Indian Institute of Insurance Surveyors and Loss Assessors Tamil Nadu Chapter ------------------------------------

VALUATION FOR THE PURPOSE OF INSURANCE 1.0. WHY VALUATION FOR THE PURPOSE OF INSURANCE? Valuation is important for insurance while insuring and also while assessing the loss. Even thought the need is on two different headings, the purpose is only one and it is to avoid under insurance. 2.0 What is under Insurance? If the value of the subject matter at the time of risk, is of greater value than the sum insured, than the insured shall be considered as being his own insurer for the difference and shall bear the reasonable proportion of the loss accordingly. The under insurance quotient is sum insured/ value of risk 3.0 What all could be the subject matter? It could be Building, machinery or stocks. 4.0 How to value the Building? Generally buildings are valued under two methods: 1. Detailed estimate method 2. Plinth area rate method 4.01 Advantages and disadvantages of Detailed estimate method The detailed estimate method involves working out of the bill of materials for various materials such as cement, sand, brick, reinforcement steel, joineries, masonry etc. the total cost of materials together with cost of labour as on date of the fire will be the reinstatement value of the building. Unit rates for various types of work such as brick work, plastering, RCC, Wood work, etc can also be used for calculating the reinstatement value of the building. The main problem that would be encountered in this method is the non-availability of structural and architectural drawings for working out the quantities. These are normally not available.

4.02 Plinth area rate method: PWD / CPWD / All India standard schedule by national buildings organization publishes annually the normal market rate prevailing for such construction in the area. In the plinth area rate method, such published rates can be used to estimate the value either by perusing the sanctioned plan or by actual measurement. The reinstatement value is obtained by multiplying the plinth area by the rate/unit area. 4.03 COST OF REPAIRS / REPLACEMENTS: After the debris have been cleared and listing out loss/damage caused by the fire, the surveyor have to discuss with insured and asses the cost of repairs and replacements to the damaged property. If the damages to the buildings are not heavy, the insured should be requested to obtain an estimate of repairs by a civil engineer. The estimate should be scrutinized for its correctness and reasonableness. If the damage to the building is of serious nature and if the structural stability is in doubt, the insured should be advised to get an expert opinion from reputed organizations like IIT. The surveyor may also get an expert opinion but in this case the surveyor should always get the prior permission of the insurer. 5.0. WHAT IS PLANT & MACHINERY? Plant & Machinery are installations and support facilities in an industry, designed to perform a specific pre-determined function, whether used singly or in combination with other items to enhance the productivity or operating facility; and includes all devices in fixed or movable form, other than real estate, deployed in manufacturing, processing or assembling of products from the stage of raw materials to finished goods. 6.0. WHAT ARE THE TERMINOLOGIES THAT A SURVEYOR OF SHOULD BE AWARE OF? 6.01. MARKET VALUE: ‘Market value’ is the value established in a public market by exchange between sellers and willing buyers. The market value fluctuates with the degree of willingness of the buyer and the seller with the conditions of the sale. In general it could be the depreciated value.

6.02. REPLACEMENT VALUE: It is the value at which a property can be replaced. It refers to the Value of a property determined on the basis of what it would cost usually, at the current price level to replace the property or its service with at least an equal or comparable property or its service to the satisfaction. 6.02. REINSTATEMENT VALUE: It is the value at which a property can be reinstated in the same place, which bears no depreciation for its usage. 6.03. LIFE SPAN: Each and every property has a limited life. Depending upon its material of construction and usage, the life span is determined. It could be 60 years for a building, 10 years for office equipments, 35 years for Transformers and 20 years for electrical Motors. 6.04. SALVAGE VALUE If a stage of uneconomical or unsafe usage is reached, the asset has to find some other use. It can be dismantled and the constituent parts of the asset may suit an alternative usage, for which it can be sold. At times, the same asset could be repaired or subject to some value addition to present it to be a more worthy component. If it has such a way out, it may fetch a better price and this value is known as the Salvage value. Example: Let us consider a well-known component, a spring plate of a heavy vehicle. If the main plate breaks at the edge, it could be corrected to the size of 5th or 6th plate and can be used. If the 13th plate breaks, and if it cannot be used as a spring plate, it is preferred for making agricultural implements such as weed removers. Still smaller pieces can be used as blades of hand sheering machine or tool of a punching machine. 6.05. SCRAP VALUE

