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RESEARCH AND DATA

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Press Release


PDF document (649 kb)
Date : Oct 11, 2024
Census on Foreign Liabilities and Assets of Indian Direct Investment Entities for 2023-24

Today, the Reserve Bank released the provisional results of the 2023-241 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 41,653 entities which responded in the latest census, 37,407 reported foreign direct investment (FDI) and/or overseas direct investment (ODI) in their balance sheet for March 2024. Of these entities, 29,926 had also reported in the previous census round and 7,481 have newly reported in the current 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) trade parameters (viz., 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 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 as at end-March 2024 and they held the dominant share in total FDI equity capital at face value (Tables 1 and 2A).

  • Non-financial companies accounted for nearly 90 per cent of the FDI equity at face value (Table 2B).

  • Listed and unlisted2 companies had nearly equal shares in total FDI at market value (Table 3A).

  • Supported by valuation gains as well as fresh inflows, total FDI in India surged by 23.3 per cent at market value in rupee terms during 2023-24; on the other hand, ODI growth was much lower at 3.4 per cent (Table 3B).

  • Unlisted entities recorded 17.5 per cent growth in FDI at market value during the year; in the listed space, the corresponding growth was even higher at 29.8 per cent (Tables 3A and 3B).

  • With FDI growth outpacing ODI rise, the ratio of outward to inward DI stock at market value declined to 16.1 per cent in March 2024 from 19.3 per cent a year ago (Table 3B).

  • DI entities' other non-portfolio liabilities (viz., trade credit, loans, currency and deposits, and other payable) to unrelated (third party) non-resident entities were less than half of their FDI liabilities at market value, but their similar assets exceeded their ODI at market value in March 2024 (Table 4).

  • The United States continued to be the largest source of FDI in India, followed by Mauritius, Singapore and the United Kingdom. In case of ODI, Singapore, the United States and the United Kingdom were the top destinations (Tables 5 and 6).

  • Manufacturing sector accounted for more than half of total FDI equity capital at market value; at face value, it had nearly 40 per cent share (Tables 7 and 8).

  • In the services sector, ‘information and communication’ and ‘financial and insurance activities’ were the major FDI recipients (Table 8).

  • During 2023-24, total sales and purchases of foreign subsidiaries in India increased by 13.2 per cent and 10.6 per cent, respectively, in rupee terms (Tables 9A and 9B).

  • Foreign subsidiaries in India maintained strong external trade linkages as exports and imports accounted for 35.4 per cent and 31.5 per cent of their sales and purchases, respectively (Tables 9A to 9D).

  • Both sales and purchases of overseas subsidiaries of Indian companies recorded 11 per cent growth during 2023-24 in rupee terms; their outward focus was reflected in export-to-sales and import-to-purchase ratios of 62.4 per cent and 75.3 per cent, respectively (Tables 10A to 10D).

  • The difference between purchase-to-sales ratio of overseas subsidiaries of Indian companies (85.2 per cent) from that of foreign subsidiaries in India (72.5 per cent) reflects divergence in their patterns of value addition, nature of markets and other business considerations.

(Puneet Pancholy)  
Chief General Manager

Press Release: 2024-2025/1276

Table 1: Coverage in FLA Census, 2023-24
Category Types of Entity Number of Entities with Direct Investment
Both Inward and Outward Only Inward Only Outward Total
1 2 3 4 5 6
Unlisted Foreign Associate companies in India 505 5,382 - 5,887
Foreign Subsidiary companies in India 401 23,941 - 24,342
Alternative Investment Funds 98 434 31 563
LLP1 and Partnership Firms 7 1,018 715 1,740
Other companies2 - - 3,806 3,806
Total 1,011 30,775 4,552 36,338
Listed Foreign Associate companies in India 84 143 - 227
Foreign Subsidiary companies in India 36 80 - 116
Other companies - - 726 726
Total 120 223 726 1,069
Grand Total 1,131 30,998 5,278 37,407
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 2024)
Category Listed Unlisted Total
(343) (31,786) (32,129)
Amount per cent Amount per cent Amount
1 2 3 4 5 6
Paid-Up Capital 86,394 7.4 10,77,549 92.6 11,63,943
   of which: Equity Capital 86,042 7.6 10,46,262 92.4 11,32,304
      of which: FDI Equity Capital 17,619 1.9 8,87,588 98.1 9,05,207
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 2024)
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 1,421 1,25,491 1,18,564 98,358 83.0
Non-Financial 30,708 10,38,452 10,13,740 8,06,849 79.6
Total 32,129 11,63,943 11,32,304 9,05,207 79.9

