Prime Minister: Narendra Modi
The gold airlift, liberalisation, and a floating rupee.
Rupee per dollar
₹65.07
−3.1% on 2016
Inflation
3.33%
−1.62 pts on 2016
GDP growth
6.8%
−1.46 pts on 2016
Reserves
$412,614m
+14.1% on 2016
External debt
$511,576m
+12.3% on 2016
Brent crude
$54.12
+24% on 2016
Indirect tax; equities · 1 July 2017
Sensex opened 31,156.04 on 2017-07-03 and rose ≈337 pts to a high of 31,258 (≈+1%). FMCG, metals, consumer durables, realty and autos gained up to ≈3.5%.
The closing level for 2017-07-03 was not captured.
ReportedPress. Source: India TV News 2017-07-03; PIB PRID=1494580
Telecom / political risk · 21 December 2017
Ends the decade's biggest scandal case without a conviction (the CBI appealed).
ReportedPress. Source: The Quint; Business Today
Goods and Services Tax launched
Slabs of 0/5/12/18/28%, plus cess. Integrated GST (IGST) replaced countervailing and special additional duties on imports, and exports were zero-rated. The early refund backlog hurt exporters (amounts not extracted).
ReportedOfficial record. Source: PIB PRID=1494580 "GST roll-out…"; 101st Amendment
RCEP still under negotiation; permanent WTO solution missed at MC11
India's position paper argued for one.
ReportedOfficial record. Source: WTO MC11 India position paper (mc11_ps_fs_india.pdf)
India–China–Bhutan trijunction
Indian troops blocked PLA road construction on the Doklam plateau, which Bhutan claims. Mutual disengagement on 2017-08-28, before the Xiamen BRICS summit. China-related trade and FDI scrutiny followed later. No large market effect found.
ReportedPress. Source: Wikipedia "2017 China–India border standoff"; The Diplomat 2017-08
| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| IBRD | FY2017 commitments | 1,530 USD | 1,530 | amortising | verified |
| IDA | FY2017 transitional commitments | 508 USD | 508 | amortising | verified |
| Non-resident Indians | NRI deposit stock at end-Mar 2017 | 116,867 USD | 116,867 | fell 7.9% y/y on FCNR(B) redemptions | verified |
| IDA | Outstanding at end-Mar 2017 | 23,705 USD | 23,705 | amortising | verified |
| IBRD | Outstanding at end-Mar 2017 | 9,338 USD | 9,338 | amortising | verified |
| Asian Development Bank | Outstanding at end-Mar 2017 | 10,795 USD | 10,795 | amortising | verified |
| Japan | Outstanding at end-Mar 2017 (typical ODA loan terms 30 yrs incl. 10 grace) | 14,993 USD | 14,993 | amortising | verified |
| Germany / Russia / France / United States | Outstanding at end-Mar 2017: 1,938 / 900 / 455 / 155 | 3,448 USD | 3,448 | amortising | verified |
| ECB/commercial lenders (aggregate) | Commercial borrowing stock at end-Mar 2017 | 173,074 USD | 173,074 | verified | |
| IMF | "IMF" line at end-Mar 2017, SDR allocations (2009), not credit | 5,410 USD | 5,410 | verified | |
| Abu Dhabi Investment Authority (ADIA), via a subsidiary | NIIF Master Fund equity commitment, plus a stake in NIIF Ltd | 1 USD bn | 1,000 | Signed 2017-10 (reported 2017-10-17). | reported |
| All external creditors (aggregate stock) | Total external debt, end-March 2017 | 471.9 USD bn | 471,900 | Stock | reported |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
