NEW DELHI: Credit growth to industry moderated to 7.8% year-on-year in January 2024 compared to 8.1% in December 2023 and 8.7% in the same month last year, the Reserve Bank of India (RBI) said in a statement.
Among major industries, growth in credit (YoY) to ‘food processing’ (7.9%) and ‘textiles’ (9.5%) accelerated in January 2024 as compared with the corresponding month of the previous year, while that to ‘basic metal & metal products’ (9.6%) and ‘chemicals & chemical products’ (8.4%) decelerated.
Credit to services sector grew by 20.7% (YoY) in January 2024 (21.4% a year ago) compared with 19.6% in December. Among major contributors, growth in credit (y-o-y) to ‘trade’ improved while that to ‘non-banking financial companies (NBFCs)’ decelerated in January 2024 compared to January 2023.