Debt Mutual Fund Strategy

15 index Based to 100 Classification - Restricted Rural India is seeing signs of improvement with high crop prices, rising MSP and lower MGNREGA demand.... Low acreage in some crops could lead to better realisation going forward. 20 Demand for work continues to remain low under MGNREGA 10 0 -10 -20 -30 -40 سلار Aug-22 Sep-22 -50 Growth (y-o-y) [RHS] Jul-22 50 45- 40 35 30 25 20- 15- 10 5 In Million Apr-22 May-22 Jun-22 Demand (Number of person) Sources: Government of India: and RBI staff estimates. Confidential/Restricted Increase in prices of Agri commodities may lead to rise in Rual income which inturn could boost MSP MSP 500¬ 450 First advance estimates of crop production 15 10 Crops RMS RMS % Change 400- 150 rural demand 2022-23 2023-24 140 130 Wheat 2015 2125 5.46% Million Tonnes 350- 300- 250 200 in 150- 127 Barley 1635 1735 6.12% 100- -10 120 110 100 50- 110 Gram 5230 5335 2.01% 0+ 108 Rice 102 101 Lentil (Masur) 5500 6000 9.09% 93 90 Jan Rapeseed & Mustard 5050 5450 7.92% Coarse cereals Pulses ⚫ -15 Oilseeds Cotton Sugarcane Jute & Mesta Feb Mar Apr May Jun Jul Aug Sep Basmati rice Wheat Oil Seeds Pulses Sugar Safflower 5441 5650 3.84% Raw Cotton Source: eaindustry.nic.in Source: Govt of India ■Production ●Growth over 1st AE of 2021-22 (RHS) •Growth over 4th AE of 2021-22 (RHS) Source: Ministry of Agriculture and Farmers' Welfare (MOAFW). Per cent February 2020-100 250¬ 200- 150- 100- 50- Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Tractor sales Three wheelers sales Key rural consumption items showing traction Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 HDFC BANK RESEARCH Classification - Restricted HDFC BANK We understand your world Aug-22 Sep-22 Two wheelers sales Motorcycle sales Source: SIAM,TMA & RBI STAFF ESTIMATES Per cent

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