RBI's Annual Report Flashcards
The RBI’s annual report 2024 was submitted to the Central Government under which section?
It was submitted under Section 53(2) of the Reserve Bank of India Act, 1934
Department of Economic and Policy Research (DEPR) provides analytical and research-based inputs on an ongoing basis for policy formulation
According to the IMF’s World Economic Outlook The global growth rate declined from ____% in 2022 to _____% in the current period?
The Global inflation decreased from ____% in 2022 to ___%, according to the RBI’s annual report?
According to the WTO, the volume of global merchandise trade contracted by ___% in 2023, what were the reasons for the same?
a) It declined from 3.5% in 2022 to 3.2% in 2023. The causes were Restrictive monetary policies, geopolitical tensions, sluggish recovery in China, and climate change impacts.
b)- It declined from 8.7% in 2022 to 6.8% in 2023.
Causes: Easing commodity prices, favorable supply conditions, and monetary
tightening.
- Inflation of Core Items/Services: Remained elevated due to tight labor markets.
- As per the IMF’s World Economic Outlook report, The global inflation rate is expected to moderate from 6.8% in 2023 to 5.9% in 2024 and further decline to 4.5% in 2025C) - It declined by 1.2%. This decline contrasts with the 3% increase observed in 2022 and the global merchandise trade volume is projected to grow by 2.6% in 2024.
- Reasons were the Shift in demand from goods to services, geopolitical tensions, high inflation reducing manufactured goods consumption
Other:
- Services showed resilience with recovery in travel and sustained demand for
digital services. - Financial conditions were tightened due to synchronized monetary policy tightening and increased geopolitical conflicts.
- Net Exports growth was dragged down by a moderation in exports amid contracting global trade volumes, while import was buoyant on robust domestic demand.
Answer the following based on the Second Advance Estimates of National Income 2023-24 released by the National Statistical Office on February 29, 2024-
a) India’s Real GDP growth acclerated from ___% in 2022-23 to ___%?
b) India’s Gross fixed capital formation (GFCF) surged from___ % to ___ %, driven by government infrastructure spending?
c) Private Consumption Growth slowed from ___% to ___%?
d) The GVA growth in agriculture and allied sectors dropped to __% from ___%, impacted by poor Southwest monsoon rainfall?
a) It increased from 7% in 2022 to 7.6%
b) The GFCF growth surged from 6.6% to 10.2%, driven by infrastructure spending
c) Private Consumption: Growth slowed to 3.0% from 6.8%.
d) GVA growth in agriculture and allied sectors dropped to 0.7% from 4.7%, impacted by poor Southwest monsoon rainfall
What supply measures were taken by the government throughout the year to maintain the domestic supply-demand balance in food items and mitigate inflationary pressures?
- Released public foodgrain stocks through open market sales.
- Imposed stock limits on cereals and pulses.
- Applied export restrictions on cereals and onions.
- Eased import access for pulses and edible oils.
- Millets Initiative: The UN’s declaration of 2023 as the international year of millets promoted crop diversification towards millets.
The “PM Surya Ghar Muft Bijli Yojana” was launched in Feb 2024. It aims to provide free electricity for up to _____units per month and subsidies for up to ____% of the RTS systems?
- It will provide 300 units of free electricity per month
- It provides a CFA of 60% of the cost of a residential RTS system for 2Kw and a CFA of 40% of the cost of a residential RTS system for 2 to 3 kw as a subsidy for installation cost.
The Indian government approved ₹____ for three semiconductor manufacturing units, and they will be established in which states and at what cost respectively?
The Indian government has approved an investment of approximately ₹1.3 trillion for the construction of three semiconductor manufacturing units, which include
a) A ₹91,000-crore project by Tata Electronics to establish India’s first semiconductor fabrication unit in collaboration with Taiwanese Powerchip Semiconductor Manufacturing Corp in Dholera, Gujarat.
b) A ₹27,000-crore Semiconductor Assembly and Test (TSAT) unit by Tata in Morigaon, Assam.
c) A ₹7,600-crore project by CG Power with Japanese Renesas Electronics and Stars Microelectronics of Thailand will be established in Dholera, Gujarat. This will focus on developing indigenous advanced semiconductor packaging technologies which will include flip chip and ISIP (integrated system in package) technologies.
What was the share of the services sector in the GVA, and the services sector growth was increased by what per cent in 2023-24?
