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Census on Foreign Liabilities and Assets of Indian Companies 2013-14 Data Release

The Reserve Bank of India today released, on its website, the data related to the Census on Foreign Liabilities and Assets of Indian Companies for the year 2013-14.

The Annual Census on Foreign Liabilities and Assets (FLA), 2013-14 covers Indian companies which submit comprehensive information on their overseas liabilities and assets arising on account of foreign direct investment (FDI) in India, their overseas direct investment (ODI) and other investments. In the latest round of the Census, out of the 17,211 companies that have reported, 15,788 companies had FDI/ODI in their balance sheet in March 2014. Of these, 644 companies had bi-directional direct investment, 13,042 companies received only FDI and 2,092 had only ODI. Of the 13,686 companies that reported inward direct investment, 9,081 companies were subsidiaries of foreign companies (i.e., single foreign investor holding is more than 50% of total equity), which also report information on their sales, purchase, exports and imports. Of the 2,736 ODI reporting Indian companies, 1,314 companies had 2,012 overseas subsidiaries. As some companies may still report, the results presented below are provisional.

Main Findings:

¢ Coverage: Majority of the responding companies were unlisted and most of the companies received only inward FDI. Non-financial companies had a larger share of foreign equity participation (` 2,623.8 billion at face value) as compared with financial companies (` 560.8 billion) in March 2014 (Tables 1 and 2).

¢ Inward/Outward Direct Investment: Total inward FDI stood at ` 15,089.6 billion at market value in March 2014 (` 12,302.5 billion a year ago). A dominant share (93.9 per cent) of FDI was held in equity. Total ODI was placed at ` 5,390.3 billion at market value in March 2014 (` 4,279.0 billion a year ago). In ODI too, equity participation took a large share (78.5 per cent). The ratio of outward to inward direct investment at market value increased marginally from 34.8 per cent to 35.7 per cent over this period (Table 3).

¢ Other Investment: Other investment liabilities, which include trade credit, loans, currency and deposits and other payable with unrelated (third party) non-resident entity, stood at ` 10,470.0 billion in March 2014 (` 8,319.1 billion a year ago). Corresponding overseas assets accounted for 40.4 per cent of such liabilities (Table 4).

¢ Source/Destination countries of Inward and Outward FDI: Among the source countries for FDI, Mauritius had the largest share (24.3 per cent) followed by UK (16.0 per cent), USA (15.9 per cent), Singapore (9.6 per cent) and Japan (7.2 per cent). The destination for ODI of Indian companies was largely shared by Singapore (23.5 per cent), Mauritius (14.3 per cent), Netherlands (13.6 per cent) and UAE (10.6 per cent) (Tables 5 and 6).

¢ Activity/Sector-wise of Inward FDI: Both manufacturing and services sectors attracted foreign equity participation. Total FDI stock at market value in the manufacturing and services sectors stood at ` 7,458.1 billion in March 2014
(` 6,128.2 billion a year ago) and ` 5,987.2 billion (` 4,921.3 billion a year ago), respectively. While manufacturing sector accounted for nearly half of the total FDI at market prices, ˜information and communication services’ (17.1 per cent) and ˜financial and insurance activities’ (12.7 per cent) were the other major activities attracting FDI (Tables 7 and 8).

¢ Sales/Purchases of Indian Subsidiary Companies in Foreign Countries: Total sales, including exports, of Indian subsidiaries increased by 29.9 per cent to ` 3,140.0 billion in 2013-14. The total value of their purchase, including imports, increased by 30.0 per cent to ` 2,353.3 billion in 2013-14. Their purchase-to-sales ratio was around 75 per cent (Table 9).

¢ Exports/Imports of Indian Subsidiary Companies in Foreign Countries: Total exports of Indian subsidiaries increased by 16.6 per cent to ` 919.6 billion in 2013-14 whereas their total imports increased by 33.4 per cent to ` 1,049.5 billion in 2013-14. Their export-to-sales and import-to-purchase ratios stood at 29.3 per cent and 44.6 per cent, respectively, in 2013-14 (Table 9).

