Prime Ministers: Manmohan Singh, Narendra Modi

The Age Of Stars

The gold airlift, liberalisation, and a floating rupee.

Vol. CXLThe edition of 2014 · The Open Economy9 records

Prime Ministers: Manmohan Singh · Narendra Modi
President: Pranab Mukherjee
Finance Ministers: P. Chidambaram · Arun Jaitley
RBI Governor: Raghuram G. Rajan

Rupee per dollar

₹61

+4.2% on 2013

Inflation

6.67%

−3.35 pts on 2013

GDP growth

7.41%

+1.02 pts on 2013

Reserves

$325,081m

+9.1% on 2013

External debt

$457,507m

+7.1% on 2013

Brent crude

$99.02

−8.8% on 2013

Make in India

Launched 2014-09-25. A campaign covering 25 sectors, investment facilitation and ease of doing business

It was an umbrella for FDI liberalisation rather than a tariff instrument. It was later paired with tariff increases on electronics and phased-manufacturing programmes; the individual customs notifications are not extracted here (see Gaps).

ReportedOfficial record. Source: PIB (Make in India releases); CSIS

Trade & Tariffs

2 items

FDI liberalisation for Make in India: defence and railways

2014-08: defence FDI cap raised from 26% to 49%; railway infrastructure opened to 100% FDI (automatic route).

ReportedPress. Source: Deccan Herald (Cabinet nod); CSIS "India's FDI Reforms Under Modi"

India holds up the TFA protocol; WTO General Council decision of 2014-11

India refused to adopt the TFA protocol in 2014-07 until the peace clause was made indefinite

The General Council decision of 2014-11 clarified that the clause would stay in force until a permanent solution was agreed.

ReportedOfficial record. Source: PIB relid=148541 "Issues Raised by India in WTO"; WTO public-stockholding factsheet

The Ledger: what was borrowed in 2014

Full ledger →

Creditor	Instrument	Amount	US$ m	Status	Grade
Non-resident Indians	NRI deposit stock at end-Mar 2014 (70,822 in 2013; FCNR(B) share 21.4% → 40.3%)	103,845 USD	103,845		verified
IBRD	FY2014 commitments	1,975 USD	1,975	amortising	verified
IDA	FY2014 commitments, last regular IDA year (end of IDA16); India graduated at the end of FY2014	2,647 USD	2,647	amortising	verified
NRIs (not named)	Stock of NRI deposits, end-March 2014	103.8 USD bn	103,800	Stock	reported
All external creditors (aggregate stock)	Total external debt, end-March 2014	440.6 USD bn	440,600	Stock	reported
IFC (issuer); offshore investors (buyers)	First offshore rupee ("Masala") bond, listed in London	1,000 INR crore		Issued 2014-11 on the London Stock Exchange.	reported

Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.

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