Table 3A: Inward Direct Investment for Listed and Unlisted entities
(amount in ₹ crore at market value, end-March)
Direct Investment Listed Entities Unlisted Entities Total % Growth (₹ terms)
2023 2024 2023 2024 2023 2024
1 2 3 4 5 6 7 8
Equity 23,38,361 30,32,384 23,88,475 28,22,975 47,26,836 58,55,359 23.9
Debt 5,843 9,424 1,79,098 1,92,816 1,84,941 2,02,240 9.4
Total 23,44,204 30,41,808 25,67,573 30,15,791 49,11,777 60,57,599 23.3

Table 3B: Total Inward and Outward Direct Investment
(amount at market value, end-March)
Direct Investment Inward Outward
2023 2024 2023 2024
₹ crore US$ million ₹ crore US$ million ₹ crore US$ million ₹ crore US$ million
1 2 3 4 5 6 7 8 9
Equity 47,26,836 5,74,923 58,55,359 7,02,301 7,33,173 89,176 8,50,864 1,02,054
Debt 1,84,941 22,494 2,02,240 24,257 2,12,479 25,844 1,27,322 15,271
Total 49,11,777 5,97,417 60,57,599 7,26,558 9,45,652 1,15,020 9,78,186 1,17,325
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 - Revised
(amount at market value, end-March)
Other Investment Outstanding liabilities with unrelated party Outstanding assets with unrelated party
2023 2024 2023 2024
₹ crore US$ million ₹ crore US$ million ₹ crore US$ million ₹ crore US$ million
1 2 3 4 5 6 7 8 9
Trade Credits 5,01,348 60,979 5,33,026 63,932 3,97,144 48,304 4,58,121 54,948
Loans 9,84,043 1,19,689 10,85,297 1,30,172 3,58,542 43,609 3,86,349 46,339
Currency and Deposits 6,08,294 73,986 7,75,916 93,065 1,49,926 18,235 1,55,745 18,680
Other receivable and payable accounts 3,39,302 41,269 3,43,503 41,200 2,02,511 24,632 2,37,268 28,458
Total 24,32,987 2,95,923 27,37,742 3,28,369 11,08,123 1,34,780 12,37,483 1,48,425

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 2023-24
2023 2024 2023 2024 2023 2024  
1 2 3 4 5 6 7 8
United States of America 8,69,963 10,22,594 -5,492 -10,622 8,64,471 10,11,972 16.7
Mauritius 6,81,252 8,86,757 22,578 22,646 7,03,830 9,09,403 15.0
Singapore 6,24,586 7,66,171 55,858 74,514 6,80,444 8,40,685 13.9
United Kingdom 6,97,928 7,19,174 7,724 5,784 7,05,652 7,24,958 12.0
Netherlands 4,07,694 5,48,684 11,250 12,647 4,18,944 5,61,331 9.3
Japan 3,69,114 5,24,496 18,468 18,026 3,87,582 5,42,522 9.0
Switzerland 2,67,619 3,96,167 2,840 6,232 2,70,459 4,02,399 6.6
Germany 1,54,358 2,08,291 8,770 12,065 1,63,128 2,20,356 3.6
France 1,23,367 1,47,739 4,106 4,654 1,27,473 1,52,393 2.5
South Korea 86,603 96,725 17,826 10,193 1,04,429 1,06,918 1.8
Other Countries 4,44,352 5,38,561 41,013 46,101 4,85,365 5,84,662 9.6
All Countries 47,26,836 58,55,359 1,84,941 2,02,240 49,11,777 60,57,599 100

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 2023-24
2023 2024 2023 2024 2023 2024
1 2 3 4 5 6 7 8
Singapore 1,65,348 2,05,218 52,945 27,627 2,18,293 2,32,845 23.8
United States of America 92,801 1,06,912 36,244 39,406 1,29,045 1,46,318 15.0
United Kingdom 1,06,330 1,21,800 16,163 17,834 1,22,493 1,39,634 14.3
Netherlands 83,008 94,817 17,837 13,052 1,00,845 1,07,869 11.0
Mauritius 62,462 63,854 23,573 21,085 86,035 84,939 8.7
Switzerland 20,851 23,977 12,780 13,662 33,631 37,639 3.8
United Arab Emirates 55,583 75,060 23,778 -38,903 79,361 36,157 3.7
Jersey 13,607 13,430 91 96 13,698 13,526 1.4
Bermuda 12,585 10,690 1 1 12,586 10,691 1.1
Germany 5,132 5,589 2,463 3,854 7,595 9,443 1.0
Other Countries 1,15,466 1,29,517 26,604 29,608 1,42,070 1,59,125 16.2
All Countries 7,33,173 8,50,864 2,12,479 1,27,322 9,45,652 9,78,186 100.0

