Flow · Financial markets → Saving and investment
Borrowing and other new liabilities
Value in 2023-24
₹136.84 lakh crore
47.1% of GDP
Gross flows can exceed GDP. GDP counts only final output once; the map also shows the inputs firms buy from each other and the money that passes through financial markets.
What it is
The other side of the financial markets: money reaching sectors when they take on liabilities. Banks accept deposits, governments issue securities, companies borrow and issue shares, households take loans. In every market, what is acquired equals what is incurred.
Related series (covers 20.4% of this flow)
Companies' new liabilities
SAM 2023-24: 9.6% of GDP
Checked against the 2023-24 SAM: the series differs, and the difference is explained. Concept: FSF total is what NFCs report as their own liabilities; the SAM holds capital_financial's reconciled pairs: domestic pairs on the holder's report (params.CONTROL), RoW lines from the BoP and household lines from NAS (K7b), F81/F89 as each sector's own report, FSF 'other'/NEC items not written but left in K9 (capital_financial-6, -7, -22). (a) Prior +5,68,106.04 by instrument (SAM K8+K7b on K_NFPU, K_NFPR minus FSF): equity +8,48,598.28 (BoP FDI equity, reinvested earnings and FPI equity 3,43,898.34 vs FSF's -90,440.57 to RoW: +4,34,338.91; domestic holders' own reports, e.g. the Centre's 2,71,178.19 in public NFCs vs their 42,285.55: +3,85,986.52; households +28,272.85); loans +2,62,670.94 (holder side +3,00,526.33; BoP ECB and FDI debt 40,595.46 vs FSF 78,450.86: -37,855.39); debt securities -73,580.75 (BoP FPI corporate debt 34,150.20 vs FSF 96,585.40: -62,435.20; holder side -11,145.55); deposits -1,220.86 (NAS household deposits); F8 other accounts payable and NEC -4,68,361.56 (FSF 'other' NEC 2,97,767.51, mostly the round-number nfc_pvt 3,00,000, is not written: -2,97,767.51; FSF's F8 to RoW 1,71,986.61 is replaced by the BoP short-term trade credit -6,741.00: -1,78,727.61; the domestic F81/F89 own reports and households +8,133.56). (b) Balancing +1,439.19 (free entries, no band binds). The balanced SAM's NFC borrowing is 25.7% above FSF's own report: a finding (timeseries-25).
What is inside
The entries that make up this flow, largest first.
| Item | Value | Label |
|---|---|---|
| Household borrowing (K8a · banks) | ₹18.57 lakh crore | Official |
| Counterparties re-matched to official totals (K7b · hh_cp) Before → after balancing: ₹13.72 lakh crore → ₹13.74 lakh crore (0.1%) | ₹13.74 lakh crore | Estimated |
| Counterparties re-matched to official totals (K7b · hh_cp) Before → after balancing: ₹12.16 lakh crore → ₹12.17 lakh crore (0.0%) | ₹12.17 lakh crore | Estimated |
| Liabilities incurred (K8 · dom_pos) Before → after balancing: ₹9.77 lakh crore → ₹9.79 lakh crore (0.2%) | ₹9.79 lakh crore | Estimated |
| Liabilities incurred (K8 · dom_pos) Before → after balancing: ₹9.37 lakh crore → ₹9.37 lakh crore (0.0%) | ₹9.37 lakh crore | Derived |
| Liabilities incurred (K8 · dom_pos) Before → after balancing: ₹6.40 lakh crore → ₹6.42 lakh crore (0.2%) Why it moved: explained. Explained. Cell K_GCEN <- I_GSEC: 11,53,484 -> 11,71,445 (17,961, +1.6%; 5 entries). Largest moves: capital_financial K8 dom_keyed_pos 15,277 (+3.4%); capital_financial K8 dom_pos 1,349 (+0.2%); capital_financial K7b row… | ₹6.42 lakh crore | Derived |