¢ Sales/Purchases of Foreign Subsidiary Companies in India: Total sales, including exports, of foreign subsidiaries increased by 11.1 per cent to
` 15,260.6 billion in 2013-14 whereas their purchase, including imports, increased by 8.5 per cent to ` 9,595.6 billion in 2013-14. Their purchase to sales ratio was around 63 per cent (Tables 10 and 11).

¢ Exports/Imports of Foreign Subsidiary Companies in India: Total exports of foreign subsidiaries companies increased by 14.3 per cent to ` 4,900.1 billion in 2013-14. Exports accounted for 32.1 per cent of total sales of subsidiary companies. The ˜Information and communication services’ sector had the highest share of 17.0 per cent in sales, of which, 77.2 per cent was through exports. Total imports of subsidiary companies increased by 7.0 per cent to
` 4,395.9 billion in 2013-14. Imports accounted for 45.8 per cent of total purchase of these companies (Tables 12 and 13).

Sangeeta Das
Director

Press Release : 2014-2015/1509


Table 1: Coverage of Companies Reported in FLA 2013-14
Category Types of Company Direct Investment
(No. of Companies)
Both Inward & Outward Only Inward Only Outward
Unlisted Companies Foreign Associate in India 332 3,860
Foreign Subsidiary in India 173 8,789
Others 159 * 1,629
Total 505 12,808 1,629
Listed Companies Foreign Associate in India 105 149
Foreign Subsidiary in India 34 85
Others 463
Total 139 234 463
Grand Total 644 13,042 2,092
*: Includes Special Purpose Vehicle (SPV), Public-Private Partnership.
Table 2: Foreign Equity Participation of Financial & Non-Financial FDI Companies
Amount in ` billion at face value (end-March 2014)
Category No of Companies Paid Up Capital (Equity & Debt) Amount-Total Equity (Including Resident & Non-Resident) Exclusively only Equity Stake under FDI Scheme % share of FDI out of Total Equity
Financial Companies 646 922.2 877.8 560.8 63.9
Non-Financial Companies 13,040 3,927.9 3,521.0 2,623.8 74.5
Total 13,686 4,850.1 4,398.8 3,184.6 72.4
Table 3: Inward and Outward Direct Investment
Amount in ` billion at market value (end-March)
Direct Investment Inward Outward
2013 2014 2013 2014
Equity 11,401.3 14,168.6 3538.0 4,232.7
Debt 901.2 921.0 741.0 1,157.6
Total 12,302.5 15,089.6 4,279.0 5,390.3
Table 4: Other Foreign Liabilities/Assets of Direct Investment Companies
Amount in ` billion (end-March)
Other Investment Outstanding liabilities with unrelated party Outstanding assets on unrelated party
2013 2014 2013 2014
Trade Credit 1,967.9 2,394.1 1,001.4 1,238.2
Loans 4,420.1 4,801.8 1,292.9 1,476.2
Currency & Deposits 1,142.0 1,981.9 522.4 675.9
Other receivable and payable accounts 789.1 1,292.2 573.8 844.5
Total 8,319.1 10,470.0 3,390.5 4,234.8
Table 5: Country wise distribution of Inward Direct Investment: March 2014
Amount in ` billion at market value
Country Total FDI Equity Debt
All Countries 15,089.6 14,168.6 921.0
Of Which:
Mauritius 3,668.1 3,487.0 181.1
United Kingdom 2,416.8 2,383.3 33.5
United States of America 2,398.4 2,392.9 5.5
Singapore 1,454.7 1,238.1 216.6
Japan 1,093.2 995.5 97.8
Germany 894.5 836.5 58.0
Netherlands 748.6 661.6 86.9
Switzerland 745.2 717.8 27.4
France 270.4 249.7 20.7
Korea, Republic of 222.9 182.7 40.2
