Commodity wise weightage - in calculation of inflation and inflation trends in India during the...

8/9/2019 Commodity wise weightage - in calculation of inflation and inflation trends in India during the first three quarters of

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TERM PAPER

OFMANAGERIAL

ECONO

MICSON

Commodity wise weightage - in calculation

of inflation and inflation trends in Indiaduring the first three quarters of thefinancial year 2008-09.

Submitted to:Submitted by:

Mr. Mandeep SinghMayur Nanda

Lec. In Lsm RollNo.-A06

LPU Section-330


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DECLARATION

I, Mayur Nanda student of Lovely Professional University have

completed the Project on:

Commodity wise weightage - in calculation of inflation

and inflation trends in India during the first threequarters of the financial year 2008-09.

The information given in this project is true to the best of my

knowledge.

(MAYUR NANDA)


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ACKNOWLEDGEMENTFirst of all I would like to thank the Lovely University and take the

opportunity to do this project as a part of the M.B.A.

Many people have influenced the shape and content of this project,

and many supported me through it. I express my sincere

gratitude to Mr. Mandeep Singh for assigning me a project ofManagerial Economics, which is an interesting and exhaustive

subject.

He has been an inspiration and role model for this topic. His

guidance and active support has made it possible to complete the

assignment.

I also would like to thank my Friends who have helped and

encouraged me throughout the working of the project.

Last but not the least I would like to thank the Almighty for always

helping me.


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PREFACE

This project is undertaken to fulfill the project work component of

the M.B.A programme in 1st Semester. My project guide from

L.P.U is Lect. Mr. Mandeep Singh. The term paper is based on-

Commodity wise weightage - in calculation of inflation andinflation trends in India during the first three quarters

of the financial year 2008-09.


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INFLATION

Inflation, one of the most talked about terms in economic discussions, is a

continuous rise in the prices. Simply put, it depicts an economic situation where

there is a general rise in the prices of goods and services. When there is

inflation, the currency loses its purchasing power. For instance, assuming that

Rs 100 can purchase 10 shirts in the current period, if the price of shirts double

in the next period, the same Rs 100 can buy 5 shirts. According to its magnitude,

it can be grouped into different types: creeping, running, hyperinflation, and

deflation.

Most economists agree that there are two possible causes of inflation.

The demand pull and cost push inflation. Demand pull inflation occurs due

to excessive demand for goods and services and cost push inflation

results from an increase in the cost of factors of production or a decrease

in the supply of goods with demand remaining the same. In India inflation

is measured by the Wholesale Price Index (WPI) but many developed

countries (UK, US, Japan and China) use the Consumer Price Index (CPI)

to calculate inflation. The Producer Price Index, now known as WPI, isone of the oldest continuous economic indicators.

Authorized by Congress in 1891, it was first published in 1902 in the

United States of America. However in India the Office of the Economic

Adviser to the Government undertook to publish for the first time, an index

number of wholesale prices, with base week ended August 19, 1939 =

100, from the week commencing January 10, 1942. The index was

calculated as the geometric mean of the price relatives of 23 commodities

classified into four groups: (1) food & tobacco; (2) agricultural

commodities; (3) raw materials; and (4) manufactured articles.


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The price index is an indicator of the average price movement over time of

a fixed basket of goods and services. The constitution of the basket of

goods and services is done keeping in to consideration whether the

changes are to be measured in retail, wholesale, or producer prices etc.

The basket will also vary for economy-wide, regional, or sector specific

series. At present, separate series of index numbers are compiled to

capture the price movements at retail and wholesale level in India. There

are four main series of price indices compiled at the national level. Out of

these four, Consumer Price Index for Industrial Workers (CPI-IW),

Consumer Price Index for Agricultural Labourers / Rural Labourers (CPI

-AL/RL), Consumer Price Index for Urban Non-Manual Employees (CPI-

UNME) are consumer price indices.

The WPI number is a weekly measure of wholesale price movement for

the economy. Some states also compile variants of CPI and WPI indices

at the state level. Like most of the price indices, WPI is based on

Laspeyres formula. In India, a total of 435 commodities data on price level

is tracked through WPI. It is also the price index which is available on a

shortest possible time lag (two weeks). To ensure that the items in theindex basket are as best representatives as possible, efforts are made to

include all the important items transacted in the economy during the base

year. The importance of an item in the free market will depend on its

traded value during the base year.The present base year for calculating

wholesale price index is 1993-94. The well known criteria for the selection

of base year are (a) a normal year which is a year in which there are no

abnormalities in the level of production, trade and in the price level and

price variations, (b) a year for which reliable production, price and other

required data are available and (c) a year as recent possible and

comparable with other data series at national and state level.