| Foreign investment and borrowing, by type (K8b · reserve_assets) | ₹5.27 lakh crore | Official |
| Liabilities incurred (K8 · dom_keyed_pos) Before → after balancing: ₹4.46 lakh crore → ₹4.61 lakh crore (3.4%) Why it moved: explained. Explained. K_GCEN <- I_GSEC K8 dom_keyed_pos, 4,46,069 -> 4,61,346 (15,277, +3.4%; z 1.034; free medium; no constraint binds on it). The GG and FC capital accounts close through their saving priors, which balancing moved… | ₹4.61 lakh crore | Set by balancing |
| Counterparties re-matched to official totals (K7b · hh_cp) Before → after balancing: ₹4.22 lakh crore → ₹4.22 lakh crore (0.0%) Held by: Centre's I_SSAV liabilities | ₹4.22 lakh crore | Estimated |
| Liabilities incurred (K8 · dom_pos) Before → after balancing: ₹4.22 lakh crore → ₹4.17 lakh crore (−1.3%) Why it moved: explained. Explained. K_NBFC <- I_LOAN K8 dom_pos, 4,22,255 -> 4,16,619 (-5,636, -1.3%; z 0.987; free medium; no constraint binds on it). The GG and FC capital accounts close through their saving priors, which balancing moved (K3a:… | ₹4.17 lakh crore | Set by balancing |
| Liabilities incurred (K8 · dom_keyed_pos) Before → after balancing: ₹4.26 lakh crore → ₹4.10 lakh crore (−3.6%) Why it moved: explained. Explained. K_GSTA <- I_GSEC K8 dom_keyed_pos, 4,25,787 -> 4,10,518 (-15,269, -3.6%; z 0.964; free medium; no constraint binds on it). The GG and FC capital accounts close through their saving priors, which balancing move… | ₹4.10 lakh crore | Set by balancing |
| Liabilities incurred (K8 · dom_pos) Before → after balancing: ₹3.76 lakh crore → ₹3.76 lakh crore (−0.1%) | ₹3.76 lakh crore | Estimated |
and 113 more entries
Sources
- Financial Stocks and Flow of Funds (FSF) of the Indian Economy 2023-24Reserve Bank of India (RBI Bulletin article + workbook). Table Statement 1.2.2, Statement 1.1, Statement 2.2, Statement 1.3.1, Statement 2.1, Statement 1.2.4, Statement 1.3.5, Statement 3.2, Statement 1.3.2, Statement 1.3.7.1, Statement 1.3.7.2, Statement 3.1, Statement 1.2.1, Statement 1.3.3, Statement 1.2.3, Statement 1.3.4, Statement 1.3.6, Statement 4, Statement 5. Retrieved 2026-09-29.Link withheld until RBI grants permission (ISSUES P1-9)
- National Accounts Statistics 2026 (new base 2022-23), per-statement XLSXNational Accounts Division, NSO, MoSPI. Table Statement 5.3, Statement 1.9, Statement 6.1. Retrieved 2026-09-29.
- RBI HBS 2025-26 external-sector tables (BPM6 BoP in US$ and Rs, invisibles, NRI deposits, FDI, reserves, debt, IIP, trade)Reserve Bank of India. Table Table 125, Table 127. Retrieved 2026-09-29.Link withheld until RBI grants permission (ISSUES P1-9)
- RBI Annual Report 2025-26 (incl. RBI accounts, appendix tables)Reserve Bank of India. Table Schedule 4. Retrieved 2026-09-29.Link withheld until RBI grants permission (ISSUES P1-9)
- Union Government Finance Accounts, Appropriation Accounts and Accounts at a Glance (audited)Controller General of Accounts (audited by C&AG). Table Finance Accounts 2023-24, Statement No. 9. Retrieved 2026-09-29.
Notes on this figure
- Includes negative amounts (shown as a reversed flow)