While this meant a deviation from the planned fiscal consolidation path as committed under the Fiscal Responsibility and Budget Management (FRBM) Act, without the stimulus the deceleration in GDP growth during 2008–09 would have been much sharper.
2  BIS Review 165/2009  Table 1: Key macroeconomic indicators – India Indicators  2008–09: Q1–Q4  2009–10: Q1–Q2  Real GDP Growth (Y-o-Y) (%) Industry Services  Q1 7.8 5.1 10.0  Q2 7.7 4.8 9.8  Q3 5.8 1.6 9.5  Q4 5.8 –0.5 8.4  Q1 6.1 4.2 7.7  Q2 – – –  Inflation (Y-o-Y) (%) WPI CPI-Industrial Workers  12.0 7.7  12.1 9.8  5.9 9.7  0.8 8.0  –1.1 9.3  –0.2 11.8  Money and Credit Growth (Y-o-Y) (%) Broad Money (M3) Banks Credit  21.5 24.5  19.5 23.5  19.9 22.7  18.6 16.4  20.2 15.1  19.7 14.1  Interest Rates (%) Overnight (call) money 10-year g-sec  6.8 8.4  9.5 8.5  7.8 5.9  4.2 6.6  3.2 6.8  3.2 7.1  37.6 31.6  39.5 60.5  –15.0 2.1  –22.3 –29.1  –30.0 –35.0  –21.0 –33.6  –31.4 –9.0 11.1 312.1  –38.7 –12.5 7.6 286.3  –34.7 –13.0 –4.3 256.0  –14.6 4.7 –5.3 252.0  –26.0 –5.8 6.7 265.1  – – – 281.3  Foreign Trade Export Growth (%) Import Growth (%) Balance of Payments (US $ billion) Trade Deficit (–) Current Account Deficit (–) Net Capital Flows Reserve Outstanding  Table 2: Components of aggregate demand in India (Per cent) Item  2008–09  2009–10  Q1  Q2  Q3  Q4  Q1  Growth Rates (Year-on-Year) Private Final Consumption Expenditure Government Final Consumption Expenditure Gross Fixed Capital Formation Change in Stocks Exports Less Imports  4.5 –0.2 9.2 6.0 25.6 27.4  2.1 2.2 12.5 5.6 24.3 35.3  2.3 56.6 5.1 1.4 7.1 21.7  2.7 21.5 6.4 –0.9 –0.8 –5.7  1.6 10.2 4.2 3.2 –10.9 –21.2  Relative shares Private Final Consumption Expenditure Government Final Consumption Expenditure Gross Fixed Capital Formation Change in Stocks  58.0 9.6 32.2 3.2  55.5 8.3 34.5 3.2  57.4 12.5 30.9 2.9  51.4 13.4 31.6 2.9  55.6 9.9 31.6 3.1  Net Exports  –1.3 –10.5  –8.5  –2.9  1.6  Source: Central Statistical Organisation.