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Date : Sep 12, 2023
Census on Foreign Liabilities and Assets of Indian Direct Investment Entities for 2022-23 - Data release

Today, the Reserve Bank released the provisional results of the 2022-231 round of the annual census on foreign liabilities and assets (FLA) covering cross-border liabilities and assets of the entities (viz., companies, limited liability partnerships (LLPs), alternative investment funds (AIFs) and partnership firms) with inward/outward direct investment (DI).

Out of the 38,689 entities, which responded in the latest census round, 33,850 reported foreign direct investment (FDI) and/or overseas direct investment (ODI) in their balance sheet as at end-March 2023. Of these, 27,319 entities had also reported in the previous census round and the remaining 6,531 have newly reported in the latest round. Over three-fourths of the companies that reported inward direct investment were subsidiaries of foreign companies (i.e., single foreign investor holding more than 50 per cent of total equity).

The census captures detailed information on (a) market value of liabilities and assets of Indian DI entities arising on account of cross-border direct and other investments; and (b) other business parameters (activity sector, sales, purchase, exports and imports), in addition to identification particulars of a reporting entity. The variations in outstanding assets / liabilities between the beginning and end of a financial year would be different from the corresponding flows recorded in India’s balance of payments (BoP) statistics during the year, as the former would also include valuation changes due to price and exchange rate movements.

Main Findings:

  • Over 97 per cent of the responding DI entities were unlisted in March 2023 and they accounted for a bulk of the FDI equity capital in India (Tables 1 and 2A).

  • Non-financial companies retained the lion’s share of the FDI equity at face value. The market value of FDI in unlisted companies surpassed that in listed companies (Tables 2B and 3A).

  • During 2022-23, market value of FDI in India increased by 6.9 per cent in rupee terms, primarily due to the rise in FDI in unlisted2 companies (Table 3A).

  • In terms of market value, ODI growth outpaced the growth in FDI and, as a result, the ratio of inward to outward DI stood at 5.5 times in March 2023 as compared with 6.1 times a year ago and 5.6 times two years ago (Table 3B).

  • Other investment liabilities {viz., trade credit, loans, currency & deposits and other payable with unrelated (third party) non-resident entities} and their corresponding overseas assets recorded marginal growth during 2022-23 in the US dollar terms (Table 4).

  • The United States was the largest source of FDI in India, followed by Mauritius, the United Kingdom and Singapore. In case of ODI also, Singapore, the United States and the United Kingdom were among the major destinations (Tables 5 and 6).

  • Manufacturing sector continued to attract the largest share of FDI equity, both at market value as well as at face value (Tables 7 and 8).

  • Among services, ‘information & communication’ and ‘financial & insurance activities’ were the major FDI recipient sectors (Table 8).

  • The total sales and purchase of foreign subsidiary entities in India grew by 22.7 per cent and 24.5 per cent respectively, in the rupee terms during 2022-23 (Tables 9A and 9B).

  • Foreign subsidiaries in India continued to maintain strong external trade linkages as the exports and imports accounted for more than one-third of their sales and purchases, respectively (Tables 9A to 9D).

  • Activities of overseas subsidiaries of Indian companies accelerated during 2022-23 with 50 per cent increase in sales and 61.5 per cent increase in purchase in the rupee terms. The increase in their export-to-sales (61.7 per cent) and import-to-purchase (74.2 per cent) ratios indicates their high foreign trade linkages. (Tables 10A to 10D).

  • The increase in variation of the purchase-to-sales ratio of overseas subsidiaries of Indian companies (86.4 per cent) as compared with that of foreign subsidiaries in India (73.9 per cent) reflected the divergence in their focus areas, nature of markets and patterns of value addition.

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/909

Table 1: Coverage in FLA Census, 2022-23
Category Types of Entity No. of Entities with Direct Investment
Both Inward & Outward Only Inward Only Outward Total
1 2 3 4 5 6
Unlisted Foreign Associate companies in India 445 5,148 22 5,615
Foreign Subsidiary companies in India 344 21,922 23 22,289
Alternative Investment Funds 75 257 23 355
LLP1 and Partnership Firms 5 893 326 1,224
Other companies2 - - 3,394 3,394
Total 869 28,220 3,788 32,877
Listed Foreign Associate companies in India 76 131 8 215
Foreign Subsidiary companies in India 30 76 - 106
Other companies - - 652 652
Total 106 207 660 973
Grand Total 975 28,427 4,448 33,850
1 Limited Liabilities Partnership (LLP)
2 Includes entities who have only overseas direct investment

Table 2A: Foreign Equity Participation of FDI entities – Listed and Unlisted
(amount in ₹ crore at face value, end-March 2023)
Category Listed Unlisted Total
(313) (29,089) (29,402)
Amount per cent Amount per cent Amount
1 2 3 4 5 6
Paid-Up Capital 83,450 7.8 9,88,724 92.2 10,72,174
   of which: Equity Capital 82,855 8.0 9,56,479 92.0 10,39,335
      of which: FDI Equity Capital 17,002 2.1 8,12,034 97.9 8,29,036
Note:
1. Numbers in parenthesis indicate the number of entities in the respective category.
2. Components may not add up to the total due to rounding off (applicable for all tables).