Table 7: Activity-wise equity participation of the Direct Investment entities
(amount in ₹ crore at face value, end-March 2024)
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 and Allied activities 3,575 3,379 94.5
2. Mining 1,964 1,667 84.9
3. Manufacturing 4,15,892 3,60,785 86.7
4. Electricity, gas, steam, and air conditioning supply 77,109 56,088 72.7
5. Water supply; sewerage, waste management and remediation activities 4,350 3,487 80.2
6. Construction 60,226 47,507 78.9
7. Information and communication 2,02,494 1,41,139 69.7
8. Other Services 3,66,694 2,91,155 79.4
Total 11,32,304 9,05,207 79.9

Table 8: Activity-wise distribution of 32,129 FDI entities
(amount in ₹ crore at market value, end-March 2024)
Activity No. of entities Equity Debt Total FDI % share of Total FDI
1 2 3 4 5 6
A. Agriculture-related, Plantations and Allied activities 165 8,413 227 8,640 0.1
B. Mining 143 3,309 489 3,798 0.1
C. Manufacturing 6,796 30,09,792 1,01,834 31,11,626 51.4
Manufacture of food products 311 2,53,156 9,674 2,62,830 4.4
Manufacture of beverages 46 86,917 388 87,305 1.4
Manufacture of tobacco products 5 1,13,006 - 1,13,006 1.9
Manufacture of textiles 183 7,418 986 8,404 0.2
Manufacture of wearing apparel 101 13,659 864 14,523 0.2
Manufacture of leather and related products 52 9,638 113 9,751 0.2
Manufacture of wood and products of wood and cork, except furniture 12 -28 34 6 -
Manufacture of paper and paper products 78 4,598 290 4,888 0.1
Printing and reproduction of recorded media 28 789 6 795 -
Manufacture of coke and refined petroleum products 35 80,744 135 80,879 1.3
Manufacture of chemicals and chemical products 492 2,18,543 8,354 2,26,897 3.8
Manufacture of pharmaceuticals, medicinal chemical and botanical products 352 2,04,317 8,608 2,12,925 3.5
Manufacture of rubber and plastics products 288 45,753 3,183 48,936 0.8
Manufacture of other non-metallic mineral products 78 1,12,649 582 1,13,231 1.9
Manufacture of basic metals 135 1,20,661 2,574 1,23,235 2.0
Manufacture of fabricated metal products, except machinery and equipment 269 28,582 2,938 31,520 0.5
Manufacture of computer, electronic and optical products 239 1,04,313 6,965 1,11,278 1.8
Manufacture of electrical equipment 525 2,11,898 6,200 2,18,098 3.6
Manufacture of machinery and equipment not elsewhere classified 1,173 3,29,356 12,108 3,41,464 5.6
Manufacture of motor vehicles, trailers and semi-trailers 236 3,65,392 13,078 3,78,470 6.2
Manufacture of other transport equipment 150 57,045 1,623 58,668 1.0
Manufacture of furniture 50 1,625 25 1,650 -
Repair and installation of machinery and equipment 230 9,173 787 9,960 0.2
Other manufacturing 1,728 6,30,588 22,319 6,52,907 10.8
D. Electricity, gas, steam and air conditioning supply 861 1,93,690 17,214 2,10,904 3.5
E. Water supply; sewerage, waste management and remediation activities 157 5,629 550 6,179 0.1
F. Construction 952 1,08,206 35,275 1,43,481 2.4
G. Services 23,055 25,26,321 46,650 25,72,971 42.4
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 2,724 1,61,844 19,604 1,81,448 3.0
2.Transportation and storage 698 86,236 10,129 96,365 1.6
3.Accommodation and Food service activities 606 50,407 2,992 53,399 0.9
4.Information and communication 9,476 9,40,995 -11,849 9,29,146 15.3
5.Financial and insurance activities 1,469 9,39,517 7,458 9,46,975 15.6
6.Real estate activities 335 19,278 7,003 26,281 0.4
7.Other Services activities 7,747 3,28,044 11,313 3,39,357 5.6
Total 32,129 58,55,360 2,02,239 60,57,599 100.0

