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MONTH ENDED | NET INV.(Rs m) | MONTH END(Rs / US$) | NET INV.(US$ m) | MONTH END INDEX |
CURRENT VALUE(Rs m) | CUMM. INV.(Rs m) | CUMM. VALUE(Rs m) | % GAIN(Rs m) | % GAIN(US$ m) |
---|---|---|---|---|---|---|---|---|---|
Jan - 1997 | 3,182 | 35.84 | 89 | 3,382 | 72,593 | 3,182 | 72,593 | 2,181 | 868 |
Feb - 1997 | 6,800 | 35.88 | 190 | 3,652 | 143,664 | 9,982 | 216,257 | 2,066 | 820 |
Mar - 1997 | 5,017 | 35.85 | 140 | 3,361 | 115,171 | 14,999 | 331,428 | 2,110 | 838 |
Apr - 1997 | 7,152 | 35.80 | 200 | 3,841 | 143,665 | 22,151 | 475,093 | 2,045 | 810 |
May - 1997 | 13,193 | 35.79 | 369 | 3,755 | 271,083 | 35,344 | 746,176 | 2,011 | 795 |
Jun - 1997 | 9,799 | 35.80 | 274 | 4,256 | 177,643 | 45,143 | 923,819 | 1,946 | 768 |
Jul - 1997 | 5,034 | 35.72 | 141 | 4,306 | 90,200 | 50,177 | 1,014,020 | 1,921 | 756 |
Aug - 1997 | 6,310 | 35.88 | 176 | 3,876 | 125,607 | 56,487 | 1,139,627 | 1,918 | 755 |
Sep - 1997 | 6,335 | 36.40 | 174 | 3,902 | 125,264 | 62,822 | 1,264,891 | 1,913 | 755 |
Oct - 1997 | (4,119) | 36.20 | (114) | 3,803 | (83,567) | 58,703 | 1,181,324 | 1,912 | 754 |
Nov - 1997 | (5,262) | 34.18 | (154) | 3,560 | (114,043) | 53,441 | 1,067,281 | 1,897 | 752 |
Dec - 1997 | (3,018) | 39.09 | (77) | 3,659 | (63,639) | 50,423 | 1,003,642 | 1,890 | 745 |
In 1997, net investments by FII, for the first time in four years, turned negative in a month. In November 1997, they were sellers to the tune of Rs 4 bn. The crucial reason for the decline in investments in India was the South East Asian contagion (July 1997 onwards) and the Russian crisis, after which domestic interest rates were realigned. Though there were some political hiccups, the Chidambaram budget was much praised by the market. Besides, GDP growth touched a new high of 7.5% with fiscal deficit as low as 4% of GDP. Net investment for the whole year was positive at Rs 57 bn.