Table 2B: Foreign Equity Participation of FDI entities – Financial and Non-Financial
(amount in ₹ crore at face value, end-March 2023)
Category No of Entities Paid Up Capital (PUC) Total Equity (PUC excluding Non-Participating Preference Share) Equity exclusively under FDI scheme % share of FDI in Total Equity
1 2 3 4 5 6
Financial 1,180 1,15,967 1,08,002 89,369 82.7
Non-Financial 28,222 9,56,207 9,31,333 7,39,667 79.4
Total 29,402 10,72,174 10,39,335 8,29,036 79.8

Table 3A: Inward Direct Investment for Listed and Unlisted entities
(amount in ₹ crore at market value, end-March)
Direct Investment Listed Companies Unlisted Companies Total % Growth (₹ terms)
2022 2023 2022 2023 2022 2023
1 2 3 4 5 6 7 8
Equity 24,38,110 24,44,226 20,24,048 23,31,024 44,62,158 47,75,250 7.0
Debt 3,812 5,907 2,06,658 2,12,213 2,10,470 2,18,120 3.6
Total 24,41,922 24,50,133 22,30,706 25,43,237 46,72,628 49,93,370 6.9

Table 3B: Total Inward and Outward Direct Investment
(amount at market value, end-March)
Direct Investment Inward Outward
2022 2023 2022 2023
₹ crore US$ million ₹ crore US$ million ₹ crore US$ million ₹ crore US$ million
1 2 3 4 5 6 7 8 9
Equity 44,62,158 5,88,620 47,75,250 5,80,811 6,07,528 80,141 7,14,182 86,866
Debt 2,10,470 27,764 2,18,120 26,530 1,55,124 20,463 1,96,887 23,947
Total 46,72,628 6,16,384 49,93,370 6,07,341 7,62,652 1,00,604 9,11,069 1,10,813
Note: The amount in US$ terms is arrived at by using financial year-end rupee/ dollar exchange rate

Table 4: Other Foreign Liabilities and Assets of Direct Investment Entities
(amount at market value, end-March)
Other Investment Outstanding liabilities with unrelated party Outstanding assets with unrelated party
2022 2023 2022 2023
₹ crore US$ million ₹ crore US$ million ₹ crore US$ million ₹ crore US$ million
1 2 3 4 5 6 7 8 9
Trade Credits 4,97,019 65,564 4,74,583 57,723 3,40,567 44,926 3,90,408 47,485
Loans 7,86,023 1,03,687 9,26,385 1,12,676 3,30,672 43,620 3,28,082 39,904
Currency & Deposits 4,88,354 64,421 6,07,789 73,925 1,24,114 16,372 1,50,862 18,349
Other receivable and payable accounts 2,78,104 36,686 2,29,067 27,861 1,43,444 18,922 1,69,556 20,623
Total 20,49,500 2,70,358 22,37,824 2,72,185 9,38,797 1,23,840 10,38,908 1,26,361

Table 5: Country-wise distribution of Inward Direct Investment
(amount in ₹ crore at market value, end-March)
Country Name Equity Debt Total FDI % share in 2022-23
2022 2023 2022 2023 2022 2023
1 2 3 4 5 6 7 8
United States of America 8,08,555 8,62,747 -2,655 -4,631 8,05,900 8,58,116 17.2
Mauritius 7,54,400 7,22,483 24,777 21,298 7,79,177 7,43,781 14.9
United Kingdom 5,75,592 6,99,719 7,432 9,013 5,83,024 7,08,732 14.2
Singapore 5,88,427 6,03,586 50,623 55,430 6,39,050 6,59,016 13.2
Netherlands 4,25,966 4,60,410 38,677 39,917 4,64,643 5,00,327 10.0
Japan 3,58,513 3,81,897 15,286 17,058 3,73,799 3,98,955 8.0
Switzerland 2,20,835 2,67,285 2,105 2,550 2,22,940 2,69,835 5.4
Germany 1,35,354 1,54,027 9,318 9,980 1,44,672 1,64,007 3.3
France 1,54,868 1,11,436 2,836 2,789 1,57,704 1,14,225 2.3
South Korea 83,775 81,507 21,656 17,003 1,05,431 98,510 2.0
Other Countries 3,55,873 4,30,153 40,415 47,713 3,96,288 4,77,866 9.5
All Countries 44,62,158 47,75,250 2,10,470 2,18,120 46,72,628 49,93,370 100.0

