commercial banks and other parties as well as non-negotiable non-interest bearing rupee
      securities issued to the international financial institutions; and (b) external debt comprising loans
      from foreign countries, international financial institutions, etc. The “other liabilities” include
      outstanding against the various small saving schemes, provident funds, securities issued to the oil
      marketing companies, fertilizer companies and Food Corporation of India, reserve funds and
      deposits and other items.
      Prices and Inflation
            Inflation based on Consumer Price Index (Combined), which remained persistently high at
      around 9-10 per cent during 2012-14, moderated significantly to 5.9 per cent in 2014-15 and
      further to 4.9 per cent in 2015-16. It averaged 4.5 per cent in 2016-17 and stood at 2.4 per cent in
      July 2017. It averaged 3.4 per cent in 2017-18 (April-Jan) and stood at 5.1 per cent in January
      2018.
            Inflation measured in terms of Wholesale Price Index (WPI) increased to 1.7 per cent in
      2016-17. It averaged 2.9 per cent in 2017-18 (April-Jan) and stood at 2.8 per cent in January
      2018.
      Measures to Control Inflation
            The government has taken a number of measures to control inflation. The steps taken, inter
      alia, include, (i) increased allocation for price stabilization fund to check volatility of prices of
      essential commodities, in particular of pulses; (ii) approved creation of a dynamic buffer of upto
      20 lakh tonnes of pulses for appropriate market intervention; (iii) states/UTs empowered to
      impose stock limits in respect of pulses, onion, edible oils and edible oil seeds under the
      Essential Commodities Act and (iv) announced higher Minimum Support Prices so as to
      incentivize production and thereby enhance availability of food items which may help moderate
      prices.
      Climate Change Finance
            India ratified the Paris Agreement in 2016. India’s comprehensive NDC target is to lower
      the emission intensity of GDP by 33 to 35 per cent by 2030 from 2005 levels, to increase the
      share of non-fossil fuels based power generation capacity to 40 per cent of installed electric
      power capacity by 2030, and to create an additional (cumulative) carbon sink of 2.5-3 GtCO2e
      through additional forest and tree cover by 2030. Provision of ‘new and additional’ financial
      resources by the developed countries from predominantly public sources and on grant/
      concessional basis is extremely important for the achievement of the global climate goals.
      Provision of finance is embedded in UNFCCC and has also been mentioned in the Paris
      Agreement for addressing the adaptation and mitigation needs of developing countries. The
      climate actions will have very significant resource implications especially for a country like
      India. India’s climate actions have so far been largely financed from domestic resources. India
      already has ambitious climate action plans in place. Preliminary domestic requirements to
      implement national climate plans add upto more than US$ 2.5 trillion between 2015 and 2030.
      Substantial scaling up of these plans would require greater resources. Developing countries like
      India are resource constrained and are already spending enormous amounts on climate change.
      Implementing climate change mitigation and adaptation actions would require domestic and new
      and additional funds from developed countries in view of the resource required and the resource
      gap.