Table 6: Country-wise Distribution of ODI Stock: March 2014
Amount in ` billion at market value
Country Total ODI Equity Debt
Total 5,390.3 4,232.7 1,157.6
of which:
Singapore 1,267.1 1,166.7 100.4
Mauritius 770.5 580.3 190.2
Netherlands 732.6 648.3 84.3
United Arab Emirates 571.7 170.5 401.2
United States of America 427.6 258.6 169.0
Jersey 246.3 228.3 18.0
Bahrain 240.5 47.4 193.1
United Kingdom 161.0 140.0 21.0
Virgin Islands, British 145.8 139.4 6.4
Switzerland 108.9 109.0 -0.1
Table 7: Activity-wise Equity Participation of the Indian Companies: March 2014
Amount in ` billion at face value
Activity Total Equity (Including Resident &
Non-Resident)
Equity Stake under FDI Scheme % share of FDI in Total Equity
1. Agriculture-related, Plantations & Allied activities 11.6 8.7 75.0
2. Mining 72.9 32.0 43.9
3. Manufacturing 1,684.7 1,386.5 82.3
4. Electricity, gas, steam and air conditioning 263.0 143.9 54.7
5. Water supply; sewerage, waste management and remediation activities 10.9 8.2 75.2
6. Construction 194.5 131.0 67.4
7. Information and communication Services 422.1 215.4 51.0
8. Other Services 1,739.1 1,258.8 72.4
Total 4,398.8 3,184.5 72.4
Note: 1. A company is classified to an activity from which it has earned major revenue, if it has more than one activity [National Industrial Classification (NIC) code].
2. Components may not add up to the total due to rounding off.
Table 8: Activity wise Distribution of FDI in 15,788 companies: March 2014
Amount in ` billion at market value
Activity No. of Companies Equity Debt Total
A. Agriculture-related, Plantations & Allied activities 60 42.5 0.3 42.8
B. Mining 137 704.3 5.7 710.0
C. Manufacturing 3,767 7,025.1 433.0 7,458.1
1. Food products 185 589.6 20.1 609.7
2. Beverages 32 116.7 2.0 118.7
3.Tobacco products 4 715.2 0.0 715.2
4. Textiles 86 22.1 0.1 22.2
5. Wearing Apparel 59 54.1 2.0 56.1
6. Leather and related products 20 46.8 0.3 47.1
7. Wood and wood products, except furniture; manufacture of articles of straw and plaiting materials 6 0.3 0.1 0.4
8. Manufacture of paper and paper products 45 31.7 9.7 41.4
9. Printing and reproduction of recorded media 18 1.7 0.0 1.7
10.Coke and refined petroleum products 17 214.9 -22.3 192.6
11.Chemicals and chemical products 265 1,082.9 33.3 1,116.2
12.Pharmaceuticals, medicinal and chemical products 213 754.9 63.1 818.0
13.Rubber and plastics products 137 113.3 5.0 118.3
14.Other non-metallic mineral products 33 136.2 7.5 143.7
15.Basic metals 55 158.0 6.7 164.7
16.Fabricated metal products, except machinery and equipment 143 35.9 6.9 42.8
17.Computer, electronic and optical products 89 158.2 29.4 187.6
18.Electrical equipment 202 566.4 28.1 594.5
19.Machinery and equipment n.e.c. 547 387.4 33.8 421.2
20.Motor vehicles, trailers and semi-trailers 127 687.1 117.5 804.6
21.Other transport equipment 100 64.2 6.9 71.1
22.Furniture 20 1.4 0.5 1.9
23.Other manufacturing 1,182 1,065.7 80.4 1,146.1
24.Repair and installation of machinery and equipment 182 20.4 1.9 22.3
D. Electricity, gas, steam and air conditioning supply 297 321.6 63.1 384.7
E. Water supply; sewerage, waste management and remediation activities 62 9.7 0.3 10.0
F. Construction 734 391.6 105.2 496.8
G. Services 8,629 5,673.8 313.4 5,987.2