If the constituent parts could not be put to a better use, it is treated as Scrap and its value is the value of the material of construction alone. Value of scrap varies with the material of construction. If it is steel, it could be Rs. 12 - 13/-per Kg. If it is Aluminum, it is Rs. 30-40/- per Kg, if it is Copper, it could be Rs. 85-120/-Kg., and if it is stainless steel it could be Rs. 30- 60/- per Kg. as per the prevailing rate in the year 2009 Generally salvage value will be more than the scrap value. As salvage, the asset is valued as a component or a portion of the component, whereas in scrap, it is only the metallic scrap. 6.06. RESIDUAL VALUE: The value of the machine on completion of the life span is never considered as Zero. It has a minimum value and could be considered as 10%. Depending on the material of construction, the percentage could be altered. 6.07. DEPRECIATION: It is the portion of life span that has got exhausted in the expected life. It is because of its usage and the ageing of the machine. If an electrical motor had life span of 20 years and if it has been used for 10 years, the depreciation is worked out as hereunder. Life Life exhausted Replacement value of machine Residual Value of machine at the end of the life Depreciable portion in its value Depreciation percentage

= 20 years = 10 years = 100% = 10% = 100% - 10% = 90% = 10 x 90 = 45% 20

6.08. OBSOLESCENCE: It could occur due to two reasons and they are termed as 1. Functional Obsolescence 2. Economical Obsolescence. 6.08.1 FUNCTIONAL OBSOLESCENCE: Replacement of machines often takes place due to advancement of technology. The new generations machine that deliver a greater production are

less labour intensive, easier to operate/maintain and offer a better potential. The older machines that have such suffering have suffered functional obsolescence and reduces the value arrived at on application of depreciation, to a greater extent. 6.08.2 ECONOMICAL OBSOLESCENCE: It happens by a change in planning policy of the Government. This can happen on 2 ways. 1. By imposition of ‘Orders of banning’ of certain products. The best example is a ban on polythene carry bags. 2. By the trade policy by reducing the import duty of the machines due to liberalization. 7. Valuation of machinery is done on following basis: Supplier’s quotation as on date of the fire. Original purchase price escalated using indices. Original capitalized cost escalated using indices. purchase cost of similar machine of same type and capacity. cost of new machine of improved version duly adjusted improvements

for

1. Suppliers Quotation as on date: In many cases it may not be possible to obtain a suppliers quotation especially is the machine is imported and more than a decade old and has become technologically obsolete. Suppliers provide only budgetary quotes not firm prices. Discounts and reductions are offered only after negotiations on firm purchase order. However, if the determine the cost of reinstatement. It may be noted that in respect of improved version of machinery, due adjustment shall be made for such improvements. In case of imported machinery, rate or exchange for converting foreign currencies and customs duty as prevailing on the date of loss for calculating value at risk and for computing the loss has to be taken into consideration. 2. Original Purchase Price If original purchase invoice is available then the original purchase price can be taken as the basis. This cost may be escalated by using RBI index for indigenous machinery and M & S for imported machinery as the case may be. In case of imported machinery the original cost in foreign currency should first

be escalated by using M & S index. The rate of exchange and customs duty shall then be applied as on date of loss. 3. Original Capitalized Cost. If original invoice is not available, original capitalized cost per the books of the Insured can be taken as the basis. It may noted that normally capitalized cost include, besides the price, cost of transport, election and commissioning. Care should be taken to exclude these costs to arrive at the purchase cost of the machinery. This can be escalated using RBI index in case of indigenous supply. Thereafter the cost of transport, erection and commissioning may be computed at he same ratio as originally capitalized to compute the total cost of reinstatement. In case of imported machinery, the cost in Indian rupees incurred towards customs duty, transport. Erection and commissioning shall be deducted from the total capitalized cost to arrive at the original cost of the machinery in Indian currency. This is to converted in foreign currency applying the rate of exchange as on date of original purchase/capitalization. The cost so obtained in foreign currency is to be escalated using M & S index. This is to be converted to Indian rupee by adopting the rate of exchange as on date of loss. Customs duty as applicable on the date of loss is to be added to this cost to obtain the landed cost. Cost of transport, erection & commissioning to be computed at the same ratio as adopted originally and added to the landed cost to obtain the cost of reinstatement. 4. Purchase cost of similar machine of same types & capacity: The cost replacement to be computed as detailed above. The only difference would be that the date of purchase of the machine will be reckoned while applying the indices. 5. Cost of new machine with improved version. The cost of replacement to be computed as detailed above except that cost of improvements is to be deducted before applying escalation. 7.1. HOW TO PROCEED WITH VALUATION, IF A JOB IS ASSIGNED? ¾ Obtain a letter to know specifically the purpose of valuation. If it is for the purpose of insurance or for the purpose of amalgamation of companies that may lead to find the intrinsic value, there is no need to value the land. ¾ Visit the plant to be valued and meet the highest authority of the plant.

