Monetary and Macro developments- Mid-term review(2007-08)

RBI has released its report on developments in Indian economy and financial markets so far i.e. for Mid-term 2007-08. A neat summary of the events is given in RBI’s press release as well. RBI releases this report a day before its monetary policy meeting (whgich is to be held tomorrow Oct 30, 2007).

The report is a summary of developments and economic data releases and most of these are widely covered in media e.g. IIP, BoP, growth in GDP etc. However, in areas like agriculture, public finances etc the report is pretty useful.

On a quick glance, it seems rainfall this year has been above average and as a result kharif crop (on aggregate level) has been better.

On fiscal front, the situation looks grim as both fiscal and revenue deficit are higher.

I would post more as I read the entire report along with RBI’s monetary policy review to be released tomorrow.

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