What was the status of the Construction, Financial services and IT sectors respectively under the services sector?
** The share of the services sector in the GVA was over 63%, with a growth of 7.9% in 2023-24
- ** - Construction activity accelerated to register double-digit growth, benefitting from rising demand in the housing sector and the government’s thrust on infrastructure.
- Financial Services Growth was propelled by strong bank credit growth.
- IT Services Experienced a slowdown due to subdued global demand.
- Overall, The services sector growth in 2023-24 was boosted by construction activity and financial, real estate, and professional services.
The Unemployment Rate (UR) declined to ___% in 2023?
The Labour Force Participation Rate (LFPR) increased to ___%?
Worker Population Ratio (WPR) increased to ___%?
** - The Unemployment Rate Fell to its lowest levels in 2023, to 3.1% (usual status) and 5.0% (current weekly status).
- There was a decline in both Urban and Rural unemployment rates
** increased to 59.8%. LFPR for females saw a notable increase.
** increased to 58%
What was India’s rank in the Climate Change Performance Index (CCPI) 2024, released by Germanwatch, the New Climate Institute, and Climate Action Network International?
What are the 4 categories for evaluating a country under the CCPI?
What is the Carbon Credit Trading Scheme (CCTS) launched under the National Green Hydrogen mission?
** - India was ranked 7th in the CCPI for 2024, a jump of 1 rank from 8th rank in 2023. Thus India overall stands at the 4th position in the index.
- The first three positions in the CCPI were empty as no country performed well enough in all the index of indicators.
- Rank 4- Denmark, Rank 5- Estonia and Rank 6- Philippines
** GHG emissions (40%), Climate Policy (20%), Renewable Energy (20%), Energy Use (20%)
** The Carbon Credit Trading Scheme launched in June 2023 under the National Green Hydrogen Mission is designed to reduce greenhouse gas (GHG) emissions by assigning a value to each tonne of carbon dioxide equivalent (tCO2e) reduced or avoided. This value is known as a carbon credit. These credits can be bought, sold, and traded within India’s carbon market framework.
The scheme encourages carbon trading and aims to reduce carbon emissions by:
- Mandating the use of non-fossil sources such as green hydrogen, green ammonia, biomass, and ethanol for energy and feedstock.
- Establishing provisions for the development of carbon markets.
The Headline Inflation softened from ___% to __% during 2023-24?
Core Inflation fell from ___% to ___% during 2023-24?
What was the status of Fuel and Food inflation respectively during 2023-24?
Overall, the WPI inflation averaged ___% during 2023-24?
** The Headline Inflation Softened to 5.4% during 2023-24 from 6.7% in the previous year. The fall in core inflation contributed significantly to this decrease.
** Core inflation decreased from 6.1% a year ago to 4.3% in 2023-24
** - There was a reduction in Fuel inflation since Sept 2023 due to the reduction in the domestic prices of LPG and Kerosene, influenced by Global energy price correction.
- Food Inflation Increased to 7% from 6.7% driven by sustained pressures from the prices of cereals, pulses, spices, and vegetables due to overlapping supply shocks
- Food Inflation: Remained the major driver of headline inflation, with its contribution increasing to 60.3% during 2023-24 from 46% a year ago.
** Overall, the WPI inflation averaged (-) 0.7% during 2023-24.
The movement in WPI inflation during the year mirrored the correction in global
commodity prices, particularly in energy, food, and metals, owing to normalisation of
supply and slowdown in global demand.
Answer the following based on the RBI’s monetary policy during 2023-24-
A) What was the impact of the RBI’s liquidity stance on the market, and how did it affect the average daily net absorption under the LAF during 2023-24?
B) The repo rate was increased by a cumulative ____basis points in 2022-23?
C) The weighted average call rate (WACR) traded, on an average, ___ basis points (bps) above the policy repo rate during 2023-24 and stood at ___% at March end 2024?
A) - The liquidity conditions were tightened in line with the monetary policy stance and the average daily net absorption under the LAF moderated to ₹485 crore during 2023-24 from ₹1.87 lakh crore in the previous year.
- This reflects a significant reduction in liquidity absorption by the RBI, aligning with its monetary policy objectives and indicates that there was more liquidity in the banking system in 2023-24 compared to the previous year
B) 250 basis points. The impact of the increase in the repo rate and softening input cost pressures was reflected in a steady decline in core consumer price index (CPI) inflation (CPI excluding food and fuel).