¾ Try to organize a meeting of key persons in the plant and in accounts department. ¾ Collect the “Assets register” from the accounts department. If the same is not maintained, collect the ledger folios of every year “On investment on Plant and Machinery”. This will enable you to prepare the list of machines, the year of purchase and the purchase cost of such machines. ¾ Valuation work can be classified into two different nature 2. Desk work

1. Field Work

7.01. FIELD WORK: ¾ With the help of in-charge in the plant, collect the following details. ⇒ ⇒ ⇒ ⇒ ⇒ ⇒ ⇒ ⇒ ⇒ ⇒ ⇒ ⇒ ⇒

Learn about the process. Draw a line diagram of the machinery installed that is directly involved in the process. Ex: Furnace, Reactor, machineries of blow room in a spinning mill. Collect a list of machinery that is required for the process to be carried out. Ex: Humidifier or Oven Obtain details of source of energy. Ex: Power load, Transformer, Generator Chart out the water requirements and source of water: Ex: Submersible Motor, Water storage tank. Ascertain the existence of machine shop for carrying out repair works. Ex: Lathe, Shaper and winding machines. If there is a quality control department, collect details of equipments installed. Ex: Tensile testing unit If there is a laboratory, collect the details of machines and apparatus installed. Ex: A Robot in a cement mill Collect the details of spare machines that are with them, to get substituted in the event of a breakdown to a running machine. List out the products and bye products of the factory. Find out the mode of packing and the machines required for the same. Ex: The automatic weighing machine. Depending on the modernization of the unit there may be a lot of electronic equipments to control the process. Collect the details of such equipments. List out the vehicles/movement arrangements required for internal movement and for effecting the dispatches. Ex: Hoister, Tractor, Goods carrying vehicles. Then inspect the plant and compare the machines on the list with the machines installed. If there is any change, discuss with the plant

⇒ ⇒

⇒

in-charge about the existing machine in the place of the machine in the line diagram. If it is an improvement and replacement of the existing one, make the changes in the list. While following the process diagram, try to follow the main line first and then concentrate on the accessories. There could be occasions that the repair works carried out might have been wrongly considered as an asset. Delete such items. If possible provide serial nos. for the equipments in major process line and sub nos. for the other equipments installed. Tally the same with the installed machines and make sure that the entire machinery has been covered On confirming the existence of the machine, inspect them and note down their make, capacity, speed and frame details.

7.02. DESK WORK: ⇒

On knowing the machineries installed, the Valuer has to find out the replacement value and apply a proper depreciation to arrive at the present worth.

7.03. WHAT ARE THE DETAILS TO BE NOTED WHILE INSPECTING A MACHINE? Assume that you prefer to purchase a shirt for you. What will be your requirements? ¾ Size ¾ Type: Full Shirt or a Half Shirt ¾ Colour ¾ Texture & Design Likewise if you want know the price of the motor you have to know the following details: ¾ Type ¾ Nature

¾ Power Supply ¾ Capacity ¾ Speed

-

SPDP - Screen Protected Drift Proof TEFV - Totally Enclosed Fan Ventilated Induction type– Cage Motor wound rotor motor Flame proof – Cage Motor - wound rotor motor Textile Motor- cage Motor - AC or DC; single Phase or 3 phase - in HP/KW - in RPM

¾ Frame Size

- As per Manufacturer’s design

What is the difference that they make? Let us see how it varies for a 100 HP motor

INDUCTION MOTOR – Squirrel Cage Motors

INDUCTION MOTOR Wound Motors- Slip Ring

FLAME Proof – Cage Motors

RPM 3000

SPDP RATE 1,25,200

TEFV RATE 1,88,070

1500 1000 750

1,19,610 1,66,530 1,80,310

1,71,560 2,40,360 3,07,840

1500

1,68,490

2,53,890

1000 750

2,35,920 2,61,790

3,62,030 4,17,850

3000

3,07,840

1500 1000 750

2,67,760 3,43,750 4,10,940

8.0. HOW TO FIND THE REPLACEMENT VALUE? The best way to know the replacement value is to ascertain in the market, preferably from the same manufacturer, by referring the specifications of the machine to be valued. However, there could be some difficulties in approaching the manufacturer due to any one of the following reasons: a. b. c. d.

