Companies' new liabilities

Value in 2023-24

₹22.17 lakh crore

7.6% 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

New liabilities taken on by non-financial companies: loans, bonds, shares and other liabilities. The map's figure is well above what companies report in RBI's flow of funds, because the two use different reporters; this is a known finding.

Trend

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).