North Africa
Libyan civil war and NATO intervention
Operation Safe Homecoming evacuated ~15,000 Indians; Libyan crude supply lost; Brent above US$120 at the peak
ReportedOfficial record. Source: MEA press releases 2011
Prime Minister: Manmohan Singh
The Age Of Stars
The gold airlift, liberalisation, and a floating rupee.
Vol. CXXXVIIThe edition of 2011 · The Open Economy10 records
- Prime Minister
- Manmohan Singh
- President
- Pratibha Patil
- Finance Minister
- Pranab Mukherjee
- RBI Governor
- Duvvuri Subbarao
Rupee per dollar
₹46.58
+2% on 2010
Inflation
8.91%
−3.08 pts on 2010
GDP growth
5.24%
−3.26 pts on 2010
Reserves
$298,739m
−0.6% on 2010
External debt
$334,399m
+15.1% on 2010
Brent crude
$111.26
+39.8% on 2010
Trade & Tariffs
2 itemsIndia–Malaysia CECA
Signed 2011-02-08, in force 2011-07-01.
ReportedOfficial record. Source: DGFT Appendix 2A; Wikipedia
India–Japan CEPA
Signed 2011-02-16, in force 2011-08-01.
ReportedOfficial record. Source: DGFT Appendix 2A; Wikipedia
War & Unrest
1 itemNorth Africa
Libyan civil war; Operation Safe Homecoming
More than 15,000 Indian nationals evacuated by the Navy and Air India. Also an oil-price channel: Brent spiked in 2011 (see the ENERGY slice).
ReportedPress. Source: Wikipedia "Operation Safe Homecoming"
Courts & Scandal
1 itembanking (LoUs → buyer's credit from overseas branches of Indian banks)
Nirav Modi / Mehul Choksi – Punjab National Bank (first fraudulent LoU 2011-03; disclosed…
1,213 LoUs issued over 74 months through the SWIFT system without entries in PNB's core banking system, from Brady House branch in Mumbai. PNB found the fraud on 2018-01-25, reported it to the RBI on 2018-01-29 and made a stock-exchange filing on 2018-02-14. Disclosed outside this decade, but the fraud ran inside it.
ReportedPress. Source: Wikipedia "Punjab National Bank Scam"; Business Today 2018-02-15/16; Tribune
Shipping & Insurance
1 itemtankers
Libyan ports / central Mediterranean
UnconfirmedOfficial record. Source: [M12] not found
The Ledger: what was borrowed in 2011
Full ledger →| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| FCCB holders (~100 issuers of 2006-08) | FCCBs due within 24 months (Crisil estimate) | 315,000 INR mn | verified | ||
| FCCB holders (not named) | Zenith Infotech FCCB default, Sep 2011 | 33 USD | 33 | default | reported |
| ECB lenders (aggregate) | ECB approvals, FY2011-12, peak of the series | 35,240 USD | 35,240 | flow | verified |
| Bank of Japan | Bilateral swap arrangement, enlarged | 15 USD bn | 15,000 | Signed 2011-12. Not drawn (not found drawn). | reported |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