The The The The

manufacturers themselves may not exist. machines might have become obsolete. nameplate details may be missing from the machine. machine may be an imported one.

8.01. IN THE EVENT THAT THE REPLACEMENT VALUE COULD NOT BE ASCERTAINED IN THE MARKET, WHAT TO DO?

On such occasions, if purchase value is known, we may use the cost indices to find out the replacement value. 9.0. WHAT ARE INDICES? Index is merely a number for a given year showing the cost at that time, relative to a certain base year. It is . . . ¾ ¾ ¾ ¾ ¾

A Statistical figure only Based as 100 in a particular year Published regularly by competent agencies Grouped under several groups and subgroups Based on large scale industries alone

If the cost at some time in the past is known, the equivalent as on date can be determined by multiplying the purchase cost by the ratio of the Index value at the time of valuation to the Index value at the time of purchase. Index value at the time of valuation Replacement Value = Purchase cost X ----------------------------Index value at the time of Purchase Indices, though not perfect in every aspect, still represent the only means of achieving estimates. This has certain limitations, as technological advances may affect the value, in too great a span. If used judicially, within their realm of accuracy, by applying the mind, Indices are the best available tools for the Valuer. 9.01. WHAT IS THE SEVERAL INDICES EXISTENCE? S. No. 1. 2.

3.

Name of the index Whole Sale Price Index Marshall and swift

Chemical Engineering Nelson Refinery

Base year 1980

Base Value 100

1926

100

195759

100

Published by Published by RBI Published in each edition of chemical Engineering Published in each edition of Chemical Engineers Published in Oil & Gas journal

4.

construction and Equipment inflation index Engineering News Record construction index

5.

1946

1913

100

100

Published in Engineering News Record Magazine. This is a civil index and of historical interest only for Chemical Engineering purposes.

9.02. WHAT IS WHOLESALE PRICE INDEX & WHO PUBLISHES THE SAME? WHERE CAN THE SAME BE USED? WHOLE SALE PRICE INDEX • • •

• • •

This is mainly used to estimate the replacement value of indigenous machines. This is an index compiled by the ministry of economic affairs & published by Reserve Bank of India through their quarterly journals. RBI has divided the industries into some major groups and sub groups. Out of them the following three heads are of greater use for Valuers. o Electrical Machinery o Non Electrical Machinery o Transport Equipment RBI has taken the price of 1994 as the basic price and has fixed the index value of the machines as 100 for that year. Depending on the market fluctuations, they have fixed the index values, month-wise and are publishing them, through their journals. The base of 100 was earlier fixed for the year 1970 and later it was remodified for the year 1980, before the current revision in 1994.

9.03. HOW TO USE THE WP INDEX TO ESTIMATE THE REPLACEMENT VALUE? By perusing the assets register, the purchase value of a particular machine could be found out. The WP index for that category of the machine could be found from the chart. The same for the period of valuation could also be noted. By applying the escalation factor, the replacement value could be arrived at.

9.03.01 Illustration An electrical Industrial machine was purchased in the year 1994 for a price of Rs. 10,000. How to estimate the replacement value as on July 2009? Purchase cost of an electrical Industrial Machine as on 1994 = Rs. 10,000 The WP index in January 1994 for electrical machine = 105.2 The WP index in July 2009 = 172.0 The replacement value in July 2009 = 10,000 * 172 = Rs. 16,829 105.2 9.04 HOW TO KNOW THE INDEX VALUE REGULARLY? RBI is releasing a bulletin regularly in every quarter. The information could be availed from Table 39 & 40. It could also be accessed from the Website www.rbi.org.in or www.bulletin.rbi.org.in by perusing table 39 & 40. 10.0. VALUATION OF IMPORTED MACHINE: 10.01. HOW TO VALUE THE IMPORTED MACHINE? By using a relevant index such as Marshall & swift index. 10.02. WHAT IS MARSHALL & SWIFT INDEX AND WHO PUBLISHES THE SAME? This is an index issued by an organization namely Marshall & swift from Los Angeles California 90026-0307, to determine the price of imported machinery. The major industries are categorized to 47 different groups and the base is fixed as 100 for the year 1926. 10.03. WHAT ARE THE IMPORTANT FACTORS THAT PLAY A ROLE WHILE ESTIMATING THE VALUE OF AN IMPORTED MACHINE? While estimating the replacement value of an imported machine, the exchange rate and the percentage of the customs duty on the day of valuation have also to be considered.

