Table 1.

Variable description

VariablesSymbolDescriptionUnitsSource
InflationINFPercentage annual variation in the WPIPercentage termsDBIE-RBI
Gross fiscal deficitGFDDifference between the total expenditure and total revenue (excluding the market borrowings)Percentage of GDPDBIE-RBI
Gross fiscal deficitGFDDDifference between the total expenditure and total revenue (excluding the market borrowings)Percentage of NMDBIE-RBI
Gross domestic productGDPFCAnnual change in gross domestic product at constant pricesPercentage termsDBIE-RBI
Call money rateCMRWeighted average CMRs% per annumDBIE-RBI
Trade opennessTOSum of exports and imports both expressed as a percentage of real gross domestic productPercentage of GDPDBIE-RBI
Oil price inflationOPISimple average of three spot prices; UK Brent, West Texas Intermediate and the Dubai Fateh.Percentage annual variation in oil prices expressed in local currencyIFS-IMF

Notes:

DBIE-RBI = Database on Indian Economy-Reserve Bank of India; IFS-IMF = International Financial Statistics, International Monetary Fund

Source: Own elaboration

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