3 answer wb imf

8/8/2019 3 Answer WB IMF

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Q23. Explain the role of WB and IMF in INDIAS REFORMS.

The 80s will be remembered as the decade of global impoverishment linked to the Bank andthe IMF's infamous medicine: the Structural Adjustment Program (SAP). These programs arebeing implemented in over 70 Third World and Eastern European countries with devastatingresults. The Bank-IMF sponsored SAP has two phases. The first phase is short-term macro-economic stabilization. It is followed by implementation of a necessary structural reforms phase.In the early 80s, most SAPs focused on a narrow range of policies aimed at reducing accountdeficits.

As the debt crisis deepened and it became obvious that the stabilization programs were notworking, the US Treasury Secretary, Mr. James Baker came up with a strategy to solve the debtcrisis. This was called the 'Baker Plan'. Under this plan, the WB was asked to impose morecomprehensive conditions on the debtor countries. By 1990, majority of the countries that had

received conditional loans from the IMF also received structural adjustment loans with harshconditionalities from the Bank.

In 1992, the bank's lending for SAPs totaled 5847 million or 27% of its total commitments. Morethan 70 countries are subjected to 566 IMF and World Bank stabilization and SAPs in the last 14years. These countries were told that the structural reforms were essential for sustaining growthand economic stability. Faced with the threat of a cut off of external funds Aid needed to servicethe mounting debts incurred from western private banks in the 1970s, these countries had nochoice but to implement the painful measures demanded by the Bank.

Fourteen years after the World Bank issued its first structural adjustment loan, most countries are

still waiting for the market to "work its magic". Despite global adjustment, the third world's debtburden rose from $785 billion at the beginning of the debt crisis in 1978 to $1.3 trillion in 1992.The structural adjustment loans from the Bank have enabled the third world countries to makeinterest payments to western commercial banks. Having done this, the Bank went on applyingadjustment policies to assure a regular supply of repayments in the medium and long term. Thus,the structural adjustment has brought neither growth nor debt relief, it has certainly intensifiedpoverty.

The series of policy measures launched by the Indian government are part of structuraladjustment program in India. Government has taken up following measures to implement SAP :

y

Devaluation of rupee by 23%.y New Industrial Policy allowing more foreign investments.y Opening up more areas for private domestic and foreign investment.y Part disinvestment of government equity in profitable public sector enterprises.y Sick public sector units to be closed down.y Reforms of the financial sector by allowing in private banks.y Liberal import and export policy.y Cuts in social sector spending to reduce fiscal deficit.


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y Amendments to the existing laws and regulations to support reforms.y Market-friendly approach and less government intervention.y Liberalization of the banking system.y Tax reforms leading to greater share of indirect taxes.

All the above men-tioned ingredients of SAP are based on the Anderson Memorandum titled"Trade Reforms in India" dated Nov. 30, 1990 submitted to Government of India by the WorldBank. It is interesting to note that this memorandum was not disclosed to the then PrimeMinister, Mr. Chandra Shekhar, the then Finance Minister and the Cabinet Secretary by a groupof senior officials in the Finance Ministry. Incidentally, all these officials were ex-World Bankand ex-IMF employees.

India embarked upon a path of liberalization in the 1980s, whose pace quickened radically after1985. Two points need to be noted, as a backdrop to India's new liberalization saga. It has beenargued that it came at a juncture in the international situation when the second oil-price hike of1979 had prompted the advanced industrial countries to raise interest rates (nominal) which had a

serious, adverse impact on the borrowings by the developing countries, jacking up their debtservicing charges. Secondly, anti-inflationary measures pursued by the advanced capitalistcountries extended the impact of recession into the Third World countries. The recession in theirmarkets led to lowered demand for developing country exports further adversely affecting theirtrade balances.

On top of this was the direct impact that the hike in oil prices was to have on India in any case,since crude oil and its products are the single largest item on India's huge import bill.

India's deficit on the current account increased throughout the eighties. From the mid-eighties itwas pushed into greater reliance on high interest commercial loans from international banks to

finance the deficits. The net outcome was that her external debt tripled during this decade of highgrowth.

The above scenario set the stage in 90s for undergoing the medical therapy of the IMF and WB.