10.04. HOW TO ESTIMATE THE REPLACEMENT VALUE OF MACHINE IMPORTED FROM USA? 1. Find out the group to which the particular machine belongs. 2. Ascertain the MS index for that year. 3. Note down the indices at the time of purchase and also the period of valuation. 4. Apply and calculate the replacement value in US $(Dollars). 5. Peruse the customs manual to know the customs duty prevailing on the date of valuation. 6. Refer to foreign exchange rate that prevails on the date of valuation. 7. Add a suitable percentage of the basic value towards freight and insurance. 8. The replacement value in Indian rupee is thus estimated. (Note: Even though these indices are US based, they could be adopted for equipments imported from other countries as well.) 10.04.01 Illustration The price of an imported machine used in a chemical unit is $ 10,000. The duty that prevailed by the time of import, 1984 was 80% and the exchange rate by then was Rs. 16.25 Per US$. The present duty enforced by customs is 30% and the exchange rate as on the date of valuation is Rs. 47.50 Per US$. About one percent of the basic cost is spent towards freight and insurance. Find the replacement value as on Apr 2001. 1. The purchase cost obtained from bill of entry Or from the invoice = 2. Freight and insurance one per cent. = 3. CIF (cost Insurance & Freight) value at the landing port = 4. M& S index for a machine under chemical heading as on 1984 = 5. M& S index for a machine under chemical heading as on Apr 2001 =

$ 10,000 $ 100 $ 10,100 789.20 1089.40

$13,942 6. Escalated value by using indices=1089.4 *10100 = 789.2 7. The value of the machine in Indian Currency = 13,942 * 47.50 =Rs. 6,62,240

8. Customs duty 30% =Rs. 1,98,672 9. The landing cost in Indian Currency =Rs. 8,60,912 Note: The freight, insurance and agencies commission may go as high as 10 % of the basic cost. 10.03 COST OF REPAIRS / REPLACEMENTS: In the case of machinery also, the estimate prepared and or obtained by the insured should be scrutinised for its correctness and reasonableness. 11. Valuation of Socks: 11.01. Raw materials Raw materials are stock intended for conversion into finished goods and they include all material that go into completing the final product. Raw materials are valued on the basis of cost of purchase as on the date of fire – plus freight charges as applicable. 11.02. Stock in process: Materials that are in the process of manufacturing are called stock – in process. For example, in a spinning mill, once the cotton is mixed in the mixing room, it is stock – in process until the yarn in the form of hanks or cones are baled and are ready for dispatch. 11.03. Finished goods: Finished goods are those where manufacturing process is complete in all respects and is packed and ready for sale. Finished goods are valued on the basis of cost of raw material plus cost of production all through until it is packed. In cases where detailed costing data are not available, this can be worked out from the sale price after deducting the un-incurred expenses and percentage or profit. 11.04. Stocks in trade: Stocks in trade refer to the merchandise (i.e. articles and commodities) which are held for sale in retail stores and shops or in wholesale establishments. Stocks in trade in the hands of retailers or wholesalers can normally be replaced if lost or destroyed the retailers may buy from the wholesaler and the wholesaler from the manufacturer. Hence it is market value at the time and

place of loss which will provide indemnity. The basis of settlement would be the cost of replacement and not the price at which they would have been sold.

No. 39: Index Numbers of Wholesale Prices in India — by Groups and Sub-Groups (Averages) (Concld.) (Base : 1993-94 = 100) Average of months/Average of weeks ended Saturday 1 (I) Non-Metallic Mineral Products

Weight 1994-95 2007-08 2008-09 2008 April-March

Jul. 5

6

2009 Feb. Mar. Apr. 7

8

9

May

Jun.