Table 9A: Activity-wise Sales of 25,249* Foreign subsidiary companies in India
(amount in ₹ crore at market value, end-March)
Activity No. of Companies 2022-23 2023-24 % share in Total (2023-24)
1 2 3 4 5
A. Agriculture-related, Plantations and Allied activities 73 10,144 9,982 0.2
B. Mining 48 3,069 3,321 0.1
C. Manufacturing 4,253 23,58,967 26,52,191 47.4
Manufacture of food products 170 1,13,142 1,17,406 2.0
Manufacture of beverages 21 87,995 98,776 1.7
Manufacture of tobacco products 1 211 185 -
Manufacture of textiles 78 9,847 9,753 0.1
Manufacture of wearing apparel 57 5,577 5,982 0.1
Manufacture of leather and related products 26 6,236 6,225 0.1
Manufacture of wood and products of wood and cork, except furniture 6 290 298 -
Manufacture of paper and paper products 43 14,789 14,443 0.3
Printing and reproduction of recorded media 18 1,197 1,504 -
Manufacture of coke and refined petroleum products 16 35,136 38,524 0.7
Manufacture of chemicals and chemical products 325 2,12,312 2,16,150 3.9
Manufacture of pharmaceuticals, medicinal chemical and botanical products 190 89,806 95,274 1.7
Manufacture of rubber and plastics products 194 64,507 66,070 1.2
Manufacture of other non-metallic mineral products 41 28,603 30,761 0.6
Manufacture of basic metals 69 41,385 42,044 0.8
Manufacture of fabricated metal products, except machinery and equipment 159 30,986 33,272 0.6
Manufacture of computer, electronic and optical products 144 3,19,085 3,97,884 7.1
Manufacture of electrical equipment 368 1,64,169 1,91,857 3.4
Manufacture of machinery and equipment not elsewhere classified 801 2,06,394 2,37,787 4.3
Manufacture of motor vehicles, trailers and semi-trailers 146 4,42,178 4,99,917 8.9
Manufacture of other transport equipment 103 72,087 81,096 1.5
Manufacture of furniture 23 2,953 3,585 0.1
Repair and installation of machinery and equipment 173 13,654 17,470 0.3
Other manufacturing 1,081 3,96,428 4,45,928 8.0
D. Electricity, gas, steam and air conditioning supply 401 33,411 44,509 0.8
E. Water supply; sewerage, waste management and remediation activities 81 7,375 7,614 0.1
F. Construction 391 41,367 44,128 0.8
G. Services 15,568 24,83,220 28,29,392 50.6
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 1,828 5,93,167 6,65,194 11.9
2.Transportation and storage 427 1,02,387 91,976 1.6
3.Accommodation and Food service activities 234 15,692 17,872 0.3
4.Information and communication 7,198 12,40,714 14,13,736 25.3
5.Financial and insurance activities 422 1,02,462 1,37,131 2.5
6.Real estate activities 116 16,368 18,320 0.3
7.Other Services activities 5,343 4,12,430 4,85,163 8.7
Total 20,815 49,37,553 55,91,137 100.0
*Of the 25,249 subsidiary companies, 20,815 reported sales.

Table 9B: Activity-wise Purchase of 25,249* Foreign subsidiary companies in India
(amount in ₹ crore at market value, end-March)
Activity No. of Companies 2022-23 2023-24 % share in Total
(2023-24)
1 2 3 4 5
A. Agriculture-related, Plantations and Allied activities 73 7,785 7,454 0.2
B. Mining 50 1,569 2,030 0.1
C. Manufacturing 4,242 18,54,609 20,07,292 49.6
Manufacture of food products 171 90,041 90,674 2.3
Manufacture of beverages 20 40,250 39,888 1.0
Manufacture of tobacco products 1 137 122 -
Manufacture of textiles 75 6,226 6,002 0.1
Manufacture of wearing apparel 59 3,751 4,385 0.1
Manufacture of leather and related products 26 3,316 3,504 0.1
Manufacture of wood and products of wood and cork, except furniture 7 232 209 -
Manufacture of paper and paper products 43 11,029 10,437 0.3
Printing and reproduction of recorded media 15 372 424 -
Manufacture of coke and refined petroleum products 17 27,985 28,088 0.7
Manufacture of chemicals and chemical products 320 1,57,615 1,52,785 3.8
Manufacture of pharmaceuticals, medicinal chemical and botanical products 192 56,948 62,365 1.5
Manufacture of rubber and plastics products 196 47,501 46,454 1.1
Manufacture of other non-metallic mineral products 43 21,425 21,845 0.5
Manufacture of basic metals 76 36,424 38,318 0.9
Manufacture of fabricated metal products, except machinery and equipment 166 21,942 22,796 0.6
Manufacture of computer, electronic and optical products 142 3,01,363 3,62,324 8.9
Manufacture of electrical equipment 366 1,42,752 1,33,903 3.3
Manufacture of machinery and equipment not elsewhere classified 787 1,56,108 1,73,894 4.3
Manufacture of motor vehicles, trailers and semi-trailers 148 3,68,469 4,07,468 10.1
Manufacture of other transport equipment 106 63,990 68,532 1.7
Manufacture of furniture 22 1,938 2,510 0.1
Repair and installation of machinery and equipment 169 8,275 10,613 0.3
Other manufacturing 1,075 2,86,520 3,19,752 7.9
D. Electricity, gas, steam, and air conditioning supply 435 28,636 38,260 0.9
E. Water supply; sewerage, waste management and remediation activities 75 5,066 5,490 0.1
F. Construction 394 34,426 34,009 0.8
G. Services 11,103 17,31,484 19,57,996 48.3
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 1,810 5,38,706 5,92,348 14.6
2.Transportation and storage 398 80,391 71,831 1.8
3.Accommodation and Food service activities 215 9,272 10,514 0.3
4.Information and communication 4,452 7,43,283 8,36,066 20.6
5.Financial and insurance activities 340 65,870 80,365 2.0
6.Real estate activities 109 16,005 16,974 0.4
7.Other Services activities 3,779 2,77,957 3,49,898 8.6
Total 16,372 36,63,575 40,52,531 100.0
*Of the 25,249 subsidiary companies, 16,372 reported purchases.

