Table A1.

List of variables

VariableDescriptionSource
ABSPReal private absorptionNAS CSO,GOI
DEPAGReal depreciation in agriculture, forestry and fishing (Industry Group 1 of NAS), called “agriculture” for simplicityNAS CSO,GOI
DEPINFReal depreciation in infrastructure includes electricity, gas and water supply; construction; transport, storage and communication (Industry Groups 4, 5 and 7 of NAS), called “infrastructure” for simplicityNAS CSO,GOI
DEPMNReal depreciation in manufacturing includes mining and quarrying (Industry Groups 2 and 3 of NAS), called “manufacturing” for simplicityNAS CSO,GOI
DEPSRReal depreciation in services includes all others (Industry Groups 6, 8 and 9 of NAS), called “services” for simplicityNAS CSO,GOI
DTDirect tax revenueNAS CSO,GOI
GXPGovt. total expenditure combined centre and stateNAS CSO,GOI
CONSGovt. final consumption expenditureNAS CSO,GOI
IDTIndirect tax revenuesNAS CSO,GOI
KAGRReal net capital stock in agricultureNAS CSO,GOI
KINFRReal net capital stock in infrastructureNAS CSO,GOI
KMNRReal net capital stock in manufacturingNAS CSO,GOI
KSRRReal net capital stock in servicesNAS CSO,GOI
NTXNon-tax revenue (incl. income from entrepreneurship, property and miscellaneous current receipts)NAS CSO,GOI
PCFTOTRReal aggregate public investmentNAS CSO,GOI
PCFTOTAggregate public investmentNAS CSO,GOI
PCRReal private consumptionNAS CSO,GOI
PGDPGDP deflator (2004-2005 = 100)NAS CSO,GOI
PGKEImplicit price deflator for public sector investmentNAS CSO,GOI
PIAGRReal gross private investment in agricultureNAS CSO,GOI
PIINFRReal gross private investment in infrastructureNAS CSO,GOI
PIMNRReal gross private investment in manufacturingNAS CSO,GOI
PISRRReal gross private investment in servicesNAS CSO,GOI
PITOTRReal aggregate private investmentNAS CSO,GOI
PNAPrice deflator for non-agriculture sectorNAS CSO,GOI
PPIEImplicit price deflator for public sector investmentNAS CSO,GOI
PRAGPrice deflator for agricultureNAS CSO,GOI
PRINFPrice deflator for infrastructureNAS CSO,GOI
PRMNPrice deflator for manufacturingNAS CSO,GOI
PRSRPrice deflator for servicesNAS CSO,GOI
PYDPersonal disposable incomeNAS CSO,GOI
PYDRReal personal disposable incomeNAS CSO,GOI
TRGovt. current revenues combinedNAS CSO,GOI
YAggregate output at factor costNAS CSO,GOI
YARReal output in agricultureNAS CSO,GOI
YINFRReal output in infrastructureNAS CSO,GOI
YMGDP at market pricesNAS CSO,GOI
YMNRReal output in manufacturingNAS CSO,GOI
YNARReal output in non-agriculture sectorNAS CSO,GOI
YSRRReal output in servicesNAS CSO,GOI
YRReal output at factor costNAS CSO,GOI
TPOther transfer payments (including IPD, CTS, etc.)NAS CSO,GOI
PCFAGRReal gross public investment in agricultureNAS CSO,GOI
PCFINFRReal gross public investment in infrastructureNAS CSO,GOI
PCFMNRReal gross public investment in manufacturingNAS CSO,GOI
PCFSRRReal gross public investment in servicesNAS CSO,GOI
RFIPercentage deviation between actual and normal rainfallIITM
ADReal aggregate absorptionNAS CSO,GOI
ADDReal aggregate demand for domestically produced goodsNAS CSO,GOI
BCPBank credit to the commercial sectorRBI
CABCurrent account balanceRBI
EXTExports (merchandize)RBI
EXTRReal exports (DGCI and S)RBI
GFDGross fiscal deficit of both central and state govtRBI
IMPImports (merchandize)RBI
IMPRReal imports (DGCI and S)RBI
NOIMPNon-oil importsRBI
OIMPOil importsRBI
DOILPDomestic oil price index (index of mineral oil in WPI basket (2004-2005=100)OEA, GOI
OILPRATIODomestic oil price index upon world oil price indexCalculated
M3Money supplyRBI
RPpolicy rate, bank rate up to 2000-2001 and repo rate after thatRBI
PWholesale price index (2004-2005 = 100)OEA, GOI
INFLRate of inflationCalculated
PLRPrime lending rateRBI
RBFANet foreign exchange assets of RBIRBI
RCGReserve bank credit to the govtRBI
RMReserve moneyRBI
TBTrade balanceRBI
CABCurrent account balanceRBI
UVEXPUnit value of exportsRBI
AREAIndex of gross cropped areaRBI
BCGCommercial bank credit to the governmentRBI
CRRCash reserve ratioRBI
DNBNon-market borrowings of both central and state govtsRBI
EXRExchange rate of Indian rupee against US$ (Nominal, Rs./$)RBI
EBExternal borrowings by the govtRBI
GCLGovernment’s currency liabilities to the publicRBI
INVSBInvisibles in a current account balanceRBI
MSPAverage of minimum support price of fair average qualityRBI
MISCROther capital receipts of the govtRBI
NCIABNet capital inflows including a net capital account in the balance of payments and errors and omissionsRBI
NBCGNet bank credit to the governmentRBI
NFEABNet foreign exchange assets of the banking sectorRBI
NNMLBNet non-monetary liabilities of the banking sectorRBI
RBCSRBI credit to the commercial sectorRBI
RGCBRBI's claim on banksRBI
RNMLRBI's net non-monetary liabilitiesRBI
UVIMPUnit value of importsRBI
WGDPindex number of world exports (2004-2005 = 100)IMF
WOILPWorld oil Price IndexWDI
D01Dummy for post-reform periodAuthors calculated
D02Unusual increase in agriculture investmentAuthors calculated
D03Unusual decrease in agriculture investmentAuthors calculated
D04Irregular dummy for manufacturing (2007-2008) for a sharp increaseAuthors calculated
D05Dummy crisis,1 for 2008-2009 and 0 for othersAuthors calculated
D06Dummy for 1991-1992 for change in the structure of the direct taxAuthors calculated
D07Dummy for 1992-1993 and 1993-1994 for a sharp change in indirect tax ratesAuthors calculated
D08Dummy representing a large depreciation of exchange rate of rupee in 1992-1993, 1 for that and 0 for othersAuthors calculated
DYSRROutlier dummy in the service sectorAuthors calculated
DEXPOutlier dummy in exportsAuthors calculated
DEXROutlier dummy in the exchange rateAuthors calculated
DNCIABOutlier dummy in a net capital account balanceAuthors calculated
Source: Authors’ calculation
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