Jul.

10

11

12

2

3

4

2.516

110.9

208.8

216.6 215.4 217.2 218.4 220.4 220.6 221.9 225.7

a.

Structural Clay Products

0.230

100.0

212.8

221.4 219.4 224.0 224.0 226.2 227.2 227.2 227.2

b.

Glass, Earthernware, Chinaware & their Products

0.237

113.3

167.9

166.4 166.4 166.4 166.4 166.4 166.4 166.4 172.5

1.731

112.4

217.5

223.3 222.0 223.6 225.4 227.9 228.1 230.0 230.8

0.319

108.8

189.1

214.2 213.2 215.1 215.1 215.1 215.1 215.1 236.0

8.342

108.4

249.8

285.3 300.2 255.1 256.4 255.0 254.9 255.0 254.7

6.206

107.0

256.3

307.8 326.5 271.6 273.0 270.8 270.7 270.7 270.4

a1. Iron & Steel

3.637

106.0

280.0

336.6 362.6 286.6 288.4 285.8 286.3 286.4 286.5

a2. Foundries for Casting, Forging & Structurals

0.896

106.7

245.2

301.3 301.9 296.5 296.5 296.5 292.1 292.1 292.1

a3. Pipes, Wires Drawing & Others

1.589

109.5

213.5

253.3 265.9 230.3 231.7 229.0 229.7 229.5 230.0

a4. Ferro Alloys

0.085

104.5

155.5

159.7 175.3 142.2 142.2 142.2 142.2 142.2 103.5

b. Non-Ferrous Metals

1.466

115.9

265.1

248.2 254.2 228.7 230.3 232.0 232.2 232.6 233.2

b1. Aluminium

0.853

114.7

248.7

245.3 250.8 225.8 225.8 225.8 225.8 225.8 225.8

b2. Other Non-Ferrous Metals

0.613

117.7

288.0

252.1 258.9 232.8 236.5 240.7 241.2 242.1 243.4

0.669

105.0

155.9

158.0 157.4 159.1 159.1 159.0 158.7 158.7 156.7

(K) Machinery & Machine Tools

8.363

106.0

166.6

174.5 176.1 172.2 172.4 171.8 172.0 171.9 172.2

Non-Electrical Machinery & Parts

3.379

108.6

199.5

210.0 210.0 209.7 209.4 209.2 209.2 209.9 210.8

a1. Heavy Machinery & Parts

1.822

111.0

207.3

222.5 222.6 222.1 222.1 221.8 221.6 222.7 224.6

a2. Industrial Machinery for Textiles, etc

0.568

108.5

260.5

258.6 259.0 257.4 257.4 258.1 258.4 258.4 257.9

a3. Refrigeration & Other Non-electrical Machinery

0.989

104.3

150.2

159.0 158.6 159.3 158.5 157.9 158.0 158.6 158.5

4.985

104.2

144.3

150.4 153.2 146.7 147.3 146.5 146.7 146.2 146.1

b1. Electrical Industrial Machinery

1.811

105.2

160.9

169.6 168.3 174.8 173.9 172.1 172.1 171.9 172.0

b2. Wires & Cables

1.076

109.0

230.3

237.8 251.2 212.5 214.9 214.2 215.5 213.6 212.8

b3. Dry & Wet Batteries

0.275

105.8

163.3

175.8 177.4 175.5 175.5 175.5 175.6 175.6 174.5

b4. Electrical Apparatus & Appliances

1.823

100.1

74.2

4.295

107.4

166.9

175.5 174.8 175.6 175.4 175.1 175.1 175.3 175.9

a. Locomotives, Railway Wagons & Parts

0.318

105.3

131.6

142.1 141.8 144.9 144.9 144.2 143.9 143.9 143.9

Motor Vehicles, Motorcycles, Scooters, Bicycles & Parts

3.977

107.6

169.7

178.2 177.4 178.1 177.8 177.6 177.6 177.8 178.5

c. Cement d.

Cement, Slate & Graphite Products

(J) Basic Metals Alloys & Metals Products a. Basic Metals & Alloys

c. Metal Products

a.

b. Electrical Machinery

(L) Transport Equipment & Parts

b.

75.9

76.6

Source : Office of the Economic Adviser, Ministry of Commerce & Industry, Government of India.

75.7

76.6

76.6

76.6

76.6

76.6