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click here to return to main page of Annual Policy Statement for the Year 2005-06
Highlights of Annual Policy Statement for the Year 2005-06
Domestic Developments
During 2005-06, real GDP growth projected at around 7.0 per cent, inflation rate in a range of 5.0-5.5 per cent and M3 at 14.5 per cent
GDP growth for 2004-05 placed at 6.9 per cent.
Inflation rate stood at 5.0 per cent as at end-March 2005.
Money supply (M3) increased by 12.8 per cent.
RBI’s foreign currency assets increased by Rs.1,15,044 crore. The expansionary impact of foreign currency assets was neutralised to a large extent by substantial recourse to the MSS in conjunction with reverse repo operations under LAF.
Non-food credit increased by 26.5 per cent. Total flow of funds from SCBs increased by 23.6 per cent exceeding the growth of 19.0 per cent anticipated in October 2004.
Combined market borrowings of the Centre and States were lower.
During 2004-05, financial markets remained generally stable. While interest rates in money and government securities markets rose intra-year, they stabilised in the later part of the year, albeit at higher levels.
While the share of sub-PLR lending rose, lending rates remained stable.
Combined daily transactions of market repo and CBLO was higher than those in the uncollateralised call/notice money market.
Go Back To Highlights of Annual Policy Statement 2005-06
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