Credit Growth To Industry Accelerates To 10.5% In July: RBI

The Reserve Bank of India showed credit growth to industry accelerated to 10.5 per cent in July 2022 from 0.4 per cent in July 2021. Size-wise, credit to large industry grew by 5.2 per cent against a contraction of 3.8 per cent a year ago. Medium industries recorded credit growth of 36.8 per cent in July 2022 as compared with 59.0 per cent last year, while credit growth to micro and small industries accelerated to 28.3 per cent from 10.5 per cent during the same period. Credit growth to agriculture and allied activities improved to 13.2 per cent in July 2022 from 11.1 per cent a year ago. Services sector credit growth improved to 16.5 per cent in July 2022 from 3.8 per cent a year ago, mainly due to improved credit offtake to 'NBFCs' and 'transport operators'. Credit growth in the personal loans sector was robust at 18.8 per cent in July 2022 vis-a-vis 11.9 per cent in July 2021 supported by 'housing' and 'vehicle loans' segments.

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