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 1,198 299.1 48.1 347.2
2.Transportation and storage 370 255.2 10.6 265.8
3.Accommodation and Food service activities 349 118.7 9.4 128.1
4.Information and communication 2,863 2,458.6 114.4 2,573.0
5.Financial and insurance activities 646 1,896.7 21.3 1,918.0
6.Real estate activities 260 113.3 27.9 141.2
7.Other Services activities 2,943 532.2 81.7 613.9
Total 13,686 14,168.6 921.0 15,089.6
Table 9: Sale and Purchase of 2,012 Overseas Subsidiaries
of 1,314 Indian Companies
Amount in ` billion
Item 2012-13 2013-14
Total Sales 2,417.6 3,140.0
of which: Exports 788.7 919.6
Total Purchase 1,809.7 2,353.3
of which: Imports 786.7 1,049.5
Table 10: Activity-wise Sales of 9,081 Foreign Subsidiary Companies in India*
Amount in ` billion
Activity No. of Companies 2012-13 2013-14 % Share in Total (2013-14)
A. Agriculture-related, Plantations & Allied activities 25 37.8 51.2 0.3
B. Mining 36 117.9 116.9 0.8
C. Manufacturing 2,166 9,056.8 9,757.6 63.9
1. Food products 92 1,042.6 1,204.8 7.9
2. Beverages 15 97.5 111.7 0.7
3.Tobacco products 0 0.0 0.0 0.0
4. Textiles 30 29.7 34.9 0.2
5. Wearing Apparel 20 14.8 20.0 0.1
6. Leather and related products 7 27.2 31.0 0.2
7. Wood and wood products, except furniture; manufacture of articles of straw and plaiting materials 2 0.1 0.1 0.0
8. Manufacture of paper and paper products 19 59.3 58.6 0.4
9. Printing and reproduction of recorded media 10 1.4 1.7 0.0
10.Coke and refined petroleum products 9 933.1 1,036.1 6.8
11.Chemicals and chemical products 160 726.5 862.6 5.7
12.Pharmaceuticals, medicinal and chemical products 100 308.0 337.8 2.2
13.Rubber and plastics products 77 108.8 121.2 0.8
14.Other non-metallic mineral products 22 100.4 108.3 0.7
15.Basic metals 25 200.8 214.7 1.4
16.Fabricated metal products, except machinery and equipment 79 94.5 64.2 0.4
17.Computer, electronic and optical products 56 913.1 963.3 6.3
18.Electrical equipment 132 520.3 568.2 3.7
19.Machinery and equipment n.e.c. 355 542.2 546.4 3.6
20.Motor vehicles, trailers and semi-trailers 75 1,836.3 1,935.6 12.7
21.Other transport equipment 58 126.1 97.8 0.6
22.Furniture 12 2.9 3.5 0.0
23.Other manufacturing 682 1,342.9 1,399.6 9.2
24.Repair and installation of machinery and equipment 129 28.3 35.5 0.2
D. Electricity, gas, steam and air conditioning supply 72 36.3 38.1 0.2
E. Water supply; sewerage, waste management and remediation activities 31 7.4 9.4 0.1
F. Construction 187 263.7 273.4 1.8
G. Services 4,968 4,212.8 5,014.0 32.9
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 783 1,006.8 1,275.7 8.4
2.Transportation and storage 163 150.0 187.4 1.2
3.Accommodation and Food service activities 84 33.7 39.1 0.3
4.Information and communication 1,920 2,265.6 2,600.5 17.0
5.Financial and insurance activities 243 156.1 194.2 1.3
6.Real estate activities 40 25.7 26.6 0.2
7.Other Services activities 1,735 574.9 690.5 4.5
Total 7,485* 13,732.7 15,260.6 100.0
*: Of the 9,081 subsidiary companies, 7,485 reported sales.
Table 11: Activity-wise Purchase of 9,081 Foreign Subsidiary Companies in India
Amount in ` billion
Activities 2012-13 2013-14 % Share in Total (2013-14)
A. Agriculture-related, Plantations & Allied activities 25.9 37.9 0.4