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The National Statistical Commission has recommended that base year

should be revised every five year and not later than ten years. Now let us

see how WPI is calculated: Let us assume the base year to be 1980. The

data of wholesale prices of all the 435 commodities in the base year and

the time for which WPI is to be calculated is gathered. Let's calculate WPI

for the year 1990 for a particular commodity, say rice. Assume that the

price of a kilogram of rice in 1980 = Rs 5.75 and in 1990 = Rs 6.10.

The WPI of rice for the year 1990 is, (Price of rice in 1990 Price of rise in

1980)/ Price of rice in 1980 x 100 = (6.10 5.75)/5.75 x 100 = 6.09. Since

WPI for the base year is assumed as 100, WPI for 1990 will become 100

+ 6.09 = 106.09. In this way individual WPI values of the 435 commodities

are calculated and then the weighted average of individual WPI figures

are found out to arrive at the overall WPI. Commodities are given weight-

age depending upon its influence in the economy. Now if we have the

WPI values of two time zones, say, beginning and end of year, the

inflation rate for the year will be, (WPI of end of year WPI of beginning of

year)/WPI of beginning of year x 100. For example, WPI on Jan 1st 1990

is 106.09 and WPI of Jan 1st 1981 is 109.72 then inflation rate for theyear 1981 is,(109.72 106.09)/106.09 x 100 = 3.42% and we say the

inflation rate for the year 1981 is 3.42%. This is how we get weekly

inflation rates in India.

The government releases the inflation figures on Thursdays. Earlier, the

inflation data was released on every Friday. The Department of Industrial

Policy and Promotion is now expecting to move to the monthly release of

the price rise data. The base year for the proposed new series would be

2004-05 and the index calculation would be based on 1,100 items instead

of the present 435. Inflation affects different people differently.Prices of

some goods and services rise faster than others while some may even

remain unchanged. The poor and the middle classes suffer because their


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wages and salaries are more or less fixed but the prices of commodities

continue to rise. On the other hand, people with variable incomes gain

during rising prices. The Central banks of different countries devote a

significant amount of resources at their disposal to fight inflation. The

primary objective of monetary policy is to ensure price stability.

Commodity wise weightage - in

calculation of inflation

Varying Weights of Select commodities in:- All-India(For the year

2008-2009)Item 1970-71=100 (B. year)

1993-94=1001. Food Articles 32.3

15.402. Fruits & Vegetables 5.4

2.92

3. Milk 4.2 4.37

Tea 0.16

1.0Coffee 0.60 0.08

4. Kerosene 0.50

0.695. Petrol 0.1

0.89

6. Electricity 1.6

5.487. Food Products 6.8 11.54

8. Sugar 2.1 3.62

Edible Oil 3.5


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2.76

Fertiliser 0.9 3.69

9.Transport Equipments & parts 6.1 4.30

1COMMODITY-WISE PRICE TRENDS:

Cereals:

The WPI of Cereals increased by 7.3% during 2006-07 mainly due to increase of

ragi 20.7%, 19.7% in maize, 10.1% in jowar, 8% in barley, 7.2% in wheat, 6.7%

in bajara and 5.8% in rice. The production of total cereals for 2005-06 (final) was

higher at 195.20 million tomes as compared to 183.23 million tonnes in 2004-05.

Production of rice and wheat were also higher at 91.79 million tonnes and 69.35

million tones during 2005-06 as compared to 83.13 million tonnes and 68.64

million tones respectively in the previous year. As per the 3rd Advance Estimates

released by the Department of Agriculture and Cooperation, production of rice

and wheat likely to be higher at 91.05 million tonnes and 73.70 million tonnes

respectively during 2006-07. The main reason for higher prices of wheat during

2006-07 was a decline in domestic production coupled with global shortfall and

hardening of international pieces.

Pulses:

Wholesale Price Index (WPI) of pulses exhibited an increase of 15.20% during

2006-07 which was lower than the rise of 78.7% in 2005-06. Among individual

items, increase was recorded in the range of 10.5% (arhar) to 19.4% (moong)

1Economic Survey, GO.