Table 9C: Activity-wise Export of 25,249* Foreign subsidiary companies in India
(amount in ₹ crore at market value, end-March)
Activity 2022-23 2023-24
Amount % share in Total % share in Total sales
1 2 3 4 5
A. Agriculture-related, Plantations and Allied activities 1,092 1,263 0.1 12.7
B. Mining 421 399 - 12.0
C. Manufacturing 5,17,280 5,88,767 29.7 22.2
Manufacture of food products 16,095 18,755 0.9 16.0
Manufacture of beverages 1,235 1,301 0.1 1.3
Manufacture of tobacco products 210 184 - 100.0
Manufacture of textiles 2,872 2,926 0.1 30.0
Manufacture of wearing apparel 2,612 3,017 0.2 50.4
Manufacture of leather and related products 790 804 - 12.9
Manufacture of wood and products of wood and cork, except furniture 21 31 - 10.4
Manufacture of paper and paper products 2,175 2,307 0.1 16.0
Printing and reproduction of recorded media 727 900 - 59.8
Manufacture of coke and refined petroleum products 13,923 17,611 0.9 45.7
Manufacture of chemicals and chemical products 39,499 38,918 2.0 18.0
Manufacture of pharmaceuticals, medicinal chemical and botanical products 37,278 41,237 2.1 43.3
Manufacture of rubber and plastics products 14,254 13,681 0.7 20.7
Manufacture of other non-metallic mineral products 1,871 1,931 0.1 6.3
Manufacture of basic metals 5,000 4,407 0.2 10.5
Manufacture of fabricated metal products, except machinery and equipment 6,379 6,494 0.3 19.5
Manufacture of computer, electronic and optical products 93,265 1,31,760 6.7 33.1
Manufacture of electrical equipment 32,551 41,893 2.1 21.8
Manufacture of machinery and equipment not elsewhere classified 54,233 59,665 3.0 25.1
Manufacture of motor vehicles, trailers and semi-trailers 83,910 85,208 4.3 17.0
Manufacture of other transport equipment 19,606 19,237 1.0 23.7
Manufacture of furniture 531 680 - 19.0
Repair and installation of machinery and equipment 3,651 5,056 0.3 28.9
Other manufacturing 84,592 90,764 4.6 20.4
D. Electricity, gas, steam and air conditioning supply 2,859 3,481 0.2 7.8
E. Water supply; sewerage, waste management and remediation activities 474 524 - 6.9
F. Construction 3,121 4,447 0.2 10.1
G. Services 12,34,142 13,81,703 69.8 48.8
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 67,703 55,371 2.8 8.3
2.Transportation and storage 19,357 17,309 0.9 18.8
3.Accommodation and Food service activities 2,183 2,642 0.1 14.8
4.Information and communication 9,00,951 10,14,742 51.2 71.8
5.Financial and insurance activities 13,252 15,847 0.9 11.6
6.Real estate activities 417 577 - 3.1
7.Other Services activities 2,30,279 2,75,215 13.9 56.7
Total 17,59,389 19,80,584 100.0 35.4
*Of the 25,249 subsidiary companies, 15,946 reported exports.

