49 Nigeria 0 5 0 3 3 Rhodesia and Nyasaland 6 6 78 86 111 Saudi Arabia 100 152 140 197 201 Sudan 143 127 78 75 107 U.A.R. (Egypt) 405 231 107 62 80 Australia 176 (2%) LU (2%) 164 (2%) 1j (2%) 118 (1%) New Zealand 21 (-) _2j (-) 24 (-) 12 (-) 11 (-) Rest of World .2 (1%) 60 (1%) 56 (1%) 46 (1%) L2j (1%) of which: Argentina 8 1 1 0 1 Cuba 0 7 2 0 0 Yugoslavia 1 3 24 23 24 TOTAL 6.790 10.258 8.642 Source: Monthly Trade Statistics a/ Coverage of the monthly trade statistics is incomplete, since certain government imoorts are omitted. 1951/52 figures exclude trade by land with Pakistan, Burma, Afghanistan and Iran. Malaya includes Singapore. Table 30 Export Earnings by Principal Commodities (Rs, billion) 1955/56 1956/57 1957/58 1958/59 1959/60 Tea 1.11 1.49 1.19 1.38 1.30 Cashew nuts . . 0.14 0.16 0.16 0.15 Tobacco . . 0.16 0.16 0.16 0.15 Spices . . 0.10 0.10 0.09 0.11 Gums, resin and lac . . 0.11 0.09 0.08 0.08 Vegetable oils 0.40 0.26 0.15 0.10 0.18 Raw cotton and waste 0.h6 0.24 0.16 0.23 0.15 Sugar . . 0.02 0.12 0.05 0.02 Jute manufactures 1.20 1.26 1.18 1.06 1.12 Cotton manufactures 0.86 0.80 0.76 0.62 0.70 Manganese ore) 0.21 0.29 0.13 0.12 ietallic ores) 0.30 0.20 0.16 0.15 0.20 Leather goods (incl. ) 0.23 0.23 0.20 0.33 footwear) ) 0.33 Raw hides and skins ) 0.07 0.08 0.09 0.13 Other exports and re-exports 2.06 1.39 1.39 1.55 1.80 Total c.i.f. values 6.72 6.68 6.22 6.05 6.57 Less: estimated freight, insurance, etc. 0.31 0.33 0.27 0.29 0.34 Total f.o.b. values 6.[1 6.35 5.95 5.76 6.23 Source: Reserve Bank of India Table 31 Exports of Selected Commodities by Quantity (TO0O long tons) 1954 1955 1956 1957 1958 1959 Tea (mn lbs.) 449 367 523 h3 506 473 Jute goods 802 826 817 738 655 8h2 Cotton piece goods (Tnn. yarcs) 867 752 744 878 617 819 Manganese ore 1,090 1,2h1 852 1,715 960 970 Iron ore 1,068 1,277 1,703 2,216 1,866 2,472 Miica 17 22 18 22 19 23 Raw cotton 26 93 70 40 72 57 Svgar 1 29 21 19h 119 78 Tobacco (mn. 1bs) 79 102 97 84 111 87 Lac 26 30 27 27 26 27 Linseed oil 3 68 h6 15 22 19 Castor oil 23 43 41 42 20 35 Groundnut oil 29 174 27 - 1 a1 Oilcakes 17 171 56 78 235 521 Coffee 10 4 7 13 15 14 Coir mfrs. 75 75 82 73 72 74 Raw hides and skins 10 13 9 13 12 13 Source: Monthly Trade Statistics Table 32 Export by Destination (Rs. million) 1951/52 1955/56 1957 1958 1959 United Kingdom 1.879 (27%) 1.644 (28%) 1.601 (27%) 1.652 (30%) 1.676 (27%) United States 1 (19%) 8 (15%) 2 (16%) 812 (15%) 2a (15%) Canada 162 (2%) 140 (2%) LU (2%) 145 (3%) 1 (2%) European Economic Community Ll2 (6%) = (9%) 480 (8%) 1_8 (7%) 22 (8%) of which: Germany, Fed. Rep. 87 148 147 194 France 105 70 102 71 81 Italy 69 95 73 55 56 Belgium-Luxembourg 77 88 61 46 52 Netherlands 77 152 84 67 90 Rest of OEEC and Finland 20 (3%) (30%) 161 (3%) 144 (3%) 6 (3%) of