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during the period. This price rise was mainly attributed to shortfall in domestic

supplies relative to demand and hardening of international prices. Though

production of pulses during 2005-06 reached 13.39 million tonnes from 13.13

million tonnes in the previous year and during 2006-07 is estimated to be

marginally higher at 14.10 million tones according to 3rd Advance Estimates, yet

the increase is limited. The demand of pulses is estimated at 17.71 million

tonnes during 2006-07 as against 17.38 million tonnes in previous year based on

the demand projections for the Tenth Five Year Plan prepared by a Working

Group of the Planning Commission using normative approach. In order to bridge

the gap in the demand and availability of pulses, imports have been encouraged.

Import of pulses during 2006-07 was 2.2 million tones (provisional) as compared

to 1.7 million tonnes in 2005-06.

Edible oils

Wholesale Price Index (WPI) of edible oils exhibited an increase of 13.9% during

the financial year 2006-07 as against a decline of 3.5% in 2005-06 mainly due to

decline in the domestic production of oil seeds and hardening of international

prices. According to 3rd Advance Estimates 2006-07 the production of edible

oilseeds has been estimated to be lower at 23.26 million tonnes as compared to

the production of 27.98 million tonnes in 2005-06. Among major edible oils,

prices of groundnut oil increased by 33.9%, mustard oil by 13.5% vanaspati by

7.6%, coconut oil 4.9% and gingelly oil by 20.4% during the period under review.

Imports of edible oil during 2006-07 (April-February) were 3.8 million tonnes as

compared to 3.91 million tonnes during the corresponding period last year.

Sugar

Sugar prices have declined during the year 2006-07 mainly due to an increase in

availability in the markets. In terms of WPI, the prices of sugar declined by 13.2%


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during 2006-07 as compared to the increase of 6.8% a year ago. The production

of sugar has increased to 193.21 lakh tonnes during 2005-06 sugar season from

136.60 lakh tonnes a year ago. During 2006-07 sugar year, production is likely to

be 227.34 Food and Civil Supplies 429 lakh tonnes. The production of

sugarcane, as per the third Advance Estimates of production for 2006-07 is

estimated to be higher at 322.94 million tonnes compared to 281.17 million

tonnes.

Tea

The prices and availability of tea in the country remained satisfactory. Though

the

WPI of tea rose by 8% during 2006-07 as compared with the decline of 0.4%

during 2005-06, the prices at the retail level indicated a steady trend. The retail

prices and availability of tea indicated a steady trend during the period under

review. Exports of tea during 2006-07 (April-February 07) were 1747.20 lakh kg

as against 1515.21 lakh kg in the corresponding period a year ago.

VEGETABLES

ONION

Vegetable prices are subject to variations depending on the availability and

seasonal factors. Government has kept a close watch on the prices and

availability of vegetables especially onion and potato. During the financial year2006-07 prices remained at lower levels (as compared to last year) till the mid of

December 2006, when some signs of increase was reported. Prices peaked in

January 2007 due to heavy export demand particularly from neighbouring

countries such as Pakistan, Sri Lanka and Bangladesh. However, the timely

measures taken by NAFED by way of increasing MEP (Minimum Export Price)


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and instructing all the STEs to issue an NOC for exports only, led to a reduction

in prices of onion. Production of onion during 2006-07 was 6.67 million tonnes

against 6.22 million tonnes during the previous year.

POTATO

The first signs of increase in prices of potato were registered in the beginning of

July 2006 and reached to peak level during the month of October 2006, in almost

all the markets, as only stored potato was available during this time from cold

storages. New crop of potato from Karnataka and Himachal Pradesh started

arriving from November 2006 in the Azadpur Mandi, Delhi. Potato arrivals

increased by third week of November from the States of Bihar, Uttar Pradesh,

Uttaranchal, Punjab, Gujarat and Haryana. Since then, prices of potato have

eased in various markets across reporting centres. Production of potato during

2006-07 was 27.02 million tonnes against 26.88 million tonnes last year.2

Inflation trends in India during the

first three quarters of the financialyear 2008-09:

Inflation Trends :

Inflation is currently going on 6.84%, but before some time it ruling above 12%primarily due to dearer food articles and fuel prices. The annual rate of inflation,

calculated on point-to-point basis is currently reigning at 12.4 % for the week

ended on 16th August 2008 as compared to 12.63 % for the previous week.

However, softening in the overall prices is expected in the near term on account

2 Reserve Bank Of India


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of the falling fuel prices. Crude oil prices have dropped toUSD 112 / barrel in

August 2008 from a peak USD 147/ barrel in June 2008.

Price Situation3

Inflation has emerged as a global phenomenon in recent months.

