Economics · Ch 3 — Money and Banking
Appendix 3.2: Money Supply in India
Appendix 3.2: Money Supply in India
Appendix 3.2: Money Supply in India
This appendix reproduces the NCERT chapter appendix on money supply in India, showing how narrow money () and broad money () have grown over time.
Table 3.4: Changes in M1 and M3 Over Time (in crore)
| Year | M1 (Narrow Money) | M3 (Broad Money) |
|---|---|---|
| 1999–00 | 341796 | 1124174 |
| 2000–01 | 379433 | 1313204 |
| 2001–02 | 422824 | 1498336 |
| 2002–03 | 473558 | 1717936 |
| 2003–04 | 578694 | 2005654 |
| 2004–05 | 649766 | 2245653 |
| 2005–06 | 826389 | 2719493 |
| 2006–07 | 967925 | 3310038 |
| 2007–08 | 1155810 | 4017855 |
| 2008–09 | 1259671 | 4794775 |
| 2009–10 | 1489268 | 5602698 |
| 2010–11 | 1638345 | 6504116 |
| 2011–12 | 1737394 | 7384831 |
| 2012–13 | 1897526 | 8389819 |
| 2013–14 | 2059762 | 9517386 |
| 2014–15 | 2292404 | 10550168 |
| 2015–16 | 2602538 | 11617615 |
| 2016–17 | 2681957 | 12791940 |
| 2017–18 | 3267331 | 13962587 |
| 2018–19 | 3710464 | 15432067 |
| 2019–20 | 4125948 | 16799963 |
| 2020–21 | 4794299 | 18844578 |
The difference in values between the two columns is attributable to the time deposits held by commercial banks.
Source: Handbook of Statistics on Indian Economy, Reserve Bank of India, 2020–21 …