which: Ireland 58 58 47 61 Sweden 24 15 17 15 14 Switzerland 21 9 12 8 9 Soviet Bloc 80 (1 ) 1 (1%) 24 (4%) 301 (5%) ! (7%) of which: U.S.S.R. 33 175 233 303 Poland 1 3 12 9 36 Czechoslovakia 12 13 37 39 42 East Germany 0 0 13 7 25 Japan L (2%) 302 (5%) 272 (4%) 2-5 (5%) j (6%) Mainland China 68 (1) L (1%) 2 (1%) 4 (1%) 8 (1%) South Asia and Far East 4 (14%) M (13%) Z (12%) 661 (12%) 1l4 (12%) of which: Burma 196 124 132 75 126 Ceylon 165 203 167 198 221 Indonesia 45 116 57 29 38 Malaya 157 123 130 143 122 Pakistan 190 83 67 71 63 Thailand 87 32 36 22 25 Africa and Middle East 240 (11%) 28 (14%) 816 (14%) 2o (13%) 68 (11%) of which: Aden 63 63 69 56 Bahrain 13 22 22 28 22 Iran 41 52 62 58 44 Kenya 88 60 77 46 48 Kuwait 38 35 35 38 38 Mozambique 9 8 8 10 6 Nigeria 71 82 69 69 40 Rhodesia and Nyasaland 36 30 29 15 15 Saudi Arabia 19 60 52 39 37 Sudan 77 56 97 72 146 U.A.R. (Egypt) 64 95 110 86 89 Australia 466 (7%) 248 (4%) 4Z (4%) 214 (4%) 12 (3%) New Zealand (1%) 46 (1%) 62 (1%) j (1%) iZ (13) Rest of World 2 (8%) j (4%) ('4%) 22 (4%) Z (4%) of which: Argentina 175 111 98 93 80 Cuba 114 45 65 47 27 Yugoslavia 3 2 8 10 18 TOTAL 60 6.158 Source: Monthly Trade Statistics a/ 1951/52 figures exclude trade by land with Pakistan,Burma, Afghanistan and Iran. Malaya includes Singapore. Silver payments to U.S.A. excluded; 1957 - Rs. 377 million; 1958 - Rs. 114 million. Table 33 a2/ Composition of India's External Public Debt (Amounts outstanding at end-1959 - U.S. , million equiv.) Amounts of which Outstanding Disbursed I.B.R.D. 554 409 Export-Import Bank 150 14 U.S. wheat loan 186 186 U.S. banks' credits to Air-India 11 1 Canadian wheat loan 35 35 U.K. Government 183 126 Private British steel credit 32 28 German Government 40 35 Private German steel credit 157 108 Japanese Government 50 6 Soviet Government 677 133 Suppliers' credits to public sector 127 127 Publicly issued bonds 10 10 Total 2,214 1,218 Source: IBRD. a/ Excludes suppliers' credits to the private sector and public debt repayable in rupees. Table 3k Projected External Debt Service (Estimated contractual interest and amortization payments on debts shown in Table 33; U.S. $ million equivalent; * signifies less than $500,000) Total Public Debt Debt Outstanding Payments during Year January 1 Amortization Interest Total 1960 2,214 55 99 1961 2,170 76 69 145 1962 2,093 149 66 215 1963 1,945 135 63 19$ 1964 1,810 203 67 270 1965 1,610 179 59 238 1966 1,431 171 52 223 1967 1,261 154 48 202 1968 1,106 147 43 191 1969 959 147 37 18k 1970 812 128 31 1599 1971 685 115 26 11 1972 570 100 22 122 1973 470 91 18 108 1974 379 77 1k 91 (A) IBRD Loans 1960 55k 18 26 k5 1961 536 25 27 53 1962 511 30 27 57 1963 480 35 26 60 196k 446 36 24 60 1965 409 38 22 60 1966 371 k1 20 61 1967 330 ho 18 58 1968 290 35 