When these 'reforms' were initiated, the Government denied any pressure from the Bank or IMFbut had few takers. But very few believed in it. The Government's claim that they had beenindependently decided to carried little weight. Later on the Finance Minister told Parliament thatthe loans of the Bank and IMF carry conditionalities. In fact, the Finance Minister did notdisclose about his correspondence with the IMF and the Bank, due to great public pressure, hepresented to Parliament the terms of the IMF standby credit of $2.2 billion. But, the sameconsideration was not applied to reveal the policy conditions accepted under the StructuralAdjustment Loan of $900 million by the World Bank. When news of the Bank having access tothe 1992-93 budget and the Eighth Five Year Plan document prior to their presentation toParliament, the government was forced to make them public.

Under SAP, WB is not supervising individual sectors of the Indian economy such as agriculture,social sector and energy sector. The Bank now monitors the entire macro-economy such asbalance of payments, fiscal deficit, foreign investment, money supply, etc. The public


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expenditure reviews are a part of the Bank's conditionalities. Under this review, the Bank notonly asks for cuts in expenditure but also gives detailed instructions for cuts in specific sectors.The health budgets in recent years are an example of this. Health, far from being accepted as abasic right of the people, is now being shaped into a saleable commodity. Thereby, excludingthose with less or no purchasing power. The existing distortions of health services in India are

getting accentuated with the Government following the Bank's agenda on healthcare. The recentbudget of 1994-95, of which health care forms just 0.58% is an indication of the governmentwillingness to adopt Bank's policies. In India, the health care agenda is increasingly being set outby the Bank rather than by the people and the Indian state.

. World Bank Provides $4.3 billion to India

The World Bank today approved four loans worth $4.345 billion Three loans totaling $4.2 billion will help India sustain growth Loans will bolster infrastructure and power transmission networks and enable public

sector banks to expand credit

At the end of June 2008, the World Bank group had 60 active projects in the country.The net commitment for these projects was about US$ 13.8 billion. New lending inFY08 (1 July 2007- 30 June 2008) amounted to US$2.7 billion

Before and After Adjustment

The World Bank's own study titled, "Adjustment Lending: An Evaluation of Ten Years of

Experience" (1988) illustrates that the structural adjustment programs undertaken by 15

Sub-Saharan African countries failed in many areas :

y The shape of Gross Domestic Product (GDP) devoted to investment fell rather than

rose as intended.y Annual economic growth declined.y Budget deficits of export earnings that had to be devoted to debt payment increased.


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.24. Explain the balance of trade and BOP of India.

The balance of trade (or net exports, sometimes symbolized as NX) is the difference between

the monetary value of exports and imports of output in an economy over a certain period.

It is the relationship between a nation's imports and exports.

A favorable balance of trade is known as a trade surplus and consists of exporting more than is

imported;

An unfavorable balance of trade is known as a trade deficit or, informally, a trade gap. The

balance of trade is sometimes divided into a goods and a services balance

ratio between export (selling) and import (buying) of a region/country

It does not include the balance of payments (financial transactions)

Active (positive) balance i.e. Export > Import, i.e. we sell more than buy

Passive (negative) balance Import > Export, i.e. we buy more than sell

The balance of trade form part of the current account which include other transactions such as

income from the international investment position as well as international aid.

The trade balance is identical to the difference between a country's output and its domestic

demand (the difference between what goods a country produces and how many goods it buys

from abroad; this does not include money re-spent on foreign stock, nor does it factor the

concept of importing goods to produce for the domestic market).

Balance of payments (BOP) sheet is an accounting record of all monetarytransactions between a country and the rest of the world.

These transactions include payments for the country's exports and imports of goods, services,

and financial capital, as well as financial transfer expressed over an year in terms of domestic

currency

if a country is importing more than it exports, its trade balance will be in deficit, but the shortfall

will have to be counter balanced in other ways - such as by funds earned from its foreign

investments, by running down reserves or by receiving loans from other countries , hence

balance of payment is always in balance.

BOP= Current account-capital account(+/-balancing items)


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Export import balance

-71 1535.3 1634.2 -99.0

-81 6710.7 12549.2 -5838.4

-91 32557.6 43192.9 -10635.2

-01 203571.0 230872.8 -27301.8

-06 456417.9 660408.9 -203991.0

-08 655863.5 1012311.7 -356448.2

-09 766935.0 1305503.0 -538568.0

I.rchandise

00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09

Exports,f.o.b.

207852 213345 260079 303915 381785 465748 582871667757

798956

Imports,c.i.f.