C) - The weighted average call rate (WACR) traded, on an average, 13 basis points (bps) above the policy repo rate during 2023-24 and stood at 6.6% at March end 2024
- The Weighted Average Call Rate (WACR) is the rate at which short-term funds are borrowed and lent in the money market, specifically for one day. It represents the unsecured segment of the overnight money market and is reflective of systemic liquidity mismatches at the margin.
In India, the WACR is explicitly chosen as the operating target of monetary policy, meaning it is a key rate monitored by the Reserve Bank of India (RBI) to manage liquidity in the market
Indian Rupee (INR) depreciated by ___% during 2023-24?
- It depreciated by 1.4%, which was considered a modest decline, making it one of the best-performing major Emerging Market Economies (EME) Currencies.
- The report attributes this stability to robust domestic prospects and improvements in India’s external position, including a moderation in the current account deficit (CAD) amidst large capital inflows, which also enabled an addition to foreign exchange reserves
The domestic equity market capitalization recorded significant gains, crossing the ____USD mark during the fiscal year 2023-24?
It crossed the USD 4 trillion mark, 5th largest globally.
Domestic Equity Market Capitalization refers to the total value of all publicly traded shares of companies listed on a country’s stock exchange(s). It’s a crucial metric for assessing the overall size and health of a nation’s stock market.
Answer the following based on the Fiscal Consolidation in 2023-24 for the Central and State governments-
a) The Gross Fiscal Deficit (GFD) of the Central government declined from ___% of the GDP to ___%?
b) Capital expenditure growth for the centre was contained at ____% while capital expenditure grew in double digits for the fourth consecutive year?
c) Gross tax revenue for the centre was at ___% of the GDP in 2023-24, the highest since 2008-09?
d) The Gross Fiscal Deficit (GFD) of state governments was budgeted at ___% of the GDP in 2023-24?
e) Capital Expenditure of state governments increased by ___%?
f) The general government capital outlay increased to what percent in 2023-24?
a) From 6.4% of the GDP to 5.9% of the GDP
b) 2.5%
c) 11.7% of the GDP
d) It was budgeted at 3.1% of the GDP, within the limit of 3.5%, prescribed by the centre
e) 19.4%
f) The general government deficit moved lower in 2023-24 (BE), even as general
government capital outlay increased from 5% of GDP in 2022-23 (RE) to 5.6% of the GDP in 2023-24 (BE).
a) On the receipts side, gross tax revenues surpassed BE by ₹_______, driven up by
higher income tax revenues which offset shortfalls in excise and customs collections?
B) Income tax recorded a buoyancy of ____in 2023-24 (RE) vis-à-vis ___in BE?
C) Net tax revenue, however, fell short of the BE by ___% of GDP due to higher devolution to states?
D) Non-tax revenue collections exceeded BE by __% of the GDP,
on the back of higher dividend transfers by the Reserve Bank and public sector
enterprises.
a) 76,353 crore
b) A buoyancy of 2.5 in 2023-24 with relation to 1.0 in the Budget Estimates
c) by 0.02% of GDP (₹6,713
crore) due to higher devolution to states
d) by 0.3% of GDP (₹74,145 crore)
on the back of higher dividend transfers by the Reserve Bank and public sector
enterprises.
During the H2:2023-24 a 50-year security aggregating ₹_____was issued for long-term institutional players?
The Weighted average yield (WAY) of G-Sec was moderated to ____% from ____%?
** ₹30000 crore
** It was moderated to 7.24% from 7.32%
The central government’s borrowing in H2 also included the issuance of new sovereign green
bonds (SGrBs) of 30 years.
Answer the following based on the Trade and Current account status during 2023-24-
a) Merchandise Exports Fell by ____% in US dollar terms due to global trade volume and commodity price decline?
b) India’s merchandise exports rose around ten-fold from USD_____in 2000-01 to USD______in 2023-24?
c) Merchandise Trade Deficit Narrowed to USD_____ from USD ______?
d) Merchandise Imports at USD_____decreased by ___% in US dollar terms during 2023-24?
e) Current Account Deficit (CAD) Moderated to ___% of GDP during April-December 2023 from ___% in the same period a year ago, supported by robust services exports and steady inward remittances?
f) The oil deficit accounted for around ____%?
g) Exports of electronic goods at USD ____grew during 2023-24, propelled by mobile phones
(accounting for more than half of total electronic goods exports) benefitting from the production linked incentive (PLI) scheme for large scale electronics manufacturing (LSEM).