Headline inflation firmed up further in major economies during the first

quarter of 2008-09, reflecting the combined impact of higher food and fuel

prices as well as strong demand conditions, especially in emerging

markets. Notwithstanding inflation remaining above the targets/comfort

zones, the monetary policy responses during the quarter were mixed in

view of growth implications of the persistence of financial market turmoil

following the US sub-prime crisis.

Global commodity prices firmed up further during the first quarter of 2008-

09, led by a sharp increase in the prices of crude oil as well as food and

agricultural raw materials. Metal prices, which had increased during 2007-

08, witnessed some moderation during the first quarter of 2008-09.

International crude oil prices, represented by the West Texas Intermediate

(WTI), touched a high of US $ 145.3 a barrel level on July 3, 2008. Food

prices firmed up further during the first quarter of 2008-09, led by rice,

maize and oilseeds/edible oils, reflecting surging demand (both

consumption demand and demand for non-food uses such as bio-fuels

production) and low stocks of major crops.

Mirroring inflation trends in many advanced as well as emerging

economies, various measures of inflation in India have also risen

significantly since the beginning of this calendar year. Inflation based on

3Economic Survey, Government of India


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the wholesale price index (WPI), increased from 7.7 per cent at end-

March 2008 to 11.9 per cent by July 12, 2008, reflecting the impact of

some pass-through of higher international crude oil prices to domestic

prices as well as continued increase in the prices of iron and steel, basic

heavy inorganic chemicals, machinery and machinery tools,

oilseeds/edible oils/oil cakes and raw cotton on account of strong

demand, international commodity price pressures and lower domestic

2007-08 rabi production of oilseeds. The seasonal hardening of

vegetables prices as well as increase in prices of textiles has also

contributed to inflation during 2008-09 so far.

Primary articles prices, increased by 10.1 per cent on July 12, 2008 on

top of 11.1 per cent a year ago (it was 9.7 per cent at end-March 2008),

reflecting increase in prices of food articles, especially rice, wheat, fruits

and milk, and non-food articles such as oilseeds and raw cotton.

Fuel group inflation increased to 16.9 per cent on July 12, 2008 from 6.8

per cent at end-March 2008 (and a decline of 1.4 per cent a year ago),

mainly reflecting the effect of some hikes in the prices of petrol, diesel and

LPG in June 2008 as well as continued increase (15-51 per cent) in theprices of freely priced petroleum products such as naphtha, furnace oil,

aviation turbine fuel, bitumen and lubricants over end-March 2008.

Manufactured products inflation, year-on-year, rose further to 10.7 per

cent on July 12, 2008 from 7.3 per cent at end-March 2008 (and 4.8 per

cent a year ago), reflecting increase in the prices of edible oils, oil cakes,

textiles, chemicals, basic metals, alloys and products, and machinery and

machine tools. Prices of sugar and grain mill products, however, eased

somewhat from end-March 2008.

Consumer price inflation increased further during the first quarter of 2008-

09 mainly due to increase in food prices and services (represented by the

miscellaneous group) prices. Various measures of consumer price


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inflation were placed in the range of 6.8-8.8 per cent during May/June

2008 as compared with 6.0-7.9 per cent in March 2008 and 5.7-7.8 per

cent in June 2007.

Overall Economy:

The first quarter GDP growth rate for the current fiscal shows an increase of

7.9% as against a high growth of 9.2% recorded in the same quarter of previous

year. The growth is slowest in three years but still remains high by historical

standards. The worry over rising prices has compelled the government and RBI

to undertake monetary tightening measures even at the cost of slowdown in

growth of GDP. Agriculture posed an increase of 3.0% in Q108 as against 4.4%

recorded in the same quarter of the previous year with a declining share in GDP.

The industry and services were also seen to decelerate to 6.9% and 10% in Q1

2008-09 from 9.1% and 11.0% recorded previously.

The overall growth induced by the manufacturing sector almost halved during the

first quarter of 2008-09 compared to the growth recorded in the previous year.

However, its share in total GDP remains unchanged. The sectors that have seen

acceleration in growth are in mining & quarrying, construction and community,

social and personal services. Some segments of agriculture and allied activities

and services industry have shown an increase in their share in GDP over the

previous year.