264589 268300 311776 367301 533550 695412 862833 1036289 1341069

. Tradeance (A-B)

-56737 -54955 -51697 -63386 -151765 -229664 -279962 -368532 -542113

Invisibles,net

45139 71381 82357 127369 139591 185927 235579 299618 409842

. Currentcount (l+ll)

-11598 16426 30660 63983 -12174 -43737 -44383 -68914 -132271

. Capitalount (A to

F)

39241 40167 51377 80010 128081 109633 208017 438603 35156

Foreignvestment

31016 38861 29072 71728 68366 94814 134282 255782 94373


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Externalstance, net

2080 5819 -14863 -12553 8993 7876 8027 8481 12472

ommercialowings, net

20194 -7543 -8263 -13274 24149 11610 73889 91310 32397

Rupee debt

service

-2760 -2457 -2306 -1756 -1858 -2557 -725 -488 -476

E) NRIposits, net

10561 13127 14424 16869 -4439 12457 19574 705 20431

F) Othercapital

-21850 -7640 33313 18996 32870 -14567 -27030 82812 -124041

. Overallnce (III+IV)

27643 56593 82037 143993 115907 65896 163634 369689 -97115

MonetaryovementsI+VIII+IX)

-27643 -56593 -82037 -143993 -115907 -65896 -163634 -369689 97115

Reservescrease - /crease +)

-27528 -56593 -82037 -143993 -115907 -65896 -163634 -369689 97115

.IMF, net -115 0 0 0 0 0 0 0 0

X. SDRlocation

0 0 0 0 0 0 0 0 0


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Q.20. Discuss the types of deficits in India?

A budget deficit occurs when an entity spends more money than it takes in.[1] The opposite of a

budget deficit is a budget surplus.An accumulated governmental deficit over several years (ordecades) is referred to as the government debt.

Types of deficit:

In simplest words, Fiscal deficit is the total resource gap or overall financing

requirements in the Governments fiscal operations. It also reflects total borrowings by the

government. The fiscal deficit is the excess of spending over non-borrowed receipts,

financed through borrowing.


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In the above table we can see that, the Government of India projects the total expenditure of

Rs. 11,08,749 Crores, however it projects to receive Rs. 682212 Crores from Tax and

other revenue receipts, 5129 crores from the recoveries of loans, and Rs. 40000 crore

from Other Capital Receipts.

y The fiscal deficit for this year is 5.5% of the GDP.

y The 13th Finance commission had mandated a fiscal deficit of 5.7.

y The 13th Finance Commission has also recommended a calibrated exit strategy from the expansionary

fiscal stance of last two years.

There are two ways to reduce the fiscal deficit.

One is reducing spending and other is raising non-borrowed receipts. Main part of non-borrowed

receipts is tax receipts, so tax net should be widened. Dividend and interest receipts, as well as

loan repayments to the Centre are also non-borrowed receipts. These also include things like

revenues from auctioning off telecom spectrum and disinvestment proceeds. All of them help the

government in bringing down the fiscal deficit.

Here is an important thing to note down. I have taken a bit of Info from the Budget at a Glance

table. Please look at thepink highlighted row:


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In the above table we, se that in 2009-10 Budget estimates the Other Receipts were Rs.

1120 Crores. But in the revised estimates the same was a whopping Rs. 25958 Crores.

Revenue deficit:

When the net amount received (revenues less expenditures) falls short of the projected net amountto be received. This occurs when the actual amount of revenue received and/or the actual amount ofexpenditures do not correspond with predicted revenue and expenditure figures. This is the opposite of arevenue surplus, which occurs when the actual amount exceeds the projected amount.

For example, consider an organization with budgeted revenue of $325,000 and budgeted expenditures of$200,000, which equates to a net amount of $125,000. During the fiscal year, the organization's totalrevenue is actually $300,000, while its total expenditure is $195,000. The net amount received by the

organization is $105,000, which is $20,000 less than the projected receipt of $125,000.Therefore, although the organization generated a positive net amount of proceeds, it fell short of theprojected amount, creating a revenue deficit.

For example suppose I have Rs. 100 in my pocket. I project that I will spend Rs. 75 on a project and thuswill make a revenue ofRs. 25. But in actual scene, my plan translates into actual revenue ofRs. 90 and Ispend Rs. 70 on that project. So, my projected revenue fell short by Rs. 5 which I budgeted before

spending. This is a situation of revenue deficit

In the previous posts we had an insight into the Governments receipts and expenditures. The followingtable which has been taken from the Budget Documents of 2010-11 presents budget at a glance.