a) 3.1% in USD term to USD 437.1 billion USD in 2023-24
The decline in exports in 2023-24 was broad-based, with about half of the export basket
recording a fall. The following contributed to the decline in merchandise exports:
- petroleum, oil and lubricants (POL)
- gems and jewellery
- readymade garments (RMG) of all textiles
- organic and inorganic chemicals and
- rice
b) From 45 billion USD in 2000-01 to 437.1 billion USD in 2023-24
c) - It narrowed to USD 238.3 billion from USD, fell by 10% (Y-o-Y) from 264.9 billion
- Amongst major trading partners, India’s trade deficit with Russia, Switzerland
and China widened, while surpluses improved in respect of the US, the Netherlands
and the UK
d) - Merchandise imports at USD 675.4 billion declined 5.7% during 2023-24 mainly due to lower prices
- The decline in imports was led by:
▪ Petroleum, oil and lubricants (POL)
▪ coal,
▪ pearls,
▪ precious, and semi-precious stones,
▪ fertilisers
▪ organic and inorganic chemicals. - India’s POL imports constituted 26.6% of total merchandise imports. The POL imports declined by 14.2% to USD 179.6
billion during 2023-24 due to lower prices. - Russia’s share in supply of crude oil to India increased to 38.1% during 2023-24 while that of the Middle East region moderated
e) - It moderated to 1.2% of the GDP (32 billion USD) during April-Dec 2023 from 2.6% of the GDP (USD 65.6 billion) in the same period a year ago
- This was the outcome of a fall in the merchandise trade deficit as well as a higher surplus in
services trade.
F) 40.1%
g) USD 29.1 billion. Major export markets for smartphones were the US, the UAE, the UK, the Netherlands
and Italy.
Software services and business services exports together account for around ___% of
India’s services exports, and they increased by ___% (y-o-y) during the same period?
Amongst other services, exports of travel services grew by ____%, benefitting from the
lifting of pandemic-related movement restrictions?
According to Gartner, global information technology (IT) spending is expected to increase to
USD______in 2024 from USD_____in 2023, which should support India’s software
services exports?
** Software services and business services exports together account for around 70% of
India’s services exports, and they increased by 11% (y-o-y) during the same period
** - Amongst other services, exports of travel services grew by 27.6%, benefitting from the
lifting of pandemic-related movement restrictions
- Services export growth decelerated in 2023-24 due to weakening global demand. India retained
its position in the top five exporting countries during 2023.
** According to Gartner, global information technology (IT) spending is expected to increase to
USD 5.1 trillion in 2024 from USD 4.7 trillion in 2023, which should support India’s software
services exports.
A) Net FPI Inflow reached ____USD, the second highest since 2014-15?
B) Gross FDI inflow was at USD____ in 2023-24, compared to USD _____the previous year?
C) Net FDI inflow moderated to USD____?
D) India’s foreign exchange reserves rose during 2023-24 and were placed at USD____ as at
end-March 2024, an increase of USD_____over end-March 2023 and during April-Dec 2023 it reached an all-time high of USD____?
E) As at end-March 2024, foreign exchange reserves provided a cover of ____months of imports for 2023-
24?
A) It reached USD 41.6 billion, the second highest since 2014-15 (US$ 45.1 billion)
India attracted the highest FPI flows in 2023-24 among peer emerging economies on the back of:
- robust domestic GDP growth,
- brightening medium-term prospects and
- strong corporate earnings
B) Gross FDI inflow was at USD 71 billion in 2023-24, compared to USD 71.4 billion the previous year, and the
C) - Net FDI inflow moderated to USD 10.6 billion due to high repatriation.
-Net FDI (i.e., net inward FDI US$
26.5 billion minus net outward FDI US$ 16.0 billion)
D) - India’s foreign exchange reserves rose during 2023-24 and were placed at USD 646.4 billion as at
end-March 2024, an increase of USD 68.0 billion 11.7% over end-March 2023.
- During April-Dec 2023 it reached USD 648.7 billion
At end-December 2023, India’s foreign exchange reserves were five times higher than short-term external debt on original maturity basis and more than two times short-term
external debt on residual maturity basis.
E) 11.4 months of cover
What were the top 5 FDI source countries and what were the top shares in inward FDI?