Table 6: Country-wise distribution of Outward Direct Investment
(amount in ₹ crore at market value, end-March)
Country Name Equity Debt Total ODI % share in 2022-23
2022 2023 2022 2023 2022 2023
1 2 3 4 5 6 7 8
Singapore 1,37,977 1,54,770 44,223 48,463 1,82,200 2,03,233 22.3
United States of America 76,374 92,641 25,704 31,482 1,02,078 1,24,123 13.6
United Kingdom 77,339 1,01,140 6,736 15,258 84,075 1,16,398 12.8
Netherlands 80,093 90,708 17,630 15,687 97,723 1,06,395 11.7
United Arab Emirates 42,870 54,545 12,738 32,914 55,608 87,459 9.6
Mauritius 54,751 58,768 15,641 18,113 70,392 76,881 8.4
Switzerland 17,058 20,391 9,072 7,837 26,130 28,228 3.1
Bermuda 11,493 12,581 22 1 11,515 12,582 1.4
Jersey 13,119 11,565 79 96 13,198 11,661 1.3
Cyprus 8,097 9,969 2,045 16 10,142 9,985 1.1
Other Countries 88,357 1,07,104 21,234 27,020 1,09,591 1,34,124 14.7
All Countries 6,07,528 7,14,182 1,55,124 1,96,887 7,62,652 9,11,069 100.0

Table 7: Activity-wise equity participation of the Direct Investment entities
(amount in ₹ crore at face value, end-March 2023)
Activity Total Equity (PUC excluding Non-Participating Preference Share) Equity exclusively under FDI scheme % share of FDI in Total Equity
1 2 3 4
1. Agriculture-related, Plantations & Allied activities 2,831 2,654 93.8
2. Mining 1,868 1,565 83.8
3. Manufacturing 4,01,012 3,53,755 88.2
4. Electricity, gas, steam and air conditioning supply 67,747 46,137 68.1
5. Water supply; sewerage, waste management and remediation activities 4,260 3,393 79.7
6. Construction 37,964 28,663 75.5
7. Information and communication 1,87,998 1,29,572 68.9
8. Other Services 3,35,655 2,63,296 78.4
Total 10,39,335 8,29,036 79.8

Table 8: Activity-wise distribution of 29,402 FDI entities
(amount in ₹ crore at market value, end-March 2023)
Activity No. of entities Equity Debt Total FDI % share of Total FDI
1 2 3 4 5 6
A. Agriculture-related, Plantations & Allied activities 151 10,597 294 10,891 0.2
B. Mining 136 3,135 842 3,977 0.1
C. Manufacturing 6,220 24,55,414 1,30,643 25,86,057 51.9
Manufacture of food products 293 2,03,260 6,196 2,09,456 4.2
Manufacture of beverages 43 62,075 183 62,258 1.3
Manufacture of tobacco products 6 1,16,715 - 1,16,715 2.3
Manufacture of textiles 167 5,169 1,211 6,380 0.1
Manufacture of wearing apparel 90 23,435 674 24,109 0.5
Manufacture of leather and related products 44 10,043 5 10,048 0.2
Manufacture of wood and products of wood and cork, except furniture 12 21 32 53 -
Manufacture of paper and paper products 65 3,324 392 3,716 0.1
Printing and reproduction of recorded media 27 530 23 553 -
Manufacture of coke and refined petroleum products 28 57,510 148 57,658 1.2
Manufacture of chemicals and chemical products 453 1,94,454 6,107 2,00,561 4.0
Manufacture of pharmaceuticals, medicinal chemical and botanical products 324 1,57,957 12,463 1,70,420 3.4
Manufacture of rubber and plastics products 265 32,285 1,237 33,522 0.7
Manufacture of other non-metallic mineral products 70 81,684 653 82,337 1.6
Manufacture of basic metals 109 1,44,805 34,468 1,79,273 3.6
Manufacture of fabricated metal products, except machinery and equipment 251 19,168 2,215 21,383 0.4
Manufacture of computer, electronic and optical products 227 84,244 17,057 1,01,301 2.0
Manufacture of electrical equipment 459 1,34,232 5,770 1,40,002 2.8
Manufacture of machinery and equipment not elsewhere classified 1,075 2,38,312 11,027 2,49,339 5.0
Manufacture of motor vehicles, trailers and semi-trailers 231 2,71,717 10,854 2,82,571 5.7
Manufacture of other transport equipment 137 42,095 1,456 43,551 0.9
Manufacture of furniture 50 1,206 86 1,292 -
Other manufacturing 1,574 5,65,223 18,074 5,83,297 11.8
Repair and installation of machinery and equipment 220 5,950 312 6,262 0.1
D. Electricity, gas, steam and air conditioning supply 772 1,47,439 14,096 1,61,535 3.2
E. Water supply; sewerage, waste management and remediation activities 154 5,225 476 5,701 0.1
F. Construction 898 57,191 29,452 86,643 1.7
G. Services 21,071 20,96,249 42,317 21,38,566 42.8
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 2,574 1,36,413 13,676 1,50,089 3.0
2.Transportation and storage 638 74,983 4,104 79,087 1.6
3.Accommodation and Food service activities 556 33,118 3,236 36,354 0.7
4.Information and communication 8,712 8,27,766 -4,218 8,23,548 16.5
5.Financial and insurance activities 1,232 7,46,531 7,708 7,54,239 15.1
6.Real estate activities 308 18,048 5,217 23,265 0.5
7.Other Services activities 7,051 2,59,390 12,594 2,71,984 5.4
Total 29,402 47,75,250 2,18,120 49,93,370 100.0

