This Week in Data #8
Higher Foodgrain production, lagging Kharif acreage, weak FDI and more...
It has been a reasonably moderate data week. It is the week we celebrated our 75th anniversary of Independence. In case you missed it, we put together a small presentation about our journey since Independence. It was also the week when equity markets scaled new highs. And despite it being a curtailed week, it was heavy on data. So let us get started:
WPI Inflation moderated to 13.9% YoY in July from over 15% in the preceding 3-months.
Total Foodgrain production during the crop year 2021-22 is estimated at 316 million tonnes as per the 4th advance estimate. This is 1.2 million tonnes higher than the previous estimate. Compared to last year, foodgrain production is estimated to be 2% higher.
June was another strong month for wireless operators with almost 2m subscribers being added on top of almost 3m subscriber gain in May. Fixed line operators also had a strong month with over 300k subscriber addition.
As of 19th August, the monsoon rainfall over the country is 8% above normal. Among the states, Uttar Pradesh has received a 16% deficit in rainfall whereas Tamil Nadu has received 72% above normal rains.
FX Reserves declined US$2.2bn during the week ending 12th August, majorly contributed by the decline in foreign currency assets. This is the 9th weekly decline in FX reserves in the past 11 weeks.
Inflows under NRI Deposits were negative for the second consecutive month in June. Cumulatively the June quarter this year has seen inflows of less than US$0.5bn as against over US$2bn last year.
Gross FDI Inflow decelerated to an 11-month low of US$5.9bn in June this year. However, this is still 20% higher on a YoY basis.
Kharif acreage continues to lag, largely due to rice. As of 12th August, the total Kharif acreage was down 3.8% with Rice acreage down 12% compared to the same period last year.
Our recent Insights
India once has more cars on its roads than 2W. Does this suggest that income inequality was more then and it has now reduced?
Quarterly report tracking Startups or new formal firms was released. The pace of new formal firms has plateaued over the past year.
Have a good weekend folks!