Table 9D: Activity-wise Import of 25,249* Foreign subsidiary companies in India
(amount in ₹ crore at market value, end-March)
Activity 2022-23 2023-24
Amount % share in Total % share in Total purchase
1 2 3 4 5
A. Agriculture-related, Plantations and Allied activities 1,590 1,525 0.1 20.5
B. Mining 190 204 - 10.1
C. Manufacturing 7,75,771 8,38,157 65.8 41.8
Manufacture of food products 32,066 32,379 2.5 35.7
Manufacture of beverages 3,776 3,642 0.3 9.1
Manufacture of tobacco products 2 1 - 0.8
Manufacture of textiles 1,883 2,044 0.2 34.1
Manufacture of wearing apparel 1,213 1,293 0.1 29.5
Manufacture of leather and related products 1,046 1,030 0.1 29.4
Manufacture of wood and products of wood and cork, except furniture 111 107 - 51.1
Manufacture of paper and paper products 4,352 3,371 0.3 32.3
Printing and reproduction of recorded media 220 273 - 64.3
Manufacture of coke and refined petroleum products 10,750 10,895 0.9 38.8
Manufacture of chemicals and chemical products 82,517 78,545 6.2 51.4
Manufacture of pharmaceuticals, medicinal chemical and botanical products 23,993 24,383 1.9 39.1
Manufacture of rubber and plastics products 16,596 16,806 1.3 36.2
Manufacture of other non-metallic mineral products 3,987 3,452 0.3 15.8
Manufacture of basic metals 15,062 16,624 1.3 43.4
Manufacture of fabricated metal products, except machinery and equipment 4,321 4,616 0.4 20.3
Manufacture of computer, electronic and optical products 2,01,974 2,50,481 19.6 69.1
Manufacture of electrical equipment 77,159 62,769 4.9 46.9
Manufacture of machinery and equipment not elsewhere classified 61,510 64,226 5.0 36.9
Manufacture of motor vehicles, trailers and semi-trailers 69,329 74,978 5.9 18.4
Manufacture of other transport equipment 16,109 16,756 1.3 24.5
Manufacture of furniture 452 457 - 18.2
Repair and installation of machinery and equipment 3,843 5,010 0.4 47.2
Other manufacturing 1,43,500 1,64,019 12.9 51.3
D. Electricity, gas, steam and air conditioning supply 7,061 8,876 0.7 23.2
E. Water supply; sewerage, waste management and remediation activities 504 521 - 9.5
F. Construction 4,246 3,884 0.3 11.4
G. Services 4,03,325 4,21,755 33.1 21.5
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 2,03,212 1,95,149 15.4 32.9
2.Transportation and storage 14,238 11,262 0.9 15.7
3.Accommodation and Food service activities 1,174 1,275 0.1 12.1
4.Information and communication 1,35,967 1,55,644 12.2 18.6
5.Financial and insurance activities 7,047 8,188 0.6 10.2
6.Real estate activities 356 458 - 2.7
7.Other Services activities 41,331 49,779 3.9 14.2
Total 11,92,687 12,74,922 100.0 31.5
*Of the 25,249 subsidiary companies, 8,538 reported imports.

Table 10A: Activity-wise Sales of 8,590 Overseas Subsidiaries of 6,409 Indian entities
(amount in ₹ crore at market value, end-March)
Activity No. of entities 2022-23 2023-24 % Share in Total
(2023-24)
1 2 3 4 5
A. Agriculture-related, Plantations and Allied activities 22 3,367 3,067 0.2
B. Mining 46 9,065 11,017 0.8
C. Manufacturing 1,760 7,26,563 8,49,332 64.0
Manufacture of food products 84 12,416 12,495 0.9
Manufacture of beverages 19 5,246 8,638 0.7
Manufacture of tobacco products 5 3,343 3,283 0.2
Manufacture of textiles 61 4,666 4,182 0.3
Manufacture of wearing apparel 33 5,275 5,836 0.4
Manufacture of leather and related products 19 12,969 11,009 0.8
Manufacture of wood and products of wood and cork, except furniture 3 43 48 -
Manufacture of paper and paper products 14 1,725 1,789 0.1
Printing and reproduction of recorded media 9 53 86 -
Manufacture of coke and refined petroleum products 16 3,90,558 5,06,492 38.3
Manufacture of chemicals and chemical products 186 51,544 38,897 2.9
Manufacture of pharmaceuticals, medicinal chemical and botanical products 294 75,337 82,746 6.2
Manufacture of rubber and plastics products 80 5,596 5,889 0.4
Manufacture of other non-metallic mineral products 23 2,644 3,768 0.3
Manufacture of basic metals 26 37,383 40,929 3.1
Manufacture of fabricated metal products, except machinery and equipment 54 11,048 12,152 0.9
Manufacture of computer, electronic and optical products 34 5,125 3,766 0.3
Manufacture of electrical equipment 67 2,527 3,362 0.3
Manufacture of machinery and equipment not elsewhere classified 191 9,513 10,626 0.8
Manufacture of motor vehicles, trailers and semi-trailers 42 14,372 15,267 1.1
Manufacture of other transport equipment 12 3,274 3,453 0.3
Manufacture of furniture 5 511 688 0.1
Repair and installation of machinery and equipment 8 59 70 -
Other manufacturing 475 71,336 73,861 5.6
D. Electricity, gas, steam and air conditioning supply 26 1,111 1,458 0.1
E. Water supply; sewerage, waste management and remediation activities 15 268 323 -
F. Construction 63 10,148 17,821 1.3
G. Services 3,437 4,46,192 4,46,977 33.6
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 429 79,919 77,329 5.8
2.Transportation and storage 163 36,024 22,799 1.7
3.Accommodation and Food service activities 57 1,113 2,471 0.2
4.Information and communication 1,713 2,55,933 2,68,659 20.2
5.Financial and insurance activities 175 14,397 19,329 1.5
6.Real estate activities 27 395 478 -
7.Other Services activities 873 58,411 55,912 4.2
Total 5,369 11,96,714 13,29,995 100.0
*Of the 8,590 overseas subsidiary companies, 5,369 reported sales.