Table 9A: Activity-wise Sales of 22,395* Foreign subsidiary companies in India
(amount in ₹ crore at market value, end-March)
Activity No. of Companies 2021-22 2022-23 % share in Total (2022-23)
1 2 3 4 5
A. Agriculture-related, Plantations & Allied activities 66 9,304 9,926 0.2
B. Mining 40 1,508 2,066 0.1
C. Manufacturing 3,872 18,31,445 22,45,947 48.0
Manufacture of food products 158 97,429 1,12,646 2.4
Manufacture of beverages 17 66,020 70,256 1.5
Manufacture of tobacco products 1 181 211 -
Manufacture of textiles 69 7,917 7,970 0.2
Manufacture of wearing apparel 48 3,992 5,208 0.1
Manufacture of leather and related products 23 3,847 5,002 0.1
Manufacture of wood and products of wood and cork, except furniture 5 168 143 -
Manufacture of paper and paper products 36 11,492 14,345 0.3
Printing and reproduction of recorded media 15 801 1,078 -
Manufacture of coke and refined petroleum products 11 25,392 31,381 0.7
Manufacture of chemicals and chemical products 294 1,67,824 2,00,448 4.3
Manufacture of pharmaceuticals, medicinal chemical and botanical products 167 81,049 84,201 1.8
Manufacture of rubber and plastics products 174 43,846 51,815 1.1
Manufacture of other non-metallic mineral products 39 24,326 27,743 0.6
Manufacture of basic metals 54 39,996 39,595 0.9
Manufacture of fabricated metal products, except machinery and equipment 147 20,451 26,169 0.6
Manufacture of computer, electronic and optical products 145 2,66,145 3,29,031 7.0
Manufacture of electrical equipment 321 1,15,598 1,41,363 3.0
Manufacture of machinery and equipment not elsewhere classified 718 1,47,026 1,88,537 4.0
Manufacture of motor vehicles, trailers and semi-trailers 142 3,46,031 4,65,193 9.9
Manufacture of other transport equipment 94 51,938 67,990 1.5
Manufacture of furniture 26 1,966 2,758 0.1
Other manufacturing 1,000 2,99,248 3,61,524 7.7
Repair and installation of machinery and equipment 168 8,762 11,340 0.2
D. Electricity, gas, steam and air conditioning supply 319 26,103 32,637 0.7
E. Water supply; sewerage, waste management and remediation activities 74 5,771 6,876 0.2
F. Construction 372 32,785 39,550 0.9
G. Services 13,667 19,07,487 23,41,908 49.9
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 1,698 4,94,435 5,58,337 11.9
2.Transportation and storage 378 92,769 1,00,195 2.1
3.Accommodation and Food service activities 194 7,640 11,292 0.2
4.Information and communication 6,289 9,39,561 11,85,799 25.3
5.Financial and insurance activities 389 81,315 99,834 2.1
6.Real estate activities 104 12,506 17,525 0.4
7.Other Services activities 4,615 2,79,261 3,68,926 7.9
Total 18,410 38,14,403 46,78,910 100.0
*Of the 22,395 subsidiary companies, 18,410 reported sales.

Table 9B: Activity-wise Purchase of 22,395* Foreign subsidiary companies in India
(amount in ₹ crore at market value, end-March)
Activity No. of Companies 2021-22 2022-23 % share in Total (2022-23)
1 2 3 4 5
A. Agriculture-related, Plantations & Allied activities 66 6,750 6,909 0.2
B. Mining 46 1,492 1,411 0.1
C. Manufacturing 3,830 13,96,508 17,78,556 51.4
Manufacture of food products 156 75,440 88,490 2.6
Manufacture of beverages 17 37,084 36,611 1.1
Manufacture of tobacco products 1 129 137 -
Manufacture of textiles 71 5,534 5,481 0.2
Manufacture of wearing apparel 50 2,652 3,649 0.1
Manufacture of leather and related products 23 2,368 2,498 0.1
Manufacture of wood and products of wood and cork, except furniture 5 152 113 -
Manufacture of paper and paper products 37 8,303 10,620 0.3
Printing and reproduction of recorded media 12 240 246 -
Manufacture of coke and refined petroleum products 11 21,142 25,323 0.7
Manufacture of chemicals and chemical products 287 1,23,678 1,49,322 4.3
Manufacture of pharmaceuticals, medicinal chemical and botanical products 172 48,888 52,904 1.5
Manufacture of rubber and plastics products 178 41,813 48,520 1.4
Manufacture of other non-metallic mineral products 36 7,734 9,463 0.3
Manufacture of basic metals 55 32,116 35,383 1.0
Manufacture of fabricated metal products, except machinery and equipment 150 15,583 18,469 0.5
Manufacture of computer, electronic and optical products 131 2,38,728 3,13,940 9.0
Manufacture of electrical equipment 323 86,550 1,23,452 3.6
Manufacture of machinery and equipment not elsewhere classified 706 1,13,185 1,41,859 4.1
Manufacture of motor vehicles, trailers and semi-trailers 146 2,70,544 3,91,049 11.3
Manufacture of other transport equipment 97 40,041 44,564 1.3
Manufacture of furniture 25 1,470 1,921 0.1
Other manufacturing 986 2,18,284 2,67,457 7.7
Repair and installation of machinery and equipment 155 4,850 7,085 0.2
D. Electricity, gas, steam and air conditioning supply 341 21,624 27,591 0.8
E. Water supply; sewerage, waste management and remediation activities 69 4,369 5,163 0.2
F. Construction 354 29,206 31,557 0.9
G. Services 9,501 13,16,159 16,05,844 46.4
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 1,657 4,56,174 5,09,377 14.7
2.Transportation and storage 336 73,851 78,689 2.3
3.Accommodation and Food service activities 185 5,669 7,259 0.2
4.Information and communication 3,704 5,35,452 6,82,995 19.8
5.Financial and insurance activities 315 54,733 67,398 1.9
6.Real estate activities 107 11,164 15,473 0.4
7.Other Services activities 3,197 1,79,116 2,44,653 7.1
Total 14,207 27,76,108 34,57,031 100.0
*Of the 22,395 subsidiary companies, 14,207 reported purchase.