B. Mining 76.2 77.9 0.8
C. Manufacturing 6,515.0 6,901.1 71.9
1. Food products 837.5 981.0 10.2
2. Beverages 41.2 44.9 0.5
3. Tobacco products 0.0 0.0 0.0
4. Textiles 17.6 21.4 0.2
5. Wearing Apparel 8.3 9.8 0.1
6. Leather and related products 11.3 13.1 0.1
7. Wood and wood products, except furniture; manufacture of articles of straw and plaiting materials 0.0 0.1 0.0
8. Manufacture of paper and paper products 36.2 39.2 0.4
9. Printing and reproduction of recorded media 0.5 0.5 0.0
10.Coke and refined petroleum products 893.3 908.3 9.5
11.Chemicals and chemical products 297.3 373.5 3.9
12.Pharmaceuticals, medicinal and chemical products 157.2 176.0 1.8
13.Rubber and plastics products 82.4 78.4 0.8
14.Other non-metallic mineral products 31.7 39.5 0.4
15.Basic metals 253.4 296.2 3.1
16.Fabricated metal products, except machinery and equipment 45.4 41.2 0.4
17.Computer, electronic and optical products 677.6 682.7 7.1
18.Electrical equipment 398.1 417.6 4.4
19.Machinery and equipment n.e.c. 346.9 334.4 3.5
20.Motor vehicles, trailers and semi-trailers 1,394.8 1,467.7 15.3
21.Other transport equipment 53.6 63.8 0.7
22.Furniture 1.8 2.3 0.0
23.Other manufacturing 912.7 889.9 9.3
24.Repair and installation of machinery and equipment 16.2 19.6 0.2
D. Electricity, gas, steam and air conditioning supply 22.2 20.8 0.2
E. Water supply; sewerage, waste management and remediation activities 3.9 4.8 0.1
F. Construction 154.8 139.1 1.4
G. Services 2,049.4 2,414.0 25.2
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 885.6 1,067.6 11.1
2.Transportation and storage 89.9 100.7 1.0
3.Accommodation and Food service activities 13.0 15.9 0.2
4.Information and communication 704.1 797.4 8.3
5.Financial and insurance activities 66.0 90.8 0.9
6.Real estate activities 19.6 19.6 0.2
7.Other Services activities 271.2 322.0 3.4
Total 8,847.4 9,595.6 100.0
Table 12: Activity-wise Export of 9,081 Foreign Subsidiary Companies in India
Amount in ` billion
Activities 2012-13 2013-14
Amount Amount % Share in Total % Share in Sales
A. Agriculture-related, Plantations & Allied activities 2.7 5.5 0.1 10.7
B. Mining 7.4 7.8 0.2 6.7
C. Manufacturing 2,026.1 2,284.1 46.6 23.4
1. Food products 309.2 371.9 7.6 30.9
2. Beverages 2.0 2.9 0.1 2.6
3.Tobacco products 0.0 0.0 0.0 0.0
4. Textiles 13.9 16.7 0.3 47.9
5. Wearing Apparel 7.4 9.9 0.2 49.5
6. Leather and related products 1.7 1.9 0.0 6.1
7. Wood and wood products, except furniture; manufacture of articles of straw and plaiting materials 0.0 0.0 0.0 0.0
8. Manufacture of paper and paper products 7.2 7.1 0.1 12.1
9. Printing and reproduction of recorded media 0.6 0.6 0.0 35.3
10.Coke and refined petroleum products 312.4 414.5 8.5 40.0
11.Chemicals and chemical products 95.7 117.5 2.4 13.6
12.Pharmaceuticals, medicinal and chemical products 101.2 108.5 2.2 32.1
13.Rubber and plastics products 17.9 21.5 0.4 17.7
14.Other non-metallic mineral products 5.8 10.1 0.2 9.3
15.Basic metals 42.7 43.5 0.9 20.3
16.Fabricated metal products, except machinery and equipment 9.5 8.4 0.2 13.1
17.Computer, electronic and optical products 207.8 165.9 3.4 17.2
18.Electrical equipment 85.7 97.0 2.0 17.1
19.Machinery and equipment n.e.c. 162.6 156.1 3.2 28.6