Outward FDI from India increased by ____% during 2023-24 on a y-o-y basis?
** - the top FDI source countries were Singapore, Mauritius, the US, the Netherlands and Japan, contributing 73.9 per cent of the total FDI
- Top shares in inward FDI was in, the services sector (including computer services, communication services,
financial services and business services) , followed by manufacturing, electricity and other energy, retail and wholesale
trade.
** 13.9%
Singapore, the US, the UAE, the UK, and the Netherlands were the major destinations for
Outward FDI
Financial, insurance and business services, manufacturing, and wholesale, retail trade
were the major sectors attracting India’s overseas direct investment (Outward FDI) during
2023-24.
The e₹-R pilot was expanded to ____banks in ___ locations, integrating with UPI for a seamless user experience?
It was expanded to 15 banks in 81 locations
What is the PTPFC platform developed by the RBIH, aimed at reducing costs, speeding up disbursements, and scaling rule-based lending?
The Public Tech Platform for Frictionless Credit (PTPFC) is a platform developed by the RBIH to ease the credit delivery process in India. It is a comprehensive platform which assesses the creditworthiness of borrowers through credit bureaus, financial institutes and government databases and facilitates real-time credit assessment and loan processing. Thus it helps in reducing the overall credit delivery time and enhances transparency.
- It was launched as a pilot phase in August 2023
- During the pilot phase, it will focus on products such as Kisan Credit Card loans, Dairy Loans, MSME loans, Personal loans, and Home loans through participating banks.
Answer the following based on the “Digital and E-Commerce Growth”-
A) Bharat Bill Payment System (BBPS) Facilitated bill payments for over_____ billers?
B) There was a growth of ___% in e-KYC authentification via Aadhar?
C) Digital payments grew by ___ % in volume and ___% in value during 2023-24?
D) The UPI platform achieved significant milestones, surpassing _____transactions in a single month in March 2024?
E) The Financial Inclusion Index (FI-Index) Improved from ____ in March 2022 to ____ in March 2023?
A) Over 21000 billers
B) 28%
C) Digital Payments grew by 44.3% in Volume and 16.4% in value during 2023-24
D) 13 billion transactions
E) It improved from 56.4 in March 2022 to 60.1 in March 2023, reflacting an YoY growth of 6.6%
- The FI-Index comprises of three broad parameters viz., Access (35%),
Usage (45%), and Quality (20%) with each of these consisting of various dimensions, which are
computed based on a number of indicators. - The Index is responsive to ease of access, availability and usage of services, and quality of services,
comprising in all 97 indicators. - The FI-Index will be published annually in July every year.
- The FI-Index has been constructed without any ‘base year’ and as such it reflects cumulative
efforts of all stakeholders over the years towards financial inclusion.
What is the Antardrishti Platform?
- The Antardrishti platform is a Financial Inclusion Dashboard developed by the Reserve Bank of India (RBI). It provides valuable insights for assessing and monitoring the progress of financial inclusion in India
- It captures relevant parameters to gauge the extent of financial exclusion at granular levels across the country, allowing areas with limited access to avail of financial services effectively. By identifying areas with higher levels of financial exclusion, policymakers can focus on implementing targeted measures to address these gaps and promote greater financial inclusivity.
- It captures broad parameters
under the three dimensions of financial inclusion, viz., Access, Usage and Quality.
Answer the following based on the prospects of 2024-25-
A) The global economy is projected to grow by ___% each in 2024 as well as in 2025, at the same pace as in the preceding year?
B) Global inflation will moderate from ___% in 2023 to ___% in 2024 and ____% in 2025?
C) Global trade volume (goods and services) is expected to recover with a growth of ___% in 2024 and ___% in 2025 from __% in 2023, with easing inflation and the expected rebound in goods trade?
D) Real GDP growth for 2024-25 projected at ___ % with Risks evenly balanced?
E) CPI inflation is projected at ___% in 2024-25?
A) - grow by 3.2% each year in 2024 and 2025
- Growth in the Aes (Advanced Economies) at 1.7% in 2024 is projected to be marginally higher than that of 1.6% a year ago. Emerging market and developing economies (EMDEs) are projected to expand at 4.2%, below 4.3% a year ago
B) From 6.8% in 2023 to 5.9% in 2024 to 4.5% in 2025
C) It is expected to recover with a growth of 3% in 2024 and 3.3% in 2025, from 0.3% in 2023
D) 7%
E) 4.5%
Which research foundation was established to boost research and innovation in basic science, healthcare and humanities?