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Revenue Deficit:The above table shows that in 2010-10 Budget estimates of the government, Revenue deficit is ofRs.

276412 crores which is 4% of the GDP. Revenue deficit represents the difference between the total of revenue expenditure (Both plan andnonplan) over the receipts on the revenue account.This difference signifies the hurdles and problems of the government in managing the economy.

On one side, it is a duty of the government to spend on development programmes of the country, but onthe other side there is always a time lag between the spending and in returns. Govt. can not charge thepeople first and then spend. Besides high expenditures on Government programmes and subsidies dontprovide any returns to the government as such (this means tangible returns, of course there are intangiblereturns of Govt. Expenditure).


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The above graphic shows that in 2009-10 the projected Revenue deficit was 4.8 % which grew up to 5.3%in the revised estimated.

y The 13th Finance Commission had recommended revenue deficits of 2.3 per cent and 1.2 per cent ofGDP for 2011-12 and 2012-13, respectively.

y We can see that Finance Ministry has tried to fine tune its policy by bringing down the revenue deficit to4%.

y However the finance ministry's medium-term fiscal policy statement indicates that the revenue deficit forthese years would come down to only 3.4 per cent and 2.7 per cent in this period.

Definitely bringing down the revenue deficits to the level of the recommendations of the 13th Finance

Commission is a challenging task.

Capital deficit:

The expenditures of the government are divided in two broad categories:

1. Plan Expenditures: Plan expenditures is the outlay on schemes and programmes formulated by various

ministries of the government mainly under 5 year plans and other development programmes. They are

further subdivided into central plan, Central assistance to states plan and Union Territory plan.

2. Non-Plan Expenditures:

The non plan expenditures are those expenditures which are outside that incurred in keeping with the

plans formulated under the 5 year plans. It includes interest payments on the money which we have

borrowed from outside, expenditures on our internal and external defense and security, subsidies, grants

to state governments and Union territories, Pensions, Assistance from national calamity funds, grants to

foreign governments, etc.


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Plan expenditures and Non-plan expenditures may be on revenue account or on capital account. The table

which comes later in this post , we have taken from the Budget Documents of 2010-11 shows all the

details.

What are Contingency Funds?

There are many occasions when the government may have to meet urgent unforeseen expenditures. A

contingency fund is placed at the disposal of the President to incur such expenditures. Parliamentary

approval is required to withdraw money from such funds.

What is Public Account of India?

Besides the normal receipts and expenditures of the govt. related to the Consolidated Fund of India, there

are certain other transactions also in regard with which the government of India acts as a banker. This

money is kept in Public accounts of India. Please note parliamentary authority is not required for

payments from Public

Now please go through the following table:

The following Points should be noted before moving to next chapter:

1. Total expenditure ofRs. 11, 08,749 Crore will comprise of the Plan expenditure ofRs. 373,092 Crore

and non-plan expenditure ofRs. 735,657 Crore.

2. Rs. 11, 08,749 Crore is 8.53% more than the last years revised estimates ofRs. 10,21,547 Crores.


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3. The plan expenditure of this year involves roughly 15% increase while the nonplan expenditure

involves 6% increase from the revised estimates of 2009-10

After Understanding the Plan Expenditure and Nonplan expenditure, lets Move to understand some more

terms related to Budget.

In the next chapters we study, Revenue Deficit & Fiscal Deficit, before we move on to Central Plan of the

government.

Non-Plan Expenditure is the outlay on expenditures which are outside the 5 year plans of the

government.The most important nonplan expenditures are Defense, Interest Payments and Subsidies.

y Some of these expenditures include those which are obligatory in nature, Interest payments is one

example.

y The nonplan expenditures may be of both types of development and non-development expenditure.

y Nonplan expenditures include the interest payments, pensionary charges, defense and internal security or

transfers to states.

y Please note that expenditure on maintaining the assets created in previous plans is also treated as non-

plan expenditure.

The following table shows the Nonplan expenditures of the Government. We have discussed the Defense

and Interest payments in separate posts.