16 50 1969 255 37 1k 50 1970 219 35 12 47 1971 184 31 10 40 1972 153 27 8 35 1973 126 17 7 24 197k 109 18 6 24 Table 34, cont'd 1 Debt Outstanding Payments during Year January 1 Amortization Interest Total (B ) U.S. Wheat Loan 1960 186 - 1961 186 - 1962 186 1963 186 - 1964 186 - 1965 186 - 1966 186 - 1967 186 3 2 5 1968 183 6 5 11 1969 177 6 4 11 1970 171 6 4 11 1971 165 6 4 11 1972 158 7 4 11 1973 152 7 4 11 1974 145 7 4 11 (C) U.S. Banks Credits to Air India 1960 1 - * 1961 11 - 1 1 1962 11 3 1 4 1963 8 3 * 1964 4 3 * 1965 1 1 * 1 (D) Export-Import Bank Loan 1960 150 - 3 3 1961 150 8 8 1962 150 8 8 1963 150 - 8 8 1964 150 15 8 23 1965 135 15 7 22 1966 120 15 6 21 1967 105 15 5 20 1968 90 15 5 20 1969 75 15 4 19 1970 60 15 3 18 1971 4S 15 2 17 1972 30 l5 1 16 1973 1 15 1 16 Table 34, cont'd 2 Deot. Oftstanding ___ Payments during Year January 1 Amortization Interest Total (E) Canadian Wheat Loan 1960 35 -1 1 1961 35 5 1 6 1962 30 5 1 6 1963 25 5 1 6 1964 20 5 i 6 1965 15 5 i 6 1966 10 5 5 19o7 5 5 * 5 (F) U.K. Government Loans J960 183 -9 9 ]961 183 11 11 1962 183 -11 11 1963 183 -11 11 196h 183 7 11 19 1965 176 18 i 23 2966 159 28 10 38 1967 131 25 8 33 1968 105 25 6 32 1969 80 23 5 27 1970 57 6 3 9 1972 51 6 3 9 19(2 h6 6 3 9 1973 h0 6 2 8 1974 34 6 2 8 (G) U.K. Private Steel Credit 1960 32 - 2 2 1961 32 2 2 1962 32 10 2 12 1963 22 15 1 17 396 7 7 * 7 (H) German Goverrunent Loan 1960 h0 2 2 1961 h0 - 2 2 1962 40 6 3 8 1963 34 6 2 8 1964 29 2 2 h 1965 27 2 2 4 1966 25 2 2 4 2967 23 2 1 3 1968 21 2 1 3 Table 34, cont'd 3 Debt Outstanding Payments during Year January 1 Amortization Interest Total (H) German Government Loan (cont'd) 1969 19 2 1 3 1970 17 2 1 3 1971 15 2 1 3 1972 13 2 1 3 1973 11 2 1 3 1974 10 2 1 3 (I) Private German Steel Credit 1960 157 - 6 6 1961 157 12 3 20 1962 145 54 7 61 1963 91 24 5 29 1964 67 4k 3 47 1965 23 23 1 24 (J) Japanese Government Loan 1960 50 1 1 1961 50 3 3 1962 50 - 3 3 1963 50 7 3 10 1964 k 7 3 9 1965 37 7 2 9 1966 30 7 2 8 1967 23 7 1 8 1968 17 7 1 8 1969 10 7 1 7 1970 3 3 * (K) Soviet Government Loans a/ 1960 677 11 3 14 1961 666 11 3 14 1962 655 11 3 1 1963 6k 21 6 27 1964 623 58 16 73 1965 565 58 14 72 1966 508 58 13 70 1967 45o 58 11 69 1968 392 58 10 67 1969 335 58 8 66 1970 277 58 7 65 1971 219 55 5 60 1972 165 kk 4 48 1973 121 44 3 47 1974 77 44 2 46 a/ Payable in rupees convertible into pounds sterling Table 34, cont'd 4 Debt Outstanding Payments during Year January 1 Amortization Interest Total (L) Suppliers' Credits 1960 127 14 - l 1961 112 23 23 1962 89 27 - 27 1963 63 19 19 1964 44 16 - 16 1965 28 13 - 13 1966 15 15 - 15 (M) Publicly Issued Bonds 1960 10 - 1961 10 - 1962 10 2 3 1963 8 - 1964 8 - 1965 8 - 1966 8 - 1967 8 - 1968 8 - 1969 8 - 1970 8 2 3 1971 5 - 1972 5 - 1973 5 - 1974 5 -