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Indian Economy - Understanding the basics of Indian economic system

02-Sep-21

‘Bank credit to non-food sectors grew 6.2% in July’.

Industry credit growth was muted at 1%, RBI data showed
The non-food credit from banks grew 6.2% in July 2021, compared with 6.4% growth a year earlier, RBI data showed.
Advances to agriculture and allied activities continued to perform well, registering an accelerated growth of 12.5 against 5.4%, according to RBI data on Sectoral Deployment of Bank Credit — July 2021, released on Tuesday. Growth in credit to industry remained subdued at 1% compared with 0.9% .
Credit to medium-sized industries registered a robust growth of 71.6%, compared with a contraction of 1.8%. Credit to micro and small industries accelerated to 7.9% from a contraction of 1.8%, while credit to large industries contracted 2.9% from a 1.4% growth. Growth in credit to the services sector slowed to 2.7% from 12.2%, mainly due to deceleration in credit to NBFCs and commercial real estate.
Personal loans saw accelerated growth of 11.2% compared with 9%, mainly due to faster growth in loans against gold jewellery and in vehicle loans.

By: Neeraj Chauhan

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