Financial Markets

Global financial markets witnessed generally uncertain conditions during

April-July 2008. The financial market turbulence that had erupted in the

US sub-prime mortgage market in mid-2007 gradually deepened towards

early 2008. There was a cautious return of investor risk tolerance in the


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credit markets between mid-March 2008 and end-May 2008. Central

banks continued to work together and also individually to improve liquidity

conditions in financial markets. Financial markets, however, came under

stress again in June 2008 and thereafter.

Indian financial markets remained largely orderly during the first quarter of

2008-09.

Interest rates in the money market mostly remained within the informal

corridor set by reverse repo and repo rates during the quarter. Interest

rates in the collateralised segment of the money market remained below

the call rate during the quarter.

In the foreign exchange market, the Indian rupee generally depreciated

against major currencies during the first quarter of 2008-09. The rupee

had appreciated during 2007-08.

Yields in the Government securities market hardened during the quarter.

Indian equity markets recovered somewhat during April-May 2008 but

declined thereafter in tandem with the trends in major international equity

markets as well as edging up of domestic inflation.

The External Economy

4Indias balance of payments position remained comfortable during 2007-

08. The merchandise trade deficit, on a balance of payments basis,

widened from US $ 63.2 billion in 2006-07 to US $ 90.1 billion in 2007-08.

As proportion to GDP, the trade deficit increased from 6.9 per cent to 7.7per cent. Net surplus under invisibles (services, transfers and income

taken together) expanded to US $ 72.7 billion in 2007-08 from US $ 53.4

billion in 2006-07. The net invisible surplus offset 80.7 per cent of the

4Department of Economics and Statistics


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trade deficit during 2007-08 as compared with 84.5 per cent during 2006-

07.

During 2007-08, the widening of the trade deficit, mainly led by imports,

resulted in a widening of current account deficit to US $ 17.4 billion (1.5

per cent of GDP) from US $ 9.8 billion (1.1 per cent of GDP) in 2006-07.

The current account deficit was financed by capital flows which remained

large during 2007-08.

The strong momentum observed in FDI inflows during the year 2007-08

continued during 2008-09, with inflows during April-May 2008 amounting

to US $ 7.7 billion. In respect of FIIs, however, there were net outflows of

US $ 5.6 billion up to July 11, 2008. NRI deposits recorded net inflows of

US $ 292 million during April-May 2008 as against net outflows of US $

559 million during April-May 2007.

According to the data released by the Directorate General of Commercial

Intelligence and Statistics (DGCI&S), Indias merchandise exports posted

a growth of 21.7 per cent during April-May 2008 (24.2 per cent during

April-May 2007). Imports grew at 31.8 per cent as compared with 37.9 per

cent a year ago. Non-oil imports recorded an increase of 24.6 per cent

(43.8 per cent a year ago); oil imports increased by 48.6 per cent during

April-May 2008 as against 25.7 per cent in April-May 2007. Merchandise

trade deficit during April-May 2008 increased to US $ 20.7 billion from US

$13.9 billion a year ago.

Foreign exchange reserves increased by US $ 110.5 billion during 2007-

08 to US $ 309.7 billion. As on July 18, 2008, Indias foreign exchange

reserves were US $ 307.1 billion.


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STEPS TO CONTROL PRICES

Government has already taken steps to arrest the increase in prices by taking

Measures such as augmenting domestic supplies of wheat and pulses through

Imports at reduced rates of duty and ban on exports of pulses and wheat, which

are as follows:5

(i) State Trading Corporation contracted for import of 55 lakh tonnes of wheat to

Supplement domestic availability during 2006-07. Government also to import 1

million tones of wheat in suitable trenches by July 2007 to augment the Buffer

stocks of the Government.

(ii) Period of validity of import of wheat at zero duty was extended up to 31.12.07.

430 India 2008 Government decided to release in February and March, 2007,

utpo 4 lakh tonnes of wheat under the Open Market Sale Scheme (Domestic).

Export of wheat has been banned w.e.f. 09.02.2007. The ban will remain in force

up to 31.12.2007. Customs duty on import of pulses was reduced to zero on

June 8, 2006 and the period of validity of import of pulses at zero duty has been

extended from 31.3.07 to 1.8.2007 and further to 31.3.09. A ban was imposed on

export of pulses with effect from June 22, 2006 (except export of Kabuli chana

w.e.f. 7.3.07). The period of validity of prohibition on exports of pulses which was

initially upto 31.3.07 was further extended upto 31.3.2008, vide DGFT

Notification dated 9.3.2007.