Table 9C: Activity-wise Export of 22,395* Foreign subsidiary companies in India
(amount in ₹ crore at market value, end-March)
Activity 2021-22 2022-23
Amount % share in Total % share in Total sales
1 2 3 4 5
A. Agriculture-related, Plantations & Allied activities 1,004 1,143 - 11.5
B. Mining 319 431 - 20.9
C. Manufacturing 3,97,112 4,94,521 30.2 22.0
Manufacture of food products 12,237 16,095 1.0 14.3
Manufacture of beverages 868 974 0.1 1.4
Manufacture of tobacco products 181 211 - 100.0
Manufacture of textiles 2,642 2,472 0.2 31.0
Manufacture of wearing apparel 2,427 2,730 0.2 52.4
Manufacture of leather and related products 629 581 0.0 11.6
Manufacture of wood and products of wood and cork, except furniture 7 8 - 5.4
Manufacture of paper and paper products 2,190 2,287 0.1 15.9
Printing and reproduction of recorded media 491 725 - 67.3
Manufacture of coke and refined petroleum products 8,240 13,173 0.8 42.0
Manufacture of chemicals and chemical products 28,287 32,633 2.0 16.3
Manufacture of pharmaceuticals, medicinal chemical and botanical products 33,799 36,781 2.2 43.7
Manufacture of rubber and plastics products 11,449 12,247 0.8 23.6
Manufacture of other non-metallic mineral products 1,856 1,854 0.1 6.7
Manufacture of basic metals 5,044 4,467 0.3 11.3
Manufacture of fabricated metal products, except machinery and equipment 3,139 3,779 0.2 14.4
Manufacture of computer, electronic and optical products 72,811 1,07,717 6.6 32.7
Manufacture of electrical equipment 26,373 29,869 1.8 21.1
Manufacture of machinery and equipment not elsewhere classified 37,450 49,840 3.0 26.4
Manufacture of motor vehicles, trailers and semi-trailers 62,288 78,190 4.8 16.8
Manufacture of other transport equipment 14,132 18,177 1.1 26.7
Manufacture of furniture 590 508 - 18.4
Other manufacturing 67,574 76,391 4.7 21.1
Repair and installation of machinery and equipment 2,408 2,812 0.2 24.8
D. Electricity, gas, steam and air conditioning supply 2,395 2,878 0.2 8.8
E. Water supply; sewerage, waste management and remediation activities 381 408 - 5.9
F. Construction 1,937 2,837 0.2 7.2
G. Services 8,84,595 11,36,674 69.4 48.5
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 40,267 50,475 3.1 9.0
2.Transportation and storage 23,593 20,781 1.3 20.7
3.Accommodation and Food service activities 939 1,173 0.1 10.4
4.Information and communication 6,53,856 8,45,021 51.6 71.3
5.Financial and insurance activities 11,296 13,145 0.8 13.2
6.Real estate activities 288 294 - 1.7
7.Other Services activities 1,54,356 2,05,785 12.5 55.8
Total 12,87,743 16,38,892 100.0 35.0
*Of the 22,395 subsidiary companies, 13,913 reported exports.

