Sources of finance (SoF) for Indian firms

This page presents the time series of a set of balance sheet variables that tell us about the capital structure of the broad set of firms in India for the previous 15 years from the present. The broad categories tracked are Borrowings which are shown with three main components (loans from banks, bonds issued in the public markets and offshore loans), Current liabilities which are mainly from short term borrowings, provisions and trade credit and Depreciation and Equity with two components, Issuance and Retained earnings.
A number in a cell represents the fraction of financing from that source calculated as the sum of financing from that source across all the firms in the sample that year over the total financing from all sources across all firms that year. The sources presented cover only the main sources of financing and therefore, will not necessarily add up to 100 percent. The last two rows in the table presents the number of firms for that year, and the total value of financing of those firms in the year. Thus, in 2016, we used data from 20,566 firms whose balance sheet showed total financing of Rs.177 trillion or 177 lakh crores. The data used is from the CMIE Prowess database.

(Content: Anjali Sharma and Susan Thomas. Implementation: Anjali Sharma. Updates: Ami Dagli.)

(as % of total SoF)
	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Borrowings	27.37	27.26	27.03	28.00	29.80	28.45	27.38	28.20	28.94	29.29	29.38	30.28	29.08	27.50	23.14
Banks	9.98	11.21	12.56	13.13	15.13	14.49	13.85	13.51	13.66	14.00	13.72	13.86	12.47	11.23	8.75
Bonds	3.60	3.12	2.46	2.33	2.46	2.49	2.30	2.30	2.57	2.87	3.25	3.59	3.84	3.92	4.05
Foreign	3.07	3.20	3.73	3.79	3.53	3.11	3.24	3.89	3.93	3.97	3.55	3.46	3.21	2.90	3.44
Current Liabilities	24.12	24.34	24.58	24.89	24.40	24.27	28.72	29.63	29.99	29.31	28.70	30.04	29.94	30.41	26.83
Depreciation	21.59	19.68	17.94	15.91	15.02	15.46	14.21	13.72	13.97	14.51	15.23	10.51	10.58	11.67	12.88
Equity	26.92	28.72	30.44	31.21	30.77	31.82	29.69	28.44	27.11	26.89	26.70	29.16	30.39	30.42	37.14
Issuance	12.27	12.51	12.89	13.61	13.68	13.92	12.92	12.30	12.22	12.69	12.95	13.87	14.40	14.55	10.93
Retained earnings	14.64	16.20	17.56	17.60	17.09	17.90	16.77	16.14	14.89	14.21	13.74	15.29	15.99	15.86	26.21
No. of Firms	13,209	14,563	15,622	17,121	18,904	19,640	19,906	20,644	20,107	21,759	21,693	20,566	17,148	14,329	4,140
Total of SoF (Rs. trillion)	28.59	34.09	42.10	54.58	66.88	78.38	98.05	117.82	135.72	156.61	170.35	176.99	176.82	179.88	106.28
Source: CMIE Prowess