After being sluggish for a while, credit score progress for the business slowed to 4.1 per cent in October from a contraction of 0.7 per cent in October 2020.
In absolute phrases, the business’s excellent credit score grew by Rs 1.13 lakh crore on a year-on-year foundation to Rs 28.54 lakh as of October 2021, based on the most recent RBI information. This is essentially aided by credit score to medium industries, which registered a powerful progress of 48.6 per cent or Rs 58,000 crore in October 2021, in comparison with 20.8 per cent final yr at Rs 1.79 lakh crore. In September, credit score progress to the business noticed a rise of two.5 per cent. Credit to micro and small industries elevated to 11.9 per cent in October 2021 from 0.7 per cent a yr in the past. Credit progress to massive industries stood at 0.5 per cent or Rs 12,000 crore in October 2021, at Rs 22.70 lakh crore in comparison with a contraction of 1.8 per cent a yr in the past.
RBI mentioned that on a year-on-year (yoy) foundation, non-food financial institution credit score progress accelerated to six.9 per cent in October 2021, as in opposition to 5.2 per cent in October 2020.
According to RBI, credit score to agriculture and allied actions continued to carry out nicely, registering an accelerated progress charge of 10.2 per cent in October 2021 as in opposition to 7.2 per cent in October 2020.
Credit progress to all engineering, chemical and chemical merchandise, meals processing, gems and jewelry, infrastructure, amongst others accelerated in October in comparison with the identical month final yr. However, credit score progress declined or contracted for primary metals and steel merchandise, drinks and tobacco, cement and cement merchandise, building, and so on.
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With inputs from TheIndianEXPRESS