Table 10B: Activity-wise Purchase of 8,590 Overseas Subsidiaries of 6,409 Indian entities
(amount in ₹ crore at market value, end-March)
Activity No. of entities 2022-23 2023-24 % Share in Total (2023-24)
1 2 3 4 5
A. Agriculture-related, Plantations and Allied activities 23 2,965 2,632 0.2
B. Mining 61 7,629 9,098 0.8
C. Manufacturing 1,708 6,60,610 7,60,381 67.1
Manufacture of food products 82 10,675 10,571 0.9
Manufacture of beverages 17 2,456 3,796 0.3
Manufacture of tobacco products 6 1,213 1,242 0.1
Manufacture of textiles 64 3,157 2,779 0.3
Manufacture of wearing apparel 35 4,887 5,197 0.5
Manufacture of leather and related products 18 11,444 9,583 0.9
Manufacture of wood and products of wood and cork, except furniture 4 23 32 -
Manufacture of paper and paper products 14 1,440 1,557 0.1
Printing and reproduction of recorded media 7 56 74 -
Manufacture of coke and refined petroleum products 11 3,82,950 4,89,914 43.2
Manufacture of chemicals and chemical products 178 44,905 32,465 2.9
Manufacture of pharmaceuticals, medicinal chemical and botanical products 292 51,306 61,577 5.4
Manufacture of rubber and plastics products 81 4,255 4,398 0.4
Manufacture of other non-metallic mineral products 25 8,762 3,072 0.3
Manufacture of basic metals 26 37,000 32,894 2.9
Manufacture of fabricated metal products, except machinery and equipment 51 10,523 9,200 0.8
Manufacture of computer, electronic and optical products 36 4,241 2,779 0.2
Manufacture of electrical equipment 64 1,971 2,606 0.2
Manufacture of machinery and equipment not elsewhere classified. 182 6,642 7,509 0.7
Manufacture of motor vehicles, trailers and semi-trailers 46 12,210 12,765 1.1
Manufacture of other transport equipment 14 2,702 2,836 0.3
Manufacture of furniture 6 291 427 -
Repair and installation of machinery and equipment 8 44 35 -
Other manufacturing 441 57,457 63,073 5.6
D. Electricity, gas, steam and air conditioning supply 35 1,056 1,156 0.1
E. Water supply; sewerage, waste management and remediation activities 11 232 272 -
F. Construction 70 8,299 15,300 1.4
G. Services 3,020 3,35,448 3,44,297 30.4
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 417 72,621 71,676 6.3
2.Transportation and storage 165 33,941 20,834 1.8
3.Accommodation and Food service activities 48 722 1,608 0.2
4.Information and communication 1,447 1,72,867 1,92,670 17.0
5.Financial and insurance activities 157 9,107 12,173 1.1
6.Real estate activities 37 832 304 -
7.Other Services activities 749 45,358 45,032 4.0
Total 4,928 10,16,239 11,33,136 100.0
*Of the 8,590 overseas subsidiary companies, 4,928 reported purchases.