Non-Plan Expenditures (Budget Estimates)2010-11

1. NON-PLAN EXPENDITURE

A. Revenue Expenditure

1. Interest Payments and248664


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Prepayment Premium

2. Defence Services87344

3. Subsidies 116224

4. Grants to State and U.T.

46001

Governments

5. Pensions42840

6. Police 22154

7. Assistance to States from National CalamityContingency Fund / NDRF

3560

8. Economic Services (Agriculture, Industry, Power,Transport, Communications, Science & Technology etc.)

24928

9. Other General Services

17487(Organs of State, tax collection,

external affairs, etc.)

10. Social Services (Education, 29483

Health, Broadcasting, etc)

11. Postal Deficit 3596

12. Expenditure of Union

3190

Territories without Legislature


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13. Amount met from National Calamity ContingencyFund/NDRF

-3560

14. Grants to Foreign Governments 1688

Total Revenue Non-Plan Expenditure643599

B. Capital Expenditure

1. Defense Services60000

2. OtherNon-plan Capital Outlay 31051

3. Loans to Public Enterprises539

4. Loans to State and U.T. Governments 89

5. Loans to Foreign Governments...

6. Others379

Total Capital Non-Plan Expenditure92058

Total Non-Plan Expenditure735657

Trade Deficit:

A favourable balance of trade is known as a trade surplus and consists of exporting more than is

imported; an unfavourable balance of trade is known as a trade deficit or, informally, a trade gap. The

balance of trade is sometimes divided into a goods and a services balance

A. EXPORTS (including re-exports)Exports during February, 2010 were valued at US $ 16091 million (Rs. 74547 crore)

which was 34.8 per cent higher in dollar terms (26.7 per cent inRupee terms) than the level of US


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$ 11941 million (Rs. 58822 crore) during February, 2009. Cumulative value of exports for theperiod April-2009 to February-2010 was US $ 152983 million (Rs 727345 crore) as against US $172379 million (Rs. 774585 crore) registering a negative growth of 11.3 per cent in Dollar termsand 6.1 per cent inRupee terms over the same period last year.

B. IMPORTS

Imports during February, 2010 were valued at US $ 25057 million (Rs.116082 crore)representing a growth of 66.4 per cent in dollar terms (56.4 per cent inRupee terms) over thelevel of imports valued at US $ 15062 million ( Rs. 74198 crore) in February, 2009. Cumulativevalue of imports for the period April, 2009- February, 2010 was US $ 248401 million (Rs.1180124 crore) as against US $ 287099 million (Rs. 1289412 crore) registering a negative growthof 13.5 per cent in Dollar terms and 8.5 per cent in Rupee terms over the same period last year

C. CRUDE OIL AND NON-OIL IMPORTS:

Oil imports during February, 2010 were valued at US $ 7636 million which was 97.4per cent higher than oil imports valued at US $ 3869 million in the corresponding period lastyear. Oil imports during April, 2009- February, 2010 were valued at US$ 73230 million whichwas 18.2 per cent lower than the oil imports of US $ 89492 million in the corresponding period lastyear.

Non-oil imports during February, 2010 were estimated at US $ 17421 million whichwas 55.6 per cent higher than non-oil imports of US $ 11193 million in February, 2009. Non-oilimports during April, 2009- February, 2010 were valued at US$ 175171 million which was 11.4per cent lower than the level of such imports valued at US$ 197607 million in April 2008-February, 2009.

D. TRADE BALANCEThe trade deficit for April 2009- February, 2010 was estimated at US $ 95418 million

which was lower than the deficit of US $ 114721 million during April 2008 -February, 2009

DEPARTMENT OFCOMMERCE

ECONOMIC DIVISION

EXPORTS & IMPORTS : (PROVISIONAL)

(US$ Million)

FEBRUARY APRIL-FEBRUARY

EXPORTS (including re-exports)

2008-2009 11941 172379

16091 16091 152983

%Growth 2009-2010/ 2008-2009 34.8 -11.3

IMPORTS

2008-2009 15062 287099


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2009-2010 25057 248401

%Growth 2009-2010/ 2008-2009 66.4 -13.5

TRADE BALANCE

2008-2009 -3121 -114721

2009-2010 -8965 -95418*Figures for 2008-09 are the latest revised whereas figures for 2009-10 areprovisional.

DEPARTMENT OFCOMMERCE

ECONOMIC DIVISION

EXPORTS & IMPORTS : (PROVISIONAL)

(Rs. Crores)

FEBRUARY APRIL-FEBRUARY

EXPORTS (including re-exports)2008-2009 58822 774585

2009-2010 74547 727345

%Growth 2009-2010/2008-2009 26.7 -6.1

IMPORTS

2008-2009 74198 1289412

2009-2010 116082 1180124

%Growth 2009-2010/2008-2009 56.4 -8.5

TRADE BALANCE

2008-2009 -15376 -514827

2009-2010 -41535 -452779

*Figures for 2008-09 are the latest revised whereas figures for 2009-10 areprovisional.