Table 9D: Activity-wise Import of 22,395* Foreign subsidiary companies in India
(amount in ₹ crore at market value, end-March)
Activity 2021-22 2022-23
Amount % share in Total % share in Total purchase
1 2 3 4 5
A. Agriculture-related, Plantations & Allied activities 1,111 1,549 0.1 22.4
B. Mining 245 234 - 16.6
C. Manufacturing 6,18,713 7,77,809 67.4 43.7
Manufacture of food products 27,733 31,084 2.7 35.1
Manufacture of beverages 2,350 3,819 0.3 10.4
Manufacture of tobacco products 26 2 - 1.5
Manufacture of textiles 2,052 1,893 0.2 34.5
Manufacture of wearing apparel 1,086 1,066 0.1 29.2
Manufacture of leather and related products 431 444 - 17.8
Manufacture of wood and products of wood and cork, except furniture 90 65 - 57.5
Manufacture of paper and paper products 3,183 4,299 0.4 40.5
Printing and reproduction of recorded media 89 95 - 38.9
Manufacture of coke and refined petroleum products 5,923 7,322 0.6 28.9
Manufacture of chemicals and chemical products 70,290 78,781 6.8 52.8
Manufacture of pharmaceuticals, medicinal chemical and botanical products 20,150 21,680 1.9 41.0
Manufacture of rubber and plastics products 13,106 16,074 1.4 33.1
Manufacture of other non-metallic mineral products 2,965 3,811 0.3 40.3
Manufacture of basic metals 13,082 15,812 1.4 44.7
Manufacture of fabricated metal products, except machinery and equipment 3,234 3,680 0.3 19.9
Manufacture of computer, electronic and optical products 1,83,129 2,34,673 20.3 74.8
Manufacture of electrical equipment 42,069 69,378 6.0 56.2
Manufacture of machinery and equipment not elsewhere classified 48,714 57,317 5.0 40.4
Manufacture of motor vehicles, trailers and semi-trailers 57,158 72,756 6.3 18.6
Manufacture of other transport equipment 12,210 14,986 1.3 33.6
Manufacture of furniture 407 537 0.1 27.9
Other manufacturing 1,06,808 1,35,090 11.7 50.5
Repair and installation of machinery and equipment 2,428 3,145 0.3 44.4
D. Electricity, gas, steam and air conditioning supply 8,222 7,512 0.7 27.2
E. Water supply; sewerage, waste management and remediation activities 477 858 0.1 16.6
F. Construction 2,711 3,445 0.3 10.9
G. Services 3,03,273 3,62,336 31.4 22.6
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 1,56,129 1,79,045 15.5 35.1
2.Transportation and storage 12,535 12,007 1.0 15.3
3.Accommodation and Food service activities 828 1,151 0.1 15.9
4.Information and communication 1,03,812 1,26,899 11.0 18.6
5.Financial and insurance activities 5,573 7,184 0.6 10.7
6.Real estate activities 221 351 0.1 2.3
7.Other Services activities 24,175 35,699 3.1 14.6
Total 9,34,752 11,53,743 100.0 33.4
*Of the 22,395 subsidiary companies, 7,676 reported imports.

Table 10A: Activity-wise Sales of 7,474 Overseas Subsidiaries of 4,608 Indian entities
(amount in ₹ crore at market value, end-March)
Activity No. of Companies 2021-22 2022-23 % Share in Total (2022-23)
1 2 3 4 5
A. Agriculture-related, Plantations & Allied activities 45 2,535 3,367 0.3
B. Mining 117 11,012 9,228 0.8
C. Manufacturing 2,552 3,87,884 7,29,766 63.1
Manufacture of food products 129 8,270 11,006 1.0
Manufacture of beverages 28 5,587 6,115 0.5
Manufacture of tobacco products 8 1,946 2,184 0.2
Manufacture of textiles 102 3,079 3,381 0.3
Manufacture of wearing apparel 50 4,851 5,273 0.5
Manufacture of leather and related products 30 9,623 12,987 1.1
Manufacture of wood and products of wood and cork, except furniture 11 232 212 -
Manufacture of paper and paper products 13 1,733 1,655 0.1
Printing and reproduction of recorded media 11 95 61 -
Manufacture of coke and refined petroleum products 32 1,15,242 3,90,775 33.8
Manufacture of chemicals and chemical products 293 44,623 50,058 4.3
Manufacture of pharmaceuticals, medicinal chemical and botanical products 460 55,723 74,178 6.4
Manufacture of rubber and plastics products 112 4,940 5,615 0.5
Manufacture of other non-metallic mineral products 26 1,894 2,558 0.2
Manufacture of basic metals 73 9,187 41,838 3.6
Manufacture of fabricated metal products, except machinery and equipment 75 22,798 18,062 1.6
Manufacture of computer, electronic and optical products 45 5,426 5,432 0.5
Manufacture of electrical equipment 87 2,136 2,387 0.2
Manufacture of machinery and equipment not elsewhere classified 224 5,682 8,437 0.7
Manufacture of motor vehicles, trailers and semi-trailers 59 11,728 14,266 1.2
Manufacture of other transport equipment 27 2,497 2,252 0.2
Manufacture of furniture 8 515 512 0.1
Other manufacturing 636 69,827 70,254 6.1
Repair and installation of machinery and equipment 13 250 268 -
D. Electricity, gas, steam and air conditioning supply 74 1,443 1,972 0.2
E. Water supply; sewerage, waste management and remediation activities 14 239 263 -
F. Construction 164 6,767 9,675 0.8
G. Services 4,508 3,61,263 4,01,659 34.8
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 546 42,061 51,769 4.5
2.Transportation and storage 194 26,276 38,514 3.3
3.Accommodation and Food service activities 104 1,668 1,620 0.1
4.Information and communication 2,109 2,06,392 2,41,784 20.9
5.Financial and insurance activities 303 13,963 15,894 1.4
6.Real estate activities 97 981 609 0.1
7.Other Services activities 1,155 69,922 51,469 4.5
Total 7,474 7,71,143 11,55,930 100.0