At the initiative of the Government, National Agricultural Co-operative

Marketing Federation of India Ltd. (NAFED) executed a contract for import of

49,300 MTs of pulses during 2006-07. NAFED PEC Ltd., MMTC and STC would

target to import 1.5 million tonnes of pulses during 2007-08.

5Economic Survey, Government of India


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Import duty on palm group of oil was reduced initially by 10 percentage

points in August 2006 and by a further 10-12.5 percentage points in

January 2007. W.e.f. 1.3.07, the import duty on sunflower oil, both crude

and refined, has been reduced by 15 percentage points and the duty now

stands at 50%-60%. Import duty on sunflower oil was reduced earlier by

10 percentage points in January 2007. With effect from 13.4.07, the

import duty on palm group of oils has been further reduced by ten

percentage points, making the import duty on crude palm oil (CPO) at

50% and that on refined palm oil at 57.5%.

The Government has also withdrawn the 4% additional countervailing duty

on all edible oils. As a consequence, import duty on crude palm oil has

been brought down to 50% from the level of 80% prior to 11.8.2006.

Forward Markets Commission (FMC) vide letter dated 23.01.07 has

directed the three National Exchanges, namely : (a) Multi Commodity

Exchange of India Ltd., (b) National Commodity & Derivatives Exchange

Ltd., and (c) National Multi Commodity Exchange of India Ltd., to delist allcontracts of tur and urad and to close out all outstanding positions in all

Tur and Urad contracts at the closing price on 23.01.07. FMC has also

stated that no further contract shall be launched without its prior approval

and permission already granted to launch contracts in Urad and Tur

stands withdrawn.

FMC has on 27.2.2007 directed all the three National Exchanges that no

new wheat and rice contracts be launched. In the letter to the Exchanges,

FMC has stated that permission already granted for yet to be launched

contracts stands revoked and that in respect of running contracts in these


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BIBILIOGRAPHY:

http://www.mof.gov.np/publication/budget/2005/pdf/chapter3.pdf

http://www.jpmorganmf.com/minWeb/downloads/factsheets/

http://www.jpmorganmf.com/minWeb/downloads/factsheets/FSMay08.pdf

http://knol/inflation-in-india-knowing-the-numbers/1u2iewi1cc69r/2#

http://www.ennonline.net/fex/28/fex28.pdf

http://www.amaltas.org/2007/02/23/inflation-can-it-really-be-controlled/?

gclid=CKW46p7k3pcCFQkvpAodvBAGDg

http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18883

http://domain-b.com/economy/general/20081023_macroeconomic.html

http://www.indiaonestop.com/inflation.htm

http://www.banknetindia.com/banking/midmacro08a.htm

http://www.dawn.com/2008/12/01/ebr11.htm
http://www.mof.gov.np/publication/budget/2005/pdf/chapter3.pdfhttp://www.jpmorganmf.com/minWeb/downloads/factsheets/FSMay08.pdfhttp://knol/inflation-in-india-knowing-the-numbers/1u2iewi1cc69r/2#http://www.ennonline.net/fex/28/fex28.pdfhttp://www.amaltas.org/2007/02/23/inflation-can-it-really-be-controlled/?gclid=CKW46p7k3pcCFQkvpAodvBAGDghttp://www.amaltas.org/2007/02/23/inflation-can-it-really-be-controlled/?gclid=CKW46p7k3pcCFQkvpAodvBAGDghttp://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18883http://domain-b.com/economy/general/20081023_macroeconomic.htmlhttp://www.indiaonestop.com/inflation.htmhttp://www.banknetindia.com/banking/midmacro08a.htmhttp://www.dawn.com/2008/12/01/ebr11.htmhttp://www.mof.gov.np/publication/budget/2005/pdf/chapter3.pdfhttp://www.jpmorganmf.com/minWeb/downloads/factsheets/FSMay08.pdfhttp://knol/inflation-in-india-knowing-the-numbers/1u2iewi1cc69r/2#http://www.ennonline.net/fex/28/fex28.pdfhttp://www.amaltas.org/2007/02/23/inflation-can-it-really-be-controlled/?gclid=CKW46p7k3pcCFQkvpAodvBAGDghttp://www.amaltas.org/2007/02/23/inflation-can-it-really-be-controlled/?gclid=CKW46p7k3pcCFQkvpAodvBAGDghttp://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=18883http://domain-b.com/economy/general/20081023_macroeconomic.htmlhttp://www.indiaonestop.com/inflation.htmhttp://www.banknetindia.com/banking/midmacro08a.htmhttp://www.dawn.com/2008/12/01/ebr11.htm

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