20.Motor vehicles, trailers and semi-trailers 312.6 390.1 8.0 20.2
21.Other transport equipment 66.9 30.1 0.6 30.8
22.Furniture 0.2 0.3 0.0 8.6
23.Other manufacturing 259.2 305.2 6.2 21.8
24.Repair and installation of machinery and equipment 3.9 4.4 0.1 12.4
D. Electricity, gas, steam and air conditioning supply 0.4 1.5 0.0 3.9
E. Water supply; sewerage, waste management and remediation activities 0.4 0.3 0.0 3.2
F. Construction 24.3 20.5 0.4 7.5
G. Services 2,226.8 2,580.4 52.7 51.5
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 125.0 153.4 3.1 12.0
2.Transportation and storage 56.3 63.6 1.3 33.9
3.Accommodation and Food service activities 3.2 3.9 0.1 10.0
4.Information and communication 1,747.6 2,007.7 41.0 77.2
5.Financial and insurance activities 59.1 67.0 1.4 34.5
6.Real estate activities 0.4 0.5 0.0 1.9
7.Other Services activities 235.2 284.3 5.8 41.2
Total 4,288.1 4,900.1 100.0 32.1
Table 13: Activity-wise Import of 9,081 Foreign Subsidiary Companies in India
Amount in ` billion
Activities 2012-13 2013-14
Amount Amount % Share in Total % Share in Purchase
A. Agriculture-related, Plantations & Allied activities 2.9 4.2 0.1 11.1
B. Mining 10.7 9.9 0.2 12.7
C. Manufacturing 3,348.4 3,498.2 79.6 50.7
1. Food products 547.4 668.6 15.2 68.2
2. Beverages 4.1 5.5 0.1 12.2
3.Tobacco products 0.0 0.0 0.0 0.0
4. Textiles 7.3 8.7 0.2 40.7
5. Wearing Apparel 2.4 3.4 0.1 34.7
6. Leather and related products 3.2 4.2 0.1 32.1
7. Wood and wood products, except furniture; manufacture of articles of straw and plaiting materials 0.0 0.0 0.0 0.0
8. Manufacture of paper and paper products 20.6 22.9 0.5 58.4
9. Printing and reproduction of recorded media 0.4 0.2 0.0 40.0
10.Coke and refined petroleum products 706.2 740.1 16.8 81.5
11.Chemicals and chemical products 130.7 172.9 3.9 46.3
12.Pharmaceuticals, medicinal and chemical products 76.4 80.4 1.8 45.7
13.Rubber and plastics products 36.9 38.2 0.9 48.7
14.Other non-metallic mineral products 11.2 14.0 0.3 35.4
15.Basic metals 83.4 56.2 1.3 19.0
16.Fabricated metal products, except machinery and equipment 15.7 15.7 0.4 38.1
17.Computer, electronic and optical products 543.2 536.9 12.2 78.6
18.Electrical equipment 137.0 151.8 3.5 36.4
19.Machinery and equipment n.e.c. 120.5 119.2 2.7 35.6
20.Motor vehicles, trailers and semi-trailers 396.0 385.5 8.8 26.3
21.Other transport equipment 21.8 26.6 0.6 41.7
22.Furniture 0.3 0.6 0.0 26.1
23.Other manufacturing 477.2 439.2 10.0 49.4
24.Repair and installation of machinery and equipment 6.5 7.4 0.2 37.8
D. Electricity, gas, steam and air conditioning supply 4.6 5.2 0.1 25.0
E. Water supply; sewerage, waste management and remediation activities 0.1 0.6 0.0 12.5
F. Construction 40.7 31.1 0.7 22.4
G. Services 702.8 846.7 19.3 35.1
1.Wholesale and retail trade; repair of motor vehicles and motorcycles 430.1 548.2 12.5 51.3
2.Transportation and storage 28.2 25.3 0.6 25.1
3.Accommodation and Food service activities 1.1 1.5 0.0 9.4
4.Information and communication 183.2 202.2 4.6 25.4
5.Financial and insurance activities 7.2 6.3 0.1 6.9
6.Real estate activities 0.5 0.5 0.0 2.6
7.Other Services activities 52.5 62.7 1.4 19.5
Total 4,110.2 4,395.9 100.0 45.8
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