Table 10B: Activity-wise Purchase of 7,474 Overseas Subsidiaries of 4,608 Indian entities
(amount in ₹ crore at market value, end-March)
Activity No. of Companies 2021-22 2022-23 % Share in Total (2022-23)
1 2 3 4 5
A. Agriculture-related, Plantations & Allied activities 45 2,093 2,881 0.3
B. Mining 117 8,098 7,090 0.7
C. Manufacturing 2,552 3,33,067 6,72,620 67.4
Manufacture of food products 129 7,579 9,789 1.0
Manufacture of beverages 28 2,784 2,793 0.3
Manufacture of tobacco products 8 780 1,042 0.1
Manufacture of textiles 102 2,410 2,538 0.2
Manufacture of wearing apparel 50 4,541 4,756 0.5
Manufacture of leather and related products 30 8,310 11,450 1.1
Manufacture of wood and products of wood and cork, except furniture 11 200 187 -
Manufacture of paper and paper products 13 1,275 1,413 0.1
Printing and reproduction of recorded media 11 72 58 -
Manufacture of coke and refined petroleum products 32 1,12,074 3,83,129 38.4
Manufacture of chemicals and chemical products 293 39,938 44,612 4.5
Manufacture of pharmaceuticals, medicinal chemical and botanical products 460 42,486 49,726 5.0
Manufacture of rubber and plastics products 112 3,774 4,244 0.4
Manufacture of other non-metallic mineral products 26 1,504 8,642 0.9
Manufacture of basic metals 73 8,241 41,767 4.2
Manufacture of fabricated metal products, except machinery and equipment 75 18,285 22,786 2.3
Manufacture of computer, electronic and optical products 45 4,559 4,564 0.5
Manufacture of electrical equipment 87 1,693 1,898 0.2
Manufacture of machinery and equipment not elsewhere classified. 224 3,872 5,578 0.6
Manufacture of motor vehicles, trailers and semi-trailers 59 10,248 12,322 1.2
Manufacture of other transport equipment 27 2,070 1,763 0.2
Manufacture of furniture 8 301 291 -
Other manufacturing 636 55,877 57,068 5.7
Repair and installation of machinery and equipment 13 194 204 -
D. Electricity, gas, steam and air conditioning supply 74 1,099 976 0.1
E. Water supply; sewerage, waste management and remediation activities 14 210 231 -
F. Construction 164 5,744 8,299 0.8
G. Services 4,508 2,67,818 3,06,266 30.7
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 546 37,285 45,969 4.6
2.Transportation and storage 194 21,225 33,210 3.3
3.Accommodation and Food service activities 104 1,914 1,109 0.1
4.Information and communication 2,109 1,35,426 1,72,394 17.3
5.Financial and insurance activities 303 8,143 10,594 1.1
6.Real estate activities 97 850 871 0.1
7.Other Services activities 1,155 62,975 42,119 4.2
Total 7,474 6,18,129 9,98,363 100.0

