Release Date: 5th April, 2018
Chapter I: Macroeconomic Outlook
Chapter III: Demand and Output
Chapter IV: Financial Markets and Liquidity Conditions
Chapter V: External Environment
Abbreviations
AEs – Advanced Economies
AIFIs – All India Financial Institutions
AQR – Asset Quality Review
AR(1) – Autoregressive of Order One
ARCH – Autoregressive Conditional
Heteroscedasticity
AUM – Assets under Management
BE – Budget Estimates
BP – Band-Pass
bps – Basis Points
CAD – Current Account Deficit
CASA – Current Account and Saving Account
CBLO – Collateralised Borrowing and Lending
Obligation
CCIL – Clearing Corporation of India Ltd.
CD – Certificate of Deposit
CDS – Credit Default Swap
CGST – Central Goods and Services Tax
CII – Confederation of Indian Industry
CLI – Composite Leading Indicator
CMIE – Centre for Monitoring Indian
Economy
CP – Commercial Paper
CPC – Central Pay Commission
CPI – Consumer Price Index
CPI-AL – Consumer Price Index for
Agricultural Labourers
CPI-IW – Consumer Price Index for Industrial
Workers
CPI-RL – Consumer Price Index for Rural
Labourers
CRAR – Capital to Risk Weighted Assets Ratio
CRR – Cash Reserve Ratio
CSO – Central Statistics Office
CU – Capacity Utilisation
DEA – Digestive Enzymes and Antacids
DISCOMs – Distribution Companies
DXY – US Dollar Index
ECB – European Central Bank
EMDEs – Emerging Market and Developing
Economies
EMEs – Emerging Market Economies
ENSO – EI Nino Southern Oscillation
EU – European Union
FAE – First Advance Estimate
FAO – Food and Agriculture Organisation
FDI – Foreign Direct Investment
FICCI – Federation of Indian Chambers of
Commerce and Industry
FMCG – Fast-moving Consumer Goods
FIMMDA – Fixed Income Money Markets and
Derivatives Association
FOMC – Federal Open Market Committee
FPI – Foreign Portfolio Investment/Investor
FRBM – Fiscal Responsibility and Budget
Management
FTSE – Financial Times Stock Exchange
FY – Financial Year
GARCH – Generalised Autoregressive
Conditional Heteroscedasticity
GDP – Gross Domestic Product
GFCE – Government Final Consumption
Expenditure
GFCF – Gross Fixed Capital Formation
GFD – Gross Fiscal Deficit
GMM – Generalised Method of Moments
GNDI – Gross National Disposable Income
G-Secs – Government Securities
GST – Goods and Services Tax
GVA – Gross Value Added
GSDP – Gross State Domestic Product
H1 – First Half of the Year
H2 – Second Half of the Year
HNI – High networth individual
HRA – House Rent Allowance
IBC – Insolvency and Bankruptcy Code
IIP – Index of Industrial Production
IMD – India Meteorological Department
IMF – International Monetary Fund
IPO – Initial Public Offering
LAF – Liquidity Adjustment Facility
LIBOR – London Interbank Offered Rate
LIC – Life Insurance Corporation of India
LPG – Liquefied Petroleum Gas
LTCG – Long Term Capital Gain
M3 – Broad Money
MCLR – Marginal Cost of Funds Based
Lending Rate
MEP – Minimum Export Price
MFs – Mutual Funds
MMTC – Metals and Minerals Trading
Corporation of India
MNREGA – Mahatma Gandhi National Rural
Employment Guarantee Act
m-o-m/M-o-M – Month-on-Month
MPC – Monetary Policy Committee
MPR – Monetary Policy Report
MSCI – Morgan Stanley Capital International
MSF – Marginal Standing Facility
MSP – Minimum Support Price
MSS – Market Stabilisation Scheme
NAFED – National Agricultural Cooperative
Marketing Federation of India
NBER – National Bureau of Economic
Research
NBFCs – Non-Banking Financial Companies
NCAER – National Council of Applied
Economic Research
NDTL – Net Demand and Time Liabilities
NEER – Nominal Effective Exchange Rate
NFC – Non-Food Credit
NGNF – Non-Government Non-Financial
NHB – National Housing Bank
NIM – Net Interest Margin
NPA – Non-Performing Asset
NRI – Non-Resident Indian
NSDL – National Securities Depository
Limited
NSE – National Stock Exchange
NSSF – National Small Savings Fund
OECD – Organisation for Economic
Co-operation and Development
OG – Output Gap
OIS – Overnight Index Swap
OMCs – Oil Marketing Companies
OMOs – Open Market Operations
OPEC – Organization of the Petroleum
Exporting Countries
PADO – Public Administration, Defence and
Other services
PCE – Personal Consumption Expenditure
PFCE – Private Final Consumption
Expenditure
PMI – Purchasing Managers’ Index
PSU – Public Sector Undertaking
QE – Quantitative Easing
q-o-q/Q-o-Q – Quarter-on-Quarter
RBI – Reserve Bank of India
RE – Revenue Expenditure/Revised
Estimate
REER – Real Effective Exchange Rate
RERA – Real Estate (Regulation and
Development) Act
RHS – Right Hand Side
RRBs – Regional Rural Banks
SAAR – Seasonally Adjusted Annualised Rate
SAE – Second Advance Estimates
SCBs – Scheduled Commercial Banks
SDF – Standing Deposit Facility
SDLs – State Development Loans
SEBI – Securities and Exchange Board of
India
SFAC – Small Farmers’ Agri-Business
Consortium
SLR – Statutory Liquidity Ratio
SME – Small and Medium Enterprise
SPD – Standalone Primary Dealer
T-Bill – Treasury Bill
UDAY – Ujwal DISCOM Assurance Yojana
UK – United Kingdom
US – United States
VAR – Vector Autoregression
VIX – Volatility Index
WACR – Weighted Average Call Money Rate
WADTDR – Weighted Average Domestic Term
Deposit Rate
WALR – Weighted Average Lending Rate
WPI – Wholesale Price Index
WTI – West Texas Intermediate
WTO – World Trade Organization
y-o-y/Y-o-Y – Year-on-Year
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