Anusandhan National Research Foundation
National Quantum Mission (NQM) was approved with a total cost of around ₹_____and a duration of ______?
It was approved with a total cost of around ₹6,000 crore and Duration of 2023-24 to 2030-31
Answer the following based on the Fiscal Policy and Government Spending Outlook for 2024-25-
A) Over ____% borrowings are directed towards capital outlay?
B) ₹____financial assistance is allocated to states for 2024-25?
C) Gross Market Borrowings reduced from ___ % of GDP in 2023-24 to ____% of GDP in 2024-25?
D) Direct Tax Revenues are projected at ____ % of GDP in 2024-25, the highest in three decades?
A) Over 50%
B) ₹1.3 lakh crore
C) It reduced from 5.3% of the GDP in 2023-24 to 4.3% of the GDP in 2024-25
D) 6.7% of the GDP
According to the World Bank, India’s share of remittance receipts is projected to rise from ___ % in 2019 to ___ % in 2024?
From 11.1% in 2019 to 15.2% in 2024. Remittance receipts are funds received by a country from its citizens or residents working abroad.
According to the World Economic Outlook, April 2024, IMF, Global growth is expected to slow from 3.5% in 2022 to 3.2% in 2024. What are the causes for these?
Restrictive monetary policies, geopolitical tensions, sluggish recovery in China, and climate change impacts.
Global inflation decreased from 8.7% in 2022 to 6.8%, what were the causes for this?
Easing commodity prices, favourable supply conditions, and monetary tightening
What are the Downside risks to the growth outlook and upside risks to the
inflation outlook?
- Geopolitical tensions,
- geoeconomic fragmentation,
- global financial market volatility,
- International commodity price movements
- and erratic weather developments
Digital Payments will be shaped through which 5 pillars?
integrity, inclusion,
innovation, institutionalisation, and internationalisation.
What is the “Payment Vision 2025”?
- Focus on customer centricity, innovation, and expansion.
- Extension of central payments fraud information registry (CPFIR) to
local area banks, state cooperative banks, district cooperative
banks, RRBs, and non-scheduled UCBs. - A risk-based authentication mechanism, as an alternative to SMS-based one-time password (OTP) for additional factor of authentication
(AFA), would be effectuated to address risks in payments. - Exploration of fast payment system (FPS) inter-linkages with the
European Union (EU) and South Asian Association for Regional
Cooperation (SAARC).
Info!!
As per RBI Annual report 2023-24, The global economy is exhibiting resilience and fortitude.
There are, however, multiple challenges emanating from various factors which are:
- elevated inflation,
- tight monetary and financial conditions,
- escalating
geopolitical tensions, - rising geoeconomic fragmentation,
- disruptions in key global shipping routes,
- high public debt burdens and
- financial stability risks
Amidst heightened uncertainty, global growth is likely to weaken below its historical average in 2024, with divergent and uneven pathways across geographies and sectors.
what are various initiatives taken by government for
industrial sector in 2023-24:
- ₹1.3 trillion investment approved for three semiconductor
manufacturing units. - Royalty rates for lithium, niobium, and rare earth elements specified to attract bidders to
support the renewable energy initiative. - A Viability Gap Funding (VGF) scheme to develop battery energy storage systems (BESS)
by lowering storage costs for both distribution companies and consumers - Pradhan Mantri Surya Ghar: Muft Bijli Yojana: Launched on February 13, 2024, aims to
provide free electricity to 1 crore households with a 40% subsidy for solar panel
installation.
As per the second advance estimates (SAE) of the NSO, aggregate supply, measured by real
gross value added (GVA) at basic prices, expanded by ___% in 2023- 24 as compared with __% in 2022-23 driven by the industrial and the services sectors,
while agriculture tapered in 2023-24.
expanded by 6.9% in 2023-24 as compared to 6.7% in 2022-23
Info !!
The agriculture and allied activities sector faced headwinds from the uneven and
deficient south-west monsoon (SWM) rainfall coinciding with strengthening El
Nino conditions.
The overall SWM rainfall in 2023 (June-September) was 6% below long period
average (LPA) at the all-India level.
As per the India Meteorological Department
(IMD), normal rainfall range is 96-104% of the LPA (Long Period Average).
The north-east monsoon (NEM) [October-December] also ended with a rainfall deficit
(9%)