Table 10C: Activity-wise Exports of 7,474 Overseas Subsidiaries of 4,608 Indian entities
(amount in ₹ crore at market value, end-March)
Activity 2021-22 2022-23
Amount Amount % share in total % share in sales
1 2 3 4 5
A. Agriculture-related, Plantations & Allied activities 1,054 1,475 0.2 43.8
B. Mining 5,207 3,358 0.5 36.4
C. Manufacturing 2,21,884 5,51,513 77.2 75.6
Manufacture of food products 3,574 5,545 0.8 50.4
Manufacture of beverages 792 901 0.1 14.7
Manufacture of tobacco products 236 251 - 11.5
Manufacture of textiles 1,302 1,198 0.2 35.4
Manufacture of wearing apparel 3,910 4,282 0.6 81.2
Manufacture of leather and related products 8,933 12,405 1.7 95.5
Manufacture of wood and products of wood and cork, except furniture 228 208 - 98.5
Manufacture of paper and paper products 1,203 934 0.1 56.4
Printing and reproduction of recorded media 47 26 - 42.5
Manufacture of coke and refined petroleum products 1,10,357 3,80,740 53.4 97.4
Manufacture of chemicals and chemical products 25,507 33,860 4.7 67.6
Manufacture of pharmaceuticals, medicinal chemical and botanical products 14,605 27,753 3.9 37.4
Manufacture of rubber and plastics products 1,553 1,726 0.2 30.7
Manufacture of other non-metallic mineral products 617 1,138 0.2 44.5
Manufacture of basic metals 251 31,582 4.4 75.5
Manufacture of fabricated metal products, except machinery and equipment 12,489 9,280 1.3 51.4
Manufacture of computer, electronic and optical products 4,808 3,970 0.6 73.1
Manufacture of electrical equipment 1,200 1,258 0.2 52.7
Manufacture of machinery and equipment not elsewhere classified 2,197 2,697 0.4 32.0
Manufacture of motor vehicles, trailers and semi-trailers 2,758 3,327 0.5 23.3
Manufacture of other transport equipment 929 999 0.1 44.4
Manufacture of furniture 42 68 - 13.3
Other manufacturing 24,336 27,361 3.8 38.9
Repair and installation of machinery and equipment 10 4 - 1.5
D. Electricity, gas, steam and air conditioning supply 223 73 - 3.7
E. Water supply; sewerage, waste management and remediation activities 41 58 - 22.0
F. Construction 2,292 1,980 0.3 20.5
G. Services 1,49,230 1,54,570 21.8 38.5
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 25,388 34,985 4.9 67.6
2.Transportation and storage 13,308 25,696 3.6 66.7
3.Accommodation and Food service activities 493 407 0.1 25.1
4.Information and communication 51,822 58,871 8.3 24.3
5.Financial and insurance activities 3,210 4,134 0.6 26.0
6.Real estate activities 689 374 0.1 61.3
7.Other Services activities 54,320 30,103 4.2 58.5
Total 3,79,931 7,13,027 100.0 61.7

Table 10D: Activity-wise Imports of 7,474 Overseas Subsidiaries of 4,608 Indian entities
(amount in ₹ crore at market value, end-March)
Activity 2021-22 2022-23
Amount Amount % share in total % share in purchase
1 2 3 4 5
A. Agriculture-related, Plantations & Allied activities 2,014 2,683 0.4 93.1
B. Mining 4,216 2,471 0.3 34.9
C. Manufacturing 2,56,345 5,84,210 78.9 86.9
Manufacture of food products 4,584 5,496 0.7 56.1
Manufacture of beverages 1,093 1,296 0.2 46.4
Manufacture of tobacco products 341 353 0.1 33.9
Manufacture of textiles 2,096 1,862 0.3 73.4
Manufacture of wearing apparel 1,308 1,326 0.2 27.9
Manufacture of leather and related products 8,153 11,321 1.5 98.9
Manufacture of wood and products of wood and cork, except furniture 196 183 - 98.0
Manufacture of paper and paper products 271 459 0.1 32.5
Printing and reproduction of recorded media 67 52 - 88.9
Manufacture of coke and refined petroleum products 1,10,944 3,80,773 51.4 99.4
Manufacture of chemicals and chemical products 26,961 35,953 4.9 80.6
Manufacture of pharmaceuticals, medicinal chemical and botanical products 34,553 41,212 5.5 82.9
Manufacture of rubber and plastics products 2,800 2,938 0.4 69.2
Manufacture of other non-metallic mineral products 237 189 - 2.2
Manufacture of basic metals 7,038 36,702 5.0 87.9
Manufacture of fabricated metal products, except machinery and equipment 8,613 10,544 1.4 46.3
Manufacture of computer, electronic and optical products 3,858 3,836 0.5 84.1
Manufacture of electrical equipment 1,304 1,421 0.2 74.9
Manufacture of machinery and equipment not elsewhere classified 1,586 2,147 0.3 38.5
Manufacture of motor vehicles, trailers and semi-trailers 4,679 6,204 0.8 50.4
Manufacture of other transport equipment 1,159 1,104 0.1 62.6
Manufacture of furniture 261 261 - 89.8
Other manufacturing 34,234 38,571 5.3 67.6
Repair and installation of machinery and equipment 9 7 - 2.7
D. Electricity, gas, steam and air conditioning supply 200 115 - 11.7
E. Water supply; sewerage, waste management and remediation activities 20 26 - 11.1
F. Construction 1,832 1,669 0.2 20.1
G. Services 1,32,734 1,49,529 20.2 48.8
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 24,425 30,886 4.2 67.2
2.Transportation and storage 5,090 14,824 2.0 44.6
3.Accommodation and Food service activities 137 107 - 9.7
4.Information and communication 45,237 69,540 9.4 40.3
5.Financial and insurance activities 2,634 3,931 0.5 37.1
6.Real estate activities 603 239 - 27.4
7.Other Services activities 54,608 30,002 4.1 71.2
Total 3,97,361 7,40,703 100.0 74.2

1 The previous data release in the series, covering 2021-22 census round, was published on September 22, 2022 on the RBI website.

2 Market value of equity of unlisted companies is compiled as per the own fund book value (OFBV) method prescribed in the Co-ordinated Direct Investment Survey Guide (2015) of the International Monetary Fund (IMF).

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