Table 10C: Activity-wise Exports of 8,590 Overseas Subsidiaries of 6,409 Indian entities
(amount in ₹ crore at market value, end-March)
Activity 2022-23 2023-24
Amount Amount % share in total % share in sales
1 2 3 4 5
A. Agriculture-related, Plantations and Allied activities 1,489 1,256 0.2 41.0
B. Mining 3,279 5,175 0.6 47.0
C. Manufacturing 5,46,764 6,51,716 78.5 76.7
Manufacture of food products 4,973 5,233 0.6 41.9
Manufacture of beverages 564 1,040 0.1 12.0
Manufacture of tobacco products 250 175 - 5.3
Manufacture of textiles 2,704 2,489 0.3 59.5
Manufacture of wearing apparel 4,216 4,670 0.6 80.0
Manufacture of leather and related products 12,404 10,410 1.3 94.6
Manufacture of wood and products of wood and cork, except furniture 36 33 - 68.8
Manufacture of paper and paper products 945 977 0.1 54.6
Printing and reproduction of recorded media 15 8 - 9.3
Manufacture of coke and refined petroleum products 3,80,714 4,96,663 59.8 98.1
Manufacture of chemicals and chemical products 33,750 21,549 2.6 55.4
Manufacture of pharmaceuticals, medicinal chemical and botanical products 27,854 27,417 3.3 33.1
Manufacture of rubber and plastics products 2,219 2,220 0.3 37.7
Manufacture of other non-metallic mineral products 1,228 1,195 0.1 31.7
Manufacture of basic metals 31,883 31,243 3.8 76.3
Manufacture of fabricated metal products, except machinery and equipment 2,794 2,916 0.4 24.0
Manufacture of computer, electronic and optical products 3,615 2,051 0.3 54.5
Manufacture of electrical equipment 1,309 1,666 0.2 49.6
Manufacture of machinery and equipment not elsewhere classified 3,181 3,678 0.4 34.6
Manufacture of motor vehicles, trailers and semi-trailers 3,311 3,292 0.4 21.6
Manufacture of other transport equipment 1,595 1,755 0.2 50.8
Manufacture of furniture 68 85 - 12.4
Repair and installation of machinery and equipment 4 4 - 5.7
Other manufacturing 27,132 30,947 3.7 41.9
D. Electricity, gas, steam and air conditioning supply 74 198 - 13.6
E. Water supply; sewerage, waste management and remediation activities 44 37 - 11.5
F. Construction 2,788 2,610 0.3 14.6
G. Services 1,91,568 1,69,282 20.4 37.9
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 64,310 60,122 7.3 77.7
2.Transportation and storage 26,104 14,274 1.7 62.6
3.Accommodation and Food service activities 140 173 - 7.0
4.Information and communication 65,827 64,095 7.7 23.9
5.Financial and insurance activities 3,719 5,819 0.7 30.1
6.Real estate activities 28 169 - 35.4
7.Other Services activities 31,440 24,630 3.0 44.1
Total 7,46,006 8,30,274 100.0 62.4
*Of the 8.590 overseas subsidiary companies, 2,643 reported exports.

Table 10D: Activity-wise Imports of 8,590 Overseas Subsidiaries of 6,409 Indian entities
(amount in ₹ crore at market value, end-March)
Activity 2022-23 2023-24
Amount Amount % share in total % share in purchase
1 2 3 4 5
A. Agriculture-related, Plantations and Allied activities 2,776 2,416 0.3 91.8
B. Mining 2,574 4,212 0.5 46.3
C. Manufacturing 5,80,696 6,79,337 79.7 89.3
Manufacture of food products 5,985 5,701 0.7 53.9
Manufacture of beverages 1,336 2,018 0.2 53.2
Manufacture of tobacco products 444 538 0.1 43.3
Manufacture of textiles 2,375 2,268 0.3 81.6
Manufacture of wearing apparel 1,431 1,431 0.2 27.5
Manufacture of leather and related products 11,315 9,434 1.1 98.4
Manufacture of wood and products of wood and cork, except furniture 1 1 - 3.1
Manufacture of paper and paper products 461 590 0.1 37.9
Printing and reproduction of recorded media 53 71 - 95.9
Manufacture of coke and refined petroleum products 3,80,750 4,87,632 57.1 99.5
Manufacture of chemicals and chemical products 36,284 24,478 2.9 75.4
Manufacture of pharmaceuticals, medicinal chemical and botanical products 42,392 51,532 6.0 83.7
Manufacture of rubber and plastics products 3,323 3,113 0.4 70.8
Manufacture of other non-metallic mineral products 188 771 0.1 25.1
Manufacture of basic metals 31,932 30,458 3.6 92.6
Manufacture of fabricated metal products, except machinery and equipment 7,697 6,523 0.8 70.9
Manufacture of computer, electronic and optical products 3,507 2,142 0.2 77.1
Manufacture of electrical equipment 1,446 1,514 0.2 58.1
Manufacture of machinery and equipment not elsewhere classified 2,792 3,408 0.4 45.4
Manufacture of motor vehicles, trailers and semi-trailers 6,050 5,247 0.6 41.1
Manufacture of other transport equipment 1,815 1,801 0.2 63.5
Manufacture of furniture 261 417 - 97.7
Repair and installation of machinery and equipment 7 10 - 28.6
Other manufacturing 38,851 38,239 4.5 60.6
D. Electricity, gas, steam and air conditioning supply 133 289 - 25.0
E. Water supply; sewerage, waste management and remediation activities 29 93 - 34.2
F. Construction 1,697 2,481 0.3 16.2
G. Services 1,76,106 1,64,364 19.2 47.7
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 56,226 53,057 6.2 74.0
2.Transportation and storage 15,132 7,267 0.8 34.9
3.Accommodation and Food service activities 65 205 - 12.7
4.Information and communication 70,534 75,786 8.9 39.3
5.Financial and insurance activities 3,708 4,120 0.5 33.8
6.Real estate activities 92 81 - 26.6
7.Other Services activities 30,349 23,848 2.8 53.0
Total 7,64,011 8,53,192 100.0 75.3
*Of the 8,590 overseas subsidiary companies, 2,922 reported imports.

1 The previous data release in the series, covering 2022-23 census round, was published on September 12, 2023, 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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