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Monetary mapping · India

India uses M3 as the documented M2-like broad-money analogue

India is another explicit harmonisation case. The MM2/QWM2 registry uses the Reserve Bank of India’s M3 series and classifies it as a documented M2-like analogue for the cross-country framework. The label therefore differs from the U.S. reference, but the series is selected because it is the official broad-money measure judged most suitable for conceptual comparison within the production basket.

The choice should not be read as a claim that Indian M3 and U.S. M2 are identical statistical objects. National monetary classifications reflect different banking structures and instrument boundaries, and the framework makes that limitation explicit rather than hiding it behind a common label. MM2 keeps the official RBI series unchanged at source, aligns it to the monthly production calendar and converts the rupee-denominated stock into current U.S. dollars. Both domestic broad-money dynamics and INR/USD translation therefore matter for India’s measured contribution.