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Where the money

comes and how does itcome?Money comes as Revenue Receipts & Capital Receipts. Let's discuss them :

y Revenue Receipts:

Receipts which come by the way of direct and indirect taxes, interest, dividends and

profits from investments of the government, fees and other receipts for services

rendered by the government are called revenue receipts.

It means that taxes of all kinds weather direct or indirect, customs or excise, service tax or

taxes on union territories are revenue receipts. Non-tax revenue of the government such as

interests it receives, dividends and profits on its various companies, external grants and

assistance, and receipts from the Union territories are also revenue receipts.

y Capital Receipts:

Receipts which come by the way of loans rose from the market, borrowings from RBI,

External assistance from Foreign Governments, Recoveries of Loans and Advances are

capital receipts.

Capital receipts also include the money which the government shall get from disinvestment of

public sector companies.

Note: This year we can see that Government has kept a target of Rs. 40000 crore under

miscellaneous capital receipts heading, it gives an indication that Govt. is coming back on

its disinvestment agenda. We have discussed it later.

The debt receipts are market loans, external assistances, loans, securities, state provident funds

etc.


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y Total Receipts for 2010-11:

Total Receipts of the central Government as per the Budget Estimates of 2010-11 are Rs. 11,

08,749 Crores. So the entire budget figures revolve around this figure of more than Eleven

Lakh Crores of Rupees.

y 61% of this amount will come from Revenue Receipts and 39% from Capital Receipts.

y The Government in 2010-11 will collect Rs. 746,651 Crores Through all kinds of Taxes weather

direct or indirect.

y Out of this money Rs. 3560 crores will be transferred to National Calamity contingency Fund / or

NDRF.

y Rs. 208997 crores will be share of the state governments.

y The remaining Rs. 534094 Crores will be centres Net Tax Revenue.

Apart from this Government will get Rs. 148118 Crore Rupees from non-tax revenue, such as

interest receipts, Dividends and profits External grants, and other nontax revenues plus receipts

of Union Territories.

y This Total amount comes to be Rs. 682212 crore which is Central Governments Total

Revenue receipt.

y In the year 2010-11, the government projects to receive Rs. 426537 crores as Capital Receipts

including no debt receipts and debt receipts.

Figures at a Glance: The total Receipts are as follows:

y Total Revenue Receipts = Rs. 682212 Crores

y Total Capital Receipts = Rs. 426537

y Total Budget Receipts= Rs. 11, 08,749

The following Graphic shows the Central Governments share in the Total Receipts (afterproportionally deducting the States share from the Total Tax Receipts and fund transferred to

National calamity Contingency Fund or NDRF (National Disaster Response Force) for indication

only) please click the image for better view


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The following table represents the Figures of the 2010-11 Budget Estimates of the Receipts of

the Government:

Receipts

2010-2011Budget Estimates

REVENUE RECEIPTS

1. Tax Revenue

Gross Tax Revenue746651

Corporation tax301331

Income tax120566

Other taxes and Duties*8103

Customs115000

Union Excise Duties132000

Service Tax68000

Taxes of the UnionTerritories

1651

3560


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Less- NCCD transferred to theNational Calamity

Contingency Fund/NDRF

Less States' Share208997

Centre's Net Tax Revenue534094

2. Non -Tax Revenue

Interest Receipts19253

Dividend and Profits51309

External Grants2060

Other Non-Tax Revenue

74571

Receipts of Union Territories925

Total Non-Tax Revenue148118

Total Revenue Receipts682212

3. CAPITAL RECEIPTS**

A. Non-debt Receipts

1. Recoveries of Loans &Advances@

5129

2. Miscellaneous Capitalreceipts

40000

Total45129

B. Debt Receipts

3. Market Loans345010

4. Short term borrowings...

5. External assistance (Net)22464

6. Securities issued against13256


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Small Savings

7. State Provident Funds(Net)

7000

8. Other Receipts (Net)

-6322

Total381408

Total Capital Receipts (A+B)426537

4. DRAW-DOWN OF CASHBALANCE

...

Total Receipts (1+2+3+4)1108749